18:05:08 EDT Mon 29 May 2023
Enter Symbol
or Name

Searchlight Resources Inc
Symbol SCLT
Shares Issued 132,612,734
Close 2023-01-27 C$ 0.05
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Searchlight signs LOI to option Jan claims to Brunswick

2023-01-30 10:48 ET - News Release

Mr. Stephen Wallace reports


Searchlight Resources Inc. has signed a letter of intent to option 100-per-cent interest in the Jan Lake property and a 50-per-cent joint venture interest in the Hanson Lake property to Brunswick Exploration Inc.

Considerations for the option of the claims are cash and share payments over a four-year period, a work commitment, and a 2-per-cent net smelter royalty, as follows:

  • $35,000 in cash or shares, or a combination of both at Brunswick's option on signing;
  • $700,000 in cash, shares or a combination of both, at Brunswick's option, subject to a minimum 25 per cent in cash, over a four-year period;
  • $1-million work commitment over four years;
  • $250,000 in cash, shares or a combination of both at Brunswick's option upon filing of a resource estimate;
  • $250,000 in cash, shares or a combination of both at Brunswick's option on filing of a preliminary economic assessment;
  • 2-per-cent net smelter royalty, half of which may be purchased for $1-million and the other half for $2-million;
  • Brunswick will be the operator of exploration programs on the optioned properties.

"Searchlight is pleased to sign a deal with Brunswick, a premier lithium exploration company focused on exploring in Canada using state-of-the-art exploration techniques," said Stephen Wallace, Searchlight's chief executive officer.

Qualified person

Mr. 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.

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