Searchlight Resources Completes Acquisition of 100% Interest in the Bootleg Lake Gold Property

VANCOUVER, BC / ACCESSWIRE / November 25, 2022 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:SCLTF) is pleased to announce an agreement with New Moon Minerals Corp. (New Moon), a private issuer, to acquire the remaining 25% interest and 1% NSR currently held by New Moon on the Bootleg Lake Gold property. This property is located near Creighton, Saskatchewan, Canada, approximately five kilometres southwest of the city of Flin Flon, Manitoba.

In May 2017, Searchlight entered into an option agreement to acquire 75% interest in the Bootleg Lake property from New Moon, with Searchlight as operator. Searchlight earned the 75% interest during August, 2021, and the Company is now acquiring the remaining 25% and a 1.0% NSR held by New Moon. On completion of this transaction, Searchlight will hold 100% of the project, subject to a legacy 1.0% underlying NSR held by a third-party on four of the 20 claims.

The Property originally consisted of four contiguous claims staked in 2009-2010, totalling 867 hectares. It has grown through staking to the present 20 contiguous claims, totalling 4,988 hectares. The original core claims are in good standing until 2039-2040. The Property hosts four past-producing gold mines, including the Bootleg/Rio, Henning-Maloney and Newcor gold mines with historical resource estimates. In addition, there are a number of additional gold and copper occurrences on the claims.

New Moon is an arms-length party to Searchlight on the Bootleg Lake gold property, and the full acquisition by Searchlight is intended to simplify ownership and expedite further exploration. The Bootleg Lake property is located within the Flin Flon Gold Camp, and Searchlight has consolidated a significant land position, which includes the Robinson Creek Gold project, in the under-explored but very productive Archean Flin Flon Greenstone Belt.

"This agreement gives Searchlight 100% ownership of multiple high grade gold targets with secure ownership until at least 2040. The Bootleg project is minutes from the mining centre of Flin Flon, providing excellent low-cost exploration infrastructure ", stated Stephen Wallace, Searchlight CEO. "It is an area which Searchlight believes has great potential, and the Bootleg property, as a brownfields property with underground workings that can be rehabilitated, is a key holding within the belt."