Searchlight Resources Stakes in the Athabasca Basin New Staking in Eastern Athabasca Basin 2 new claims covering 3,902.8 hectares (39.0 sq km) Within 2 km of anomalous uranium and REE drill holes Close to road and electrical infrastructure
Searchlight Resources Stakes in the
Athabasca Basin
New Staking in Eastern Athabasca Basin
2 new claims covering 3,902.8 hectares (39.0 sq km)
Within 2 km of anomalous uranium and REE drill holes
Close to road and electrical infrastructure
Vancouver, British Columbia--(Newsfile Corp. - March 17, 2025) - Searchlight Resources Inc. (TSXV:
SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company")
is pleased to announce the staking of two
mineral claims in the Eastern Athabasca Basin in Northern Saskatchewan, located approximately 45
kilometres north of the Cigar Lake Uranium Mine, and 5 kilometres west of Highway 905.
During a recent Saskatchewan claim reopening, Searchlight staked claims MC00019721 and
MC00019725, covering 3,902.8 hectares within the Athabasca Basin which hosts the highest-grade
operating Uranium mines in the world. The claims are less than 5 km west of Highway 905, and the
Northern Saskatchewan hydro electrical line to Stony Rapids runs through the claims.
The new claims are bordered on the north, west and east by Denison Mines Corp. and several historical
diamond drill holes with anomalous uranium and rare earth values are located on claims to the north
(Map 1). Searchlight will soon begin detailed geological evaluation of these new claims, and planning for
future exploration.
"These claims align with Searchlight's exploration strategy of generating new critical element projects by
staking", stated Stephen Wallace, P. Geo, President and CEO of Searchlight.
These claims are now part of the Searchlight's uranium project portfolio, which includes the Duddridge
Lake Uranium Deposit with a historic 43-101 inferred resource estimate of 227,880 tonnes, and a grade
of 2.14 lbs/tonne U
3
O
8
(Fission Energy Corp, 2007). Additionally, assays of 9.8% U
3
O
8
, 1.6% Cu, 0.2%
V, 0.2 oz/ton Au and 7.0 oz/ton Ag have been reported in historic boulder samples (SMDI 0700a). The
Duddridge project is accessible by an all-season gravel road, Highway 910, within 10 km of the deposit,
and direct access by winter road and ATV trail in summer.
Map 1. Searchlight Claims MC00019721 and MC00019725
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Director Resignation
Bruce Fair has resigned as a director of the Company. The Company wishes Mr. Fair well in his future
endeavours.
Data Source
The 43-101 technical report completed by Fission Energy Corp, titled "Report on the Duddridge Lake
Uranium Property, Northern Saskatchewan, NTS 73O/9", was submitted by Stuart C. Fraser, P. Geol. on
June 15, 2007.
The Duddridge Lake Uranium deposit technical report was not commissioned or completed by
Searchlight and therefore is being treated as a historical resource estimate under 43-101 disclosure.
The historical resource estimate used "inferred mineral resource", which is a category of NI 43-101. As a
result, Searchlight considers the historical resource estimate as reliable as well as relevant as it
represents a key target for work to be done by Searchlight. Searchlight has not undertaken any
independent investigation of the resource estimates, nor has it independently analyzed the results of the
previous exploration work in order to verify the resources, and the Company is not treating the historical
estimate as a current resource.
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) (OTC Pink: 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 battery minerals 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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