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Searchlight Resources and Refined Energy Enter into Option Agreements for the Basin and Milner Uranium Properties in Saskatchewan
Option of Basin claims to Refined Energy for $75,000 cash, 175,000 shares and $200,000 work commi...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"Searchlight Resources and Refined Energy Enter into Option Agreements for the Basin and Milner Uranium Properties in SaskatchewanOption of Basin claims to Refined Energy for $75,000 cash, 175,000 shares and $200,000 work commitment. Option of Milner claim to Refined Energy for $45,000 cash, 100,000 shares and $150,000 work commitment.2% NSR Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) (\"Searchlight\" or the \"Company\") is pleased to announce that the Company has entered into option agreements with Refined Energy Corp. (\"Refined\"), dated August 6, 2024, which grants Refined Energy the right to acquire up to 100% interest in each of the Basin and Milner prospective uranium properties located in the Athabasca Basin region, Northern Saskatchewan, Canada.\"We are pleased to partner with Refined to advance the Basin and Milner uranium properties, and look forward to a successful venture,\" stated Stephen Wallace, Searchlight's CEO. \"Searchlight will continue to focus on the Company's other critical element projects, including the Duddridge Lake Uranium Deposit and the Kulyk Lake Uranium and high-grade Rare Earth Project.\"To exercise the Options, Refined must make a series of cash payments and share issuances to Searchlight, and undertake certain exploration expenditures on the Properties as outlined below. If the Option with respect to either the Milner Property or the Basin Property is exercised, a 2% net smelter return royalty on such property will be granted to Searchlight, 1% of which may be repurchased by Refined for CA$1,000,000.Basin Property Option TermsDeadlineCash PaymentShare IssuanceExploration ExpendituresWithin 30 Days of Execution of Option Agreement$20,000NilN/AWithin 10 Days of Execution of Option AgreementNil175,000 SharesN/AOn or before September 30, 2025$55,000NilN/AWithin 24 months of Execution of Option AgreementNilNilCA$200,000 Milner Property Option TermsDeadlineCash PaymentShare IssuanceExploration ExpendituresWithin 30 Days of Execution of Option Agreement$10,000NilN/AWithin 10 Days of Execution of Option AgreementNil100,000 SharesN/AOn or before September 30, 2025$35,000NilN/AWithin 24 months of Execution of Option AgreementNilNilCA$150,000 The Option Agreements and the transactions contemplated are subject to acc...