Searchlight Resources Begins Field Work on Rare Earth and Uranium Targets on Kulyk Lake Exploration Project

VANCOUVER, BC / ACCESSWIRE / June 23, 2022 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:CNYCF)(FSE:2CC2) is pleased to announce the start of field work on the Company's Kulyk Lake Rare Earth Element ("REE") project, located approximately 165 km north of La Ronge, Saskatchewan, and 65 km south of the Key Lake Uranium Mine.

Highlights

• Searchlight has been granted a permit for surface exploration at Kulyk Lake
• Field work follow-up of September 2021 radiometric survey
• Prospecting and grid sampling planned on previously unknown uranium zone
• Prospecting and grid sampling planned for 3-km Thorium / Rare Earth zone

On June 13, Searchlight was granted a Crown Resource Land Work Authorization by the Saskatchewan Ministry of the Environment, and on June 21 began preliminary field work on the Kulyk Lake Rare Earth and Uranium Project. The work will focus on the results of the radiometric survey completed in September 2021, which outlined significant new thorium and uranium targets (see press release https://searchlightresources.com/news/2021/searchlight-resources-defin ...)

"The focus of this phase of exploration will be to ground-truth two excellent, large radiometric targets, one of thorium and one of uranium", stated Stephen Wallace, CEO.

The planned field work will focus on prospecting and grid sampling of the previously unknown uranium target and the 3-km long thorium anomaly outlined by the radiometric survey (Map 1). Searchlight uses thorium as a pathfinder for rare earth elements in the mineral monazite, which is the principal mineral in the known Kulyk Lake REE showing.

The highest thorium value from the 2021 radiometric survey was located over the known Kulyk Lake REE trenches (Map 2), which yielded historical assays of 56.18% Total Rare Earth Oxides. Additionally, the radiometric survey identified the Kulyk Lake target as part of a larger anomalous thorium zone, up to 6 kilometres in length. The initial exploration plan is to prospect the southern half of the zone to the west of Kulyk Lake.

In addition, the geological team will collect monazite samples from the historical Kulyk Lake REE trenches. These samples will be used for detailed chemical analysis, petrographic studies and preliminary metallurgical testing.

Uranium results from the 2021 radiometric survey identified a significant, previously unknown uranium target (Map 3), as well as pinpointing known uranium showings, including the Eldorado showing with historical assays of 0.785 % U₃O₈. The newly identified anomalous uranium zone had multiple high values including the highest uranium value of this survey. The June 2022 exploration plan in this area is initial prospecting of the cluster of high values, followed by grid scintillometer survey and rock sampling.