Searchlight Identifies Additional Strategic Metals and Minerals at Kulyk Rare Earth / Uranium Project

Highlights

• Hafnium, a High Value Strategic Metal has been identified at Kulyk Lake.
• Monazite, a Rare Earth Ore Mineral with concentrations up to 2% has been identified in Hot Ridge thin sections.
• 2023 Mobile Metal Ion survey completed.
• Airborne survey of Kulyk South completed.

Vancouver, British Columbia--(Newsfile Corp. - November 6, 2023) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to release results of a petrographic study of samples from the Hot Ridge occurrence and Yellow Brick Road occurrence at the Company's Kulyk Lake Rare Earth / Uranium project, located approximately 165 km north of La Ronge, Saskatchewan, and 65 km south of the Key Lake Uranium Mill.

In 2022 Searchlight discovered a new Rare Earth Element (REE) occurrence at Hot Ridge, with prospecting samples of up to 0.95% TREO. To follow up and better understand this new occurrence the Company sent samples to Vancouver Petrographic for microscopic analysis. In addition, samples from the area of the known Yellow Brick Road REE/ Uranium occurrence were also studied.

The studies showed monazite in 4 of the five thin sections with petrographic observations indicating up to 2% monazite in a thin section from the newly discovered Hot Ridge occurrence. (Figures 1, 2 and 3) This confirms that rare earth mineralization on the Kulyk Lake claims is more extensive than previously known. Monazite is one of the primary REE ore minerals of economic importance worldwide and is compatible with the Rare Earths processing facility being built in Saskatoon by the Saskatchewan Research Council.

The results from the two samples from the Yellow Brick Road area contained anomalous uranium values, and one sample had anomalous Hafnium values. (Table 1) These results will be followed up in future exploration programs.

"The verification of monazite in the thin sections from both the newly discovered Hot Ridge zone and Yellow Brick Road areas is extremely encouraging for Kulyk Lake project. The results of the study highlight the potential for the property to host multiple areas to follow up for drill targets," stated Stephen Wallace, Searchlight's CEO.

Table 1. Rare Earth Assays for thin section samples

In the fall of 2023, a geological team completed follow-up prospecting and mobile metal ion (MMI) sampling and has submitted the samples to laboratories for analysis. Additionally, airborne radiometric and magnetic surveys are currently being completed on the southern portion of the Kulyk Lake property, in the Daly Lake area. The Daly Lake area has multiple occurrences with over 1% Total Rare Earth Elements (TREE), including Sample 99766 with 30,769 ppm (3.08%) TREE and Sample 99812 with 29,466 ppm (2.95 %) TREE. Data from Saskatchewan Mineral Deposit Index file #5184.

Exploration at Kulyk Lake has identified a large area of pegmatites with the potential of hosting additional rare earth and critical metal targets, to be followed up. Rare earth pegmatites represent an emerging target for a host of valuable metals, including neodymium, praseodymium and dysprosium, terbium and hafnium. (Table 1)

A table is presented below to better inform stakeholders and shareholders of the current spot prices for magnet rare earths, dysprosium, neodymium, praseodymium and terbium, along with uranium and hafnium. (Table 2)

Table 2. Spot prices of selected commodities, November 1, 2023

Image of Sample 191806 thin section
mz=monazite, Kf=potassium feldspar, mu=muscovite, op=opaque

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/186353_7575e3fcc4155a8a_002full.jpg

Image of Sample 191807 thin section
mz=monazite, bi=biotite, pl=plagioclase, qz=quartz

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/186353_7575e3fcc4155a8a_003full.jpg

Image of Sample 191808 thin section
mz=monazite, Kf=potassium feldspar, pl=plagioclase, qz=quartz

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/186353_7575e3fcc4155a8a_004full.jpg

Note on TREO
TREO = Total Rare Earth Oxides = Ce2O3+Dy2O3+Er2O3+Eu2O3+Gd2O3+Ho2O3+La2O3+Nd2O3+Pr6O11+Sm2O3+Tb4O7+Yb2O3

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. Exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.

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
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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186353