Searchlight Resources Stakes Additional Claims on the Kulyk Lake Critical Rare Earth Project

VANCOUVER, BC / ACCESSWIRE / April 12, 2021 / Searchlight Resources Inc. ("Searchlight" or the "Company") (TSXV:SCLT)(OTC PINK:CNYCF)(FSE:2CC2) is pleased to announce additional staking on the Kulyk Lake Rare Earth Project, located approximately 165 kilometres north of La Ronge, Saskatchewan and 65 km south of the Key Lake Uranium Mine.

Kulyk Lake Claim Block increased by 36.4 sq km, to 61.1 sq km

Searchlight has staked an additional 36.4 square kilometres of claims, increasing the total claim area of the Kulyk Lake project to 61.1 sq km. The claim blocks now cover a total of 19 rare earth showings and sample locations (Map 1), including the Kulyk Lake rare earth element (REE) target with the high-grade total rare earth oxide (TREO) and critical rare earth oxide (CREO) values shown below.

Kulyk Lake High Grade Samples include:

• 56.18% TREO, including 12.49% CREO in historic grab sample,

including 9.61% Neodymium Oxide (Nd₂O₃), and 1,194 ppm Dysprosium Oxide (Dy₂O₃)^[1]

• 45.10% TREO, including 10.08% CREO in historic 0.6 m trench sample,

including 7.64% Neodymium Oxide (Nd₂O₃), and 1,114 ppm Dysprosium Oxide (Dy₂O₃)

"The Kulyk Lake high-grade rare earth target represents a significant opportunity for Searchlight, with the increased interest by Canadian Federal and Provincial governments in rare earth elements, particularly the critical elements Neodymium and Dysprosium. Saskatchewan is also developing Canada's first Rare Earth Processing Facility at the Saskatchewan Research Council in Saskatoon, which further advances rare earth development in Canada", stated Stephen Wallace, President and CEO of Searchlight.

Searchlight acquired the project by staking as part of the Company's systematic evaluation of exploration targets in Saskatchewan. Historically, the Kulyk Lake area had been explored for uranium, followed by preliminary rare earth exploration in 2009 and 2010.

Map 1. Searchlight Resources Kulyk Lake REE Project Claim Blocks

In 2009, grab and channel samples were collected from Kulyk Lake area and analysed with a REE analytical package at the Saskatchewan Research Council Laboratory. The results included; 56.18% TREO including 12.49% CREO in selected grab sample AGKJR001, 30.6% TREO including 6.82% CREO in selected grab sample AGKJR002, and 19.04% TREO including 4.21% CREO in channel sample AGKJR003. Selected rare earth oxide results are presented in Table 1.

This work was followed up in 2010 with a series of trench samples, similarly analysed at the Saskatchewan Research Council Laboratory. Selected results included; trench samples DFKJR026 with 45.1% TREO and 10.08% CREO over 0.6 metres, DFKJR025 with 24.44% TREO and 5.49% CREO over 0.7 metres, and DFKJR013 with 19.75% TREO and 4.41% CREO over 0.7 metres.

Geologically, the showings consist of multiple fractures containing brown to red monazite running parallel to and enclosed by the surrounding Wollaston Group metasedimentary gneisses. A zone of deep pink to red coarse-grained granite encloses the mineralized fractures.

The results presented are historical in nature, and Searchlight has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the previous exploration work in order to verify the results. Searchlight considers these sample results relevant as the Company uses historical reports to evaluate historic sample results as a guide to plan future exploration programs.

Qualified Person

Stephen 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.

Table 1: Individual Rare Earth Oxide grades supporting reported Total Rare Earth Oxide and Critical Rare Earth Oxide calculated values