Business
Searchlight Resources Acquires 51% of Bootleg Lake Gold and VMS Project
TSX Venture Exchange approves Bootleg Option Amendment Searchlight now holds 51% interest in Bootleg Lake Project Updated Map of Diamond Projects Right of First
About this update from Searchlight Resources Inc.
[{"type":"text","content":" TSX Venture Exchange approves Bootleg Option Amendment Searchlight now holds 51% interest in Bootleg Lake Project Updated Map of Diamond Projects Right of First Refusal Area Vancouver, BC / ACCESSWIRE /November 20, 2018 / Searchlight Resources Inc. (\"Searchlight\" or the \"Company\") (TSX-V: SRCH) is pleased to announce that the TSX Venture Exchange (the \"TSXV\") has accepted the option amendment agreement (\"Amendment\") with New Moon Minerals Corp. (\"New Moon\") for the Bootleg Lake Gold and VMS project (\"Bootleg Lake\"). The Amendment allows Searchlight to accelerate the payments and work commitments to earn a 51% interest by making a payment of its common shares. Bootleg Lake is located near Creighton, Saskatchewan, five kilometres southwest of the city of Flin Flon, Manitoba. The Amendment replaces the original payment of $50,000 and 166,667 shares due June 30th, 2019 with a payment by Searchlight of 1,425,000 shares. This completes the obligations for Searchlight to earn a 51% interest in Bootleg Lake. The full terms of the Amendment are outlined in the Company's press release of October 16, 2018 at: Click Here . Stephen Wallace, President and CEO of Searchlight stated: \"Our new majority interest in Bootleg gives direct value to Searchlight shareholders. This allows Searchlight to progress to the next phase of exploration, including reopening historic underground workings, and provides security in our long-term ownership of this highly-prospective project.\" Update on Diamond Projects Right of First Refusal. In the Searchlight press release of October 4th, 2018, the Company announced that Diamond Projects Inc. (\"Diamond\") granted Searchlight a Right of First Refusal (\"RoFR\") for Diamond's mineral claims on NTS Map Sheet 63L and the portion of NTS Map Sheet 63K located in Saskatchewan. The RoFR provides that any additional claims optioned by Searchlight will be under the same terms as previously disclosed the option agreement with Diamond. The RoFR extends to all 100% held Diamond claims in this area except for two claim areas being explored and advanced by Diamond. See Searchlight's press release at: Click Here . The map below provides information on the location of the approximate 340,000 hectares of Diamond claim areas within NTS Map Sheets 63L and 63K. At present, Searchlight is reviewing these claim...