All projects close to infrastructure
Searchlight Resources Inc (TSXV: SCLT, OTCQB: SCLTF; FRA: 2CC2) has secured a 446.7 hectare claim on the known Milner Lake uranium project approximately 60 kilometres north of La Ronge, Saskatchewan through staking. The claim is located approximately 5 km west of Missinipe and Highway 102 and covers two areas of known uranium mineralization: the MUS Claim No. 5 uranium deposit and the KAZ Claim No. 8 uranium-fluorite deposit. These deposits are part of several historic uranium targets located south of the Athabasca Basin. Surface samples returned more than 1.3% U3O8 at surface. Grab samples on the MUS claim returned up to 0.126% U3O8. The average of the samples was 0.022% U3O8.
Stephen Wallace, P.Geo, President and CEO of Searchlight commented, “Milner Lake with samples up to 1.39% uranium oxide is a Searchlight style exploration target that has significant exploration potential, is at surface, close to infrastructure and was acquired by staking.”
KAZ Claim No. 8 U-Fl Deposit
0.9 miles (1.4 km) northeast of the northern end of Milner Lake on KAZ Claim No. 8, a uranium stain has been identified. The occurrence consists of uranium mineralization, mainly uranophane and autunite, occurring at the contact of granitic gneiss and pegmatite over an area of 15.2 x 45.7 m (50 x 150 ft).
Uranium minerals associated with fluorite veins. Five samples from this pit contained grades of 0.60%, 1.17% and 1.39% U3O8. One sample submitted for spectrochemical analysis returned 1.38% U3O8. (Source: SMDI Saskatchewan Mineral Deposit Index # 0847).
MUS Claim No. 5 U Deposit
The deposit consists of a lenticular outcrop of pegmatite exposed over an area of approximately 61.0 x 18.3 m (200 x 60 ft). Uranium mineralization, primarily uranophane and autunite, occurs on the east side of a shear that extends through the centre of the ridge and is highest where biotite mica is abundant. Grab samples from the biotitic and feldspathic phases returned 0.70% and 0.127% U3O8, respectively. In addition, twenty-six channel samples collected at 1.5 m (5 ft) intervals along a 24.4 m (80 ft) trench returned grades ranging from 0.003% to 0.126% U3O8, with an average value of 0.022% U3O8. (Source: SMDI Saskatchewan Mineral Deposit Index # 0846).
Summary: Searchlight Resources Inc. has an extensive portfolio of exploration projects for uranium, rare earths, battery minerals and gold in Saskatchewan, Canada. What all projects have in common is good access to infrastructure. CEO Steven Wallace has focused on this when staking the new uranium properties. Exploration results from the Kulyk Lake rare earth project and the Duddridge Lake uranium project are expected shortly. Previous owner Fission Energy has already defined an initial uranium resource at Duddridge Lake.
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