Searchlight Resources Stakes Reef Lake Nickel Copper Project in Saskatchewan

Rhea-AI Summary

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.

Positive

• Staking of the Reef Lake Nickel Copper Project covers 29.7 square kilometers.
• Historical drill results include 0.37% Nickel over 37.8 meters and 0.41% over 28.7 meters, indicating potential for valuable mineralization.
• Past exploration data will guide future drilling and exploration strategies.

Negative

• None.

• 27 historical drill holes totaling 3,103.7 meters
• Drill intersection of 0.37% Nickel over 37.8 meters from surface
  • including 0.66% Ni and 0.28% Cu over 9.8 meters
• Drill intersection of 0.41% Nickel and 0.15% Cu over 28.7 meters
  • Including 1.19% Ni and 0.37% Cu over 1.0 meter
  • and including 1.10% Ni and 0.27% Cu over 4.7 meters

VANCOUVER, BC / ACCESSWIRE / September 14, 2020 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:CNYCF) is pleased to announce the staking of the Reef Lake Nickel Copper Project located approximately 150 kilometres north of La Ronge, Saskatchewan.

Searchlight has staked a 29.7 square kilometre claim covering the Reef Lake Nickel Copper target in north central Saskatchewan, located less than 20 km from the all weather road at the Komis gold deposit and approximately 5 km from the major power line from Island Falls Hydroelectric facility. The staking is part of the Company's systematic evaluation of exploration targets in Saskatchewan. In 1956 and 1957 a total of 27 drill holes were completed on the project, totaling 10,193 feet (3,103.7 meters) with selected drill results shown in the table below. Since the 1950's drilling at Reef Lake, the project has seen limited work including prospecting and an MMI survey in 2008.

"Reef Lake is another result of Searchlight's exploration philosophy to continue researching past exploration projects and potential geological targets throughout Saskatchewan and acquire by staking," stated Stephen Wallace, PGeo President and CEO of Searchlight.

The Reef Lake nickel copper mineralization occurs as disseminated nickeliferous pyrrhotite, chalcopyrite and minor pyrite throughout a Mafic-Ultramafic Intrusion that outcrops on surface over an area of approximately 60 m x 150 m. Two 1956 drill holes were collared in surface mineralization including the first hole (DDH#1) which resulted in 37.8 m averaging 0.37% Ni, including a 9.8m interval assaying 0.66% Ni and 0.28% Cu. Drill DDH#5 also collared in mineralization averaged 0.43% Ni over 10.7m from surface.

Highlights from 1957 drilling includes DDH#12 with assays of 0.41% Ni and 0.15% Cu over 28.7 m which includes 1.19% Ni and 0.37% Cu over 1.0 m and 1.1% Ni and 0.27% Cu over 4.7 m. Additionally, DDH#20 had assays of 0.33% Ni and 0.18% Cu over 17.5 m which includes 0.55% Ni and 0.25% Cu over 5.8 m.

In the northern portion of the claims a 2008 MMI sampling program was carried out along the strike of the Nickel Lake pyroxenite sill and it identified anomalous Cu-Ni-Pd-Ag-Pb values over a strike length of 2 km. This will be followed up by Searchlight. A review of the Government of Saskatchewan online GeoAtlas shows that no historic airborne surveys have been filed for the Reef Lake area.

Drill Hole	From Feet	To Feet	Length Feet	From Meter	To Meter	Length Meter	Cu%	Ni%
Reef DDH#1	0.0	124.0	124.0	0.0	37.8	37.8	NA	0.37
including	47.5	124.0	76.5	14.5	37.8	23.3	0.24	0.47
which includes	82.6	114.7	32.1	25.2	35.0	9.8	0.28	0.66
Reef DDH#2	88.1	173.3	85.2	26.8	52.8	26.0	NA	0.35
including	88.1	130.7	42.6	26.8	39.8	13.0	NA	0.40
including	88.1	93.3	5.2	26.8	28.4	1.6	NA	0.85
Reef DDH#5	0.0	35.0	35.0	0.0	10.7	10.7	NA	0.43
including	0.0	10.0	10.0	0.0	3.0	3.0	NA	0.66
Reef DDH#10	298.5	321.0	22.5	91.0	97.8	6.8	NA	0.25
Reef DDH#12	195.0	289.0	94.0	59.4	88.1	28.7	0.15	0.41
including	195.0	198.1	3.1	59.4	60.4	1.0	0.37	1.19
including	273.5	289.0	15.5	83.4	88.1	4.7	0.27	1.10
Reef DDH#20	637.5	695.0	57.5	194.3	211.8	17.5	0.18	0.33
including	656.0	675.0	19.0	199.9	205.7	5.8	0.25	0.55

The results presented are historical in nature and Searchlight has not undertaken any independent investigation of the drilling nor has it independently analyzed the results of the previous exploration work in order to verify the results. Searchlight considers these sample results relevant as the Company uses historical reports and historic data as a guide to plan future exploration programs.

Data Sources

1) Saskatchewan Mineral Assessment Database File 74A08-0001: A Preliminary Geological Report on the Reef Group, Reef Lake, Saskatchewan. By P.S. Friesen, December 4, 1956.

2) Saskatchewan Mineral Assessment Database File 74A08-0001: Diamond Drill Record, Holes 1-22 Reef Lake, by P.S. Friesen.

2) Canadian Platinum Corp., Technical Report for NI 43-101 on the Reef Lake Nickel Property, Reef Lake Area SK., Northern Mining District, Saskatchewan. Prepared by R. Daniel Studer P.Geo, October 1, 2010.

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. (TSX.V:SCLT; US:CYNCF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which ranked as the top location for mining investment in Canada by the Fraser Institute. Searchlight holds a significant land position within the mineral rich Flin Flon - Snow Lake Greenstone Belt. The Company is currently advancing its Bootleg Lake Project located in Saskatchewan less than 10 km from Flin Flon, Manitoba, hosting four past producing high-grade gold mines and its English Bay high grade gold project located 10 km from LaRonge, Saskatchewan.

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, VP Corporate Development
(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 Reef Lake Nickel Copper Project announced by Searchlight Resources Inc. on September 14, 2020?

The Reef Lake Nickel Copper Project is a newly staked exploration site in Saskatchewan, covering 29.7 square kilometers with historical drill results indicating significant mineralization.

What are the historical drill results from the Reef Lake project?

Historical drill results include intersections of 0.37% Nickel over 37.8 meters and 0.41% Nickel over 28.7 meters, showcasing the project's potential.

How does the Reef Lake project align with Searchlight Resources' exploration strategy?

The Reef Lake project exemplifies Searchlight's strategy of evaluating past exploration projects and acquiring promising geological targets to advance in Saskatchewan.

What distance is the Reef Lake project from the nearest road and major power line?

The Reef Lake Nickel Copper Project is located less than 20 km from the all-weather road and approximately 5 km from the major power line from the Island Falls Hydroelectric facility.

What is the significance of the MMI sampling program conducted in 2008 at Reef Lake?

The 2008 MMI sampling program at Reef Lake identified anomalous Cu-Ni-Pd-Ag-Pb values over a strike length of 2 km, indicating potential for valuable mineralization in the area.