Searchlight Assigns Flin Flon North Project to Canadian Gold Corp.
Searchlight Assigns Flin Flon North Project to
Canadian Gold Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2025) - Searchlight Resources Inc. (TSXV:
SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") is pleased to announce that it has entered
into an agreement with Canadian Gold Corp. (CGC) to option the Company's Flin Flon North project to
CGC, for total compensation of $130,000 cash and $200,000 in CGC shares.
The Flin Flon North project includes five claims covering 5,644.6 hectares, located 10 km north of Flin
Flon, Manitoba (Map 1). The project is held by Searchlight under an option agreement with GEM Oil Inc.
signed July 9, 2019 ("GEM Option"). Searchlight is assigning 100% interest in the GEM Option to CGC,
for financial considerations outlined below.
Terms
of
the
Option
Agreement
Under the terms of the Option Agreement, and subject to the approval of the TSX Venture Exchange,
over a four-year period CGC will be required to make the following cash and share payments to exercise
the Option. Under the terms of the GEM Option, 25% of the payments will be made to GEM Oil and 75%
to Searchlight.
Date
Cash
Payments
Share
Payments
Upon commencement of the earn-in period
$30,000
$30,000
1 Year Anniversary
$20,000
$30,000
2 Year Anniversary
$25,000
$40,000
3 Year Anniversary
$25,000
$50,000
4 Year Anniversary
$30,000
$50,000
"Searchlight wishes to thank Gem Oil Inc. for optioning the original group of claims that serve as the
foundation for this assignment to Canadian Gold Corp.," stated Stephen Wallace, President and CEO of
Searchlight.
"As a project generation exploration company, this is another successful agreement for Searchlight,"
stated Alf Stewart, Chairman of Searchlight, "the Company continues to seek deals on its other projects
in the Flin Flon Mining Camp."
Map 1. Location of Flin Flon North Claims
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Searchlight Resources Flin Flon Exploration Targets
Searchlight is actively exploring two other gold properties in the Flin Flon district:
Bootleg Lake: Advanced Exploration, Multiple Drill-ready Targets
Brownfields project with three past-producing, high-grade gold mines
Includes Rio Mine with 1,500 m of modern, trackless underground workings viable for reopening
for exploration and future production
60-80 historic drill holes, plus 6 drill holes by Searchlight
Other gold and base metal potential on claims
18 claims (49.4 sq km), with key claims in good standing until 2040
Robinson Creek: Advanced Exploration, Drill-ready Targets
Exploration Target of 77,000 to 154,000 ounces gold
70 historic diamond drill holes
18 km from Creighton, Saskatchewan and Flin Flon, Manitoba
10 km from Laurel Lake Gold deposit, owned by SSR Mining
7 claims (2.8 sq km)
About Canadian Gold Corp.
Canadian Gold Corp. is a Canadian-based mineral exploration and development company whose
objective is to expand the high-grade gold resource at the past-producing Tartan Mine, located in Flin
Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of
240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000
tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties
in Ontario and Quebec, adjacent to some of Canada's largest gold mines and development projects,
specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON).
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) holds a 5.7% interest in Canadian Gold, and Robert
McEwen, the founder and former CEO of Goldcorp Inc., and Chairman and CEO of McEwen Mining,
holds a 32.9% interest in Canadian Gold.
About Searchlight Resources Inc.
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. Exploration focus is on battery minerals and gold
throughout the province, concentrating on projects with nearby infrastructure.
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.
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, Chairman
(236) 833-0075
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.
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