Searchlight Resources (SCLT.V) is a mineral exploration Company focused on gold, uranium and battery minerals in the Canadian Province of Saskatchewan. Searchlight holds over 1,500 square kilometres of claims in the Province.
Today, Searchlight Resources announced the staking of two mineral claims in the Eastern Athabasca Basin in Northern Saskatchewan.
Searchlight staked two claims totaling 43.5 square kilometres within the Athabasca Basin which hosts the highest-grade operating Uranium mines in the world. The Company staked claim MC00018586 covering 1,878.5 hectares located approximately 12 km west of Highway 905, and claim MC00018618 covering 2,468.8 hectares located approximately 2 km east of Highway 905.
Searchlight will soon begin the detailed geological evaluation of these claims, and will plan for future exploration.
“These claims fit Searchlight exploration strategy of generating new critical element projects by staking,” stated Stephen Wallace, P.Geo, President and CEO of Searchlight.
These claims are now part of the Searchlight’s uranium project portfolio which includes the Duddridge Lake Uranium Deposit with a historic 43-101 inferred resource estimate of 227,880 tonnes, and a grade of 2.14 lbs/tonne U3O8. The Duddridge project is accessible by an all-season gravel road to within 10 km of the deposit, with direct access by winter road and ATV trail in summer. Additionally, Fission sampled 39 boulders in the deposit area with results up to 1.91% uranium and 0.69% copper, plus 0.14% cobalt and 0.55% vanadium.
For a deeper dive into Searchlight Resources, check out Chris Parry’s recent article on the Company and their plethora of Projects.
The stock is battling at major support. The stock recently printed new all time record lows and is now recovering from those levels. Resistance up ahead comes in at $0.05.
Buyers are stepping in at this support as can be seen by the green candles at support, although I would not call them engulfing candles.
