Mr. Stephen Wallace reports

SEARCHLIGHT COMPLETES AIRBORNE SURVEYS AT DUDDRIDGE LAKE AND DALY LAKE

Searchlight Resources Inc. has completed high-resolution aeromagnetic and radiometric surveys on the Duddridge Lake and Daly Lake projects in Saskatchewan.

In October, 2023, Special Projects Inc. (SPI) of Calgary completed 2,137.5 line-kilometres of high-resolution aeromagnetic and radiometric surveys on the Duddridge Lake and Daly Lake projects. SPI is the same contractor that completed surveys for Searchlight in 2021 on the Kulyk Lake project resulting in the Hot Ridge rare earth and Whaleback uranium discoveries.

SPI completed 1,317.0 line km of surveys on the Daly Lake exploration area which adjoins the Kulyk Lake claims to the south and hosts multiple rare earth element (REE), thorium and uranium occurrences. The main Daly Lake targets are approximately 20 km south of the main Kulyk Lake targets. The Daly Lake area has multiple REE occurrences with over 1 per cent total rare earth elements (TREE), including sample 99766 with 30,769 parts per million (3.08 per cent) TREE and sample 99812 with 29,466 ppm (2.95 per cent) TREE. The Kulyk Lake and Daly Lake claims cover a combined area of 395.5 square kilometres, and host 54 known REE, thorium and uranium occurrences along a 30 km long zone.

SPI also completed 820.5 line km of aeromagnetic and radiometric surveys at Duddridge Lake, enlarging the successful 2021 survey. Results will be released in early 2024.

"The high-resolution radiometric survey technique has proven valuable in pinpointing rare earths and uranium showings in our initial survey, and we are therefore expanding coverage to Daly Lake property and Duddridge Lake. We anticipate final survey results in the next 30 days," said Stephen Wallace, Searchlight 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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