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, the Company announced the completion of an Exploration Target calculation based on the compilation of historical drill holes at the Robinson Creek Gold project, located approximately 15 km west of Creighton, Saskatchewan, and Flin Flon, Manitoba.
Searchlight has set an exploration target between 2 million and 3 million tonnes, with gold grades between 1.20 g/t and 1.60 g/t. This equates to an exploration target between 77,000 ounces and 154,000 ounces which is amenable to open-pit mining.
How did the Company come up with these numbers? Terra Modelling Services of Saskatoon was hired to review the compilation of 70 historic drill holes, create a 3D model of the data, and calculate a set of Exploration Target quantities. The numbers have come from the review of this data.
Of course this is conceptual and exploration drilling has to occur to define a mineral resource and confirm the exploration targets.
“This new Robinson Creek Exploration Target result demonstrates the gold potential of the Flin Flon Greenstone Belt, which also includes Searchlight’s Bootleg Lake high-grade gold deposits. These results, along with the 2021 surface sampling program which yielded multiple high-grade gold samples, shows the potential for a surface deposit amenable to near-term mining,” stated Stephen Wallace, Searchlight’s CEO.
The Robinson Creek Gold project consists of 7 claim blocks covering 2.93 square km, located approximately 15 km northwest of Searchlight’s Bootleg Lake claims. It is a structurally controlled mesothermal lode gold system comprising three gold zones – the Vein, Bleiler, and Quartz Zones – over a strike length of approximately 1 km along the Mosher Lake Shear Zone.
Searchlight’s compilation of 70 historical diamond drill holes from the 1940s and 1980s, shows multiple gold intersections throughout 60 drill holes, with 45 gold intersections greater than 2 g/t over at least one metre.
A field sampling program in 2021, comprising 60 outcrop samples and 12 soil samples, confirmed the surface locations of the Vein, Bleiler, and Quartz Zones. Multiple samples yielded greater than 10 g/t Au from all three zones, and over 40% of outcrop samples yielded greater than 0.5 g/t Au. These results include grab samples of 17.17 g/t Au from the Quartz Zone, 19.31 g/t Au from the Bleiler Zone, and 13.98 g/t Au from the Vein zone.
Perhaps this news can bring some excitement back to the stock. Of course, actual drilling and the results will be the real catalyst.
The stock has broken below a major support at $0.02 and is sitting at all time record lows at $0.01. Bottom pickers are probably watching this one, and should watch for a hammer candle or a large green bodied candle to indicate a bottoming and buyers jumping back in. A retaking of $0.02 is also a great criteria to build the case for a reversal.
