Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES CONFIRMS STRONG RADIOACTIVITY AT SOUTH KULYK LAKE URANIUM TARGET

Searchlight Resources Inc. has completed the initial prospecting program on the Kulyk Lake uranium project, located approximately 165 kilometres north of La Ronge, Sask., and 65 kilometres south of the Key Lake uranium mine.

Highlights:

• 2021 anomalous airborne radiometric results verified;
• Field scintillometer readings up to 13,000 counts per second.

Searchlight Resources has recently completed the initial prospecting program on the Kulyk Lake uranium project, designed to confirm a previously unknown uranium target identified by the 2021 airborne radiometric survey.

The field program, completed by Axiom Exploration Group Ltd., has located a zone of strong surface radioactivity within newly mapped pegmatites on a bedrock ridge southwest of Kulyk Lake. A total of 49 grab samples were collected, along with 84 scintillometer readings. The scintillometer readings included 47 values over 1,000 counts per second, with values up to 13,000 counts per second. The grab samples will be submitted to the Saskatchewan Research Council laboratory in Saskatoon for complete analysis.

"This is an excellent result, with just three days of first-pass prospecting outlining a radioactive surface showing of at least 150 metres by 50 metres in an area with no previous documented work," stated Stephen Wallace, chief executive officer of Searchlight. "This result, along with the potential rare earth results, give Searchlight plenty of targets for follow-up exploration."

About Kulyk Lake

The Kulyk Lake project covers 349 square kilometres of 100-per-cent-held staked claims located approximately 165 kilometres north of La Ronge, Sask., and 65 kilometres south of the Key Lake uranium mine. Searchlight Resources originally staked the claims based on the Fanta showing, a historically known occurrence of massive monazite, and the Eldorado uranium showing on the south shore of Kulyk Lake.

Mineral exploration was previously carried out between 2009 and 2011, primarily on the south shore of Kulyk Lake. This area, including the Eldorado uranium zone and the Fanta rare earth zone and immediate surroundings, was systematically mapped and trenched by Terralogic Consultants. Results included 0.785 per cent triuranium octoxide over 1.1 metres from sample DFKJR040 at the Eldorado showing and 0.793 per cent triuranium octoxide in a sample located near the Yellow Brick Road showing, named for the yellow uranium staining on surface.

In September, 2021, Searchlight Resources completed an airborne radiometric survey, which outlined significant new thorium and uranium targets.

About pegmatites

A pegmatite is an exceptionally coarse-grained igneous rock with interlocking crystals, usually found as irregular dikes, lenses or veins, especially at the margins of batholiths. Most grains are at least one centimetre in diameter. Although pegmatites have gross compositions similar to other rock types, their composition is generally that of granite. The composition may be simple or complex and may include rare minerals rich in elements such as lithium, beryllium, cesium, fluorine, niobium, tantalum, uranium and rare earth elements. Pegmatites represent the last and most hydrous portion of a magma to crystallize and hence contain high concentrations of minerals present only in trace amounts in granitic rocks.

Cautionary note

Natural gamma radiation in surface prospecting reported in this news release was measured in counts per second using a hand-held RS-125/230 gamma-ray scintillometer. The reader is cautioned that Searchlight uses scintillometer readings as a preliminary indication of the presence of radioactive materials (uranium, thorium and/or potassium) and that scintillometer results may not be used directly to quantify or qualify uranium or thorium concentrations of the rock samples measured.

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 rare earth elements, uranium, battery minerals and gold throughout the province. Searchlight holds over 1,395 square kilometres of claims in Saskatchewan.

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