Searchlight Resources Inc. (TSXV: SCLT, US:CNYCF,FSE:2CC2) has announced plans to test its high-grade Robinson Creek gold project in Saskatchewan's Flin Flon mining camp with drilling for the first time in Q1 of next year. In May Searchlight acquired the 100% option on the project and committed to payment of $100,000 CAD in cash and the issuance of two million common shares over four years. In addition, Searchlight must provide $475,000 in exploration expenditures over a four-year period.
Robinson Creek has an extensive archive of 75 historical drill results. The drilling was largely successful, outlining three vein structures over a one kilometer long area. Exploration was done during a period of particularly low gold prices, so the focus of exploration at the time was on high grade narrow intercepts. Searchlight's new approach is to explore both high grade underground and low grade open pit targets. Initial review of the data had already identified a 55-meter intercept of 2.50 grams per tonne gold in hole 81-1. The previous owners had only looked at the short high-grade intercepts in this hole.
In preparation for drilling, Searchlight has completed airborne magnetic and lidar surveys on the Robinson Creek and Bootleg Lake projects and has examined surface occurrences of vein and quartz zones on Robinson Creek as well as historical drill core.
During the 2021 summer field season, a geological team made an initial visit to the Robinson Creek project area to sample and confirm the surface location of previous drilling. They have located a drill collar location from the previous work.
During the field investigation, drill core from the 1980s drilling programs was encountered. Many of the core boxes are damaged, but it is estimated that 30% to 50% of the core is in useable condition. The company is exploring the possibility of repacking this core for future evaluation.
>30 year old core from Robinson Creek; Picture Searchlight Resources
Concurrent with the fieldwork, triaxial airborne magnetic gradiometer and lidar surveys were conducted over the entire Robinson Creek property and a section of the Bootleg Lake project covering two former producing gold mines. Results of the fieldwork and airborne surveys are expected to be available in October. In addition, a detailed compilation of the 70 drill holes at Robinson Creek is underway and will be used in conjunction with the geophysical data for drill planning on this project.
Stephen Wallace, CEO of Searchlight summarized: “We look forward to commencing a drill program at Robinson Creek in the first quarter of 2022 to confirm the high grade and extensive gold assays previously reported on this property. This is an accessible and strategic area for Searchlight.”
Summary: Searchlight's stock has demanded a lot of patience from shareholders with little news flow. However, a good deal is still a good deal! The Robinson Creek acquisition clearly falls into that category: It has cost Searchlight peanuts to secure a prime property with historical data (75 drill holes), rounding out its property position in the Bootleg Lake camp in Flin Flon at the same time. One can surmise that CEO Steve Wallace will set the drill where there is a chance, by modern criteria, to unearth additional results such as the 55 meters of 2.5 g/t gold discovered in the historical data. It says a lot about the evolution of gold exploration that such a result, which would be considered outstanding today, was flatly overlooked in the1980s. Incidentally, Searchlight, with its approximately 300,000 km² of properties in Saskatchewan, is always good for a surprise, especially since the recent uranium boom has also brought the Athabasca Basin back into focus. Let's see.
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