Searchlight Resources and Refined Energy Enter into Option Agreements for the Basin and Milner Uranium Properties in Saskatchewan Option of Basin claims to Refined Energy for $75,000 cash, 175,000 shares and $200,000 work commitment.
Searchlight Resources and Refined Energy
Enter into Option Agreements for the Basin
and Milner Uranium Properties in
Saskatchewan
Option of Basin claims to Refined Energy for $75,000 cash, 175,000 shares and $200,000
work commitment.
Option of Milner claim to Refined Energy for $45,000 cash, 100,000 shares and $150,000
work commitment.
2% NSR
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Searchlight Resources Inc. (TSXV:
SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to announce that the Company
has entered into option agreements with Refined Energy Corp. ("Refined"), dated August 6, 2024, which
grants Refined Energy the right to acquire up to 100% interest in each of the Basin and Milner
prospective uranium properties located in the Athabasca Basin region, Northern Saskatchewan,
Canada.
"We are pleased to partner with Refined to advance the Basin and Milner uranium properties, and look
forward to a successful venture," stated Stephen Wallace, Searchlight's CEO. "Searchlight will continue
to focus on the Company's other critical element projects, including the Duddridge Lake Uranium
Deposit and the Kulyk Lake Uranium and high-grade Rare Earth Project."
To exercise the Options, Refined must make a series of cash payments and share issuances to
Searchlight, and undertake certain exploration expenditures on the Properties as outlined below. If the
Option with respect to either the Milner Property or the Basin Property is exercised, a 2% net smelter
return royalty on such property will be granted to Searchlight, 1% of which may be repurchased by
Refined for CA$1,000,000.
Basin Property Option Terms
Deadline
Cash Payment
Share Issuance
Exploration
Expenditures
Within 30 Days of Execution of
Option Agreement
$20,000
Nil
N/A
Within 10 Days of Execution of
Option Agreement
Nil
175,000 Shares
N/A
On or before September 30,
2025
$55,000
Nil
N/A
Within 24 months of Execution
of Option Agreement
Nil
Nil
CA$200,000
Milner Property Option Terms
Deadline
Cash Payment
Share Issuance
Exploration
Expenditures
Within 30 Days of Execution of
Option Agreement
$10,000
Nil
N/A
Within 10 Days of Execution of
Option Agreement
Nil
100,000 Shares
N/A
On or before September 30,
2025
$35,000
Nil
N/A
Within 24 months of Execution
of Option Agreement
Nil
Nil
CA$150,000
The Option Agreements and the transactions contemplated are subject to acceptance of the CSE. All
the securities issuable will be subject to a four-month hold period from the date of issue.
Additional Option terms
Refined will serve as Operator on both projects.
The Shares issued will be subject to a twelve-month contractual resale restriction.
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. The Company's exploration model of Project
Generation coupled with Targeted Exploration, focuses on uranium, rare earths, copper, nickel and gold
throughout the province.
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.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/219101