Searchlight's Bear Lake surveys confirm anomalies

Executive Summary

• Searchlight Resources Inc. has released initial results from an airborne radiometric and magnetic survey conducted on its Bear Lake rare earth element (REE) project in Saskatchewan.
• The survey identified two significant new thorium anomalies (New Anomaly No. 1 and No. 2) which serve as pathfinders for monazite, a principal rare earth mineral, indicating high potential for undiscovered REE mineralization.
• The project area includes historical high-grade samples, including a lake sediment sample with 2,372 ppm total rare earth elements (TREE), ranking as the sixth-highest value among over 35,000 Canadian analyses.

Key Details

• Survey Scope: Completed by Special Projects Inc. (Calgary, Alta.), covering 1,110 km of flight lines at 50-metre spacing.
• New Anomaly No. 1: A large thorium zone measuring 600 m by 500 m; previously unknown and unsampled target.
• New Anomaly No. 2: A linear thorium zone greater than 1.5 kilometres in length, located along the shore of Ena Lake.
• Pathfinder Strategy: Searchlight utilizes thorium as a pathfinder for monazite, citing direct correlation between thorium anomalies and high-grade REE mineralization from previous work at Kulyk Lake and Daly Lake projects.
• Project Tenure: Comprises five claims covering 4,036 hectares (40.36 square kilometres).
• Historical Occurrences: The claims include six historical REE occurrences.
• Historical Assays: Saskatchewan Geological Survey outcrop samples assayed up to 19.94% TREO and 3.53% CREO.
• Lake Sediment Sample: One sample recorded 2,372 parts per million (ppm) total rare earth elements (TREE); this is the sixth-highest TREE value among 35,842 lake sediment analyses available for all of Canada.
• Location Context: Located approximately 30 km north of Uranium City, Sask.; within 30 km of the Hoidas Lake rare earth deposit and 25 km of the Appia Energy Alces Lake rare earth project.
• Strategic Potential: Management suggests Bear Lake, Ena Lake, and other projects could provide rare earth feed for the Saskatchewan Resource Council rare earth processing facility in Saskatoon.

Notable Quotes

• "These results show significant rare earth potential at Bear Lake, with new large anomalous zones. Our work at the Kulyk Lake and Daly Lake REE projects has shown the direct correlation between thorium anomalies and high-grade REE mineralization," stated Stephen Wallace, chief executive officer of Searchlight.
• "These results highlight Saskatchewan as a strong rare earth source in Canada. Bear Lake, Ena Lake and other Searchlight REE projects could potentially provide rare earth feed for the Saskatchewan Resource Council rare earth processing facility in Saskatoon."