Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES CONTRACTS SRC TO COMPLETE A RARE EARTH ELEMENTS BENEFICIATION STUDY ON KULYK LAKE CRITICAL ELEMENTS PROJECT

Searchlight Resources Inc. has contracted the Saskatchewan Research Council (SRC) to undertake a rare-earth elements (REE) beneficiation study on a monazite sample from the company's project at Kulyk Lake, Saskatchewan.

The purpose of the testing program at SRC is to determine the most efficient beneficiation route for the monazite concentration in a sample from the Fanta occurrence at Kulyk Lake.

The testing program will include the following scope of work:

• Chemical analysis and characterization of the Fanta sample, including ICP and X-ray diffraction and particle size distribution;
• Preliminary beneficiation tests comprising heavy liquid separation, gravity and magnetic separation, and flotation.

"This testing is a major step toward understanding the chemistry of the high-grade Fanta monazite occurrence at Kulyk Lake and assessing whether the material can be processed at the SRC rare-earth processing facility," stated Stephen Wallace, Searchlight's chief executive officer.

The Kulyk Lake critical elements project is located approximately 165 kilometres north of La Ronge, Sask., and 65 km south of the Key Lake uranium mine. The project covers 346.7 square kilometres, with multiple rare-earth targets including the Fanta high-grade REE target. The 37 Kulyk Lake claim blocks were all acquired by staking and are 100-per-cent held by Searchlight Resources with no royalties.

Searchlight began staking at the Fanta occurrence in 2019 based on reports of 2009/2010 sampling, trenching and mapping. In 2009, grab samples were collected and analyzed with a rare-earth analytical package at the Saskatchewan Research Council Laboratory. Results included:

• 56.18 per cent TREO (total rare-earth oxides), including 12.49 per cent CREO, in historic grab sample AGKJR001;
  • Including 9.61 per cent Nd2O3, 2.71 per cent Pr6O11 and 1,194 ppm (parts per million) Dy2O3.
• 30.60 per cent TREO, including 6.82 per cent CREO, in historic grab sample AGKJR002;
  • Including 5.21 per cent Nd2O3, 1.52 per cent Pr6O11 and 608 ppm Dy2O3In 2010, samples from a series of follow-up trenches were similarly analyzed at the Saskatchewan Research Council Laboratory. Selected results include:
• 45.10 per cent TREO, including 10.08 per cent CREO, in historic 0.6 m trench sample DFKJR026;
  • Including 7.64 per cent Nd2O3, 2.29 per cent Pr6O11 and 1,114 ppm Dy2O3.
• 24.44 per cent TREO, including 5.49 per cent CREO, in historic 0.7 m trench sample DFKJR025;
  • Including 4.18 per cent Nd2O3, 1.22 per cent Pr6O11 and 735 ppm Dy2O3.

Qualified person

Stephen Wallace, PGeo, 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 is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.

Searchlight holds a 346.7-square-kilometre land position at Kulyk Lake within the Wollaston domain in Northern Saskatchewan, where it is exploring multiple critical element targets.

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