Searchlight Announces Private Placement Financing
TSXV: SCLT
Suite 408 – 1199 West Pender Street • Vancouver, B.C. • V6E 2R1
TEL (604) 331-9326 • FAX (604) 684-9365
Searchlight Announces Private Placement Financing
Vancouver, British Columbia, August 8th, 201 9 - Searchlight Resources Inc.
(“Searchlight” or the “Company”) (TSX -V: SCLT) is pleased to announce that it intends to
complete a priva te placement of flow -through and non-flow-through units (the
“Private Placement”).
The Company intends to issue up to 5,000,000 units at a price of $0.05 per unit (the “ Unit”) for
aggregate proceeds of up to $ 250,000. Each Unit will consist of one common share and one
common sha re purchase warrant (the “ Warrant”). Each Warrant will entitle the holder to
purchase one additional common share of the Company at an exercise price of $0.0 5 per
common share for a period of 2 years from the date of issue.
The Company also intends to iss ue up to 5,000,000 flow-through units at a price of $0.05 per
unit (the “FT Units”) for aggregate proceeds of up to $ 250,000. Each FT Unit will consist of one
flow-through common share and one-half of one non-flow-through common share purchase
warrant (the “NFT Warrants ”). Each full NFT Warrant will entitle the holder to purchase one
additional non-flow-through common share of the Company at an exercise price of $0.0 5 per
common share for a period of 2 years from the date of issue.
The FT Shares will entit le the holder to receive the tax benefits applicable to flow -through
shares, in accordance with provisions of the Income Tax Act (Canada).
Searchlight intends to use th e proceeds of up to $ 500,000 of the Offering to fund exploration
expenditures on its po rtfolio of mineral proper ties and for general working capital.
Closing of the proposed Offering is subject to a numb er of conditions, including receipt of all
necessary corporate and regulatory approvals, including approval from the TSX Venture
Exchange. F inders fees may be payabl e in connection with this private placement. All the
securities issuable will be subject to a four-month hold period from the date of closing.
Searchlight will rely upon such prospectus exemptions as are available, including access to existing
shareholders through the Existing Shareholder Exemption. This ensures all shareholders are treated
equally and fairly.
Searchlight Resources Exploration for Gold in Saskatchewan
Planned exploration expenditures include Searchlight’s two high grade gold projects in
Saskatchewan Canada.
1) The Company’s flagship project is the Bootleg Lake Gold project hosting 3 past producing
gold mines, located 5 kilometres from Flin Flon, a major mining district on the Saskatchewan
Manitoba border in Canada.
The present focus is on reopening of the underg round working of the Rio Gold mine which was
closed in 1990. Vista Gold which then operated the project estimated a reserve of approximately
184,000 tons at 0.35 oz/ton gold for an estimated total of 64 ,350 ounces of gold . This estimate
was to a shallow depth and the Searchlight’s exploration plans are to increase this resource
along strike and to depth. See below for table of Bootleg Lake Gold deposits.
The Company plans on reopening the underground working s for exploration and the
development of a full resource for future mining. Re -establishing the entrance portal is part of
the current planned expenditures with private placement funds.
2) In Early 2019 , Searchlight acquired the high-grade English Bay gold target on highway 102,
10 km north of La Ronge, Saskatchewan. A total of 37 drill holes were completed by previous
owner with over half intersecting gold mineralization. The best intersections being 2.10 oz/t gold
over 4 ft (65.63 g/t Au over 1.2m) and 1.08 oz/t gold over 8.5 ft (33.75 g/t Au over 2.6m). Plans
are to relog and assay existing drill core and carry out UAV geophysics, in preparation for
drilling.
Historical Estimates of Bootleg Lake Gold Deposits
Deposit Category Tons Tonnes Oz/ton Grams/tonne Au Ounces
reported calculated reported calculated calculated
Bootleg (Rio) Reserves 183,871 166,800 0.35 12.0 64,355
Newcor Proven 42,500 38,600 0.31 10.6 13,175
Probable 156,000 141,500 0.31 10.6 48,360
Henning Maloney Proven 15,000 13,600 0.45 15.4 6,750
Possible 43,000 39,000 0.16 to 0.32 5.5 to 11.0 6,880
to 13,760
1) All historical estimates above were prepared by Vista Mines Inc, in 1983 through 1987.
2) Note the historical estimate used the terms historical reserves, historical proven and possible reserves and historical proven and probable reserves were prepared before the
introduction of National Instrument 43-101-Standards of Disclosure for Mineral Projects. These historical estimates are considered relevant as the Company uses historical reports to
evaluate historic mines as a guide to plan future exploration programs. The assumption, parameters and methods used to calculate these historical resource estimates are not known to
the Company. The qualified person has not made any attempt to re-classify the estimates according to current NI 43-101 standards and CIM definitions. In order for these resources to be
current, the Company will be required to conduct additional drilling on the Bootleg Property. The Company is not treating this estimate as current mineral resources or mineral reserves
as defined in NI 43-101. Although the historical resource estimate was designated as “reserves”, it cannot be compared to current mineral reserves as it is not supported by at least a
current pre-feasibility study.
3) Data source - ASSESSMENT REPORT ON THE 2014 DIAMOND DRILLING PROGRAM, CREIGHTON PROPERTY DOUGLAS, BOOTLEG, PHANTOM AND WEKACH LAKE AREAS LARONGE MINING
DISTRICT CREIGHTON, SASKATCHEWAN, by NEW MOON MINERALS CORPORATION by Anthony Spooner, P. Geo., Flin Flon, MB, August 31, 2016.
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Quali fied Person within the meaning of National
Instrument 43-101 and has reviewed and approved the technical information c ontained in this
news release.
About Searchlight Resources Inc.
Searchlight Resources Inc. is a Canadian mineral exploration and development company listed
on the Toronto Venture Exchange (TSX-V: SCLT). The corporate strategy of the company is:
• to explore and develop opportunities in safe, low risk jurisdictions. The Company holds
claims in Saskatchewan and Ontario, Canada. These are two of the top seven jurisdictions in
the world for mining investment, as ranked by the Fraser Institute.
• to target known highly productive geological belts, including the Flin Flon – Snow Lake
Greenstone Belt and the Abitibi Greenstone Belt.
• to acquire high quality projects, close to infrastructure, focusing on road access
• to work closely with stakeholders, including First Nations, Metis, local and provincial
governments and local contractors to advance mineral exploration and development in a safe
and environmentally sound manner.
Searchlight holds a portfolio of gold, cobalt, copper, vanadium and specialty metal projects from
grassroots stage to advanced exploration and NI43-101 resource development.
On behalf of the Board of Directors,
“Stephen Wallace”
SEARCHLIGHT RESOURCES INC.
Stephen Wallace, President, CEO and Director
Contact: Searchlight Resources Inc.
Investor Relations
(604) 331-9326
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on
assumptions as o f the dat e of this news release . These statements reflect managemen t’s
current estimates, beliefs, intentions and expectations. They are not guarantees of future
performance. The Company cautions that all forward looking sta tements 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. Accordi ngly, actual and future events, conditions
and results may differ materially from the e stimates, beliefs, intentions and expectations
expressed or implied in the forward-looking information. Except as required under appl icable
securities legislation, the C ompany 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 EXC HANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.