Mr. Stephen Wallace reports

SEARCHLIGHT BEGINS 2023 EXPLORATION AT KULYK LAKE RARE EARTH / URANIUM PROJECT

Searchlight Resources Inc.'s 2023 field exploration has been begun on its Kulyk Lake rare earth/uranium project, located approximately 165 kilometres (km) north of La Ronge, Sask., and 65 km south of the Key Lake uranium mill.

The 2023 planned exploration includes the completion of the MMI (Mobile Metal Ion) survey begun in 2022, and detailed prospecting of two areas of interest found during the 2022 field surveys (Map 1).

"Searchlight's field program is focused on kilometers-long Thorium and Uranium anomalies which were detected in an airborne survey in 2021. Our work has discovered new showings of Rare Earths associated with the Thorium anomalies, and new Uranium showings as well," stated Stephen Wallace, Searchlight's CEO.

Prospecting area A was selected based on results from the 2022 prospecting program which located multiple REE and uranium targets, including chip sample assays between 0.79% and 0.95% TREO (Table 1). This area of interest lies on a topographic ridge which is at least 400 metres long.

Prospecting area B was selected based on assays of MMI sample SRC191663 which was collected in 2022. A total of 244 MMI samples were collected during the 2022 survey with multiple REE and Uranium anomalies. The strongest anomaly was observed in Sample SRC191663, with MMI assay of 136,000 ppb Uranium, which was 1,247 times higher than the average of all other samples. Similarly, Rare Earth values were over 100 times higher than the average of all other samples (Table 2). A large outcrop is located near to this sample and will be part of the prospecting program.

Qualified Person

Stephen Wallace, P.Geo., 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 - Where the Critical Elements Supply Chain BeginsSearchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) 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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