Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES REPORTS ANOMALOUS URANIUM & RARE EARTH MMI RESULTS FROM KULYK LAKE PROJECT

Searchlight Resources Inc. has released results of the mobile metal ion (MMI) surveys on the Kulyk Lake uranium and rare earth project, located approximately 75 kilometres northwest of La Ronge, Sask.

In October, 2023, Searchlight conducted MMI surveys on the west side of Kulyk Lake, to expand on previous MMI surveys conducted in 2022. Two grids with 50-metre spaced sampling were established along strike of the 2022 grids. In total, 196 MMI samples were collected in 2023, adding to the 242 samples collected in 2022. The combined MMI results highlight multiple uranium and rare earth element (REE) anomalies.

Uranium results show an anomalous zone up to 400 metres in length at Whalesback Ridge and new uranium anomalies at Hot Ridge. Both Whalesback Ridge and Hot Ridge anomalies were initially discovered by Searchlight's 2021 airborne radiometric survey. Limited prospecting at Whalesback Ridge in 2022 yielded 670 parts per million (ppm) triuranium octoxide (U3O8) and 540 ppm U3O8 in grab samples.

REE results identified a large anomalous zone at the north end of the Whalesback Ridge and an anomalous zone at Hot Ridge. Limited prospecting at Hot Ridge in 2022 yielded 0.95 per cent total rare earth oxide (TREO) and 0.85 per cent TREO in grab samples. Of particular interest, the REE zone at Whalesback Ridge is coincident with the Uranium zone, demonstrating a close association between the uranium and REE anomalies.

These anomalies parallel the Eldorado (uranium) and Fanta (REE) drill-ready targets on the east side of Kulyk Lake.

"These results reinforce that Kulyk Lake is both a uranium and REE prospect, with strong proximal association of the uranium and REE mineralization. These new data add to Searchlight's belief that there are multiple additional uranium and REE targets on the Kulyk Lake claims, yet to be discovered," stated Stephen Wallace, Searchlight's chief executive officer.

Future exploration will include MMI sampling to connect the existing grids, along with detailed sampling at 25-metre spacing in anomalous areas, plus prospecting and geological mapping. Additionally, airborne radiometric surveys will be flown over the rest of the 212.9-square-kilometre claim block.

The company is also planning a 1,500-metre diamond drill program for the Fanta REE and Eldorado uranium targets. Fanta is a high-grade REE target, with historical results of up to 56.18 per cent TREO from a monazite outcrop. At Eldorado, historical trench results include 0.785 per cent U3O8 and 0.208 per cent TREO over 1.1 m and 0.365 per cent U3O8 and 0.459 per cent TREO over 0.25 m.

According to SGS Canada Inc., the developer of the mobile metal ion (MMI) 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 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

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. The company's exploration model of project generation coupled with targeted exploration, focuses on uranium, rare earths, copper, nickel and gold throughout the province.

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