Searchlight Resources Acquire s 51% of Bootleg Lake Gold and VMS Project
TSXV : SRCH
Suite 408 – 1199 West Pender Street • Vancouver, B.C. • V6E 2R1
TEL (604) 331 - 9326 • FAX (604) 684 - 9365
Searchlight Resources Acquire s 51% of
Bootleg Lake Gold and VMS Project
TSX Venture Exchange approves Bootleg Option A mendment
Searchlight now holds 51% interest in Bootleg Lake Project
Update d Map of Diamond Projects Right of First Refusal Area
Van couver, British Columbia, November 20 , 201 8 - Searchlight Resources Inc. ( “Searchlight” or
the “Company”) (TSX - V: SRCH ) is pleased to announce that the TSX Venture Exchange (the
" TSXV ") has accepted the option amendment agreement ("Amendment ") with New Moo n
Minerals Corp. ("New Moon") for the Bootleg Lake Gold and VMS project (“Bootleg Lake”) . The
Amendment allow s Searchlight to accelerate the payments and work commitments to earn a
51% interest by making a payment of its co mmon shares . Bootleg Lake is l oca ted near
Creighton, Saskatchewan, five kilometres southwest of the city of Flin Flon, Manitoba .
The Amendment replaces the original payment of $50,000 and 166,667 shares due June 30th,
2019 with a payment by Searchlight of 1,425,000 shares . This complete s the obligations for
Searchlight to earn a 51% interest in Bootleg Lake . The full terms of the Amendment are
outlined in the Company ’s press release of Oc tober 16, 2018 at :
https://searchlightresources.com/news/2018/searchlight - resources - earns - 51 - interest - in - bootleg -
lake - option/ .
Ste phen Wallace, President and CEO of Searchlight stated : “ Our new majority interest in
Bootleg gives dir ect value to Searchlight shareholders . This allows Searchlight to progress to
the next phase of exploration , including reop en ing historic underground workings, and provides
security in our long - term ownership of this highly - prospective project .”
Update o n Diamond Projects Right of First Refusal.
In the Searchlight press release of October 4 th , 2018, the Company announced that Diamond
Projects Inc. ( “ Diamond”) granted Searchlight a Right of First Refusal (“RoFR”) for Diamond ’s
mineral claims on NTS Map Sh eet 63L and the portion of NTS Map Sheet 63K located in
Saskatchewan . The RoFR provides that any additional claims optioned by Searchlight will be
under the same terms as previously disclosed the option agreement with Diamond . The RoFR
extends to all 100% held D iamond claims in this area except for two claim areas being explored
and advanced by Diamond. See Searchlight’s press release at :
https://searchlightresources.com/news/2018/searchlight - resources - options - 4 - claims - in -
saskatchewan - from - diamond - projects/ .
T he map below provides information on the location of the approximate 340,000 hectares of
Diamond claim a reas with i n NTS Map Sheet s 63L and 63 K . At present , Searchlight is reviewing
these claims for geological targets that fit the Company’s exploration plans.
Stephen Wallace, President and CEO of Searchlight said: “This is an important opportunity for
Searchlight , all owing our team to review, select and option quality exploration targets within the
Flin Flon Greenstone belt with no cash or share option payments, leaving the C ompany to put
cash into exploration”
Searchligh t Resources and Diamond Projects claims with within NTS map sheets 63L and 63K
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National
Instrument 43 - 101 (“ NI 43 - 101 ”) and has reviewed and approved the t echnical information
contained in this news r elease.
About Searchlight Resources Inc.
Searchlight is a mineral exploration and development company listed on the TSXV . The
C ompany is active with mineral exploration projects in Saskatchewan, Ontario and Nevada,
which are consistently ranked by the Fr aser Institute as three of the top seven jurisdictions in
the world for mining investment. The Compan y holds a portfolio of gold, cobalt and base metal
projects from grassroots stage to advanced exploration and NI 43 - 101 resource development.
Saskatchewa n , Canada – Gold and Base Metals
Bootleg Lake consists of 16,900 hectares of claims in Saskatchewan covering prospective
areas of the Flin Flon Greenstone belt. Exploration is being carried out at the past - producing
Newcor, Rio (Bootleg) and Henning Malon ey Gold mines located approximately 5 kilometres
from Creighton Saskatchewan , and less than 10 kilometres from the 777 mine in Flin Flon,
Manitoba , owned by Hudbay Minerals Inc. (“Hudbay”) (TSX: HBM) .
In addition, Bootleg Lake has claims with potential f or Volcanogenic Massive Sulphide ( “ VMS ” )
base metal mineralization adjacent to Hudbay ’s claims that host the currently producing 777
base metal and gold mine in Flin Flon , and four past - producing base metal mines ; Flexar, Birch
Lake, Amisk and Coronatio n.
Ontario , Canada – Copper, Cobalt, Nickel & Gold
1) The Munro Warden project is an early stage exploration prospect targeting VMS copper,
nickel and cobalt within the Kidd - Munro assemblage of the Abitibi Greenstone Belt. The
project covers 1,100 hectares , in cluding 9 mining lease and 11 claim blocks located
approximately 90 kilometres east of Timmins, Ontario.
2) The Cameron project is a grassroots cobalt, gold exploration prospect located 25
kilometres southwest of Cobalt, Ontario with in the highly prospecti ve Cobalt
Embayment .
Nevada , USA – Copper
Searchlight’s New Yo r k Canyon project hosts two c opper deposits in the Walker Lane Structural
Belt located in western Nevada ; t he Long Shot Ridge skarn deposit with a 2010 NI 43 - 101
resource esti mate and the Copper Q ueen porphyry deposit drilled by Conco in the 1970’s.
On behalf of the Board of Directors,
“ Stephen Wallace ”
SEARCHLIGHT RESOURCES INC .
Stephen Wallace , President, CEO and Director
Contact: Searchlight Resources Inc .
Investor Rel ations
(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 dat e 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 ma y 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 compl y with
environmental a nd 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 appl icable
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 EXC HANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.