Searchlight Resources Completes Acquisition of 100% Interest in the Bootleg Lake Gold Property

Rhea-AI Summary

Searchlight Resources Inc. has entered an agreement to acquire a 25% interest and 1% NSR in the Bootleg Lake Gold property from New Moon Minerals Corp.. This acquisition will grant Searchlight 100% ownership of the property located in Saskatchewan, Canada, which spans 4,988 hectares and encompasses four past-producing gold mines. The company plans to issue 6,000,000 shares to New Moon, with the transaction subject to TSX approval. This strategic move aims to simplify ownership and accelerate exploration efforts in a key mining area.

Positive

• Acquiring 100% ownership of Bootleg Lake property increases control over valuable gold targets.
• Property is strategically located near Flin Flon, enhancing exploration infrastructure.
• The project consists of multiple high-grade gold targets with secure ownership until at least 2040.

Negative

• Issuing 6,000,000 shares may dilute existing shareholders' equity.

VANCOUVER, BC / ACCESSWIRE / November 25, 2022 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:SCLTF) is pleased to announce an agreement with New Moon Minerals Corp. (New Moon), a private issuer, to acquire the remaining 25% interest and 1% NSR currently held by New Moon on the Bootleg Lake Gold property. This property is located near Creighton, Saskatchewan, Canada, approximately five kilometres southwest of the city of Flin Flon, Manitoba.

In May 2017, Searchlight entered into an option agreement to acquire 75% interest in the Bootleg Lake property from New Moon, with Searchlight as operator. Searchlight earned the 75% interest during August, 2021, and the Company is now acquiring the remaining 25% and a 1.0% NSR held by New Moon. On completion of this transaction, Searchlight will hold 100% of the project, subject to a legacy 1.0% underlying NSR held by a third-party on four of the 20 claims.

The Property originally consisted of four contiguous claims staked in 2009-2010, totalling 867 hectares. It has grown through staking to the present 20 contiguous claims, totalling 4,988 hectares. The original core claims are in good standing until 2039-2040. The Property hosts four past-producing gold mines, including the Bootleg/Rio, Henning-Maloney and Newcor gold mines with historical resource estimates. In addition, there are a number of additional gold and copper occurrences on the claims.

New Moon is an arms-length party to Searchlight on the Bootleg Lake gold property, and the full acquisition by Searchlight is intended to simplify ownership and expedite further exploration. The Bootleg Lake property is located within the Flin Flon Gold Camp, and Searchlight has consolidated a significant land position, which includes the Robinson Creek Gold project, in the under-explored but very productive Archean Flin Flon Greenstone Belt.

"This agreement gives Searchlight 100% ownership of multiple high grade gold targets with secure ownership until at least 2040. The Bootleg project is minutes from the mining centre of Flin Flon, providing excellent low-cost exploration infrastructure ", stated Stephen Wallace, Searchlight CEO. "It is an area which Searchlight believes has great potential, and the Bootleg property, as a brownfields property with underground workings that can be rehabilitated, is a key holding within the belt."

To acquire the 25% interest plus 1.0% NSR in the Bootleg Lake Gold property, the Company will issue 6,000,000 shares to New Moon. The agreement is subject to TSX acceptance and approval by New Moon shareholders. All the securities issued are subject to a four-month hold period from the date of closing.

About Searchlight Resources Inc.

Searchlight Resources Inc. (TSXV: SCLT; US:SCLT) 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.

SOURCE: Searchlight Resources Inc.

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FAQ

What did Searchlight Resources Inc. acquire from New Moon Minerals Corp.?

Searchlight acquired a 25% interest and a 1% NSR in the Bootleg Lake Gold property.

How will the acquisition impact Searchlight Resources Inc.?

The acquisition will give Searchlight full ownership of the Bootleg Lake property, which could lead to increased exploration and potential revenue.

What is the significance of the Bootleg Lake Gold property?

The property hosts four past-producing gold mines and is located in a productive mining area, promising further exploration opportunities.

What is the transaction value for the Bootleg Lake acquisition?

The transaction involves issuing 6,000,000 shares to New Moon Minerals Corp.

When is the acquisition expected to be completed?

Completion of the acquisition is subject to TSX acceptance and New Moon shareholders' approval.