The Searchlight is on for gold, base and battery metals in Saskatchewan
The Fraser Institute of Canada has ranked the following mining provinces: Saskatchewan Canada at number 2, Nevada USA at number 3, and Ontario Canada at number 7; in the top 10 best mining investment jurisdictions in the world.
Searchlight Resources Inc. (TSXV: SRCH) is a mineral exploration company focused on finding mines by targeting well defined projects in low risk and well-regulated jurisdictions of Saskatchewan, Nevada, and Ontario. This allows for high value, year-round, low cost, and low risk exploration and development. Searchlight holds a very large portfolio of precious, base, and battery metal projects from grassroots stage to advanced exploration stage. Searchlight has 5 projects in North America with a focus on Saskatchewan, Canada.
Searchlight Resources 5 projects in North America
Searchlight’s Saskatchewan projects (The key focus region for the Company)
The Bootleg Lake Gold Project (option to earn 75% ownership) (Au, Cu, Ni, Co)
The Bootleg Lake Gold Project is located near Creighton, Saskatchewan, 5 km southwest of the city of Flin Flon. Searchlight has options over 3,718 hectares of staked claims, hosting three past producing gold mines. Flin Flon has been established as a prolific area for high grade gold and volcanogenic massive sulfide (VMS). Grab samples have returned results of up to 183 g/t Au and 5% zinc. The successful 2018 drill program resulted in multiple gold zones with minable grades over minable widths, including 5.24 g/t gold over 4.0 m. Historical drill results by previous operators included 38.28 g/t gold over 4.2 metres in drill hole R12-80 and 14.11 g/t gold over 1.7 metres in drill hole R21-80.
Searchlight also has an option to re-open the Rio mine. 2019 exploration including sampling and geophysics will be conducted along length of the Rio Fault to develop drill targets.
Searchlight also has several options at their Bootleg Lake & Amisk Lake targets, which have yielded 2018 grab sample of 5.69 g/t Au, and historical assays of 3.13% Cu, 1.16% Ni and 0.06% Co.
Historical Resources of the Bootleg Lake deposits (not yet NI-43-101 compliant) – Gold
Flin Flon –Snow Lake Greenstone Belt Project (Cu, Zn, Au, Ag)
The Flin Flon–Snow Lake (FF-SL) greenstone belt is one of the largest Paleoproterozoic VMS districts in the world. It is the richest greenstone belt in Canada per square km, hosting multiple polymetallic VMS and Gold deposits; with 29 base metal mines, past and present, containing over 200 mt of polymetallic ore since 1916. Needless to say Searchlight’s tenements here have excellent exploration potential. For example, the largest discovery to date was the Flin Flon mine totaling 62.4 mt @ 2.2% Cu, 4.2% Zn, 2.6 g/t Au and 41.5 g/t Ag.
Duddridge Lake Project – 100% (Cobalt, Vanadium, Uranium)
Searchlight Resources has now completed due diligence on Duddridge Lake Project property in Saskatchewan. On January 29, 2019 the Company announced it had completed the 60 day due diligence and will now acquire a 100% interest in the Duddridge Lake Cobalt-Vanadium-Uranium Project located 400 km north of Saskatoon, Saskatchewan.
The Duddridge Project consists of 4 mineral claims totaling 3,051.6 hectares. Boulder samples show up to 1,460 ppm (0.146%) cobalt, up to 5,500 ppm (0.55%) vanadium with the claims also hosting the Duddridge Lake uranium deposit. The project is accessible by an all-season gravel road and fits the company focus of quality projects in Saskatchewan with access by road.
Stephen Wallace, CEO and President of Searchlight noted: “Searchlight sees significant opportunity with the Duddridge Lake project exploring for battery minerals in Saskatchewan, one of the best mining jurisdiction’s in the world. This combination provides our shareholders a low risk, high quality investment. With the completion of the due diligence, the company looks forward to conducting field work on project in the 2019 field season.”
In very recent news on February 26, Searchlight announced it has entered into an option agreement to earn up to a 100% interest in the English Bay Gold Claims located 10 kilometers north of La Ronge, Saskatchewan. The claims have multiple high-grade gold drill intersections over 400m of strike length in La Ronge Gold Belt.
In conclusion, Searchlight has an enviable (& very large) portfolio of well located exploration properties in North America (mostly in Canada). Most projects are polymetallic with the metals being spread across gold, silver, copper, cobalt, nickel, zinc, vanadium, and uranium. The Company’s strategy for 2019 is to continue mineral exploration and development in Saskatchewan, acquire quality low-cost targets by staking strategic options and to seek projects close to infrastructure for lower cost and more efficient exploration. Beyond that Searchlight intends to obtain strategic alliances and partners to help progress their individual projects.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>