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Searchlight Begins 2023 Exploration at Kulyk Lake Rare Earth / Uranium Project

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Searchlight Resources Inc. begins field exploration on Kulyk Lake Rare Earth/Uranium project, prospecting reveals high values of Rare Earths and Uranium
Positive
  • Field exploration has begun on Searchlight Resources Inc.'s Kulyk Lake Rare Earth/Uranium project. Prospectings have discovered new showings of Rare Earths and Uranium with values over 100 times higher than average.
  • Prospecting area A yielded chip sample assays between 0.79% and 0.95% TREO, indicating high potential.
  • Prospecting area B showed an MMI assay of 136,000 ppb Uranium, 1,247 times higher than the average of other samples.
Negative
  • None.

Highlights

  • Exploration Permit Received for Kulyk Lake
  • Extension of 2022 MMI survey underway
  • Prospecting of Rare Earth and Uranium Targets underway

Vancouver, British Columbia--(Newsfile Corp. - September 14, 2023) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight)" or the "Company") is pleased to announce that the 2023 field exploration has been begun on the Company's Kulyk Lake Rare Earth / Uranium project, located approximately 165 km north of La Ronge, Saskatchewan, and 65 km south of the Key Lake Uranium Mill.

The 2023 planned exploration includes the completion of the MMI (Mobile Metal Ion) survey begun in 2022, and detailed prospecting of two areas of interest found during the 2022 field surveys (Map 1).

"Searchlight's field program is focused on kilometers-long Thorium and Uranium anomalies which were detected in an airborne survey in 2021. Our work has discovered new showings of Rare Earths associated with the Thorium anomalies, and new Uranium showings as well," stated Stephen Wallace, Searchlight's CEO.

Prospecting area A was selected based on results from the 2022 prospecting program which located multiple REE and uranium targets, including chip sample assays between 0.79% and 0.95% TREO (Table 1). This area of interest lies on a topographic ridge which is at least 400 metres long.

Prospecting area B was selected based on assays of MMI sample SRC191663 which was collected in 2022. A total of 244 MMI samples were collected during the 2022 survey with multiple REE and Uranium anomalies. The strongest anomaly was observed in Sample SRC191663, with MMI assay of 136,000 ppb Uranium, which was 1,247 times higher than the average of all other samples. Similarly, Rare Earth values were over 100 times higher than the average of all other samples (Table 2). A large outcrop is located near to this sample and will be part of the prospecting program.

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Map1. Location of 2023 MMI and prospecting program at Kulyk Lake

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Table 1. 2023 Prospecting Area A:

Rare Earth Assays from 2022 Prospecting Survey

Sample191806191807232901232903

ppmppmppmppm
Ce2O34,404.13,713.04,087.84,497.8
La2O32,193.11,946.81,935.12,287.0
Dy2O340.766.853.739.6
Er2O313.313.710.912.3
EuO310.911.212.211.2
Gd2O3110.8106.0111.8118.7
Ho2O35.78.06.95.0
Nd2O31,755.21,429.81,569.21,743.6
Pr2O3561.7380.3479.8524.3
Sm2O3189.0199.5209.9206.4
Tb2O38.43.53.57.5
Yb2O34.510.58.54.6





TREO ppm9,297.47,889.28,489.39,457.9





TREO %0.930.790.850.95

 

Table 2. 2023 Prospecting Area B:

MMI Assays from 2022 Survey


ElementAverage assay of
243 MMI samples

(not including SRC191663)
Assays for
Sample SRC191663
Factor by which assays
from Sample SRC191663
exceeds average of other
samples


ppbppb
1U109.0136,0001,247
2Er17.02,460144
3Gd40.15,640141
4Dy34.24,720138
5Tb6.2859138
6Y161.121,900136
7Yb13.61,840135
8Sm48.25,950124
9Pr67.37,850117
10Nd248.127,600111
11Eu8.3892107
12Ce511.751,100100
13La255.019,50076
14Th130.02,07016
15Sc80.51,26016

 

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) (OTCQB: 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. Exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.

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/180563

SEARCHLIGHT RES INC

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