Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES COMPLETES ACQUISITION OF 100% INTEREST IN THE ROBINSON CREEK GOLD PROPERTY

Searchlight Resources Inc. has completed the required payments and share issuance to earn a 100-per-cent interest in the Robinson Creek gold project, located approximately 16 kilometres (km) west of Creighton, Sask., and Flin Flon, Man.

The Robinson Creek gold project consists of two claim blocks covering 2.9 square km, located approximately 15 km northwest of Searchlight's Bootleg Lake gold project. In May, 2021, Searchlight entered into an option agreement to acquire a 100-per-cent interest in the Robinson Creek property, subject to a 2-per-cent net smelter return (NSR) royalty to the vendor. Under the terms of the option agreement, Searchlight will have the right, at any time, to purchase 1.5 per cent of the 2.0-per-cent NSR royalty for $2.25-million.

The company has conducted historical data compilation, surface sampling and an airborne geophysics survey of the property. Further, Searchlight commissioned a study, which calculated an initial exploration target of between 77,000 and 154,000 ounces of gold at Robinson Creek. The next phase of exploration will include diamond drilling to produce data for a modern National Instrument 43-101 resource estimate and an engineering study that will exam the possibility of an open-pit mine at Robinson Creek.

"This gives Searchlight a 100-per-cent interest in two important gold projects in the Flin Flon mining camp at a time of near-record gold prices," stated Stephen Wallace, chief executive officer. "The company sees the potential of combining the Robinson Creek project, with its initial exploration target of between 77,000 and 154,000 oz gold, with our brownfield Bootleg Lake gold holdings nearby."

Robinson Creek highlights:

• Initial exploration target of 77,000 to 154,000 ounces (oz) gold, open along strike and to depth;
• Two million to three million tonnes ore, with gold grades between 1.20 grams per tonne (g/t) and 1.60 g/t;
• 15 km from Bootleg Lake brownfield mine site, allowing for shared processing;
• Compilation of over 70 historical drill holes from the 1940s and 1980s;
• Historical drill holes and geophysics outline a zone of mineralization extending at least 1,000 m along the Mosher Lake shear zone;
• 60 drill holes have gold intersections greater than one g/t gold;
• 45 gold intersections have greater than 2.0 g/t gold over at least one metre:
  • Multiple wide gold intersections:
    • 2.46 g/t gold over 57.60 m in DDH 81-2;
    • 7.59 g/t gold over 10.94 m in DDH HB-6;
    • 3.80 g/t gold over 21.00 m in DDH R07-1;
    • 2.15 g/t gold over 32.00 m in DDH 81-1.

Compilation disclaimer: Management cautions that the 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 to verify the results. Searchlight considers these sample results relevant, as the company uses historical reports and sample results to evaluate and plan future exploration programs. All drill intercepts are drill-indicated lengths. Insufficient technical information exists to demonstrate the true widths of these intersections. The technical information is derived from public documents available through the Saskatchewan government Ministry of Energy and Resources.

Initial exploration target disclaimer: The potential quantity and grades are conceptual in nature. There has been insufficient exploration drilling to define a mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.

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.

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