Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES REPORTS MMI RESULTS FROM KULYK LAKE CRITICAL ELEMENTS PROJECT

Searchlight Resources Inc. has released the results of mobile metal ion (MMI) surveys on the Kulyk Lake critical elements project, located approximately 165 kilometres north of La Ronge, Sask., and 65 kilometres south of the Key Lake uranium mill.

During the second half of 2022, Searchlight conducted MMI surveys covering known radiometric uranium and thorium anomalies on the Kulyk Lake critical elements project. The MMI results highlight known occurrences, as well as new zones of anomalous rare earths and uranium.

The plan for 2023 includes the expansion of these MMI surveys, follow-up prospecting, geological mapping and additional airborne radiometric surveys on the southern portion of the claim block.

"With every exploration phase at Kulyk Lake, Searchlight continues to find new rare earth and uranium targets, which appear to be linked together in a pegmatite system extending along both sides of Kulyk Lake. This is just the start of an exciting future for this project," stated Stephen Wallace, Searchlight's chief executive officer.

According to SGS Canada Inc., the developers of this technology, MMI geochemistry is a proven advanced geochemical exploration technique known to find mineral deposits. MMI measures metal ions that travel upward from mineralization to unconsolidated surface materials, such soil, till, sand and other media. Using careful soil sampling strategies, sophisticated chemical ligands and ultrasensitive instrumentation, SGS is able to measure these ions. After interpretation, MMI data can indicate anomalous areas.

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 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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