Following an initial site visit in September last year, the survey confirmed the presence of gold mineralisation that included multiple grab samples assaying more than 10 grams per tonne of gold.
Searchlight also entered into an option agreement with Willgrass Resources for the Hanson Lake rare metals project in Saskatchewan. Willgrass would be able to earn 50% interest in the project by completing assessment work of $50,000. Once completed, the two companies would form a 50/50 joint venture to continue exploration at the site.
The Hanson Lake project covers 1,236ha in Saskatchewan, about 65km west of the Flin Flon mining area. Base metals and pegmatite were identified as exploration targets.
The Robinson Creek gold project, which is about 15km west of Creighton, Saskatchewan, in the Flin Flon mining region, includes three gold zones known as the Vein, Bleiler and Quartz Zones over a strike length of 1km along the Mosher Lake Shear Zone. Located 15km northwest of the company's Bootleg Lake claim, it consists of seven claim blocks that cover 2.93sq km.
Searchlight was planning to undertake a summer field programme of trenching, sampling and mapping to determine the full extent of surface mineralisation.
On February 11, Searchlight Resources traded on the TSX at C$0.07/share, down 6.67% on the day. This was the lowest share price seen since October last year.
