Searchlight Resources Announces Sale of Hanson Lake Project in Saskatchewan Hanson Lake Claim sold for $50,000 and 1% NSR Searchlight continues to hold the Jan Lake Pegmatite Claims north of the Hanson Lake Claim
Searchlight Resources Announces Sale of
Hanson Lake Project in Saskatchewan
Hanson Lake Claim sold for $50,000 and 1% NSR
Searchlight continues to hold the Jan Lake Pegmatite Claims north of the Hanson Lake
Claim
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2024) - Searchlight Resources Inc. (TSXV:
SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to announce the sale of the
Hanson Lake claim located approximately 65 kilometres west of Creighton, Saskatchewan, to Willgrass
Resources, a private company.
In August 2021, Searchlight entered into an option agreement on the Hanson Lake project with Willgrass
Resources Inc. ("Willgrass") of Cochrane, Alberta, Canada. This project, which covers 12.36 sq km, is
located in Saskatchewan, approximately 65 km west of the world-class mining centre of Flin Flon, and
immediately south of Searchlight's Jan Lake Pegmatite project. The terms of the option enabled
Willgrass to earn a 50% interest in the project by completing assessment work of $50,000, which has
now been done. After careful review, Searchlight has declined the joint venture opportunity and has sold
its remaining 50% ownership in the claim for $50,000 and 1% NSR, to Willgrass. The 1% NSR can be
purchased at anytime for $1,000,000.
Jan Lake
Searchlight continues to hold the 148.6 sq km claim block covering the Jan Lake Aplogranite Pegmatite
sheets and other mapped Rare Element Pegmatites, located immediately north of the Hanson Lake
Claim. These claims are 100% owned by Searchlight, with no royalty obligation. Highway 106 crosses
the Jan Lake claims, providing Searchlight with immediate exploration infrastructure and access to the
pegmatite targets (Map 1).
Previous work in the area was largely limited to regional mapping which identified multiple pegmatite
units, but they were not sampled or chemically defined. In addition, a few academic papers and a single
exploration program focused on rare metal pegmatites within 1 km of Highway 106. Some of the
pegmatites within the claim block have been mapped as beryllium pegmatites, with anomalous
Beryllium, Rubidium, Gallium, Tantalum, Cesium and Lithium.
Map 1. Hanson Lake and Jan Lake claims, Saskatchewan
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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. Searchlight holds a large portfolio of critical
element and gold projects, including 4 drill-ready projects.
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.
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