Date: Dec 5, 2018
Searchlight Resources Inc. (“Searchlight” or the “Company”) (TSX-V: SRCH) is pleased to announce that Searchlight has acquired a 100% interest in the Duddridge Lake Cobalt-Vanadium-Uranium Project (“Duddridge” or the “Property”) located approximately 75 kilometers northwest of La Ronge and 400km north of Saskatoon Saskatchewan.
“We have elected to bring this project into our portfolio as a 2012 exploration program on Duddridge identified high grade cobalt and vanadium results (see Table 1 below). With the increasing interest in battery technology utilizing both vanadium and cobalt the Duddridge project represents an excellent project for Searchlight’s team to explore. In addition, Duddridge fits the company focus of quality projects in Saskatchewan with access by road,” notes Stephen Wallace, CEO and President of Searchlight.
The Duddridge Cobalt-Vanadium-Uranium Project consists of 4 mineral claims totaling 3,051.6 hectares accessible by an all-season gravel road (Highway 910) to within 12 km of the project and with direct access to the project by winter road and ATV trail in summer.
To date, no exploration has ever focused on the cobalt or vanadium in this region of Saskatchewan. In 2007, Fission Energy Corporation (“Fission”) announced a historical inferred resource estimate of 227,880 tonnes with a grade of 2.14 lbs/tonne U3O8 (see details below). Subsequently, during uranium exploration by Fission in 2012, a total of 39 boulder samples were collected and analyzed for a wide package of elements. The results of boulder analysis showed highly anomalous results for cobalt and vanadium, two elements that were not of widespread exploration interest in 2012. In addition, the sample results show anomalous copper, lead and uranium levels. At that time of exploration, the focus was primarily for uranium. Of note, sample DD12-HW-029 assayed 1,310 ppm Co and 1,560 V; sample DD12-SH-012 assayed 1,460 Co and 746 ppm V; sample DD12-WM-002 assayed 567 ppm Co and 5,550 ppm V plus 4,440 ppm Pb and 15,100 ppm U.
