Business
Searchlight Resources Announces Sale of Hanson Lake Project in Saskatchewan
Hanson Lake Claim sold for $50,000 and 1% NSR Searchlight continues to hold the Jan Lake Pegma...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"Searchlight Resources Announces Sale of Hanson Lake Project in SaskatchewanHanson Lake Claim sold for $50,000 and 1% NSRSearchlight continues to hold the Jan Lake Pegmatite Claims north of the Hanson Lake ClaimVancouver, British Columbia--(Newsfile Corp. - March 25, 2024) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) (\"Searchlight\" or the \"Company\") is pleased to announce the sale of the Hanson Lake claim located approximately 65 kilometres west of Creighton, Saskatchewan, to Willgrass Resources, a private company.In August 2021, Searchlight entered into an option agreement on the Hanson Lake project with Willgrass Resources Inc. (\"Willgrass\") of Cochrane, Alberta, Canada. This project, which covers 12.36 sq km, is located in Saskatchewan, approximately 65 km west of the world-class mining centre of Flin Flon, and immediately south of Searchlight's Jan Lake Pegmatite project. The terms of the option enabled Willgrass to earn a 50% interest in the project by completing assessment work of $50,000, which has now been done. After careful review, Searchlight has declined the joint venture opportunity and has sold its remaining 50% ownership in the claim for $50,000 and 1% NSR, to Willgrass. The 1% NSR can be purchased at anytime for $1,000,000.Jan LakeSearchlight continues to hold the 148.6 sq km claim block covering the Jan Lake Aplogranite Pegmatite sheets and other mapped Rare Element Pegmatites, located immediately north of the Hanson Lake Claim. These claims are 100% owned by Searchlight, with no royalty obligation. Highway 106 crosses the Jan Lake claims, providing Searchlight with immediate exploration infrastructure and access to the pegmatite targets (Map 1).Previous work in the area was largely limited to regional mapping which identified multiple pegmatite units, but they were not sampled or chemically defined. In addition, a few academic papers and a single exploration program focused on rare metal pegmatites within 1 km of Highway 106. Some of the pegmatites within the claim block have been mapped as beryllium pegmatites, with anomalous Beryllium, Rubidium, Gallium, Tantalum, Cesium and Lithium.Map 1. Hanson Lake and Jan Lake claims, SaskatchewanTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/9828/202970_4cf0866744f438e6_002full.jpgQualified PersonStephen W...