Searchlight Resources Acquires High Grade English Bay Gold Claims in Saskatchewan
TSXV: SRCH
Suite 408 – 1199 West Pender Street • Vancouver, B.C. • V6E 2R1
TEL (604) 331-9326 • FAX (604) 684-9365
Searchlight Resources Acquires High Grade
English Bay Gold Claims in Saskatchewan
• Multiple high-grade gold drill intersections over 400m of strike length in
La Ronge Gold Belt
• 2.10 oz/t gold over 4 feet (72.00 g/t Au over 1.2 metres) in DDH CSP-16
• 1.85 oz/t gold over 4.5 feet (64.42 Au g/t over 1.4 metres) in DDH CSP-03
• 1.39 oz/t gold over 4 feet (47.66 g/t Au over 1.2 metres) in DDH CSP-13
• 0.569 oz/t gold over 9 feet (19.51 g/t Au over 2.8 metres) in DDH CSP-04
Vancouver, British Columb ia, February 26, 2019, - Searchlight Resources Inc.(“Searchlight” or
the “Company”) (TSX-V: SRCH) is pleased to announce that it has entered into an option
agreement ("Option Agreement") to earn up to a 100% interest in the English Bay Gold Claims
(“English Bay” or the “Property”) located 10 kilometers north of La Ronge, Saskatchewan in the
La Ronge Gold Belt.
“The acquisition of the high-grade English Bay Gold project with multi-ounce gold intersections
in multiple drill holes within half a kilometre of highway 102 is an excellent opportunity for
Searchlight and its shareholders ” notes Stephen Wallace, CEO and President of Searchlight.
Mr. Wallace further s tates “this fits the Searchlight focus on high quality target s, close to
infrastructure in Saskatchewan, one of the most attractive jurisdictions in the world for mining
investment”
Option Agreement Terms
Searchlight has the option to acquire 100% interest in English Bay by making the following cash
payments, share issuances and exploration expenditures:
1) Searchlight will pay a total of $10,000 as follows:
• $1,000 has been paid
• $2,000 on the Closing Date.
• $3,000 on the first anniversary of the Closing Date
• $4,000 on the second anniversary of the Closing Date
2) Searchlight will issue a total of 300,000 common shares of the Company as follows
• 100,000 common shares on Closing Date
• 100,000 common shares on first anniversary of Closing Date
• 100,000 common shares on second anniversary of Closing Date
3) Searchlight will complete $250,000 in exploration expenditures as follows:
• $ 10,000 in year one
• $ 75,000 in year two
• $165,000 in year three
4) Upon commencement of Commercial Production, Searchlight will pay the Royalty
Interest of 2% Net Smelter Return (“NSR”). At any time, Searchl ight will have the right to
purchase half (1%) of the NSR for $1,000,000.
All common share issuances by Searchlight will be subject to a 4 -month hold period as per
Canadian securities law. This Agreement is subject to approval by the TSXV.
Additional Data
Maps, drill hole and assay informati on is available on the Searchlight website at
https://searchlightresources.com/
These presented drill sample results are historical in nature and Searchlight has not undertaken
any independent investigation of the sampling nor has it independently analyzed the results of
the previous exploration work in order to verify the results. Searchlight considers these sample
results relevant as the Company uses historical reports to evaluate and historic sample results
as a guide to plan future exploration programs. All sample widths cut by drill holes are not true
widths, they represent the intersection of the incline hole with the dip of the mineralized
structure. Searchlight estimates from historical data the true widths are 55% to 75% of recorded
widths.
Qualified Person
Stephen Wallace, P.Geo., is Searchl ight's Quali fied Person within th e meaning of National
Instrument 43-101 and ha s reviewed and approved the technical information contained in this
news release.
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 of the date of this news rel ease. These statements reflect management’s
current estimates, beliefs, intentio ns and expectations. They ar e not guarantees of future
performance. The Company cautions that all forward looking statements are i nherently
uncertain and that actual performance may be affected by a number of material factors, many of
which are beyond the Company’s control. Such fact ors include, among other thi ngs: risks and
uncertainties relating to the Company’s limited operating h istory and the need to comply with
environmental and governmental regulations. Accordingly, actual and future events, conditio ns
and results may differ ma terially 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 publi cly 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.