Searchlight Resources Initiates Airborne Surveys on Expanded Mari Lake Gold Project in Saskatchewan

Significant Claim Expansion Focuses on Kississing River Shear Zone

Searchlight Resources has significantly increased its Mari Lake footprint, expanding claim holdings from 4.8 to 43.1 square kilometres. This expansion enables comprehensive geophysical surveys across the entire property for the first time in decades. The enlarged claims remain centered on the Kississing River Shear Zone, which hosts known high-grade gold mineralization that attracted exploration activity between 1945 and 1986.

Strategically located approximately 30 kilometres north of Creighton, Saskatchewan, and Flin Flon, Manitoba, and 40 kilometres north of Searchlight's Bootleg Lake Gold Project, Mari Lake benefits from proximity to infrastructure. The project lies 6 kilometres from a hydroelectric power line connecting Flin Flon to the Island Falls Hydroelectric Station, potentially advantageous for future development. Access is available by air from Flin Flon or via bush road to Mari Lake followed by boat transport to the site.

Advanced Airborne Surveys Target Untapped Geological Structures

High-resolution airborne magnetic and radiometric surveys have commenced across all Mari Lake claims, contracted to Special Projects of Calgary. These surveys are designed to delineate structural features associated with known high-grade gold mineralization and to identify additional gold-bearing structures within the claim block. This marks a major advancement, as no geophysical surveys were conducted during the property's historical exploration phase.

The surveys address a critical knowledge gap, as historical drilling at Mari Lake reached vertical depths of less than 50 metres, and the absence of geophysical data limited understanding of the mineralized structures’ three-dimensional geometry. Stephen Wallace, Searchlight's CEO, highlighted that the current exploration program aims to overcome these limitations. The extensive survey coverage of the 43.1-square-kilometre claim block is expected to generate new data guiding future drilling and exploration efforts.

Historical Exploration at Mari Lake Shows High-Grade Gold Mineralization

The Mari Lake property features a robust historical exploration record from 1945 to 1986, including 22 drill holes, 39 trenches, and several pits. Multiple instances of visible gold were documented during this period. The data reveals a gold mineralized structure extending over 700 metres, representing a significant target for modern exploration.

Historical sample grades demonstrate the high-grade nature of the mineralization. Drill hole assays include 0.85 oz/ton Au over 2.8 feet and 0.52 oz/ton Au over 2.5 feet, with visible gold observed. Trench samples yielded 1.28 oz/ton Au over 10 feet and 0.50 oz/ton Au over 6 feet, also with visible gold. Pit and grab samples returned grades of 2.98 oz/ton Au, 1.41 oz/ton Au, 2.48 oz/ton Au, and 1.1 oz/ton Au, with visible gold noted in grab samples. While Searchlight has not independently verified these historical results, the data remains relevant for planning future exploration.

Drone-Based Surveys Planned for Robinson Creek Gold Target

Alongside the Mari Lake airborne surveys, Searchlight has engaged TUZO GeoSurveys to perform UAV photogrammetry and lidar surveys at Robinson Creek. These drone surveys precede a planned diamond drilling program aimed at validating historical results. Robinson Creek is part of Searchlight's broader Saskatchewan gold portfolio and has previously received drill permits.

Utilizing high-resolution drone photogrammetry and lidar reflects modern exploration techniques that produce detailed topographic and structural maps before drilling. This data aids in optimizing drill hole placement and confirming target dimensions identified through historical or surface exploration.

Mari Lake Integral to Searchlight's Saskatchewan Gold Strategy

The Mari Lake Gold Project now constitutes a key asset within Searchlight's Saskatchewan exploration portfolio. The company’s strategy focuses on developing a consolidated gold mining operation anchored by the historic Rio Gold Mine brownfield site. The Mari Lake expansion adds a high-grade exploration project alongside Robinson Creek (with recent drill permits), the Henning Maloney Mine (where new zones have been discovered), and the Bootleg Lake project.

Saskatchewan ranks among the top 10 global mining investment jurisdictions according to the Fraser Institute, providing a strategic backdrop for Searchlight’s consolidated development approach. The Mari Lake expansion and systematic exploration align with the goal of building a multi-property operation with near-term development potential and long-term exploration upside.

Qualified Person and Technical Oversight

Stephen Wallace, P.Geo., serves as Searchlight’s Qualified Person under National Instrument 43-101 and has reviewed and approved the technical information in the company’s announcement. This confirms that the exploration program and disclosures have been evaluated by a qualified geological professional.

Special Projects of Calgary and TUZO GeoSurveys, contracted for airborne and drone surveys respectively, are established geophysical service providers. Their involvement, combined with Qualified Person oversight, offers investors confidence in the technical rigor of the exploration approach.

Historical Data Limitations and Need for Independent Verification

Searchlight cautions that the historical drill, trench, and grab sample results cited are historical and have not been independently verified by the company. Sampling methodologies and previous analytical results have not been independently confirmed. Reported drill intercepts represent drill-indicated lengths, with insufficient data to determine true widths of mineralized zones.

The technical information derives from publicly available documents through the Saskatchewan Government Ministry of Energy and Resources. Transparency about these limitations is important for investors assessing the property’s potential. The ongoing airborne and drone surveys aim to produce modern, independently controlled geophysical data to guide future exploration and drilling decisions.

Investor Watchpoints

Investors should monitor results from the airborne magnetic and radiometric surveys at Mari Lake, which are expected to provide new geophysical mapping of the Kississing River Shear Zone and potentially reveal additional mineralized structures. Preliminary survey outcomes could influence planning for upcoming drilling campaigns.

Completion and results of the Robinson Creek drone photogrammetry and lidar surveys, followed by the planned diamond drilling program, represent additional near-term catalysts. Investors should also watch for announcements regarding geophysical data interpretation, drill target prioritization, and timing and scope of follow-up drilling. Future updates will likely detail survey completions and significant findings from data analysis.