Searchlight Resources Provides 2020 Corporate Outlook and Welcomes Mark Jarvis as Strategic Board Advisor
SEARCHLIGHT RESOURCES PROVIDES 2020 CORPORATE
OUTLOOK AND WELCOMES MARK JARVIS
AS STRATEGIC BOARD ADVISOR
Vancouver, British Columbia, June 11th, 2020 - Searchlight Resources Inc. (“Searchlight”
or the “Company”) (TSX.V: SCLT; US: CNYCF) is pleased to provide its preliminary 2020
corporate outlook and to announce the appointment of Mark Jarvis as a strategic board advisor.
On May 28, 2020, the Company closed a private placement, raising over CDN$1,000,000 in a
combination of flow through and non flow -through securities, and has now entered into a more
active phase in its corporate development and mineral exploration.
• Searchlight Resources is fully funded for 2020 exploration with recent completion of
financing on May 28th, 2020
• The Company plans to accelerate and focus exploration at its English Bay high-grade gold
project, including sampling of historical drill core, geophysics, data modelling and drilling.
• Respected resource entrepreneur Mark Jarvis joins Searchlight as strategic board advisor.
• Searchlight plans to complete geophysical surveys at its extensive Flin Flon land package,
which includes four past producing gold mines.
“We have patiently acquired key projects in Canada’s highest rated mining jurisdiction,
Saskatchewan, and assembled a strategic property portfolio close to major infrastructure at both
the Flin Flon and La Ronge historic mining camps,” said Stephen Wallace, CEO of Searchlight.
“The Company is now well positioned with a strong treasury, a robust gold market, and a portfolio
of properties that deserve focused exploration for what we believe may yield exciting discoveries.
Our primary focus will be to accelerate and validate the high-grade gold discovery at the English
Bay property made by prospectors adjacent to the highway 10 km north of LaRonge,
Saskatchewan.”
English Bay Gold Project Exploration Plans
The English Bay high grade gold project is located approximately 10 km north of La Ronge,
Saskatchewan, alongside highway 102, and which was previously explored from 1999 – 2002
and in 2013, with 37 drill holes totaling approximately 5,000 meters. Multiple high-grade gold drill
intersections over a 400m of strike length were discovered including:
• 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 (63.43 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
Searchlight has reviewed the historical data o f the 37 drill holes, and is currently finalizing the
following exploration plans for the next six months:
• Near term mobilization to La Ronge to review, sample and model the over 5,000 meters
of historical drill core located at site during June and July 2020.
• Plan and execute a summer geophysical survey (UAV MAG) across the property to assist
in drill targeting /vectoring during July and August 2020.
• Complete geological modelling, drill hole final targeting and commenc e drilling during
September - October 2020 to validate historical high-grade intercepts.
Searchlight can earn 100% interest in English Bay by paying $10,000 in cash payments ($6,000
paid), issue 300,000 shares (200,000 shares issued) and incur ring $250,000 in exploration over
three years (by April 30th, 2022). The property is subject to a 2% NSR, of which 1% can be
purchased for $1,000,000.
Flin Flon Property Exploration Plans
Searchlight controls an extensive land position within the Flin Flon – Snow Lake Greenstone Belt
in Saskatchewan, located approximately 10 km from the world-class mining center of Flin Flon,
Manitoba. This provides excellent infrastructure for exploration and mining.
The Company is planning to complete multiple geophysical surveys during the summer of 2020.
This includes an advanced geophysical survey utilizing drones, which will provide state of the art
data for 3D modelling and drill target resolution. From previous exploration the Company has
identified drill targets and will use these geop hysical surveys to plan the precise parameters of
the drill orientations and depths.
Mr. Mark Jarvis – Strategic Advisor
The Company welcomes Mr. Mark Jarvis, to Searchlight’s Strategic Board, a successful resource
entrepreneur, whose early career as a financial advisor in Vancouver led him to join an oil and
gas company, Ultra Petroleum (NYSE: UPL). As a director of Ultra, Mark led financings totalin g
over $40 million, which helped Ultra drill four trillion cubic feet of gas reserves in Wyoming. Mark
is currently Chairman of Gigametals Corp. (TSXV: GIGA), which is developing one of Canada’s
largest nickel-cobalt deposits, and is also CEO of Shoal Poin t Energy, a company which has an
unconventional gas deposit in offshore Newfoundland, and a recent oil discovery in Kansas.
“I would like to welcome Mark to the Searchlight team,” commented Alf Stewart, Director and
VP Corporate Development of Searchlight. “I have known Mark for 17 years and look forward
to working closely together and benefitting from his broad experience in resource markets and
financing.”
Technical Note
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 mine ralized structure.
Searchlight estimates from historical data the true widths are 55% to 75% of recorded widths.
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 Inc.
Searchlight Resources Inc. (TSX.V:SCLT; US:CYNCF) is a Canadian mineral exploration and
development company focused on Saskatchewan, Canada which ranked as the top location in
Canada by the Fraser Institute for mining investment . Searchlight is currently advancing its
English Bay high grade gold project located 10 km from LaRonge, and its Bootleg Lake Project
located less than 10 km from Flin Flon, Manitoba hosting multiple past producing high-grade gold
mines.
On behalf of the Board of Directors,
“Stephen Wallace”
SEARCHLIGHT RESOURCES INC.
Stephen Wallace, President, CEO and Director
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 gu arantees 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 incl ude, 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.
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THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
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