Vancouver, British Columbia, September 20, 2018 - Searchlight Resources Inc.(“Searchlight” or the “Company”) (TSX-V: SRCH) is pleased to announce that Mr. Peter Dueck B.Sc, MBA, P.Geo has joined the Board of Directors of Searchlight.
Mr. Dueck has been involved in the resource exploration industry since 2001, working with a variety of gold, copper, zinc and uranium companies. Until early 2018, he held the position of Chief Geophysicist for Hudbay Minerals Inc. in Flin Flon, Manitoba. At present Mr. Dueck is the President of Pioneer Aerial Surveys Ltd a wholly owned subsidiary of Global UAV Technologies, Ltd., which is provides a full spectrum of Unmanned Aerial Vehicle “UAV”-based services and products. He was a founder of Aerial Imaging Resources, Inc. (AIR), a UAV-based geophysical survey company acquired by Global UAV in 2018.
Mr. Dueck holds a B.Sc. in Geophysics from the University of Saskatchewan as well as an MBA from the University of Wales. His MBA Dissertation is titled: “Tracking the Cyclical Valuation of the Canadian Junior Resource Sector” focusing on long term exploration trends and strategies in contrast with commodity prices.
Stephen Wallace, President and CEO of Searchlight stated “Along with the rest of the Searchlight Board of Directors and management I welcome Peter to the company. His detailed knowledge of the Flin Flon Greenstone Belt, his work as an innovator in the exploration industry and strong understanding of the Junior Resource Sector will add strength to the company going forward.”
New Airborne Geophysical Survey Data in the Creighton-Flin Flon Area
On September 18, 2018 the Government of Saskatchewan announced that airborne electromagnetic, magnetic, and gravity gradient surveys were flown over areas west of the border with Manitoba in vicinity of Creighton-Flin Flon during the summer of 2018. The electromagnetic and associated magnetic surveys were funded by the Government of Saskatchewan as part of its Mineral Development Strategy announced in October. The gravity gradient and associated magnetic surveys were funded by Natural Resources Canada’s Targeted Geoscience Initiative (TGI).
Searchlight initially optioned 4 claim blocks (867 hectares) in the Creighton-Flin Flon area of Saskatchewan in May 2017. As a result of selective staking, Searchlight now holds a total of 33 claim blocks (16,364 hectares) in the Creighton Denare Beach area, see claim map below.
When available this month, the data from the airborne surveys will be integrated with existing geophysics data from the area and form a component of a cooperative geoscience project by the Saskatchewan Geological Survey, the Geological Survey of Canada, and the Manitoba Geological Survey to better understand the context of base and precious metal mineralization in the area.
Stephen Wallace, President and CEO of Searchlight stated “The Creighton area has been the focus of Searchlight for the past year and the company is awaiting this new information with great interest”
Searchlight Claims South West of Creighton and Flin Flon
Searchlight has advised ProAm Explorations Inc., that is it has terminated the Samuels Lake option agreement.
About Searchlight Resources Inc.
Searchlight Resources Inc.(“Searchlight” or the “Company”) is 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 17,600 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 and less than 10 kilometres from the Hudbay 777 mine located in Flin Flon, Manitoba.
In addition, the Bootleg Lake claims hold Volcanogenic Massive Sulphide (VMS) base metal potential with claims adjacent to the Hudbay Mines claims hosting the producing 777 base metal in Flin Flon and the four past producing base metal mines, Flexar, Birch Lake, Amisk and Coronation.
Ontario – Copper, Cobalt, Nickel & Gold
- 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 lease and 11 claims blocks located approximately 90 kilometres east of Timmins, Ontario.
- The Cameron project is a grassroots cobalt, gold exploration prospect located 25 kilometres southwest of Cobalt, Ontario with 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 Conco in the 1970’s.
On behalf of the Board of Directors,
SEARCHLIGHT RESOURCES INC.
Stephen Wallace, President, CEO and Director
Searchlight Resources Inc.
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.
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