Searchlight Resources has two uranium projects in their portfolio:
- Kulyk Lake South
- Duddridge Lake
Searchlight's uranium properties are strategically located in Northern Saskatchewan, Canada’s premiere uranium mining district. Both properties are in the Wollaston Domain, the formation which forms the footwall of most of Saskatchewan’s unconformity style uranium mines. It also hosts basement-style uranium veins such as the Eagle Point Deposit. The Wollaston Domain has been the subject of a recent uranium staking rush as the market realizes the potential for more basement-style uranium deposits.
Searchlight is well-positioned for a major discovery in the world’s richest uranium district.
- Recent radiometric survey at Kulyk Lake points to a highly prospective uranium zone, potentially large, high grade and near-surface based on the radiometric response
- Kulyk Lake South is prospective for basement style uranium deposits such as the PLS Deposit, Eagle Point Deposit and the Arrow Deposit
- Over $4 billion in market value has been generated with this style of deposit in the last decade, namely PLS and Arrow. These discoveries started from detection of a large at surface radiometric anomaly similar to that found at Kulyk South
- The Kulyk Lake property is located 65 kilometers from the uranium mill at Key Lake
- Duddridge Lake has a historic 43-101 Inferred mineral resource of 227,880 tonnes with a grade of 2.14 lbs/tonne U3O8
- Searchlight’s Duddridge Property is near road infrastructure proximal to La Ronge.
Why Uranium in Saskatchewan?
Northern Saskatchewan has the largest high-grade uranium deposits in the world. This region is the source of almost a quarter of the world's uranium supply for electrical generation. Searchlight believes past focus on unconformity style deposits leaves open potential for basement style discoveries in the Wollaston and Clearwater Domains.
Saskatchewan is a top-tier jurisdiction for uranium exploration. Currently, the province hosts ALL of Canada's operating uranium mines. The majority of Canada’s uranium resources are in high-grade deposits, some deposits are one hundred times the world average grade and the average grade of uranium in the Athabasca basin, Canada is about 2%. (Source: World Nuclear)
Uranium is responsible for 10% of the worlds energy. Nuclear power is the second-largest source of low-carbon electricity today (IEA). Nuclear power and hydropower form the backbone of low-carbon electricity generation. Together, they provide three-quarters of global low-carbon generation. Over the past 50 years, the use of nuclear power has reduced CO2 emissions by over 60 gigatonnes – nearly two years’ worth of global energy-related emissions. (Source: IEA)
A study commissioned by the Canadian Nuclear Association (CNA) concludes that between 2035-2050, SMRs (small modular reactors) could reduce GHG emissions by 216 megatonnes (Mt) in the heavy industrial sector (Canada-wide emissions are approximately 700 Mt per year). That is the equivalent of removing all current emissions from the oil and gas sector for a one-year period in Canada and is more than the yearly GHG emissions created by all types of transportation across Canada. (Source: Canadian Nuclear Association)
How Uranium Works
- Uranium is the main fuel for nuclear reactors, and it can be found in many places around the world. To make the fuel, uranium is mined and goes through refining and enrichment before being loaded into a nuclear reactor.
- About 27 tonnes of uranium – around 18 million fuel pellets housed in over 50,000 fuel rods – is required each year for a 1000 MWe pressurized water reactor. In contrast, a coal power station of equivalent size requires more than two and a half million tonnes of coal to produce as much electricity.
- Over two-thirds of the world's production of uranium from mines is from Kazakhstan, Canada and Australia. (Source: World Nuclear Association)