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Searchlight Resources Reports MMI Results from Duddridge Lake Uranium Project
In October 2023, Searchlight conducted MMI surveys on two grids located along strike, and to the north and south of the known Duddridge Lake Uranium Deposit (Maps 1, 2). Elevated MMI results for Uranium and Copper extend along strike on both north and south grids, and also expand eastward. In the north, the results show a potential second target 300 m to the east of the deposit strike line. MMI results also correspond closely with areas of high airborne magnetic intensity, providing essential information for drill hole planning (Maps 1, 2). "The Duddridge Lake Uranium Deposit is a prime uranium exploration target with a historical 43-101 resource, located close to surface, and easily accessible by road and trail. The MMI results will greatly assist the planned 2,200 to 2,500 metre diamond drill program along strike, and to test the known deposit at depth," stated Stephen Wallace, Searchlight's CEO. The Duddridge Lake project is accessible by an all-season gravel road (Highway 910) to within 12 km of the deposit, with direct access by winter road and ATV trail in summer. The Uranium Deposit hosts a historic 43-101 inferred resource estimate of 227,880 tonnes, with a grade of 2.14 lbs/tonne U3O8, (Fission Energy Corp, 2007). Additionally, Fission sampled 39 boulders in the deposit area with results up to 1.91% uranium and 0.69% copper, plus 0.14% cobalt and 0.55% vanadium (see press release https://searchlightresources.com/news/2018/searchlight-resources-acquires-cobalt-vanadium-property-in-saskatchewan/ ). The Duddridge Lake Uranium Deposit 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) arkosic metasediments.
To view an enhanced version of this graphic, please visit:
To view an enhanced version of this graphic, please visit: According to SGS Canada Inc, the developers of the Mobile Metal Ion (MMI) technology, MMI™ is a proven advanced geochemical exploration technique known to find mineral deposits. MMI measures metal ions that travel upward from mineralization to unconsolidated surface materials such soil, till, sand and other media. Using careful soil sampling strategies, sophisticated chemical ligands, and ultra sensitive instrumentation, SGS is able to measure these ions. After interpretation, MMI data can indicate anomalous areas. Source: SGS website, https://www.sgs.com/en-ca/services/mobile-metal-ions-mmi Data Source 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. Qualified Person About Searchlight Resources Inc. On behalf of the Board of Directors, For further information, visit the Company's website at www.searchlightresources.com or contact: Searchlight Resources Inc. Forward-Looking Statements 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/200251
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