Searchlight Resources

High Grade Gold in Canada’s Premiere Mining Jurisdiction, Saskatchewan

This Searchlight Resources profile is part of a paid investor education campaign.*

Overview

Searchlight Resources Inc. (TSXV:SCLT, US:CNYCF) is a resource exploration company with a growing portfolio of high-quality, advanced-stage exploration projects close to existing infrastructure in Canada’s premiere mining jurisdiction, Saskatchewan. Three years ago, the Company was stagnating. The Company has re-emerged under the guidance of its new CEO, Stephen Wallace with a focus on Saskatchewan, a strong portfolio of properties, new funding and active exploration.

Searchlight’s primary projects are two high grade gold projects that are highway accessible near the Saskatchewan mining centers of La Ronge and Flin Flon.

The Company’s flagship property is the English Bay Gold Project located 10 kilometers north of La Ronge. Here, a gold discovery made by prospectors at the onset of a major bear market in gold has been optioned by Searchlight. Geologists working for Searchlight have recently confirmed the presence of visible gold in the core from drilling done by the prospectors. This observation and other reviews by Searchlight have confirmed that a gold discovery was made at English Bay twenty-three years ago by the methodical work of the prospectors but has been dormant for several years. Three drill intercepts assaying more than one ounce of gold per tonne over thicknesses greater than one meter were recorded. This forms the basis for Searchlight’s next phase of work on the property which is planned to include drilling in the fall of 2020.

The Bootleg Lake Gold Project is located in one of the most productive areas for gold in Saskatchewan. Four small scale mines have produced high grade gold from this 54 square kilometer property. The property covers two large scale exploration targets, a major shear zone prospective for gold and a belt of volcanic rocks prospective for VMS copper-zinc-gold deposits.   Bootleg Lake is located in Saskatchewan five kilometers from Flin Flon, Manitoba—home to Hudbay’s 777 underground copper-zinc-gold-silver mine, mill and smelter complex. The 777 mine lies within the prolific Flin Flon-Snow Lake Greenstone Belt. With the closure of the 777 mine slated for 2022, HudBay is exploring the region for more ore feed.

Searchlight’s diverse metals portfolio includes several other Saskatchewan-based projects including properties that are highly prospective for gold, copper, nickel, zinc, cobalt, vanadium, and rare earth elements.

In addition to its primary projects, Searchlight Resources has begun exploring new projects through staking work. In September 2020 Searchlight Resources announced the company had staked a 29.7 square-kilometer claim covering the Reef Lake Nickel Copper target in north-central Saskatchewan. The project is located approximately 150 kilometers north of La Ronge, Saskatchewan and has seen limited exploration including 27 drill holes completed between 1956 and 1957. Results from this initial drill work returned 37.8 m averaging 0.37 percent nickel, including a 9.8-meter interval assaying 0.66 percent nickel and 0.28 percent copper.

To complement its holdings in Saskatchewan, Searchlight Resources announced the staking of 347.2 square kilometers of claims in the Wapawekka Lake Greenstone Belt in September 2020, giving the company a nearly-contiguous block of claims in the western section of the belt. The western section of the claims acquired by Searchlight is accessible by road and approximately two-thirds of the property is accessible via boat from Wapawekka Lake, providing the company with year-round exploration potential.

Searchlight Resources’ Company Highlights

  • Developing the English Bay Prospect, an advanced high-grade gold discovery near La Ronge which has never been in the public market,
  • Advancing the Bootleg Lake Project which offers high-grade gold and VMS targets in the Flin Flon area as well as historical resources.
  • Exploring a portfolio of properties in Canada’s top-rated mining jurisdiction
  • Advancing its project portfolio through acquisition via staking, including the Reef Lake Nickel Copper project
  • Controls a nearly-contiguous block of claims in Saskatchewan’s Wapawekka Lake Greenstone Belt

Searchlight Resources’ Flagship Property: English Bay Gold Prospect

The English Bay Gold Prospect is a high-grade gold property which is new to the public markets. Discovered in the bear market years following the Bre-X crash, it is a unique because the prospectors did their own grid cutting, geophysical surveys, and drilling, and intersected high- grade gold drilling a blind target. All of it was done without a geologist qualified under disclosure policies mandated for public companies. Searchlight commissioned a qualified geologist to review this work and found that the prospectors work was done to a professional standard. Additionally, the cores from this work have been preserved and can be used for reference in guiding future work.

The prospectors drilled 35 drill holes totaling approximately 5,000 meters with over 20 gold intersections including:

  • 2.10 oz/t gold over 4 feet (72.00 g/t Au over 1.2 metres) in DDH CSP-16
  • 1.85 oz/t gold over 4.5 feet (63.43 Au g/t over 1.4 metres) in DDH CSP-03
  • 1.39 oz/t gold over 4 feet (47.66 g/t Au over 1.2 metres) in DDH CSP-13
  • 0.569 oz/t gold over 9 feet (19.51 g/t Au over 2.8 metres) in DDH CSP-04

english bay claims map

Location Map of English Bay Gold Project

Searchlight Resources’ Bootleg Lake Gold Project

The Bootleg Lake gold project hosts high-grade gold and base-metal volcanogenic massive sulfide (VMS) targets near the town of Creighton, Saskatchewan, and is located five kilometers from Flin Flon, Manitoba. Searchlight Resources holds a 51-percent interest in the 54.3 sq. kilometer property which contains three past-producing gold mines with historic estimates, the Bootleg/Rio mine, the Henning Maloney mine and the Newcor gold mine.  The Rio Mine has a modern decline tunnel 1.5 kilometers in length complete with underground stope development which is potentially useful for underground exploration and/or production following a dewatering and rehabilitation program. There are also a number of additional gold and copper occurrences on the project. Excellent exploration infrastructure is in place, offering the potential for lower cost exploration at Bootleg Lake.

Location of Bootleg Lake Gold Project

“With multiple high-grade gold targets including historical estimates and within minutes’ drive of the mining center of Flin Flon, Manitoba, Bootleg Lake represents a high-quality prospect with low cost exploration,” said Stephen Wallace, President and CEO of Searchlight Resources.

Historical resource estimates (non-NI 43-101)

bootleg historical resource estimates

Near-term exploration targets

Management believes the Rio mine area, which remains underexplored at depth and along strike, shows the most immediate potential. A large-scale target lies in the Rio fault corridor with more than three kilometers in strike length from the Rio mine to the Henning-Maloney mine and continues west.

Searchlight Resources’ Management Team

Stephen Wallace—President, CEO and Director

Stephen Wallace has 30 years of mineral exploration and development experience from grassroots evaluation through to mine development and has fulfilled roles in the exploration industry from field geologist to corporate executive. Successful prior roles include the position of Senior VP, Exploration and Director of Trade Winds Ventures Inc. (TSXV: TWD) a gold exploration company, which was acquired by Detour Gold Inc. in 2012 for $84.0 million. At Trade Winds he was instrumental in advancing the Block A gold project prior to the takeover, with this project becoming Detour Gold’s planned West Detour open pit mine.

Peter Ball—Independent Director

Mr. Ball brings close to 30 years of experience as a mining professional at all levels of leadership. Throughout Mr. Ball’s career, he has held various senior management roles with international precious metals mining companies in corporate finance, securities trading, mine engineering, business development, corporate communications, public relations and marketing functions worldwide.

Mr. Ball began his career in the late 1980s working as a mining engineer, a technical representative, and in various management and senior executive roles for numerous companies including Redstar Gold, Columbus Gold, Hudson Bay Mining & Smelting, Echo Bay Mines Ltd., RBC Dominion Securities, Eldorado Gold Corp., Adriana Resources Inc., and Argentex Mining Corp.

Mr. Ball is currently President, CEO and Director of NV Gold Corporation, is a graduate of the Haileybury School of Mines, Georgian Business College, UBC’s Canadian Securities Course, and is a member of CIMM.

Peter Dueck B. Sc, MBA, P. Geo—Independent Director

Peter Dueck has been involved in the resource exploration industry since 2001, working with a variety of gold, copper, zinc and uranium companies. Until early 2018, he held the position of Chief Geophysicist for Hudbay Minerals Inc. in Flin Flon, Manitoba. At present Mr. Dueck is the President of Pioneer Aerial Surveys Ltd a wholly owned subsidiary of Global UAV Technologies, Ltd., which is provides a full spectrum of Unmanned Aerial Vehicle “UAV”-based services and products. He was a founder of Aerial Imaging Resources, Inc. (AIR), a UAV-based geophysical survey company acquired by Global UAV in 2018. Dueck holds a B.Sc. in Geophysics from the University of Saskatchewan as well as an MBA from the University of Wales.

John Kerr, P.Eng. Geologist—Independent Director

John Kerr graduated from the University of British Columbia in 1964 with a Bachelor of Applied Science (B.A.Sc.) degree in Geological Engineering. He has participated in the mining industry continuously since graduation as an exploration geologist. Successful ventures include recognition and discovery of the Santa Fe gold mine, identification of the Calvada gold mine located on the northern boundary of the New Canyon property, and discovery of the Mindora gold/silver deposit, all located in Nevada. Kerr has served as a director of numerous public companies and is currently a Director of Quaterra Resources (NYSE Amex: QMM, TSX.V: QTA) and Bravada Gold Corp (TSX-V:BVA).

Alfred (Alf) Stewart, B.S. Geology. MBA—Director, VP Corporate Development

Alf Stewart has a career spanning over 40 years in the resource and investment industries. Mr. Stewart’s career includes time spent as a geologist, stock exchange regulator, investment banker, analyst and investment advisor.

Mr. Stewart has worked for such firms as Bank of Montreal, Esso Minerals, Erickson Gold Mining, Canaccord Capital, Haywood Securities, Golden Capital, and Raymond James. He has been involved in financing mining companies for over twenty-five years, including discoveries in the base and precious metals sectors.

Brian Crawford —Chief Financial Officer

Brian Crawford, CPA, CA, has over 30 years of experience as a senior financial executive of private and public corporations. A former partner in a national firm of chartered professional accountants, Mr. Crawford is currently the CFO, Corporate Secretary and a Director of several Reporting Issuers.


 

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