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Searchlight Resources Inc. has successfully closed a private placement financing, issuing 12,333,750 units at $0.08 per unit, resulting in aggregate proceeds of $986,700. Each unit includes one common share and one-half warrant for additional shares at $0.12 over two years. Additionally, 100,000 flow-through shares were sold at $0.10 each, raising $10,000. The funds will be used for exploration on mineral properties and general working capital. The offering involves cash commissions and broker warrants totaling $55,734.
VANCOUVER, BC / ACCESSWIRE / March 4, 2021 / Searchlight Resources Inc. (US:CNYCF) has announced a private placement to issue up to 12,008,750 units at $0.08 per unit, aiming for proceeds of $960,700. Each unit includes one common share and one-half warrant, with a two-year warrant exercise price of $0.12. Additionally, 100,000 flow-through shares at $0.10 will be offered for $10,000. Proceeds will fund exploration on mineral properties and general working capital, subject to TSXV approval. The company also granted stock options for 500,000 shares at $0.09, expiring March 4, 2023.
Searchlight Resources Inc. (OTC PINK:CNYCF) has mobilized a diamond drill rig to the Henning-Maloney gold target in Saskatchewan as part of its Bootleg Lake Gold project, which encompasses four past-producing gold mines. The initial program includes three NQ diamond drill holes aimed at verifying historical gold mineralization. Following this, the drilling equipment will be relocated to the Beatty South Copper project. The company recently terminated the English Bay option due to unverified gold results from previous drill reports.
Searchlight Resources Inc. has received drill permits from the Saskatchewan Ministry of Environment for its Beatty South copper target and Henning-Maloney gold target near Creighton, Saskatchewan. Both targets, located under 25 km apart, will be drilled in a single program. The drilling contract has been awarded to Minotaur Drilling, with mobilization expected in two weeks. The Beatty South site covers 148.9 square km and aims to test a significant geological structure, while the Henning-Maloney area is part of a project with four past-producing gold mines.
Searchlight Resources Inc. has successfully listed its common shares on the Frankfurt Stock Exchange under the ticker symbol 2CC2 and WKN number A2JRPS. This move, announced on February 8, 2021, aims to facilitate investment from European investors. The Frankfurt Stock Exchange is one of the largest in the world, enhancing the company's trading profile. Searchlight, focused on mineral exploration in Saskatchewan, is advancing the Bootleg Lake Gold Project, located near Flin Flon, which hosts several high-grade past-producing gold mines.
Searchlight Resources Inc. announces the start of exploration at the Henning-Maloney Gold mine in Saskatchewan, near the Flin Flon Mining camp. This site is part of a 49.9 sq. km claim area hosting four past-producing gold mines, including the nearby Rio Gold Mine. Recent UAV Magnetometer and photogrammetry surveys have been completed, with data processing expected by the end of November 2020. Historical drill holes indicate significant near-surface gold zones, including five intersections over 24.6 metres. The company aims to commence drilling in 2021.
Searchlight Resources Inc. has defined a high-priority volcanogenic massive sulphide (VMS) drill target, Beatty South, located 15 km northwest of the Flin Flon mining camp in Saskatchewan. Drilling plans are underway as the company has applied for the necessary permits. This target is identified based on comprehensive geophysical surveys, including TDEM and UAV magnetic surveys, pinpointing favorable conductance and magnetic signatures associated with VMS mineralization. Searchlight's focus remains on gold and battery minerals, with ongoing exploration of its Bootleg Lake Gold Project.
Searchlight Resources has staked 347.2 sq. km of claims in the Wapawekka Lake Greenstone Belt, enhancing its focus on gold and base metals. This area, located near La Ronge, Saskatchewan, is seen as under-explored with significant potential. The staking is informed by a recent Airborne Geophysics survey which identified promising targets across a 60-km stretch. Approximately 50% of the greenstone belt now belongs to Searchlight, positioning the company favorably for future exploration opportunities.
Searchlight Resources Inc. (CNYCF) has announced the staking of the Reef Lake Nickel Copper Project in Saskatchewan, covering 29.7 square kilometers. Historical drilling data reveals significant mineralization, including drill intersections of 0.37% Nickel over 37.8 meters and 0.41% over 28.7 meters. The company aims to leverage past exploration data to further develop the project. The Reef Lake area has limited recent exploration, but a 2008 MMI sampling program indicated promising anomalous values. Searchlight remains focused on advancing its exploration strategy in mineral-rich Saskatchewan.
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