Refined Energy Corp. Announces Plans for the Basin and Milner Projects Under Option from Searchlight Resources
Searchlight Resources (TSXV: SCLT) (OTC: SCLTF) reports progress on the Basin and Milner uranium projects under option to Refined Energy Corp. Refined has completed initial cash and share payments and plans exploration for summer 2025.
The Basin Property, located near Highway 905 in northeastern Athabasca Basin, shows potential for uranium mineralization with historical radioactive anomalies. The Milner Property, situated 5km west of Missinipe, has shown significant uranium findings from previous sampling, including channel samples averaging 0.072% U3O8 and high-grade samples up to 1.39% U3O8.
Refined plans to employ various exploration methods including electromagnetic, magnetic, resistivity, radiometric, and gravity surveys to identify drilling targets. Searchlight maintains a 2% Net Smelter Royalty on these claims and will receive additional cash and share payments under the option agreement terms.
Searchlight Resources (TSXV: SCLT) (OTC: SCLTF) riporta progressi sui progetti di uranio Basin e Milner sotto opzione a Refined Energy Corp. Refined ha completato i pagamenti iniziali in contanti e in azioni e prevede esplorazioni per l'estate del 2025.
La Proprietà Basin, situata vicino all'Highway 905 nel nord-est dell'Athabasca Basin, mostra potenziale per mineralizzazioni di uranio con anomalie radioattive storiche. La Proprietà Milner, situata a 5 km a ovest di Missinipe, ha registrato significativi ritrovamenti di uranio da campionamenti precedenti, inclusi campioni di canale che mediamente mostrano lo 0,072% di U3O8 e campioni ad alta qualità fino all'1,39% di U3O8.
Refined prevede di utilizzare vari metodi di esplorazione, tra cui sondaggi elettromagnetici, magnetici, di resistività, radiometrici e di gravità, per identificare i bersagli di perforazione. Searchlight mantiene un royalty netto di raffinazione del 2% su queste concessioni e riceverà ulteriori pagamenti in contante e in azioni secondo i termini dell'accordo di opzione.
Searchlight Resources (TSXV: SCLT) (OTC: SCLTF) informa sobre el avance en los proyectos de uranio Basin y Milner bajo opción a Refined Energy Corp. Refined ha completado los pagos iniciales en efectivo y acciones y planea exploraciones para el verano de 2025.
La Propiedad Basin, ubicada cerca de la Autopista 905 en el noreste de la Cuenca de Athabasca, muestra potencial para mineralización de uranio con anomalías radioactivas históricas. La Propiedad Milner, situada a 5 km al oeste de Missinipe, ha demostrado hallazgos significativos de uranio de muestreos anteriores, incluidos muestras de canal que promedian un 0.072% de U3O8 y muestras de alta ley hasta un 1.39% de U3O8.
Refined planea emplear varios métodos de exploración, incluyendo encuestas electromagnéticas, magnéticas, de resistividad, radiométricas y de gravedad para identificar objetivos de perforación. Searchlight mantiene un royalty neto del 2% sobre estas concesiones y recibirá pagos adicionales en efectivo y acciones según los términos del acuerdo de opción.
서치라이트 리소스 (TSXV: SCLT) (OTC: SCLTF)는 베이신과 밀너 우라늄 프로젝트에 대한 진전을 보고했습니다. 이 프로젝트는 Refined Energy Corp.에 옵션으로 제공됩니다. Refined는 초기 현금 및 주식 지급을 완료했으며, 2025년 여름에 탐사를 계획하고 있습니다.
베이신 속성은 아타바스카 분지 북동부의 905번 고속도로 근처에 위치하며, 역사적 방사성 이상이 있는 우라늄 광물화 가능성을 보여줍니다. 밀너 속성은 미시니프에서 5km 서쪽에 위치하며, 이전 샘플링에서 평균 0.072% U3O8 및 1.39% U3O8까지의 고품질 샘플을 포함하여 상당한 우라늄 발견이 있었습니다.
Refined는 드릴링 목표를 식별하기 위해 전자기, 자기, 저항, 방사선 및 중력 탐사와 같은 다양한 탐사 방법을 사용할 계획입니다. 서치라이트는 이 청구에 대해 2%의 Net Smelter Royalty를 유지하며, 옵션 계약의 조건에 따라 추가 현금 및 주식 지급을 받을 예정입니다.
Searchlight Resources (TSXV: SCLT) (OTC: SCLTF) informe des progrès sur les projets d'uranium Basin et Milner sous option à Refined Energy Corp. Refined a complété les paiements initiaux en espèces et en actions et prévoit une exploration pour l'été 2025.
La Propriété Basin, située près de l'Autoroute 905 dans le nord-est du bassin d'Athabasca, montre un potentiel de minéralisation à l'uranium avec des anomalies radioactives historiques. La Propriété Milner, située à 5 km à l'ouest de Missinipe, a montré des découvertes significatives d'uranium lors d'échantillonnages précédents, y compris des échantillons de canaux affichant en moyenne 0,072 % de U3O8 et des échantillons de haute qualité allant jusqu'à 1,39 % de U3O8.
Refined prévoit d'utiliser diverses méthodes d'exploration, notamment des enquêtes électromagnétiques, magnétiques, de résistivité, radiométriques et gravimétriques pour identifier les cibles de forage. Searchlight maintient une redevance nette de raffinage de 2 % sur ces revendications et recevra des paiements supplémentaires en espèces et en actions selon les termes de l'accord d'option.
Searchlight Resources (TSXV: SCLT) (OTC: SCLTF) berichtet über Fortschritte bei den Basin- und Milner-Uranprojekten unter Option an Refined Energy Corp. Refined hat die ersten Bar- und Aktienzahlungen abgeschlossen und plant Erkundungen für den Sommer 2025.
Die Basin-Immobilie, die sich in der Nähe der Highway 905 im nordöstlichen Athabasca-Becken befindet, zeigt Potenzial für Uranmineralisierung mit historischen radioaktiven Anomalien. Die Milner-Immobilie, die 5 km westlich von Missinipe liegt, hat bei früheren Probenahmen bedeutende Uranfunde gezeigt, darunter Kanalsamples mit einem Durchschnitt von 0,072 % U3O8 und hochwertige Proben von bis zu 1,39 % U3O8.
Refined plant, verschiedene Explorationsmethoden einzusetzen, darunter elektromagnetische, magnetische, Widerstands-, radiometrische und Schwerefelduntersuchungen, um Bohrziele zu identifizieren. Searchlight hält an diesen Ansprüchen eine 2 % Net Smelter Royalty und erhält zusätzlich weitere Bar- und Aktienzahlungen gemäß den Bedingungen des Optionsvertrags.
- Historical high-grade uranium samples at Milner Property showing up to 1.39% U3O8
- Strategic location near major highways for both properties
- Company secured 2% Net Smelter Royalty on the properties
- Received initial cash and share payments from Refined Energy
- Exploration work not starting until summer 2025
- Properties are currently underexplored with historical data
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2025) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") is pleased to announce progress on the Basin and Milner Projects under option to Refined Energy Corp. (Refined).
Further to the news release of August 7, 2024, Refined has made cash and share payments to Searchlight to initiate the option agreement and has now made plans to explore the properties in the summer of 2025.
The Basin and Milner Properties
The Basin Property is prospective for unconformity- and basement-hosted uranium mineralization and are underexplored, while at the Milner Property the focus will be on the outcropping pegmatite and structurally related mineralization. The Company is considering the most effective geophysical exploration methods from a variety that have proven effective in the Athabasca Basin. These include electromagnetic, magnetic, resistivity, radiometric and gravity surveys to delineate prospective conductors and alteration signatures. Geochemical sampling will also be considered over specific structures and conductors. The aim of this exploration work will be to identify anomalies for drill targeting.
The Basin Property is in close proximity to Highway 905 and lies in the northeastern part of the Athabasca Basin. Historical exploration has identified radioactive anomalies associated with linear and conductive features. Structural features which have been identified include faults, dykes, sills and lithological contacts.
The Milner Property is located approximately 5 kilometres west of Missinipe and Highway 102, and 60 kilometres north of La Ronge, Saskatchewan. Uranium staining was noted by a prior operator of the Milner Property 1.4 km northeast of the north end of Milner Lake on the Milner Property. Channel sampling of this area revealed uranium mineralization, mainly uranophane and autunite, which occurs at the contact of granitic gneiss and pegmatite. The seventeen channel samples taken from a 15.2 m trench yielded assays ranging from
A second showing at the Milner Property has been observed in a pegmatite outcrop. Uranium mineralization, primarily uranophane and autunite, at this outcrop occurs on the east side of a shear. Grab samples taken by a prior operator of the Milner Property from the biotitic and feldspathic phases returned
"We are pleased that Refined is planning work on these claims this summer and look forward to successful exploration activity on these claims," stated Stephen Wallace, Searchlight CEO.
Searchlight retains a
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 - Where the Critical Elements Supply Chain Begins
Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) 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. The Company's exploration model of Project Generation coupled with Targeted Exploration, focuses on uranium, rare earths, copper, nickel and gold throughout the province.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238797
FAQ
What uranium grades were found in historical sampling at Searchlight's (SCLTF) Milner Property?
When will Refined Energy begin exploration work on SCLTF's Basin and Milner properties?
What exploration methods will be used at SCLTF's uranium properties in 2025?
What royalty does Searchlight (SCLTF) retain on the Basin and Milner properties?
