Searchlight Initiates Plans to Reopen the Underground Ramp at the Past-Producing Rio Gold Mine

The most recent news (February 24, 2026) announces that Searchlight has engaged High Grade Mining Consulting Ltd. to evaluate the reopening of the underground ramp at the Rio Gold Mine near Flin Flon. This follows the successful sale of the Kulyk Lake and Daly Lake projects to Monazite Metals Corp earlier in the month, which provided $180,000 in cash and 10.2 million shares. The company is now focusing on its flagship gold assets, specifically the Rio Mine, where historical workings extend 122 metres deep. Recent drilling below these workings confirmed high-grade mineralization (5.24 g/t Au over 4.0m).

The news is Routine - Positive. While the intent to reopen a past-producing mine is a significant strategic shift, it is currently in the "evaluation and consulting" phase. - Operational Shift: The company is moving from a project generator model (staking and optioning out) to an active developer. - Financial Context: The recent asset sale to Monazite Metals provided a much-needed cash injection ($180k) to fund these initial engineering and environmental studies. - Validation: Drilling has confirmed that mineralization continues below the 1989-era workings, which were closed due to low gold prices ($400/oz) rather than exhaustion of the ore body. - Risk Mitigation: By hiring external consultants (High Grade Mining Consulting), management is taking a professional approach to de-risking the dewatering and rehabilitation costs.

Searchlight Resources is a Saskatchewan-based explorer. Its flagship is the Bootleg Lake Gold Project, which includes three past-producing mines (Rio, Henning-Maloney, Newcor). The Rio Mine is the primary focus, featuring 1,500m of underground workings. The company also owns the Robinson Creek project, which has an exploration target of 77,000 to 154,000 oz of gold.