Searchlight Resources Stakes in the Athabasca Basin

• New Staking in Eastern Athabasca Basin
• 2 new claims covering 3,902.8 hectares (39.0 sq km)
• Within 2 km of anomalous uranium and REE drill holes
• Close to road and electrical infrastructure

Vancouver, British Columbia--(Newsfile Corp. - March 17, 2025) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") is pleased to announce the staking of two mineral claims in the Eastern Athabasca Basin in Northern Saskatchewan, located approximately 45 kilometres north of the Cigar Lake Uranium Mine, and 5 kilometres west of Highway 905.

During a recent Saskatchewan claim reopening, Searchlight staked claims MC00019721 and MC00019725, covering 3,902.8 hectares within the Athabasca Basin which hosts the highest-grade operating Uranium mines in the world. The claims are less than 5 km west of Highway 905, and the Northern Saskatchewan hydro electrical line to Stony Rapids runs through the claims.

The new claims are bordered on the north, west and east by Denison Mines Corp. and several historical diamond drill holes with anomalous uranium and rare earth values are located on claims to the north (Map 1). Searchlight will soon begin detailed geological evaluation of these new claims, and planning for future exploration.

"These claims align with Searchlight's exploration strategy of generating new critical element projects by staking", stated Stephen Wallace, P. Geo, President and CEO of Searchlight.

These claims are now part of the Searchlight's uranium project portfolio, which includes the Duddridge Lake Uranium Deposit with a historic 43-101 inferred resource estimate of 227,880 tonnes, and a grade of 2.14 lbs/tonne U₃O₈ (Fission Energy Corp, 2007). Additionally, assays of 9.8% U₃O₈, 1.6% Cu, 0.2% V, 0.2 oz/ton Au and 7.0 oz/ton Ag have been reported in historic boulder samples (SMDI 0700a). The Duddridge project is accessible by an all-season gravel road, Highway 910, within 10 km of the deposit, and direct access by winter road and ATV trail in summer.

Map 1. Searchlight Claims MC00019721 and MC00019725

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/244836_e01d3b0d44fadb27_002 ...

Director Resignation

Bruce Fair has resigned as a director of the Company. The Company wishes Mr. Fair well in his future endeavours.

Data Source

The 43-101 technical report completed by Fission Energy Corp, titled "Report on the Duddridge Lake Uranium Property, Northern Saskatchewan, NTS 73O/9", was submitted by Stuart C. Fraser, P. Geol. on June 15, 2007.