21:42:58 EDT Sun 28 May 2023
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Searchlight completes Bootleg Lake acquisition

2022-11-25 09:24 ET - News Release

Mr. Stephen Wallace reports


Searchlight Resources Inc. has entered an agreement with New Moon Minerals Corp., a private issuer, to acquire the remaining 25-per-cent interest and 1-per-cent NSR (net smelter return) currently held by New Moon on the Bootleg Lake gold property. This property is located near Creighton, Sask.,, Canada, approximately five kilometres southwest of the city of Flin Flon, Man.

In May, 2017, Searchlight entered into an option agreement to acquire 75-per-cent interest in the Bootleg Lake property from New Moon, with Searchlight as operator. Searchlight earned the 75-per-cent interest during August, 2021, and the company is now acquiring the remaining 25 per cent and a 1-per-cent NSR held by New Moon. On completion of this transaction, Searchlight will hold 100 per cent of the project, subject to a legacy 1-per-cent underlying NSR held by a third party on four of the 20 claims.

The property originally consisted of four contiguous claims staked in 2009 to 2010, totalling 867 hectares. It has grown through staking to the present 20 contiguous claims, totalling 4,988 hectares. The original core claims are in good standing until 2039 to 2040. The property hosts four past-producing gold mines, including the Bootleg/Rio, Henning-Maloney and Newcor gold mines with historical resource estimates. In addition, there are a number of additional gold and copper occurrences on the claims.

New Moon is an arm's-length party to Searchlight on the Bootleg Lake gold property and the full acquisition by Searchlight is intended to simplify ownership and expedite further exploration. The Bootleg Lake property is located within the Flin Flon gold camp and Searchlight has consolidated a significant land position, which includes the Robinson Creek gold project in the underexplored but very productive Archean Flin Flon greenstone belt.

"This agreement gives Searchlight 100-per-cent ownership of multiple high-grade gold targets with secure ownership until at least 2040. The Bootleg project is minutes from the mining centre of Flin Flon, providing excellent low-cost exploration infrastructure," stated Stephen Wallace, Searchlight chief executive officer. "It is an area which Searchlight believes has great potential and the Bootleg property, as a brownfields property with underground workings that can be rehabilitated, is a key holding within the belt."

To acquire the 25-per-cent interest plus 1-per-cent NSR in the Bootleg Lake gold property, the company will issue six million shares to New Moon. The agreement is subject to TSX acceptance and approval by New Moon shareholders. All the securities issued are subject to a four-month hold period from the date of closing.

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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