Searchlight Resources Inc.

Low Cost Exploration in Premiere Mining Jurisdictions

Overview

Searchlight Resources Inc. (TSXV:SCLT) is a resource exploration company with a growing portfolio of high-quality, advanced-stage exploration projects close to existing infrastructure in premiere North American jurisdictions. The company’s flagship property is the Bootleg Lake gold and VMS base metal project located in Saskatchewan. The province was ranked as the third best mining jurisdiction in the world and best in Canada by the Fraser Institute in 2019. Bootleg Lake is five kilometers from Flin Flon, Manitoba—home to Hudbay’s 777 underground copper-zinc-gold-silver mine which lies along the prolific Flin Flon-Snow Lake belt. With the closure of the 777 mine slated for 2021, Hudbay is exploring the region for more ore feed to supply its Flin Flon mill complex.

Searchlight’s diverse metals portfolio includes several other Saskatchewan-based projects including properties that are highly prospective for gold, cobalt, vanadium, rare element pegmatites and VMS-style base metals. In 2019, the company plans to evaluate 340,000 hectares of claims for which it has right of first refusal with focus on VMS base metal targets. Searchlight intends to trace a boulder train on the recently acquired Duddridge Lake project to determine the source of cobalt and vanadium on the property.

In May 2019, Searchlight Resources optioned the New York Canyon copper project in Nevada to Emgold Mining Corp. (TSXV:EMR), for C$350,000 in cash and C$500,000 in Emgold shares.

Company Highlights

  • Portfolio of properties in top-rated mining jurisdictions with near-term exploration programs.
  • Bootleg Lake project offers high-grade gold and VMS targets in the Flin Flon area as well as historical resources.
  • 2018 drill campaign at Bootleg returned excellent results including four meters grading 24 g/t gold and 19 meters grading 2.09 g/t gold.
  • 2019 plans for Bootleg include underground exploration and development at the past-producing Rio mine, developing and drilling targets at Henning Maloney gold mine as well as VMS-style base metal targets.
  • Trenching at Kulyk Lake project in 2010 returned 6 meters grading 45.1 percent total rare earth oxides (TREO) and 10.08 percent critical rare earth oxides (CREO), 0.7 meters grading 24.44 percent TREO and 5.49 percent CREO and 0.7 meters grading 19.75 percent TREO and 4.41 percent CREO.
  • Munro Warden project– historical drill data of 4.9 percent copper and 0.27 percent cobalt; grab samples up to 1.7 percent nickel, 1.77 percent copper and 0.14 percent cobalt.
  • Cameron VMS nickel-copper-cobalt project returned grab samples grading 1.35 percent cobalt, 0.86 percent nickel, 0.23 percent copper and greater than 2,000 ppm bismuth.

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