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Searchlight Signs Letter of Intent to Option Jan Lake Claims to Brunswick Exploration Inc.
Claims located approximately 60 km west of Creighton, Saskatchewan and Flin Flon, Manitoba I...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"Searchlight Signs Letter of Intent to Option Jan Lake Claims to Brunswick Exploration Inc.Claims located approximately 60 km west of Creighton, Saskatchewan and Flin Flon, ManitobaIncludes 148.6 sq km Jan Lake claim block and Searchlight's 50% Joint Venture Interest in the 12.4 sq km Hanson Lake property.Historic sampling indicates anomalous Rare Metals including Beryllium, Rubidium, Gallium, Tantalum, Cesium and LithiumVANCOUVER, BC / ACCESSWIRE / January 30, 2023 / Searchlight Resources Inc. (\"Searchlight\" or the \"Company\") (TSXV: SCLT, US: SCLTF) is pleased to announce the signing of a letter of intent to option 100% interest in the Jan Lake property and a 50% joint venture interest in the Hanson Lake property to Brunswick Exploration Inc. (BRW:V), hereafter referred to as \"Brunswick\". The claims subject to option are shown on Map 1.Considerations for the option of the claims are cash and share payments over a four-year period, a work commitment, and a 2% Net Smelter Royalty, as follows:$35,000 in cash or shares, or a combination of both at Brunswick's option on signing;$700,000 in cash, shares or a combination of both, at Brunswick's option subject to a minimum 25% in cash, over a four-year period;$1,000,000 work commitment over four years;$250,000 in cash, shares or a combination of both at Brunswick's option upon filing of a resource estimate;$250,000 in cash, shares or a combination of both at Brunswick's option on filing of a Preliminary Economic Assessment; and2% Net Smelter Royalty, half of which may be purchased for $1,000,000, and the other half for $2,000,000.Brunswick will be the operator of exploration programs on the optioned properties.\"Searchlight is pleased to sign a deal with Brunswick, a premier lithium exploration company focused on exploring in Canada using state-of-the-art exploration techniques\", said Stephen Wallace, Searchlight's CEO. Map 1. Location of Searchlight's Jan Lake and Hanson Lake Claims in SaskatchewanQualified PersonStephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.About Searchlight Resources Inc.Searchlight Resources Inc. (TSXV:SCLT, US:SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which...