Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES REPORTS MMI RESULTS FROM DUDDRIDGE LAKE URANIUM PROJECT

Searchlight Resources Inc. has released results of the Mobile Metal Ion (MMI) survey on the Duddridge Lake uranium project located approximately 75 kilometres northwest of La Ronge, Sask.

In October, 2023, Searchlight Resources conducted MMI surveys on two grids located along strike and to the north and south of the known Duddridge Lake uranium deposit. Elevated MMI results for uranium and copper extend along strike on both north and south grids, and also expand eastward. In the north, the results show a potential second target 300 metres to the east of the deposit strike line. MMI results also correspond closely with areas of high airborne magnetic intensity, providing essential information for drill hole planning.

"The Duddridge Lake uranium deposit is a prime uranium exploration target with a historical [National Instrument] 43-101 resource, located close to surface and easily accessible by road and trail. The MMI results will greatly assist the planned 2,200- to 2,500-metre diamond drill program along strike and to test the known deposit at depth," stated Stephen Wallace, Searchlight Resources' chief executive officer.

The Duddridge Lake project is accessible by an all-season gravel road (Highway 910) to within 12 kilometres of the deposit, with direct access by winter road and ATV trail in the summer. The uranium deposit hosts a historic NI 43-101 inferred resource estimate of 227,880 tonnes, with a grade of 2.14 pounds per tonne triuranium octoxide (Fission Energy Corp., 2007). Additionally, Fission sampled 39 boulders in the deposit area with results up to 1.91 per cent uranium and 0.69 per cent copper, plus 0.14 per cent cobalt and 0.55 per cent vanadium.

The Duddridge Lake uranium deposit is described as stratabound uranium and copper mineralization, with abundant polymetallic mineral occurrences associated with basal quartz conglomerate and carbonaceous-bearing lenses in red bed (hematitic) arkosic metasediments.

According to SGS Canada Inc., the developer of the Mobile Metal Ion technology, MMI 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 as 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.

Data source

The NI 43-101 technical report completed by Fission Energy, titled "Report on the Duddridge Lake Uranium Property, Northern Saskatchewan, NTS 73O/9," was submitted by Stuart C. Fraser, PGeol, on June 15, 2007.

The Duddridge Lake uranium deposit technical report was not commissioned or completed by Searchlight Resources and therefore is being treated as a historical resource estimate under NI 43-101 disclosure. The historical resource estimate used inferred mineral resource, which is a category of NI 43-101. As a result, Searchlight Resources considers the historical resource estimate as reliable, as well as relevant, as it represents a key target for work to be done by Searchlight Resources. Searchlight Resources has not undertaken any independent investigation of the resource estimates, nor has it independently analyzed the results of the previous exploration work to verify the resources, and the company is not treating the historical estimate as a current resource.

Qualified person

Stephen Wallace, PGeo, is Searchlight Resources' 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 (TSX Venture Exchange: 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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