Searchlight Resources Closes Option Agreement to Acquire Claims in Saskatchewan and Outlines Right of First Refusal
TSXV: SRCH
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TEL (604) 331-9326 • FAX (604) 684-9365
Searchlight Resources Closes Option Agreement
to Acquire Claims in Saskatchewan and
Outlines Right of First Refusal
• TSXV approval of option of 4 claims adjoining Bootleg Lake Gold project
• Right of First Refusal granted to Searchlight on claims covering over
300,000 hectares of the Flin Flon Greenstone Belt
• VMS base metal and gold exploration targets on optioned and RoFR claims
Vancouver, British Columb ia, March 2 6th, 2019 - 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 agreement (the "Option") with Diamond Projects Inc .
(“Diamond”) a private Saskatchewan company, to earn a 100% in terest in four claims (the
“Property” or the “Claims”) located near Creighton, Saskatchewan, Canada, five kilometres
southwest of the city of Flin Flon, Manitoba.
In addition to the option agreement, Diamond has granted Searchlight a Right of First Refusal
(“RoFR”) for Diamond mineral claims on NTS Map Sheet 63L and the portion of NTS Map Sheet
63K located in Saskatchewan. See Map 2 below.
“Searchlight now has access th rough staking, options and t he RoF R to one of the most
significant claim positions in the Flin Flon Greenstone Belt. With the announce ment o f the
closure of the 777 mine by Hudbay Minerals, Searchlight has an excellent opportunity to explore
and find the next mine to feed the mill complex in Flin Flon” stated Stephen Wallace, President
and CEO of Searchlight. Mr. Wallace further stated, “this puts the Company in a strong position
to seek financing and long-term backers to take advantage of this claim position.”
Searchlight has optioned 4 mineral claims totaling 654 hectares that adjoin the Company’s
existing Bootleg Lake claims , building the Company’s core land position . (See Map 1 below)
The new ly optioned claims cover historical gold and volcanogenic massive sulphide (“VMS”)
base metal showings, including the Curved Lake VMS and Phantom Ledge Lake Gold targets.
See October 4, 2018 press release at https://searchlightresources.com/news/2018/searchlight-
resources-options-4-claims-in-saskatchewan-from-diamond-projects/ for details.
Terms of the Option Agreement
• To earn 100% interest in the Claims, subject to a 1% NSR, Searchlight must maintain
the claims in good standing and complete 12 years of assessment expenditures on the
claims. The assessment expe nditure requirements are outlined in the Saskatchewan
regulation document “ The Mineral Tenure Registry Regulations ” The total yearly
exploration expenditures for the four claims are summarized in table 1 below.
• Once the 100% interest is earned, Diamond Projects will retain a 1% NSR.
• Further if any Claims optioned by Searchlight from Diamond Projects are sold or
optioned by Searchlight to a third party, Diamond Projects is to receive 25% of all cash
and share payments.
• The agreement allows Searchlight to modify the size of optioned claims by adding or
removing claim units during the life of the Option.
• Any claims or claim units returned to Diamond Project will have a least one year
remaining before Good Standing Date.
Year
Exploration Work
Commitments
Year 1 N/A
Year 2 19,597.11
Year 3 19,597.11
Year 4 19,597.11
Year 5 19,597.11
Year 6 19,597.11
Year 7 19,597.11
Year 8 19,597.11
Year 9 19,597.11
Year 10 19,597.11
Year 11 32,677.76
Year 12 32,677.76
Table 1: Summary of Yearly Exploration Expenditures
Map1: Location of Claims optioned from Diamond Projects
Right of First Refusal
In addition to the option agreement, Diamond has granted Searchlight a RoFR for Diamond
mineral claims on NTS Map Sheet 63L and the portion of NTS Map Sheet 63K located in
Saskatchewan. The right extends to all 100% owned Diamond claims in this area apart from two
claim areas being explored and advanced by Diamond. See Map 2 below.
The RoFR provides that any additional claims optioned by Searchlight will be u nder the same
terms as the first option presented above.
Diamond Projects Inc
Diamond Projects Inc. is wholly controlled by Mr. Shaun Spelliscy who also controls Gem Oil
Inc. a 20.1% shareholder of Searchlight. As such Gem Oil is an insider of Searchlight.
Diamond Projects and GEM Oil are exploration companies active in staking, evaluating and
holding mineral claims in S askatchewan. At present these companies hold over 1.3 million
hectares of mineral claims throughout the province, one of the largest single claim holders.
Map 2: Location of Right of First Refusal Claims (in green) relative to
Searchlight Resources claims and Flin Flon
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Quali fied Person within the meaning of National
Instrument 43-101 and has reviewe d and approved the technical information contained in this
news release.
About Searchlight Resources Inc.
Searchlight Resources Inc.is a Canadian mineral exploration and development company listed
on the Toronto Venture Exchange (TSX-V: SRCH). The corporate strategy of the company is:
• to explore and develop opportunities in safe, low risk jurisdictions. The Company holds
claims in Saskatchewan and Ontario, Canada and Nevada, USA. These are three of the
top seven jurisdictions in the world for mining investment, as ranked by the Fraser
Institute.
• to target known highly productive geological belts, including the Flin Flon – Snow Lake
Greenstone Belt, the Abitibi Greenstone Belt and the Walker Lane Structural Belt
• to acquire high quality projects, close to infrastructure, focusing on road access
• to work closely with stakeholders, including First Nations, Metis, local and provincial
governments and local contractors to advance mineral exploration and development in a
safe and environmentally sound manner.
Searchlight holds a portfolio of gold, cobalt, copper, vanadium and specialty metal projects from
grassroots stage to advanced exploration and NI43-101 resource development.
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 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, bel iefs, intentions and expecta tions
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.