Vancouver, British Columbia, June 25th, 2020 - Searchlight Resources Inc. (“Searchlight” or the “Company”)(TSX.V: SCLT; US: CNYCF) is pleased to announce the Company has commenced its 2020 exploration program at the English Bay Gold Project, located 10 kilometers north of La Ronge, Saskatchewan.
“We are excited to be back working on our projects in Saskatchewan,” said Stephen Wallace, CEO of Searchlight. “The Company is now well positioned with a strong treasury, and a robust gold market, and focused on fully executing our exploration plans on our high-grade gold targets near La Ronge and Flin Flon”
A team of geologists from Axiom Exploration Group are now onsite to review the 5,161 meters of drill core from 37 historical drill holes, with plans to relog, sample, collect XRF data from selected high-grade drill holes and complete geological modelling. In addition, the exploration technical team will visit the English Bay Gold Property, located 10 kilometers north of La Ronge, to pinpoint past drill sites and determine access for future drilling.
This preliminary work and due diligence are in preparation for additional exploration which will include:
- During July and August 2020, execute a summer geophysical survey (UAV MAG) across the property to assist in drill targeting /vectoring.
- During September - October 2020, complete geological modelling, drill hole final targeting and commence drilling to validate historical high-grade intercepts.
English Bay Gold Project
The English Bay high grade gold project is located approximately 10 km north of La Ronge, Saskatchewan, alongside highway 102, and which was previously explored from 1997 – 2002 and in 2013, with 37 drill holes totaling 5,161 meters. Multiple high-grade gold drill intersections over a 400m of strike length were discovered including:
- 2.10 oz/t gold over 4 feet (72.00 g/t Au over 1.2 metres) in DDH CSP-16
- 1.85 oz/t gold over 4.5 feet (63.43 Au g/t over 1.4 metres) in DDH CSP-03
- 1.39 oz/t gold over 4 feet (47.66 g/t Au over 1.2 metres) in DDH CSP-13
- 0.569 oz/t gold over 9 feet (19.51 g/t Au over 2.8 metres) in DDH CSP-04
These presented drill 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. All sample widths cut by drill holes are not true widths, they represent the intersection of the incline hole with the dip of the mineralized structure. Searchlight estimates from historical data the true widths are 55% to 75% of recorded widths.
The Company also announces that it has cancelled 725,000 incentive stock options held by directors, employees, and consultants of the Company exercisable $0.20 per share.
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. (TSX.V:SCLT; US:CYNCF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which ranked as the top location in Canada by the Fraser Institute for mining investment. Searchlight is currently advancing its English Bay high grade gold project located 10 km from LaRonge, and its Bootleg Lake Project located in Saskatchewan less than 10 km from Flin Flon, Manitoba, hosting multiple past producing high-grade gold mines.
On behalf of the Board of Directors,
SEARCHLIGHT RESOURCES INC.
Stephen Wallace, President, CEO and Director
For further information, visit the Company’s website at www.searchlightresources.com or contact:
Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
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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