Searchlight Resources Earns 75% interest in Bootleg Lake Gold Option

Rhea-AI Summary

Searchlight Resources has successfully earned a 75% interest in the Bootleg Lake Gold project, located in Saskatchewan, with significant past-producing gold mines. The company completed required payments and $750,000 in exploration expenditures. Future discussions are taking place to acquire the remaining 25%. Encouraging drilling results have expanded known gold zones, with notable intersections including 31.59 g/t gold over 1.0 m. Searchlight aims to advance its portfolio of mineral projects in a top mining jurisdiction.

Positive

• Earned a 75% interest in Bootleg Lake Gold project, enhancing asset portfolio.
• Completed $750,000 in exploration expenditures, indicating strong commitment to project development.
• Drilling results show multiple high-grade gold intersections, including 31.59 g/t gold over 1.0 m, suggesting potential for future discoveries.
• Proximity to four past-producing gold mines supports positive exploration outlook.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 9, 2021 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK: CNYCF)(FSE:2CC2) is pleased to announce that it has completed the required payments and work commitments to earn a 75% interest in the Bootleg Lake Gold project, located near Creighton, Saskatchewan, five kilometres southwest of the Flin Flon mining complex.

On June 30, 2021, Searchlight made a payment of $100,000 and issued 166,667 shares to New Moon Minerals, and in August 2021 the Company completed the required $750,000 in exploration expenditures to complete the 75% option. Searchlight is presently in discussions with New Moon to acquire the remaining 25% interest in the Bootleg Gold project.

"Bootleg Lake was Searchlight's first project in Saskatchewan, and this has led to the opportunity for Searchlight to acquire a portfolio of high quality gold, copper, zinc, cobalt, vanadium, uranium and rare earth projects in one of the best jurisdictions for mining investment in the world", stated Alf Stewart, Chairman.

The Bootleg property consists of 20 contiguous claims totalling 52 square kilometres (Map 1), with the core claims in good standing until 2040. The project area hosts four past-producing gold mines, including three mines - Rio, Henning-Maloney and Newcor Gold - with historical resource estimates. Apart from the known deposits, there are multiple additional gold and copper occurrences on the claims, including Volcanogenic Massive Sulphide (VMS) targets.

To advance the property, the Company has completed two drill programs; in 2018 at the Rio Mine, and in 2021 at the Henning-Maloney Mine. The two drill programs were designed to confirm historical gold mineralization, and test for mineralization at greater depths.

"Searchlight has been encouraged by the exploration results to date, with drilling expanding the zones of known gold mineralization, including results at Henning-Maloney which indicate multiple vein structures starting close to the surface. Furthermore, geophysics suggests that three of the past-producing mines are part of the same 4-kilometre long structure", stated Stephen Wallace, CEO.

Map 1: Location of Bootleg Lake Option claims relative to Flin Flon

The 2018 drill program focused on the Rio Mine, drilling beneath the 1,500 metres of historic underground workings to confirm gold mineralization to a depth of approximately 200 metres. Significant results include:

• 5.24 g/t gold over 4.0 m including 12.24 g/t Au over 0.50 m in DDH BL-01
• 2.09 g/t gold over 19.0 m in DDH BL-01
• 2.45 g/t gold over 5.0 min DDH BL-02

The 2021 drill program focused on the Henning-Maloney Mine, confirming gold mineralization to a depth of approximately 150 metres, approximately 3 times the depth of the 1940's mine. A total of 11 gold intersections in the three diamond drill holes include:

• 4.15 g/t gold over 0.95 m in drill hole HM-21-01
• 1.16 g/t gold over 9.75 m in drill hole HM-21-02
• 8.4 g/t gold over 0.7 m in drill hole HM-21-02
• 31.59 g/t gold over 1.0 m in drill hole HM-21-03

Qualified Person

Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About Searchlight Resources Inc.

Searchlight Resources Inc. (TSXV:SCLT, US:CNYCF, FSE:2CC2) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on gold and battery minerals throughout the Province, concentrating on projects close to infrastructure.

Searchlight holds a 427.6 square kilometre land position within the gold and base metal rich Flin Flon - Snow Lake Greenstone Belt. The Company is currently advancing its Bootleg Lake Gold Project which hosts four past-producing high-grade gold mines, located in Saskatchewan, less than 10 km from Flin Flon, Manitoba.

On behalf of the Board of Directors,

"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.

For further information, visit the Company's website at www.searchlightresources.com or contact:

Searchlight Resources Inc.
Alf Stewart, Chairman
(604) 331-9326
info@searchlightresources.com

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Searchlight Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/663333/Searchlight-Resources-Earns-75-interest-in-Bootleg-Lake-Gold-Option

FAQ

What percentage interest has Searchlight Resources earned in the Bootleg Lake Gold project?

Searchlight Resources has earned a 75% interest in the Bootleg Lake Gold project.

What were the recent exploration expenditures made by Searchlight Resources?

Searchlight Resources has completed $750,000 in exploration expenditures as part of earning its interest in the project.

What were some notable drilling results from the Bootleg Lake Gold project?

Notable drilling results include 31.59 g/t gold over 1.0 m and other high-grade intersections.

Which mining jurisdiction is Searchlight Resources focused on?

Searchlight Resources is focused on Saskatchewan, recognized as a top mining investment jurisdiction.

What is the company planning regarding the remaining interest in Bootleg Lake Gold?

Searchlight is in discussions to acquire the remaining 25% interest in the Bootleg Lake Gold project.