Searchlight Resources Reports Anomalous Uranium & Rare Earth MMI Results from Kulyk Lake Project MMI survey highlights new Uranium and Rare Earth anomalies Anomalous Uranium zone up to 400 m length at Whalesback Ridge 196 MMI samples collected on 2 grids along strike of 2022 sampling
Searchlight Resources Reports Anomalous
Uranium & Rare Earth MMI Results from Kulyk
Lake Project
MMI survey highlights new Uranium and Rare Earth anomalies
Anomalous Uranium zone up to 400 m length at Whalesback Ridge
196 MMI samples collected on 2 grids along strike of 2022 sampling
Overlapping Uranium and Rare Earth anomalies
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Searchlight Resources Inc. (TSXV:
SCLT) (OTCQB: SCLTF)
("Searchlight" or the "Company") is pleased to report results of the Mobile
Metal Ion (MMI) surveys on the Kulyk Lake Uranium and Rare Earth project, located approximately 75
kilometers northwest of La Ronge, Saskatchewan.
In October 2023, Searchlight conducted MMI surveys on the west side of Kulyk Lake, to expand on
previous MMI surveys conducted in 2022. Two grids with 50 metre spaced sampling were established
along strike of the 2022 grids (Maps 1, 2). In total, 196 MMI samples were collected in 2023, adding to
the 242 samples collected in 2022. The combined MMI results highlight multiple Uranium and Rare Earth
Element ("REE") anomalies.
Uranium results show an anomalous zone up to 400 metres in length at Whalesback Ridge, and new
uranium anomalies at Hot Ridge (Map 1).
Both Whalesback Ridge and Hot Ridge anomalies were
initially discovered by Searchlight's 2021 airborne radiometric survey. Limited prospecting at
Whalesback Ridge in 2022 yielded 670 ppm U3O8, and 540 ppm U3O8 in grab samples.
REE results identified a large anomalous zone at the north end of the Whalesback Ridge, and an
anomalous zone at Hot Ridge (Map 2). Limited prospecting at Hot Ridge in 2022 yielded 0.95% Total
Rare Earth Oxide ("TREO") and 0.85% TREO in grab samples. Of particular interest, the REE zone at
Whalesback Ridge is coincident with the Uranium zone, demonstrating a close association between the
Uranium and REE anomalies.
These anomalies parallel the Eldorado (Uranium) and Fanta (REE) drill-ready targets on the east side of
Kulyk Lake.
"These results reinforce that Kulyk Lake is both a Uranium and REE prospect, with strong proximal
association of the Uranium and REE mineralization. These new data add to Searchlight's belief that
there are multiple additional Uranium and REE targets on the Kulyk Lake claims, yet to be discovered,"
stated Stephen Wallace, Searchlight's CEO.
Future exploration will include MMI sampling to connect the existing grids, along with detailed sampling
at 25 m spacing in anomalous areas, plus prospecting and geological mapping. Additionally, airborne
radiometric surveys will be flown over the rest of the 212.9 sq km claim block.
The Company is also planning a 1,500-metre diamond drill program for the Fanta REE and Eldorado
Uranium targets. Fanta is a high-grade REE target, with historical results of up to 56.18% TREO from a
monazite outcrop. At Eldorado, historical trench results include 0.785% U3O8 and 0.208% TREO over
1.1 m, and 0.365% U3O8 and 0.459% TREO over 0.25 m.
Map 1. 2022 and 2023 MMI results for Uranium (ppb), Kulyk Lake project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/217393_5afc66f57460db59_002full.jpg
Map 2. 2022 and 2023 MMI results for Rare Earth Elements (ppb), Kulyk Lake project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/217393_5afc66f57460db59_003full.jpg
According to SGS Canada Inc, the developers of the Mobile Metal Ion (MMI) technology, MMI™ is a
proven advanced geochemical exploration technique known to find mineral deposits. MMI measures
metal ions that travel upward from mineralization to unconsolidated surface materials such soil, till, sand
and other media. Using careful soil sampling strategies, sophisticated chemical ligands, and ultra
sensitive instrumentation, SGS is able to measure these ions. After interpretation, MMI data can indicate
anomalous areas.
Source: SGS website,
https://www.sgs.com/en-ca/services/mobile-metal-ions-mmi
Note on TREO
TREO = Total Rare Earth Oxides =
Ce
2
O
3
+Dy
2
O
3
+Er
2
O
3
+Eu
2
O
3
+Gd
2
O
3
+Ho
2
O
3
+La
2
O
3
+Nd
2
O
3
+Pr
6
O
11
+Sm
2
O
3
+Tb
4
O
7
+Yb
2
O
3
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.
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