Searchlight Resources Expands Duddridge Lake Uranium - Copper Claims

Rhea-AI Summary

Searchlight Resources Inc. has expanded its claim on the Duddridge Lake Uranium Deposit in Saskatchewan from 54.4 sq km to 140.7 sq km, incorporating Sandfly Uranium-Copper showings. The property, located about 75 kilometers northwest of La Ronge, hosts a historic inferred resource estimate of 227,880 tonnes at a grade of 2.14 lbs/tonne U3O8. An airborne radiometric survey is underway using proprietary technology previously effective in locating significant uranium deposits. CEO Stephen Wallace emphasizes the strategic timing given the recent increase in uranium prices.

Positive

• Expanded claim area from 54.4 sq km to 140.7 sq km, increasing the resource potential.
• Incorporation of Sandfly Uranium-Copper showings into the claim block.
• Ongoing airborne radiometric survey could enhance resource delineation.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 21, 2021 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT, OTC PINK:CNYCF, FSE:2CC2) has completed staking additional claims along strike of the wholly owned Duddridge Lake Uranium Deposit, located approximately 75 kilometers northwest of La Ronge, Saskatchewan.

Highlights

• Expanded Duddridge Lake Claims from 54.4 sq km to 140.7 sq km
• Incorporated Sandfly Uranium - Copper showings into the claim block
• Airborne Radiometric geophysics survey underway

Searchlight has added 86.3 sq km of claims to the existing Duddridge Lake claim block, for a total of 140.7 sq. km over a strike length of 40 km (Map 1). The new claims extend the claim block both to the north and south of the Duddridge Lake Uranium Deposit which hosts a historic 43-101 inferred resource estimate of 227,880 tonnes, with a grade of 2.14 lbs/tonne U₃O₈.

The Company is presently conducting airborne radiometric and aeromagnetic surveys. The surveys are being completed by Special Projects Inc. of Calgary, using the same innovative proprietary focused crystal arrays which were instrumental in locating the boulder field which led to the discovery of the Patterson Lake South Uranium Deposit. This survey technology was recently utilized by Searchlight on the Company's Kulyk Lake Rare Earth Project.

"The recent break out of uranium prices highlights Searchlight's Duddridge Uranium deposit, which is the most southerly uranium resource in Saskatchewan, and accessible by road", stated Stephen Wallace, CEO. "We are looking forward to the results from the Special Projects' proven technology to expand the resource area".

Map 1. Searchlight Resources Claims Map for the Duddridge Lake Property

The Duddridge Lake Property is described as stratabound uranium and copper mineralization with abundant polymetallic mineral occurrences associated with basal quartz conglomerate and carbonaceous-bearing lenses in red bed (hematitic) arkose. In addition to the historical copper and uranium mineral exploration, Fission Energy located and sampled 39 boulders near the known deposit in 2012. These boulders returned results of up to 1.91% uranium and 0.69% copper, plus 1,460 ppm cobalt and 5,500 ppm vanadium. Selected results are shown in Table 1.

Table 1. Selected Assays from Fission Energy's Boulder Sampling
at the Duddridge Lake Property in 2012

Boulder Sample No.	U %	Cu ppm	Co ppm	V ppm
DD12-AC-001	0.19	276	910	1,580
DD12-AC-003	1.07	415	382	1,160
DD12-AC-004	0.06	244	42	1,330
DD12-AC-005	0.97	1,480	7	728
DD12-AC-010	1.65	89	4	375
DD12-AC-016	0.39	143	5	804
DD12-AC-030	0.00	6,950	13	15
DD12-HW-029	0.33	377	1,310	1,560
DD12-HW-031	0.39	165	1	125
DD12-JL-002	0.14	6,290	2	35
DD12-JL-003	0.20	928	6	63
DD12-PR-004	0.09	133	10	2,750
DD12-PR-011	1.00	815	3	245
DD12-PR-012	0.62	575	418	685
DD12-PR-018	0.41	813	151	1,960
DD12-SH-012	0.64	348	1,460	746
DD12-SH-013	1.91	1,230	75	2,990
DD12-SH-014	0.49	117	1	3,240
DD12-WM-002	1.51	511	567	5,500
DD12-WM-003	0.31	336	250	1,480
DD12-PR-012	1.04	1,520	5	476

Data Source

The technical report on the Duddridge Lake Uranium deposit, "Report on the Duddridge Lake Uranium Property, Northern Saskatchewan, NTS 73O/9", submitted by Stuart C. Fraser, P. Geol. on June 15, 2007, was not commissioned or completed by Searchlight and therefore is being treated as a historical resource estimate under 43-101 disclosure. This report is available on Sedar. The historical resource estimate used "inferred mineral resource", which is a category of NI 43-101. As a result, Searchlight considers the historical resource estimate as reliable as well as relevant, as it represents a key target for work to be done by Searchlight.

Searchlight has not undertaken any independent investigation of the resource estimates, nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and the Company is not treating the historical estimate as a current resource.

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 with road access.

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.

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FAQ

What is the significance of Searchlight Resources expanding the Duddridge Lake Uranium claims?

The expansion increases the claim area to 140.7 sq km and enhances the potential for significant uranium resources.

What grades have been reported for the Duddridge Lake Uranium Deposit?

The deposit has a historic inferred resource estimate of 227,880 tonnes with a grade of 2.14 lbs/tonne U3O8.

When was the latest airborne radiometric survey initiated by Searchlight Resources?

The airborne radiometric survey is currently underway alongside the claim expansion.

What recent market trends affect Searchlight Resources and its uranium projects?

Recent increases in uranium prices have positively influenced the strategic focus on the Duddridge Lake uranium deposit.

What is the significance of the Sandfly Uranium-Copper showings for Searchlight Resources?

The incorporation of Sandfly showings into the claims may boost resource potential and attract further investment.