Searchlight Resources (SCLT.V) released its quarterly MD&A for the three months ended September 30, 2023, recapping highlights for investors:
- The Canadian-based junior mineral explorer celebrated the completion and filing of a NI 43-101 technical report for its Kulyk Lake Rare Earths and Uranium project back in August 2023
- In September and October 2023, Searchlight completed prospecting, an MMI sampling program and a high-resolution aeromagnetic and radiometric surveys at Duddridge Lake
- During the same period in the previous point, the company completed prospecting, an MMI sampling program and a high-resolution aeromagnetic and radiometric surveys at Kulyk Lake
- In October 2023, Searchlight completed prospecting the Sandfly Lake Tourmaline-Bearing Pegmatites
- Also in October 2023, the company completed grassroots prospecting on the Sandfly Lake and Davin Lake Pegmatite
The company’s main focus is on the Kulyk Lake Rare Earth Project located in north central Saskatchewan. The asset is comprised of two claims covering approximately 1,348.6 hectares approximately 165 kilometres north of La Ronge, Saskatchewan and 65 kilometres south of the Key Lake Mine. The 100% owned block grew to 37,754.7 hectares in 2023.
Kulyk Lake had historically been explored for uranium with a preliminary rare earth exploration in 2009 and 2010. The claim block covers over 40 additional rare earth, uranium and thorium showings and sample locations over and above the initial Kulyk Lake Rare Earth target.
Searchlight is also working its Duddridge Lake Cobalt-Vanadium-Uranium project which is comprised of four mineral claims totaling approximately 3,051.6 hectares. Duddridge is accessible year-round by a gravel road (Highway 910) to within 12 kilometres of the project with direct access by winter road and ATV trail in the summer.
Duddridge is unique as it is the only project in this region of Saskatchewan that is being explored for cobalt and vanadium.
Searchlight also holds the Bootleg Lake Gold Property in its back pocket. The property is located near Creighton, Saskatchewan approximately five kilometres southwest of Flin Flon, Manitoba. The original option was four claims covering approximately 867 hectares but now has grown through staking to 20 claims covering 4,997.70 hectares.
In November 2022, the company signed an agreement to obtain the remaining 25% interest and 1% NSR held by New Moon in the Bootleg Lake Gold Property to hold 100% of the project. This process was completed March 2023. Bootleg is still subject to a 1% underlying royalty on the original four claims.
As of September 30, 2023, Searchlight held $961,806 CAD in cash and had a working capital of $1.06 million.