Searchlight Resources Inc (TSXV:SCLT,OTCQB:SCLTF) has acquired full control of all of its gold assets near Flin-Flon through an exchange of shares for project interests. It has received regulatory approval and shareholder approval from its joint venture partner to close the transaction.
Searchlight agreed with its project partner New Moon Minerals Corp. to acquire the 25% interest plus 1.0% NSR in the Bootleg Lake gold property in exchange for the issuance of 6,000,000 common shares to New Moon. New Moon's board had previously given the go-ahead for the transaction. The Bootleg Lake gold property is located near Creighton, Saskatchewan. The property hosts four past producing gold mines including the Bootleg/Rio, Henning-Maloney and Newcor gold mines with historical resource estimates. There are also a number of additional gold and copper deposits on the claims.
Stephen Wallace, CEO of Searchlight commented, "This agreement gives Searchlight 100% ownership of several high-grade gold targets, with title secured until at least 2040. The Bootleg project is located minutes from the Flin Flon mining center and offers excellent, low-cost exploration infrastructure. It is an area that Searchlight believes has great potential, and as a brownfield property with underground operations that can be redeveloped, the Bootleg property is an important holding within Flin Flon's greenstone belt."
In May 2017, Searchlight had entered into an option agreement to acquire a 75% interest in the Bootleg Lake property from New Moon. Searchlight acquired the 75% interest in August 2021. The property originally consisted of four contiguous claims staked in 2009-2010, totaling 867 acres. It grew through staking to the current 20 contiguous claims totaling 4,988 hectares. The original core claims are valid until 2039-2040. The property hosts four past producing gold mines including the Bootleg/Rio, Henning-Maloney and Newcor gold mines with historical resource estimates. There are also a number of additional gold and copper deposits on the claims.
Conclusion: With the exchange of project shares for Searchlight shares, Searchlight simplifies its gold holdings around Flin Flon. Searchlight now owns the central part of this neglected gold belt, where Rob McEwen recently acquired a majority interest in the Tartan Lake gold mine, located 20 km to the east and aligned with Searchlight's holdings. SSR Mining owns the Missi Island gold deposit 20 km to the west. These two past producing mines, along with the four past producing gold mines on Searchlight's Bootleg Lake property, form the core of the gold belt.
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