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Through three targeted diamond drill holes totaling 601 length, Searchlight Resources Inc. (TSXV: SCLT; FRA: 2CC2) has confirmed near-surface gold potential around the historic Henning-Maloney Mine in Saskatchewan, gathering for the first time valuable geological structural information in extension of historic mining from the 1940s. Henning-Maloney is one of a total of four historic gold mines located approximately 10 kilometers south of the Flin Flon mining center that Searchlight has combined to form the Bootleg Lake Project.

Searchlight is the first company to explore the geological context between these projects, which are only a few kilometers apart. In particular, recent drilling at Henning-Maloney is providing valuable information on the Rio fault system underlying the mines within the Bootleg claims.

The deepest gold intersection was 140 meters vertically below surface, which is approximately three times the depth of the 1940s mine shaft.

CEO Stephen Wallace expressed his satisfaction with the results, "We are very pleased with our initial drilling at Henning-Maloney, both confirming the location of gold mineralization and tripling the depth of known mineralization." According to Wallace, the results open up future drill targets. Corresponding plans for further drilling are already underway.
 
 Übersicht über die vier historischen Goldminen die zusammen das Bootleg Lake Projekt definieren
Figure 1: Overview of the four historic gold mines that together define the Bootleg Lake project. Searchlight aims to show that the projects, located only a few kilometers apart, form a larger geological context.

Multiple gold zone intercepts were encountered in each drill hole, indicating a continuation of the proven gold mineralization at the historic mine. Gold was encountered in each of the three diamond drill holes at Henning-Maloney. A high grade surprise was provided by the third hole (DDH HM-21-03) at the end of which an intercept of just under one metre was encountered at 31.59 grams per tonne gold. Drill results show multiple gold intercepts in each of the three holes, including the following highlights: 4.15 g/t gold over 0.95 m in hole HM-21-01; 7.91 g/t gold over 0.85 m in hole HM-21-02; 8.4 g/t gold over 0.7 m in hole HM-21-02; 31.59 g/t gold over one metre in hole HM-21-03.

The results at Henning-Maloney complement findings from drilling previously completed by Searchlight in 2018 at the historic Rio Mine, located just one kilometer to the north. There too, Searchlight was able to verify historic gold mineralization and confirmed that mineralization exists at least 150 metres below surface. Highlights from the 2018 drill program included: 5.24 g/t gold over four metres, including 12.24 g/t Au over 0.50 metres in DDH BL-01; 2.09 g/t gold over 19 metres, including 3.23 g/t Au over eight metres in DDH BL-01; and 2.45 g/t gold over five metres, including 3.84 g/t Au over two metres in DDH BL-02.

Geological similarities between Henning-Maloney and Rio Mine

Both Henning-Maloney and Rio Mine share the commonality of being located near or at the intersections between the Rio Fault and a north/south trending structure. Both mines are also associated with structurally complex zones defined by structural analysis. These criteria identify several other drill targets within a two-kilometer radius of Henning-Maloney. These include the historic Wekach gold mine, located two kilometers west along the Rio Fault.

SCLT Location Henning
CONCLUSION: The recent drilling successes at Henning-Maloney may not seem spectacular in themselves, despite the high grades in some cases. Crucially, they support Searchlight's larger hypothesis, that at least three of the four historic mines on the Bootleg Lake project are geologically related. A key feature appear to be the intersections between the Rio fault and a north/south trending structure. This pattern could provide the key to further successful drilling and vastly increase the footprint of the Bootleg Lake Project in the future.

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In accordance with §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares in Searchlight Resources and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares in the company at any time. Furthermore, a contractual relationship exists between Searchlight Resources and GOLDINVEST Consulting GmbH which involves GOLDINVEST Consulting GmbH reporting on Searchlight Resources. This is another clear conflict of interest.