Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES HIGHLIGHTS ADDITIONAL GOLD EXPLORATION TARGETS ON THE BOOTLEG LAKE GOLD PROJECT IN SASKATCHEWAN

Searchlight Resources Inc. has presented the results of secondary data processing of airborne magnetic data on the company's Bootleg Lake gold project, located in Saskatchewan, approximately seven kilometres southwest of Creighton, Sask., and Flin Flon, Man.

• Secondary processing of airborne magnetic data outlines gold exploration targets in zones of structural complexity. Structurally complex zones correspond with known gold deposits.
• Approximately 15 new structurally complex zones identified as gold exploration targets.

Searchlight conducted an airborne magnetometer survey targeting priority areas within the 49.9-square-kilometre Bootleg Lake claims. A total of 359 line km was flown at 50-metre spacing, covering approximately 16 square km, which included the Rio, Henning-Maloney and Newcor past-producing gold mines.

The magnetic survey data were further processed using Oasis montaj TM CET grid analysis system, which analyzes the texture of magnetic data to detect areas of structural complexity which may be indicative of potential deposits. CET grid analysis identifies regions of discontinuity, and analyzes structural associations to locate crossings, junctions and changes in strike direction. The system creates heat maps of the density of structural contacts and diversity in strike structures, which help to identify prospective deposit locations.

Analysis of the Bootleg Lake magnetic data identified areas of structural complexity corresponding to the Rio, Henning-Maloney and Wekach Mines, all situated along the Rio fault zone. Approximately 15 additional zones of structural complexity were identified, including multiple zones close to the West Arm shear zone, one of the major structures in the western Flin Flon greenstone belt. These areas are favourable for follow-up drill-testing for gold mineralization.

"The survey produced high-quality results, with the heat map highlighting both the Rio and Henning-Maloney mines as structurally complex areas and highlighting the Rio fault as an excellent exploration target for further gold exploration," stated Stephen Wallace, chief executive officer. "The survey has also identified additional targets that warrant future follow-up."

Searchlight Resources gold exploration targets

Bootleg Lake: advanced exploration, multiple drill-ready targets

• Brownfields project with three past-producing, high-grade gold mines;
• Includes Rio mine with 1,500 m of underground workings viable for reopening for exploration and future production;
• Seven km from Creighton, Sask., and Flin Flon, Man.;
• Other gold and base metal potential on claims;
• 18 claims (49.4 square km), with key claims in good standing until 2040.

Robinson Creek: advanced exploration, drill-ready targets

• Exploration target of 77,000 to 154,000 ounces gold;
• 70 historic diamond drill holes;
• 18 km from Creighton, Sask., and Flin Flon, Man.;
• 10 km from Laurel Lake gold deposit, owned by SSR Mining;
• Seven claims (2.8 square km).

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.

Qualified person

Peter Dueck, PGeo, is Searchlight's qualified person for this press release within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. Mr. Dueck is a director of Searchlight Resources and president of PKMB Consultants. Mr. Dueck has been involved in the resource exploration industry in Saskatchewan since 2001, and until 2018, he held the position of chief geophysicist for Hudbay Minerals Inc. in Flin Flon, Man.

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