Searchlight Completes and Files 43-101 Report on Kulyk Lake Rare Earths and Uranium Property
Searchlight Completes and Files 43-101
Report on Kulyk Lake Rare Earths and
Uranium Property
Vancouver, British Columbia--(Newsfile Corp. - August 24, 2023) -
Searchlight Resources
Inc.
(TSXV: SCLT) (OTCQB: SCLTF) (
"
Searchlight
" or the "
Company
"
)
is pleased to announce the
completion and filing of a NI 43-101 Technical Report for its Kulyk Lake Rare Earths and Uranium project
in Saskatchewan. The report presents a comprehensive analysis of historic and current exploration, and
the project's overall potential. This will provide valuable information for shareholders, investors, and
stakeholders, and can be accessed and downloaded at
www.searchlightresources.com
.
This NI 43-101 Technical Report on the Kulyk Lake project has been prepared in accordance with the
guidelines set out in the Canadian Securities Administrators' National Instrument 43-101 Standards of
Disclosure for Mineral Projects. It demonstrates the company's adherence to best practices, and
commitment to rigorous work and transparency, in the advancement of its exploration activities.
"We are excited to announce the completion of this comprehensive review of exploration in the Kulyk
Lake region. We believe this property is a key target area for development of strategic critical metals
including neodymium, praseodymium, dysprosium and uranium. We note that Northern Saskatchewan
has been under-explored for the Rare Earths potential of pegmatites in the Wollaston domain, and with
minimal work on the Rossing-style uranium potential. The report by Mr. Fiolleau sets out a solid case for
further work on these concepts," stated Stephen Wallace, Searchlight CEO.
Key highlights from the report include:
1
.
A comprehensive summary of past exploration prior to Searchlight's work on Kulyk Lake Claims,
including the 2009 high-grade rare-earth discovery by a previous company.
2
.
A summary of exploration carried by Searchlight Resources from 2021 to 2023.
3
.
Geological evaluation which enhances the understanding of the project's geology and validates the
presence of different deposit types hosting the Rare Earths and Uranium mineralization. Notably, a
hybrid deposit model is set out based on published academic studies on the Rare Earths
mineralization. Also, a second style of uranium mineralization analogous to the Rossing Uranium
Mine of Namibia, the fifth largest uranium mine in the world, is discussed.
4
.
The NI 43-101 report provides recommendations for future exploration work based on the findings
and potential of the project. Searchlight endorses these recommendations and has filed for an
exploration permit to carry out a further phase of work at Kulyk Lake.
The Kulyk Lake Technical report has been authored by Tyler Fiolleau, PGeo, of Axiom Exploration Group
Ltd. of Saskatoon Saskatchewan. Mr.Fiolleau is a Professional Geologist and an Independent Qualified
Person pursuant to 43-101 Standards of Disclosure for Mineral Projects. The report will be available for
review on the company's website and filed on SEDAR.
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
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.
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