Searchlight Resources Begins Airborne Surveys on the Bear Lake Rare Earth Project in Saskatchewan
Rhea-AI Summary
Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) has initiated airborne surveys on the Bear Lake Rare Earth project in Northern Saskatchewan, Canada. The company has contracted Special Projects Inc. to conduct high-resolution aeromagnetic and radiometric surveys covering 21.8 sq km of REE claims. The survey area includes six historical REE showings, notably the Bear Lake showing with results of 19.94% TREO and 3.53% CREO.
The Bear Lake claims are strategically located within 30 km of the Hoidas Lake Rare Earth deposit and 25 km of the Appia Energy Alces Lake Rare Earth project. Searchlight's CEO, Stephen Wallace, expressed enthusiasm about the surveys' potential to advance the Bear Lake project and expand knowledge of its REE potential. The company is utilizing Special Projects' proprietary systems, which have previously been successful in discoveries at other Searchlight projects.
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News Market Reaction
On the day this news was published, SCLTF declined 8.16%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Surveys cover multiple Rare Earth Element targets
- Survey area of 21.8 sq.km
- Historical samples with up to 19.94 %TREO and 3.53 % CREO
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2024) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight" or the "Company") is pleased to announce that the Company has begun airborne surveys on the Bear Lake Rare Earth project located 25 kilometres north of Uranium City in Northern Saskatchewan, Canada.
Searchlight has contracted Special Projects Inc. of Calgary to complete high-resolution aeromagnetic and radiometric surveys on the 21.8 sq km Bear Lake Rare Earth Element ("REE") claims. The survey will cover six historical REE showings, including the Bear Lake showing with results of 19.94 %TREO and 3.53 % CREO. The Bear Lake claims are located within 30 kilometers of the Hoidas Lake Rare Earth deposit, and 25 km of the Appia Energy Alces Lake Rare Earth project (Map 1).
"Searchlight is pleased to initiate these surveys which will advance the Bear Lake project and expand our knowledge of its REE potential," stated Stephen Wallace, President and CEO of Searchlight. "We look forward to working with Special Projects whose proprietary systems have been used successfully on the company's Duddridge Lake and Kulyk Lake projects and were instrumental in the discovery of the Whalesback Ridge uranium and Hot Ridge REE showings on Kulyk Lake."
Map 1. Location of Bear Lake REE claims and nearby deposits
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/222137_ede07b03749eaab7_002full.jpg
Note on TREO and CREO
TREO = Total Rare Earth Oxides = Ce2O3+Dy2O3+Er2O3+Eu2O3+Gd2O3+Ho2O3+La2O3+Nd2O3+Pr6O11+Sm2O3+Tb4O7+Yb2O3
TREO = Total Rare Earth Oxides = Dy2O3+Nd2O3+Pr6O11+Tb4O7
Qualified Person
Stephen Wallace, P.Geo., 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 - Where the Critical Elements Supply Chain Begins
Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) 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.
On behalf of the Board of Directors,
"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.
For further information, visit the Company's website at www.searchlightresources.com or contact:
Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
(604) 331-9326
info@searchlightresources.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222137
FAQ
What is the size of the Bear Lake Rare Earth project survey area?
What are the highest TREO and CREO percentages reported in historical samples from the Bear Lake showing?
Who is conducting the airborne surveys for Searchlight Resources on the Bear Lake project?
How far is the Bear Lake Rare Earth project from other significant REE deposits?
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