Kulyk Lake (REE) Focus on Reef Lake (Ni,Cu)
Duddridge (Co, Cu, V) High Grade Gold English Bay Flin Flon North (Au) (Cu, Zn, Au) La Ronge Flin Flon Hanson Lake (Be, Rb, Ce, Li) Bootleg Lake in Saskatchewan (High Grade Au)
Saskatoon TSX-V:SCLT
Regina Corporate Presentation May 2020
TSX-V:SCLT Forward Looking Statements
All statements in this document regarding exploration projects for Searchlight Resources Inc. (“Searchlight”, or “SCLT"), other than statements of historical fact, are "forward-looking information" with respect to Searchlight within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the current or future price of commodities, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases, or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Searchlight to differ materially from those anticipated in such forward- looking information. Stephen Wallace, PGeo., is the designated qualified person for Searchlight within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this document for the Searchlight exploration projects.
TSX-V:SCLT 2 SEARCHLIGHT RESOURCES
Company Highlights • Saskatchewan, Canada - Exploration and Development in one of the best jurisdictions for mining investments in the world • Major focus on High Grade Gold in known Saskatchewan gold camps, geology similar to Red Lake gold camp in Ontario, but underexplored • Experienced management, involved with discovery of multiple mines and decades of experience in Junior exploration management • Skilled exploration team continually evaluating low acquisition cost opportunities in Saskatchewan, including gold, copper, zinc, cobalt, vanadium, rare earths, technology elements targets • English Bay High Grade Gold with Open Pit and Underground Potential on Highway less than 10 kilometres from La Ronge • Bootleg Lake targets an extensive gold system with 4 past producing gold mines and extensive underground workings.
TSX-V:SCLT 3 Searchlight Projects
Drill Project Com Stage Highlights Next Phases of Exploration Targets
Reopening Rio Mine Advanced Bootleg Lake Au 4 Past producing gold mines Drill at Henning-Maloney Yes exploration
37 drill holes including UAV geophysics English Bay Au Drill Ready Yes 2.1oz/t Au drill intersection Diamond Drilling
Flin Flon Cu, Zn, VMS drill target within 10 km of Flin Flon and Ground geophysics Drill Ready Yes North Au 777 Mine Diamond Drilling
Rare Large system of Be, Ga, Rb, Ce, Sn, Li Geological mapping Hanson Lake Grass roots Metals mineralization and sampling
Duddridge Co, Cu, Janice Lake style target, Red Bed Copper, UAV Geophysics Past drilling Lake V, U Cobalt, Vanadium Boulder tracing & MMI
Rare Early Stage World class results - Mapping & trenching Kulyk Lake Yes Earths Exploration greater than 50% REE oxides UAV geophysics
27 drill holes including Prospecting Reef Lake Ni, Cu Grass roots 0.66% Ni and 0.28% Cu over 9.8m UAV geophysics
TSX-V:SCLT 4 Targeting High Grade Gold in Saskatchewan
ENGLISH BAY BOOTLEG LAKE
Targeting a high grade gold deposit with Targeting multiple high grade mines open pit and underground potential to feed a single centralized mill •Multiple high grade drill gold intersections •4 past producing gold mines on claims including •Historic resources of up to 10-15 g/t Au • 2.10 oz/t Au over 4 ft (72.0 g/t Au over 1.2 m) •Rio Mine ready for reopening with 1,500m • 1.85 oz/t Au over 4.5 ft (63.43 Au g/t over 1.4m) of underground workings •37 drill holes = 16,934 ft (5,161m) •Easy access less than 10 km from Flin Flon •400m gold zone open along strike and to depth •Infrastructure on and near claim block •Easy access ,located on highway 102, 10km from La Ronge and infrastructure
TSX-V:SCLT 5 English Bay High Grade Gold Project
Targeting a high grade gold deposit with open pit and underground potential
• Total claim area of 3,040 hectares = 30.4 sq.km • 10 km from La Ronge, Saskatchewan • Less than 500m from Highway 102 • Total of 37 drill holes = 16,934 ft (5,161m) • Mineralized zone of at least 400m strike length • Open along strike and to depth • Multiple high-grade gold intersections •20 drill intersections greater the 1 g/t gold • CSP-21: 3 mineralized zones within 18m • First 35 of 37 DDH drilled by prospector family during 1999-2002 low gold prices. • Located in the Glennie Precambrian Domain with the high grade SSR Seabee Mine
TSX-V:SCLT 6 English Bay – High Grade Gold
Core stored in safe facility in La Ronge
Magnetic and VLF data from Saskatchewan Geological Survey, 1975
TSX-V:SCLT 7 English Bay – 400 metre Gold Zone
• 2.10 oz/t Au over 4 feet (72.0 g/t Au over 1.2 metres) in DDH CSP-16 • 1.85 oz/t Au over 4.5 feet (63.43 Au g/t over 1.4 metres) in DDH CSP-03 • 1.39 oz/t Au over 4 feet (47.66 g/t Au over 1.2 metres) in DDH CSP-13 • 0.569 oz/t Au over 9 feet (19.51 g/t Au over 2.8 metres) in DDH CSP-04
• Mineralized strike length of at least 400m • Open along strike and to depth • Multiple parallel zones • 20 intersections > 1.6 grams Au x metres in 13 DDH • 27 drill holes within 400 m Zone 13/27 = 48% mineralized • 11/20 gold intersections within 50m of surface. Open pit potential.
These presented drill sample results 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 and historic sample results as a guide to plan future exploration programs. All sample widths cut by drill holes are not true widths, they represent the intersection of the incline hole with the dip of the mineralized structure. Searchlight estimates from historical data the true widths are 55% to 75% of recorded widths.
TSX-V:SCLT 8 English Bay Long Section
Open pit potential. 11/20 gold intersections within 50m of surface. • 11/20 gold intersections within 50m of surface. Open pit potential.
TSX-V:SCLT 9 Plans for English Bay
Drill to confirm gold mineralization and develop 43-101 resource
•UAV Magnetic Survey •Ground truth and locate past drill collars •Review, resample and relog existing drill core •Drill 2 diamond drill holes, approximately 400- 500 metres in first phase of drilling •As part of planned exploration Searchlight has directly contacted TSL Laboratories of Saskatoon which completed all the previous assays on the project and obtained all original assay results detailed directly from TSL.
TSX-V:SCLT 10 Bootleg Lake High Grade Gold in Saskatchewan
LARGE GOLD SYSTEM WITH 4 PAST PRODUCING UNDERGROUND MINES. EXTENSIVE UNDERGROUND WORKINGS.
TSX-V:SCLT 11 Bootleg Lake Summary
•Located in Saskatchewan less than 10 kilometres from the World Class mining center of Flin Flon •Opportunity for multiple high grade gold mines to feed a single centralized mill •Located in the Flin Flon – Snow Lake Greenstone Belt, one of the most prolific minerals belts in the world. •54 square kilometres of claims with main claims in good standing until 2038. •Covers four past producing high-grade gold mines, from the 1930’s to 1980’s and multiple gold showings. •Primary near term focus is Rio Mine with over 1,500 metres of underground workings with plans to dewater and reopen. •World class Infrastructure, • Road accessible, 15 minute drive from Creighton and Flin Flon • Electricity throughout claims and municipal water at northern edge of claims • Experienced mining workforce and training in Flin Flon
TSX-V:SCLT 12 Bootleg Lake Claims Location, Location, Location
54 square kilometres of claims Main claim blocks in good standing until 2038 Road access to Creighton and Flin Flon Electrical power runs through claims Municipal water at northern edge of claim block Flin Flon is a major mining centre with required mining infrastructure Airport in Flin Flon with regular scheduled flights Skilled workforce with local training centre
TSX-V:SCLT 13 Four Past Producing Gold Mines
Historical Estimates of Bootleg Lake Deposits 1) Rio Mine Deposit Category Tons Tonnes Oz/ton Grams/tonne Au Ounces reported calculated reported calculated calculated Developed in the 1980’s with mill and 1,500 m of underground workings but closed prior to Bootleg (Rio) Reserves 183,871 166,800 0.35 12.0 64,355 production due to low gold prices. Henning Maloney Proven 15,000 13,600 0.45 15.4 6,750 In 1990 closed, mill site reclaimed, with Possible 43,000 39,000 0.16 to 0.32 5.5 to 11.0 6,880 to 13,760 underground workings still in place for reopening. Newcor Proven 42,500 38,600 0.31 10.6 13,175 Probable 156,000 141,500 0.31 10.6 48,360 1) All historical estimates above were prepared by Vista Mines Inc, in 1983 through 1987. 2) Henning Maloney 2) Note the historical estimate used the terms historical reserves, historical proven and possible reserves and historical proven and probable reserves were prepared before the introduction of National Instrument 43-101-Standards of Disclosure for Mineral Projects. These historical estimates are considered relevant as the Company uses historical reports to evaluate historic mines as a guide to plan future exploration programs. The assumption, parameters and methods used to calculate these historical resource estimates are not known to the Company. The qualified Operated 1933 to 1941, shaft to 49 metres person has not made any attempt to re-classify the estimates according to current NI 43-101 standards and CIM definitions. In order for these resources to be current, the Company will be required to conduct additional drilling on the Bootleg Property. The Company is not treating this estimate as current mineral resources or mineral reserves as defined in NI 43-101. Although the historical resource estimate was designated as Historical zone outlined, 200 feet along strike, “reserves”, it cannot be compared to current mineral reserves as it is not supported by at least a current pre-feasibility study. 3) Data source - ASSESSMENT REPORT ON THE 2014 DIAMOND DRILLING PROGRAM, CREIGHTON PROPERTY DOUGLAS, BOOTLEG, PHANTOM AND WEKACH LAKE AREAS LARONGE MINING DISTRICT CREIGHTON, SASKATCHEWAN, by NEW MOON MINERALS 5.3 feet wide grading 0.50 oz/ton gold CORPORATION by Anthony Spooner, P. Geo., Flin Flon, MB, August 31, 2016.
3) Newcor Operated 1931 to 1949, inclined shaft to 440ft with 4 levels. 4) Wekach Operated 1934 to 1935, single shaft in 3,000 ft long shear zone, 0.53 oz/ton over 6ft in shaft
TSX-V:SCLT 14 Rio Mine Site
1,500 metres of underground workings to 120 metres below surface Electricity within 700 m and municipal water within 2.4 km of Rio Mine Site Easy drilling access from Flin Flon
TSX-V:SCLT 15 Bootleg Lake – Rio Mine Timeline
Vista ships a 20,000 ton bulk sample that Flin Flon Mines Ltd averaged 4.11 g/t gold, Henning-Maloney Gold conducted a 46-hole Vista Mines Inc. deemed uneconomic Full mine closure and Planned reopening of Mines sunk a shaft to diamond drill program (“Vista) acquires with low 1988 gold reclamation. Portal ramp for exploration 50 m totaling 11,352 m Rio Mine prices entrance covered. and development
1931-1940 1940-41 1980 1982 1986 1987 1988 1989 1990 2018 2020-21
Henning made several ore Flin Flon Mines Ltd started Vista opened decline Vista went bankrupt Drilling by Searchlight shipments including 352 a ramp decline to a depth to explore the lower after hostile takeover extends deposit to 240 tons reported to contain of 350 ft. (106.7m) mine levels and to metres below surface 331 oz Au A 300 ton per day mill was allow drilling to installed update the reserves
Rio Mill 1984 Rio Ramp 1984 Rio Ramp and Mill 1984 Rio Mill 2019
TSX-V:SCLT 16 Rio Mine – 2018 Searchlight
Drilling Three NQ Diamond Drill Holes totaling 933m completed in March 2018 Purpose of drilling was two-fold
• to confirm gold mineralization Drill Hole Zones From To Width Au g/t • to test mineralization beneath known Number metre metre metre mineralization in underground workings DDH BL-01 180.0 184.0 4.0 5.24 including 181.0 184.0 3.0 6.55 • Confirmed minable ore grades over minable including 181.0 181.5 0.5 12.24 widths including 19 m zone in DDH BL-01 DDH BL-01 213.0 232.0 19.0 2.09 including 216.0 224.0 8.0 3.23 • Confirmed gold mineralization below workings to including 223.0 224.0 1.0 7.65
at least 200m below surface DDH BL-02 180.0 183.0 3.0 1.34 Including 181.0 1820 1.0 2.04
Drilling Highlights DDH BL-02 208.0 210.0 2.0 1.54 • 5.24 g/t gold over 4.0 m including Including 208.0 209.0 1.0 2.24 12.24 g/t gold over 0.5 m DDH BL-02 222.0 227.0 5.0 2.45 including 223.0 227.0 4.0 2.94 • 2.09 g/t gold over 19.0 m including including 223.0 225.0 2.0 3.84 3.23 g/t gold over 8.0 m DDH BL-02 291.9 295.0 3.1 1.08 • 2.45 g/t gold over 5.0 m including Including 294.0 295.0 1.0 1.75
3.84 g/t gold over 2.0 m DDH BL-03 197.0 200.0 3.0 0.77 Including 199.0 200.0 1.0 1.44 • Four ore grade zones intersected in DDH BL-02 Note: All widths reported are drill intersected core lengths and do not represent true widths
TSX-V:SCLT 17 Rio Mine 2018 Drilling Drill Section
Note: Underground working projected onto plane of drill holes
TSX-V:SCLT 18 Reopening the Rio Mine Underground Exploration and Development
• Searchlight plans to reopen 1,500 metres of underground workings closed in late 1980s
• Preliminary Mining Engineering Report on re-opening underground workings completed in June 2018 by Gary Haywood, P.Eng of High Grade Mining Consulting Ltd.
• Opportunity to geologically map and sample in the center of the ore zone
• Estimated to be equivalent information of a 4,000 to 6,000 metre drill program
• Reopening allows for future underground exploration drilling, underground bulk sampling and future mining
• Estimated cost to replace existing underground working is about $5 million Rio Mine • Estimated cost of $1,200,000 to $1,500,000 to Mill -1984 reopen and sample depending on dewatering and ground conditions
TSX-V:SCLT 19 Future Exploration – Bootleg Lake
Opportunity for multiple high grade mines to feed a single centralized mill at Rio Mine Henning Maloney Near term drill target on known high grade zone outlined in drilling and underground sampling Historical zone outlined, 200 feet along strike, 5.3 feet wide grading 0.50 oz/ton gold Wekach Field work to determine exact location of mine and 3000 ft shear zone for drill targeting . Grades to 0.53 oz/ton Au over 6.0 ft in shaft Rio Fault System Rio, Henning Maloney and Wekach Mines are Structurally- Controlled Mesothermal Lode Gold deposits related to the Rio fault. Located at intersection of the Rio Fault with north/south structures. Rio Fault runs 4 kilometres from east of Rio Mine to west of Wekach Mine Wekach – 1.3 km west Multiple target intersections that have not been explored
TSX-V:SCLT 20 Why Saskatchewan ? Safe jurisdiction, world class geology, cooperative government and experienced work force
• Saskatchewan has a long mining history with operating gold, copper, zinc, uranium, diamond and potash mines • High grade gold in Saskatchewan. Seabee Mine produced 112,137 ounces gold in 2019 at an average gold mill feed grade of 9.56 g/t • The Fraser Institute rated Saskatchewan the #1 jurisdiction for mining investment in Canada in 2020 • Government support including cash for drilling rebate from Saskatchewan government • Saskatchewan and Canadian Federal governments provide technical and financial assistance for exploration in La Ronge - Creighton – Flin Flon area • Straight-forward, responsive and timely permitting • Excellent exploration and development infrastructure and workforce throughout province
TSX-V:SCLT 21 Company Directors
Stephen Wallace, P.Geo. - President, CEO and Director
John Kerr, P.Eng. Geologist - Director Mr. Kerr graduated from the University of British Columbia in 1964 with a Bachelor of Applied Science (BASc) degree in Geological Engineering. He has participated in the mining industry continuously since graduation as an exploration geologist. Successful ventures include recognition and discovery of the Santa Fe gold mine, identification of the Calvada gold mine located on the northern boundary of the New York Canyon property, and discovery of the Mindora gold/silver deposit, all located in Nevada. Mr. Kerr has served as a director of numerous public companies and is currently a Director of Quaterra Resources (TSX.V: QTA) Eureka Resources (TSX-V:EUK) and Bravada Gold Corp (TSX-V:BVA).
Peter Dueck P.Geo – Director Mr. Dueck has been involved in the resource exploration industry since 2001, working with a variety of gold, copper, zinc and uranium companies. Until early 2018, he held the position of Chief Geophysicist for Hudbay Minerals Inc. in Flin Flon, Manitoba. He was a founder of Aerial Imaging Resources Inc. (AIR), a UAV-based geophysical survey company acquired by Global UAV in 2018 and took over as President of Pioneer Aerial Surveys Ltd. with the acquisition. Currently, Mr. Dueck holds the position of Chief Business Officer and Principal Geophysicist for Axiom Group of Companies in Saskatoon . Mr. Dueck holds a B.Sc. in Geophysics from the University of Saskatchewan as well as an MBA from the University of Wales. His MBA Dissertation is titled: “Tracking the Cyclical Valuation of the Canadian Junior Resource Sector” focusing on long term exploration trends and strategies in contrast with commodity prices.
TSX-V:SCLT 22 Corporate Information
Company Management
Stephen Wallace P.Geo. - President, CEO and Director Mr. Wallace has 35 years experience in the Mineral Exploration Capital Structure and Development industry from field geologist to President, CEO and Corporate Director, employed with Junior through Major Shares Outstanding 37,344,168 companies and government agencies. Mr. Wallace has been the director and executive of multiple Options Outstanding 1,900,000 public companies including the founding President and CEO of Castle Resources. He was VP Exploration of Trade Winds Warrants Outstanding 5,130,000 Ventures, advancing the Block A gold deposit to over 4 million ounces, which was subsequently bought by Detour Gold for $84 Shares Fully Diluted 44,374,168 million and will become Detour Gold’s planned West Detour open pit mine in 2023. Management and Insider 32.4% Brian Crawford, CPA, CA - CFO Ownership Mr. Crawford has over 30 years experience as a senior financial executive of private and public corporations. A former partner in a national firm of chartered professional accountants, Mr. Crawford is currently the CFO, Corporate Secretary and a Director of several Reporting Issuers.
TSX-V:SCLT 23 TSX-V:SCLT
Focus on High Grade Gold in Saskatchewan
#408 - 1199 West Pender St., Vancouver, B.C. V6E 2R1 T: (604) 331-9326 E: [email protected] www. searchlightresources.com
TSX-V:SCLT 24 Notes
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TSX-V:SCLT 25