- Acquisition of the Duddridge Lake Cobalt-Vanadium-Uranium Project
- Boulder Samples with up to 1,460 ppm (0.146%) Cobalt
- Boulder Samples with up to 5,500 ppm (0.55%) Vanadium
- Claims also host the Duddridge Lake Uranium deposit
VANCOUVER, BC / ACCESSWIRE / December 4, 2018 / Searchlight Resources Inc. ("Searchlight" or the "Company")
(TSX-V: SRCH) is pleased to announce that Searchlight has acquired a 100% interest in the Duddridge Lake Cobalt-Vanadium-Uranium
Project ("Duddridge" or the "Property") located approximately 75 kilometers northwest of La Ronge and 400km north of Saskatoon
Saskatchewan.
"We have elected to bring this project into our portfolio as a 2012 exploration program on Duddridge identified high grade cobalt
and vanadium results (see Table 1 below). With the increasing interest in battery technology utilizing both vanadium and cobalt the
Duddridge project represents an excellent project for Searchlight's team to explore. In addition, Duddridge fits the company focus
of quality projects in Saskatchewan with access by road," notes Stephen Wallace, CEO and President of Searchlight.
The Duddridge Cobalt-Vanadium-Uranium Project consists of 4 mineral claims totaling 3,051.6 hectares accessible by an all-season
gravel road (Highway 910) to within 12 km of the project and with direct access to the project by winter road and ATV trail in
summer.
To date, no exploration has ever focused on the cobalt or vanadium in this region of Saskatchewan. In 2007, Fission Energy
Corporation ("Fission") announced a historical inferred resource estimate of 227,880 tonnes with a grade of 2.14 lbs/tonne U3O8
(see details below). Subsequently, during uranium exploration by Fission in 2012, a total of 39 boulder samples were collected and
analyzed for a wide package of elements. The results of boulder analysis showed highly anomalous results for cobalt and vanadium,
two elements that were not of widespread exploration interest in 2012. In addition, the sample results show anomalous copper, lead
and uranium levels. At that time of exploration, the focus was primarily for uranium. Of note, sample DD12-HW-029 assayed 1,310 ppm
Co and 1,560 V; sample DD12-SH-012 assayed 1,460 Co and 746 ppm V; sample DD12-WM-002 assayed 567 ppm Co and 5,550 ppm V plus 4,440
ppm Pb and 15,100 ppm U.
![](https://www.accesswire.com/users/newswire/images//12042018SRCH.png)
Location of Duddridge Lake claims in Northern Saskatchewan
Table 1below shows the cobalt, vanadium, copper, lead and uranium assays of the 39 boulder samples collected by Fission in 2012.
The data was derived from Appendix 3 of the Saskatchewan Mineral Assessment report MAW00145 submitted on March 29th, 2013 by
Fission Energy Corp. Titled "2012 AIRBORNE GEOPHYSICAL SURVEYING and OUTCROP, BOULDER & SOIL SAMPLING ON THE DUDDRIDGE LAKE
PROPERTY".
These boulder 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.
![](https://www.accesswire.com/users/newswire/images//12042018SRCH2.png)
Terms of the Acquisition Agreement
The Duddridge Project is being acquired from two arms-length individuals with the following terms of acquisition;
- Payment of $4,000 in two payments
- Payment of $2,000 on signing of agreement
- Second payment of $2,000 on closing
- Issuance of 500,000 shares of Searchlight Resources Inc. to vendors on closing
Under the terms of the Agreement, Searchlight will pay a 1.0 % Net Smelter Return royalty (the "NSR") to the Vendors on
commencement of commercial production. Searchlight has the right, at any time prior to six months after completion of a feasibility
study to purchase the first 0.5% of the 1.0% NSR for $1,000,000 and the second 0.5% of the 1.0% NSR for $1,500,000 for a total
buyout of $2,500,000.
This Agreement is subject to approval by the TSXV and a 60-day due diligence period by
Searchlight.
Geology/ Exploration.
This region of Saskatchewan has been a target of uranium exploration since the late 1960's with a series of surface sampling,
geophysics and drilling programs by companies including Noranda, SMDC and Fission.
The Duddridge Lake Property is described as stratabound uranium and copper mineralization with abundant polymetallic mineral
occurrences associated with basal quartz conglomerate and carbonaceous- bearing lenses in red bed (hematitic ) arkose. The style of
mineralization present appears to have ore bearing minerals consistent with both vein type and unconformity-type deposits with
nickel and cobalt arsenides. The two styles of mineralization have similarities based on association with structures, including
faults and unconformities.
The map below shows the area of boulder sampling in relation to known mineralization. The boulder samples represent potential up
ice mineralization which will be explored by Searchlight in 2019. In addition, a second parallel 10 km long electromagnetic
conductor needs to be explored.
![](https://www.accesswire.com/users/newswire/images//12042018SRCH3.png)
Map showing area of Boulder Train relative to Duddridge claims
Duddridge Lake Uranium Deposit
The Duddridge claims host the Duddridge Lake Uranium deposit, a 43-101 inferred resource estimate completed in 2007 by Fission
Energy Corp. The 43-101 technical report titled "Report on the Duddridge Lake Uranium Property Northern Saskatchewan NTS 73O/9
submitted by Stuart C. Fraser, P. Geol. on June 15, 2007 reports an inferred mineral resource of 227,880 tonnes with a grade of
2.14 lbs/tonne U3O8.
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.
This report is available on Sedar.
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. ("Searchlight" or the "Company") is a professional mineral exploration and development company listed
on the Toronto Venture Exchange (TSXV). The company is active with mineral exploration projects in Saskatchewan, Ontario and
Nevada, three of the top seven jurisdictions in the world for mining investment as ranked by the Fraser Institute. The Company
holds a portfolio of gold, cobalt and base metal projects from grassroots stage to advanced exploration and NI43-101 resource
development.
Saskatchewan – Gold and Base Metals
The Bootleg Lake project is 16,900 hectares of claims in Saskatchewan covering prospective areas of the Flin Flon Greenstone Belt.
Exploration is being carried out at the past producing Newcor, Rio (Bootleg) and Henning Maloney Gold mines located approximately 5
kilometres from Creighton, Saskatchewan, less than 10 kilometres from the Hudbay 777 mine located in Flin Flon, Manitoba, and in
the region of the four past producing base metal mines Flexar, Birch Lake, Amisk and Coronation.
Ontario – Copper, Cobalt and Nickel
- The Munro Warden project is an early stage exploration prospect targeting VMS copper, nickel and cobalt within the Kidd-
Munro assemblage of the Abitibi Greenstone Belt. The project covers 1,100 hectares including 9 mining leases and 11 claim-blocks
located approximately 90 kilometres east of Timmins, Ontario.
- The Cameron project is a grassroots cobalt exploration prospect located 25 kilometres southwest of Cobalt, Ontario within the
highly prospective Cobalt Embayment.
Nevada – Copper
Searchlight's Nevada project New York Canyon, hosts two copper deposits in the Walker Lane Structural Belt located in western
Nevada; the Long Shot Ridge skarn deposit with a 2010 NI43-101 resource estimate and the Copper Queen porphyry deposit drilled out
by Conoco in the 1970's.
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
info@searchlightresources.com
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.
SOURCE: Searchlight Resources Inc.