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Searchlight Resources Announces Sale of Hanson Lake Project in Saskatchewan
In August 2021, Searchlight entered into an option agreement on the Hanson Lake project with Willgrass Resources Inc. ("Willgrass") of Cochrane, Alberta, Canada. This project, which covers 12.36 sq km, is located in Saskatchewan, approximately 65 km west of the world-class mining centre of Flin Flon, and immediately south of Searchlight's Jan Lake Pegmatite project. The terms of the option enabled Willgrass to earn a 50% interest in the project by completing assessment work of $50,000, which has now been done. After careful review, Searchlight has declined the joint venture opportunity and has sold its remaining 50% ownership in the claim for $50,000 and 1% NSR, to Willgrass. The 1% NSR can be purchased at anytime for $1,000,000. Jan Lake Previous work in the area was largely limited to regional mapping which identified multiple pegmatite units, but they were not sampled or chemically defined. In addition, a few academic papers and a single exploration program focused on rare metal pegmatites within 1 km of Highway 106. Some of the pegmatites within the claim block have been mapped as beryllium pegmatites, with anomalous Beryllium, Rubidium, Gallium, Tantalum, Cesium and Lithium.
To view an enhanced version of this graphic, please visit: Qualified Person About Searchlight Resources - Where the Critical Elements Supply Chain Begins On behalf of the Board of Directors, SEARCHLIGHT RESOURCES INC. For further information, visit the Company's website at www.searchlightresources.com or contact: Searchlight Resources Inc. 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/202970
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