Searchlight Resources Highlights Additional Gold Exploration Targets on the Bootleg Lake Gold Project in Saskatchewan

Rhea-AI Summary

Searchlight Resources (SCLTF) has announced promising results from secondary processing of airborne magnetic data at its Bootleg Lake Gold project in Saskatchewan. The analysis, using Oasis montaj TM CET Grid Analysis system, identified approximately 15 new structurally complex zones as potential gold exploration targets. The survey covered 359 line-km at 50m spacing across 16 sq km of the 49.9-sq km property. The data processing successfully confirmed structural complexity corresponding to existing mines (Rio, Henning-Maloney, and Wekach) along the Rio Fault Zone, while also identifying new targets near the West Arm Shear Zone. The Bootleg Lake project includes three past-producing high-grade gold mines and is located 7 km from Creighton, Saskatchewan and Flin Flon, Manitoba. The project features the Rio Mine with 1,500m of underground workings potentially viable for reopening.

Positive

• Identification of approximately 15 new structurally complex zones as potential gold exploration targets
• Confirmation of structural complexity at existing mine sites validates the survey methodology
• Project includes three past-producing high-grade gold mines with existing infrastructure
• Rio Mine has 1,500m of underground workings potentially viable for reopening
• Key claims secured until 2040, providing long-term exploration potential

Negative

• Early-stage exploration results with no guaranteed success
• Additional drilling and testing required to confirm gold mineralization in new target areas

• 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.

Vancouver, British Columbia--(Newsfile Corp. - June 23, 2025) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") is pleased to present the results of secondary data processing of airborne magnetic data on the Company's Bootleg Lake Gold project, located in Saskatchewan, approximately 7 km southwest of Creighton, Saskatchewan and Flin Flon, Manitoba.

Searchlight conducted an Airborne Magnetometer survey targeting priority areas within the 49.9-sq km Bootleg Lake claims. A total of 359 line-km was flown at 50 m spacing, covering approximately 16 sq 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 (Map 1). 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, CEO. "The survey has also identified additional targets that warrant future follow-up."

Map 1: Heat Map - CET Grid Analysis showing zones of structural complexity

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/256423_97b8e1b454e208e3_002full.jpg

Map 2: CET Heat Map overlain on airborne survey Total Magnetic Intensity

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/256423_97b8e1b454e208e3_003full.jpg

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
• 7 km from Creighton, Saskatchewan and Flin Flon, Manitoba
• Other gold and base metal potential on claims
• 18 claims (49.4 sq 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, Saskatchewan and Flin Flon, Manitoba
• 10 km from Laurel Lake Gold deposit, owned by SSR Mining
• 7 claims (2.8 sq km)

About Searchlight Resources Inc.

Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: 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. Exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.

Qualified Person

Peter Dueck, P.Geo., 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 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, Manitoba.

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, Chairman
(236) 833-0075
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/256423

FAQ

What did Searchlight Resources (SCLTF) discover in their recent airborne magnetic survey at Bootleg Lake?

The survey identified approximately 15 new structurally complex zones as potential gold exploration targets, along with confirming structural complexity at existing mine sites including Rio, Henning-Maloney, and Wekach mines.

Where is the Bootleg Lake Gold project located and what are its key features?

The Bootleg Lake Gold project is located 7 km southwest of Creighton, Saskatchewan and Flin Flon, Manitoba. It spans 49.9 sq km and includes three past-producing high-grade gold mines, with the Rio Mine having 1,500m of viable underground workings.

What technology did Searchlight Resources use to analyze the magnetic survey data?

Searchlight used the Oasis montaj TM CET Grid Analysis system, which analyzes magnetic data texture to detect areas of structural complexity and creates heat maps of structural contacts and diversity in strike structures.

How extensive was the airborne magnetic survey conducted by Searchlight Resources?

The survey covered 359 line-kilometers at 50-meter spacing, covering approximately 16 square kilometers of the total 49.9 sq km Bootleg Lake claims.

What are the next steps for Searchlight Resources at Bootleg Lake?

The company plans to conduct follow-up drill-testing for gold mineralization in the newly identified structurally complex zones, particularly those near the West Arm Shear Zone and Rio Fault Zone.