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Searchlight Resources Closes Option Agreement to Acquire Claims in Saskatchewan and Outlines Right of First Refusal
TSXV approval of option of 4 claims adjoining Bootleg Lake Gold project Right of First Refusal granted to Searchlight on claims covering over 300,000 hectares o
About this update from Searchlight Resources Inc.
[{"type":"text","content":" TSXV approval of option of 4 claims adjoining Bootleg Lake Gold project Right of First Refusal granted to Searchlight on claims covering over 300,000 hectares of the Flin Flon Greenstone Belt VMS base metal and gold exploration targets on optioned and RoFR claim VANCOUVER, BC / ACCESSWIRE / March 26, 2019 / 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 agreement (the \"Option\") with Diamond Projects Inc. (\"Diamond\") a private Saskatchewan company, to earn a 100% interest in four claims (the \"Property\" or the \"Claims\") located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba. In addition to the option agreement, Diamond has granted Searchlight a Right of First Refusal (\"RoFR\") for Diamond mineral claims on NTS Map Sheet 63L and the portion of NTS Map Sheet 63K located in Saskatchewan. See Map 2 below. \"Searchlight now has access through staking, options and the RoFR to one of the most significant claim positions in the Flin Flon Greenstone Belt. With the announcement of the closure of the 777 mine by Hudbay Minerals, Searchlight has an excellent opportunity to explore and find the next mine to feed the mill complex in Flin Flon,\" stated Stephen Wallace, President and CEO of Searchlight. Mr. Wallace further stated, \"this puts the Company in a strong position to seek financing and long-term backers to take advantage of this claim position.\" Searchlight has optioned 4 mineral claims totaling 654 hectares that adjoin the Company's existing Bootleg Lake claims, building the Company's core land position. (See Map 1 below) The newly optioned claims cover historical gold and volcanogenic massive sulphide (\"VMS\") base metal showings, including the Curved Lake VMS and Phantom Ledge Lake Gold targets. See October 4, 2018 press release at (Click Here) for details. Terms of the Option Agreement To earn 100% interest in the Claims, subject to a 1% NSR, Searchlight must maintain the claims in good standing and complete 12 years of assessment expenditures on the claims. The assessment expenditure requirements are outlined in the Saskatchewan regulation document \"The Mineral Tenure Registry Regulations\" The total yearly exploration expenditures for the ...