SEARCHLIGHT RES INC - SCLTF STOCK NEWS

Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) has entered into option agreements with Refined Energy Corp. for the Basin and Milner uranium properties in Saskatchewan's Athabasca Basin region. The agreements grant Refined Energy the right to acquire up to 100% interest in each property. For the Basin property, Refined must pay $75,000 cash, issue 175,000 shares, and commit to $200,000 in exploration work. For the Milner property, the terms are $45,000 cash, 100,000 shares, and $150,000 in exploration expenditures. Upon exercising either option, Searchlight will retain a 2% net smelter return royalty, of which 1% can be repurchased for CA$1,000,000. The agreements are subject to CSE acceptance, and issued securities will have a four-month hold period.

Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) has reported promising results from Mobile Metal Ion (MMI) surveys at its Kulyk Lake Uranium and Rare Earth project in Saskatchewan. The surveys, conducted in October 2023, revealed significant uranium and rare earth element (REE) anomalies. Key findings include:

- An anomalous uranium zone up to 400 meters long at Whalesback Ridge
- New uranium anomalies at Hot Ridge
- A large REE anomalous zone at Whalesback Ridge, coincident with the uranium zone
- An REE anomalous zone at Hot Ridge

These results expand on previous surveys and reinforce Kulyk Lake's potential as both a uranium and REE prospect. Searchlight plans further exploration, including additional MMI sampling, airborne radiometric surveys, and a 1,500-meter diamond drill program for the Fanta REE and Eldorado Uranium targets.

Searchlight Resources has announced an exploration target for its Robinson Creek Gold Project, estimating between 77,000 and 154,000 ounces of gold.

This target is based on analyzing 70 historic drill holes from the 1940s and 1980s, revealing potential for 2 to 3 million tonnes of ore with gold grades between 1.20 g/t and 1.60 g/t.

The project, located near Creighton, Saskatchewan, demonstrated multiple high-grade gold intersections, bolstering its mining potential.

Searchlight plans further exploration to upgrade these estimates to a formal Mineral Resource.

Searchlight Resources Inc. announces the staking of two new mineral claims in the Eastern Athabasca Basin, totaling 43.5 sq km. These claims are strategically located near the highest-grade operating Uranium mines globally. The company plans to conduct detailed geological evaluations and future exploration on these claims, aligning with its exploration strategy. The claims will complement Searchlight's existing uranium project portfolio, including the Duddridge Lake Uranium Deposit with a historic inferred resource estimate of 227,880 tonnes. Stephen Wallace, President, and CEO of Searchlight, highlighted the significance of these claims in expanding the company's critical element projects.

Searchlight Resources Inc. announces the sale of Hanson Lake claim for $50,000 and 1% NSR to Willgrass Resources. Searchlight retains the Jan Lake Pegmatite Claims. The company continues to hold 148.6 sq km claim block covering Jan Lake Aplogranite Pegmatite sheets with significant exploration potential.

Searchlight Resources Inc. reports positive results from the Mobile Metal Ion survey on the Duddridge Lake Uranium project, indicating potential uranium and copper extensions. The project boasts a historical 43-101 resource estimate, with plans for a significant drill program to explore further. The project's accessibility and mineralization characteristics make it a promising exploration target.

Searchlight Resources Inc. to Showcase Uranium and Rare Earths Projects at PDAC Convention

Searchlight Resources Inc. announces the staking of the Milner Lake Uranium Project, with samples up to 1.39% uranium oxide. The project is located approximately 5 kilometers west of Missinipe, and 60 kilometers north of La Ronge, Saskatchewan. The claim covers two areas of known uranium mineralization, with trench assays yielding up to 0.50% U3O8. The staking is part of the company's systematic research and evaluation of past exploration projects in Saskatchewan.

Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) has successfully closed a private placement of Critical Metals flow-through units, raising $205,002. Each unit, priced at $0.03, consists of one Critical Mineral Exploration flow-through share and one-half of one transferable common share purchase warrant. The company issued 6,833,400 units and expects to use the proceeds to fund exploration expenditures on its portfolio of Critical Metals mineral properties.