Searchlight Resources Options Flin Flon North Claims
TSXV: SCLT
Suite 408 – 1199 West Pender Street • Vancouver, B.C. • V6E 2R1
TEL (604) 331-9326 • FAX (604) 684-9365
Searchlight Resources Options
Flin Flon North Claims
• 10 km northwest the 777 Copper, Zinc and Gold mine in Flin Flon
• 10 km north of Searchlight’s flagship Bootleg Lake Gold Project
• Option to own 100% of 2 claims covering 56.45 sq. km
Vancouver, British Columbia, August 7th, 2019 - Searchlight Resources Inc. (“Searchlight” or
the “Company”) (TSX-V: SCLT) is pleased to announce that the TSX Venture Exchange (the
"Exchange") has accepted the option agreement (the "Option") with GEM Oil Inc. a privat e
Saskatchewan company, to earn a 100% interest in two claims (the “Property” or the “Claims”)
located near Creighton, Saskatchewan and 10 kilometres northwest of the city of Flin Flon,
Manitoba.
Searchlight’s new “Flin Flon North ” project comprises two mineral claims totaling 5,644.7
hectares. They are located approximately 10 kilometres northwest of Flon Flon Manitoba, an
historical mining camp with over 90 years of continuous copper, zinc and gold production from
multiple mines. Searchlight’s new clai ms are within 10 km of four mines belonging to Hudbay
Minerals, which combined, account for over 110 million tonnes of past production and current
reserves and resources
“The Flin Flon North claims were optioned based on Searchlight’s ongoing regional compilation
to target the mos t prospective areas in the Fl in Flon Greenstone belt for new VMS base metal
and gold mines” stated Stephen Wallace, President and CEO of Searchlight. “In addition, the
claims fit the company’s strategy of easy access, with Highway 106 running through the new
project.”
The new option is located in the Flin Flon - Snow Lake greenstone belt, one of the most prolific
mining belts in the world, with more than 15 past and currently producing gold and ba se metal
mines with in 25 kilometr es of the Flin Flon North pro ject. This includes the past producing
Newcor, Ri o and He nning Ma loney gold mine s, located o n the Company’s flag ship Bootleg
Lake Gold project (Figure 1).
Figure 1. Geology of Flin Flon North and Bootleg Lake Claims
Recently, the Saskatchewan government completed a regional compilation of fixed-wing and
helicopter-borne magnetic surveys in the Creighton - Flin Flon area , a new resource for
exploration throughout the Flin Flon greenstone belt (Figure 2). One survey, the compilation of
VTEM and Magnetics geophysics surveys completed by Geotech in 2009 for Callin an Min es
Ltd, outlines a total of 18 targets within the North Flin Flon option. Searchlight will be following
these targets on a priority basis.
Figure 2 Residual Magnetic Intensity Flin Flon Claims.
References
Mahmoodi, O. (2019); Compilation of fixed-wing and helicopter-borne magnetic surveys in
the Creighton - Flin Flon ar ea; Saskatchewan Geological Survey, Saskatchewan Minis try of
Energy and Resources, Geophysical Compilation Map Series, GP 2019-1, set of 5 maps, scale
1:200,000.
Terms of the Option Agreement
• To earn 100% interest in the Claims, subject to a 2% NSR, Searchlight must maintain
the claims in good standing and complete 12 years of assessmen t expenditures on the
claims. The assessm ent expenditure requiremen ts are outlined in the Saskatchewan
regulation document “The Mineral Tenure Registry Regulations”
• Once the 100% interest is earned, Gem Oil will retain a 2% NSR.
• Further if the c laims optioned b y Searchlight from Gem Oil are sold or optioned by
Searchlight to a third party, Gem Oil 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 Dia mond Project will have a least one year
remaining before Good Standing Date.
GEM Oil Inc
GEM Oil Inc. is wholly controlled by Mr. Shaun Spelliscy, who also controls Gem Oil Inc. a
20.01% shar eholder of S earchlight. As such Gem Oil is an insider of Searchlight and this
transaction is subject to the acceptance of the TSXV . GEM Oil is an exploration compan y
active in staking, evaluating and holding mineral claims in Saskatchewan.
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Quali fied 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 Inc.
Searchlight Resources Inc. is a Canadian mineral exploration and development company listed
on the Toronto Venture Exchange (TSX-V: SCLT). The corporate strategy of the company is:
• to explore and develop opportunities in safe, low risk juris dictions. The Company holds
claims in Saskatc hewan and Ontario , Canada . These are two of the top sev en
jurisdictions in the world for mining investment, as ranked by the Fraser Institute
• to target known highly productive geological be lts, including the F lin Flon – Snow Lake
Greenstone Belt and the Abitibi Greenstone Belt
• to acquire high quality projects, close to infrastructure, focusing on road access
• to work closely with stakeholders , including First Nati ons, Me tis, loca l and prov incial
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. T hese sta tements reflect management’s
current estimates, be liefs, in tentions 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, ac tual and future e vents, conditions
and results may differ materially from the estimates, bel iefs, intentions and expectations
expressed or implied in the forward looking information. Except as required under applica ble
securities legislation, the Company undertakes no obli gation 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 EXCHAN GE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.