Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES ANNOUNCES SALE OF HANSON LAKE PROJECT IN SASKATCHEWAN

Searchlight Resources Inc. has sold the Hanson Lake claim located approximately 65 kilometres west of Creighton, Sask., to Willgrass Resources, a private company.

In August, 2021, Searchlight entered into an option agreement on the Hanson Lake project with Willgrass Resources Inc. of Cochrane, Alta., Canada. This project, which covers 12.36 square kilometres, is located in Saskatchewan, approximately 65 km west of the world-class mining centre of Flin Flon, and immediately south of Searchlight's Jan Lake pegmatite project. The terms of the option enabled Willgrass to earn a 50-per-cent interest in the project by completing assessment work of $50,000, which has now been done. After careful review, Searchlight has declined the joint venture opportunity and has sold its remaining 50-per-cent ownership in the claim for $50,000 and a 1-per-cent net smelter return royalty (NSR), to Willgrass. The 1-per-cent NSR can be purchased at anytime for $1-million.

Jan Lake

Searchlight continues to hold the 148.6 square km claim block covering the Jan Lake aplogranite pegmatite sheets, and other mapped rare element pegmatites, located immediately north of the Hanson Lake claim. These claims are 100 per cent owned by Searchlight, with no royalty obligation. Highway 106 crosses the Jan Lake claims, providing Searchlight with immediate exploration infrastructure and access to the pegmatite targets.

Previous work in the area was largely limited to regional mapping which identified multiple pegmatite units, but they were not sampled or chemically defined. In addition, a few academic papers and a single exploration program focused on rare metal pegmatites within one km of Highway 106. Some of the pegmatites within the claim block have been mapped as beryllium pegmatites, with anomalous beryllium, rubidium, gallium, tantalum, cesium and lithium.

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 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. Searchlight holds a large portfolio of critical element and gold projects, including four drill-ready projects.

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