Focus on High Grade Gold - searchlightresources.com · English Bay High Grade Gold Project...

TSX-V:SCLT

Corporate Presentation

May 2020

TSX-V:SCLT

Focus on High Grade Gold in Saskatchewan

Stony Rapids

Flin FlonLa Ronge

Regina

Saskatoon

Kulyk Lake (REE)

Reef Lake (Ni,Cu)

Duddridge(Co, Cu, V)

English Bay(Au)

Flin Flon North(Cu, Zn, Au)

Bootleg Lake(High Grade Au)

Hanson Lake(Be, Rb, Ce, Li)

Forward Looking Statements

All statements in this document regarding exploration projects for Searchlight ResourcesInc. (“Searchlight”, or “SCLT"), other than statements of historical fact, are "forward-lookinginformation" with respect to Searchlight within the meaning of applicable Canadiansecurities laws, including statements that address future mineral production, reservepotential, exploration drilling, the current or future price of commodities, potentialquantity and/or grade of minerals, potential size of a mineralized zone, potential expansionof mineralization, the timing and results of future resource estimates, or other study,proposed exploration and development of our exploration properties and the estimation ofmineral resources. Forward-looking information is often, but not always, identified by theuse of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect","project", "predict", "potential", "targeting", "intends", "believe", "potential", and similarexpressions, or describes a "goal", or variation of such words and phrases, or state thatcertain actions, events or results "may", "should", "could", "would", "might" or "will" betaken, occur or be achieved. These statements involve known and unknown risks,uncertainties and other factors which may cause the actual results, performance orachievements of Searchlight to differ materially from those anticipated in such forward-looking information.

Stephen Wallace, PGeo., is the designated qualified person for Searchlight within themeaning of National Instrument 43-101 and has reviewed and approved the technicalinformation contained in this document for the Searchlight exploration projects.

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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.

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Searchlight Projects

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Project Com Stage Highlights Next Phases of ExplorationDrill

Targets

Bootleg Lake AuAdvanced

exploration 4 Past producing gold mines

Reopening Rio Mine

Drill at Henning-Maloney Yes

English Bay Au Drill Ready37 drill holes including

2.1oz/t Au drill intersection

UAV geophysics

Diamond Drilling Yes

Flin Flon

North

Cu, Zn,

AuDrill Ready

VMS drill target within 10 km of Flin Flon and

777 Mine

Ground geophysics

Diamond DrillingYes

Hanson LakeRare

MetalsGrass roots

Large system of Be, Ga, Rb, Ce, Sn, Li

mineralization

Geological mapping

and sampling

Duddridge

Lake

Co, Cu,

V, UPast drilling

Janice Lake style target, Red Bed Copper,

Cobalt, Vanadium

UAV Geophysics

Boulder tracing & MMI

Kulyk LakeRare

Earths

Early Stage

Exploration

World class results -

greater than 50% REE oxides

Mapping & trenching

UAV geophysicsYes

Reef Lake Ni, Cu Grass roots27 drill holes including

0.66% Ni and 0.28% Cu over 9.8m

Prospecting

UAV geophysics

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Targeting High Grade Goldin Saskatchewan

ENGLISH BAY

Targeting a high grade gold deposit with open pit and underground potential

•Multiple high grade drill gold intersections

including

• 2.10 oz/t Au over 4 ft (72.0 g/t Au over 1.2 m)

• 1.85 oz/t Au over 4.5 ft (63.43 Au g/t over 1.4m)

•37 drill holes = 16,934 ft (5,161m)

•400m gold zone open along strike and to depth

•Easy access ,located on highway 102, 10km

from La Ronge and infrastructure

BOOTLEG LAKE

Targeting multiple high grade mines to feed a single centralized mill

•4 past producing gold mines on claims

•Historic resources of up to 10-15 g/t Au

•Rio Mine ready for reopening with 1,500m of underground workings

•Easy access less than 10 km from Flin Flon

• Infrastructure on and near claim block

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English BayHigh Grade Gold Project

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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

English Bay –High Grade Gold

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Core stored in safe facility in La Ronge

Magnetic and VLF data from Saskatchewan Geological Survey, 1975

English Bay –400 metre Gold Zone

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• 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.

• 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





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.

English Bay Long Section

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Open pit potential. • 11/20 gold intersections within 50m of surface.

11/20 gold intersections within 50m of surface. Open pit potential.

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.

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Bootleg LakeHigh Grade Gold in Saskatchewan

LARGE GOLD SYSTEM WITH

4 PAST PRODUCING

UNDERGROUND MINES.

EXTENSIVE UNDERGROUND WORKINGS.

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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

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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

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Four Past Producing Gold Mines

1) Rio MineDeveloped in the 1980’s with mill and 1,500 m of underground workings but closed prior to production due to low gold prices.

In 1990 closed, mill site reclaimed, with underground workings still in place for reopening.

2) Henning MaloneyOperated 1933 to 1941, shaft to 49 metres

Historical zone outlined, 200 feet along strike, 5.3 feet wide grading 0.50 oz/ton gold

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

Historical Estimates of Bootleg Lake Deposits Deposit Category Tons Tonnes Oz/ton Grams/tonne Au Ounces

reported calculated reported calculated calculated

Bootleg (Rio) Reserves 183,871 166,800 0.35 12.0 64,355

Henning Maloney Proven 15,000 13,600 0.45 15.4 6,750

Possible 43,000 39,000 0.16 to 0.32 5.5 to 11.0 6,880

to 13,760

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) 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 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 “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 CORPORATION by Anthony Spooner, P. Geo., Flin Flon, MB, August 31, 2016.

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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

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Bootleg Lake – Rio Mine Timeline

1931-1940

Henning-Maloney Gold Mines sunk a shaft to

50 m

1940-41

Henning made several ore shipments including 352 tons reported to contain

331 oz Au

1980

Flin Flon Mines Ltd conducted a 46-hole

diamond drill program totaling 11,352 m

1982

Flin Flon Mines Ltd started a ramp decline to a depth

of 350 ft. (106.7m)

A 300 ton per day mill was installed

1986

Vista Mines Inc. (“Vista) acquires

Rio Mine

1987

Vista opened decline to explore the lower mine levels and to

allow drilling to update the reserves

1988

Vista ships a 20,000 ton bulk sample that

averaged 4.11 g/t gold, deemed uneconomic with low 1988 gold

prices

1989

Vista went bankrupt after hostile takeover

1990

Full mine closure and reclamation. Portal entrance covered.

2018

Drilling by Searchlight extends deposit to 240 metres below surface

2020-21

Planned reopening of ramp for exploration

and development

Rio Mill 1984 Rio Ramp 1984 Rio Ramp and Mill 1984 Rio Mill 2019

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Rio Mine – 2018 Searchlight DrillingPurpose of drilling was two-fold

• to confirm gold mineralization • to test mineralization beneath known

mineralization in underground workings

• Confirmed minable ore grades over minable widths including 19 m zone in DDH BL-01

• Confirmed gold mineralization below workings to at least 200m below surface

Drilling Highlights• 5.24 g/t gold over 4.0 m including

12.24 g/t gold over 0.5 m

• 2.09 g/t gold over 19.0 m including 3.23 g/t gold over 8.0 m

• 2.45 g/t gold over 5.0 m including 3.84 g/t gold over 2.0 m

• Four ore grade zones intersected in DDH BL-02

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Drill Hole Zones From To Width Au g/tNumber metre metre metre

DDH BL-01 180.0 184.0 4.0 5.24including 181.0 184.0 3.0 6.55including 181.0 181.5 0.5 12.24


DDH BL-02 180.0 183.0 3.0 1.34Including 181.0 1820 1.0 2.04

DDH BL-02 208.0 210.0 2.0 1.54Including 208.0 209.0 1.0 2.24


DDH BL-02 291.9 295.0 3.1 1.08Including 294.0 295.0 1.0 1.75

DDH BL-03 197.0 200.0 3.0 0.77Including 199.0 200.0 1.0 1.44

Note: All widths reported are drill intersected core lengths and do not represent true widths

Three NQ Diamond Drill Holes totaling 933m completed in March 2018

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Rio Mine 2018 Drilling Drill Section

Note: Underground working projected onto plane of drill holes

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Reopening the Rio MineUnderground 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

• Estimated cost of $1,200,000 to $1,500,000 to reopen and sample depending on dewatering and ground conditions

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Rio Mine Mill -1984

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Opportunity for multiple high grade mines to feed a single centralized mill at Rio MineHenning 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

WekachField 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 SystemRio, 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

Multiple target intersections that have not been explored

Future Exploration –Bootleg Lake

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Wekach – 1.3 km west

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Why Saskatchewan ?

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Safe jurisdiction, world class geology,

cooperative government and experienced work force

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• 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

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 asan 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 ofnumerous 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 HudbayMinerals Inc. in Flin Flon, Manitoba. He was a founder of Aerial Imaging Resources Inc. (AIR), a UAV-basedgeophysical survey company acquired by Global UAV in 2018 and took over as President of Pioneer AerialSurveys Ltd. with the acquisition. Currently, Mr. Dueck holds the position of Chief Business Officer and PrincipalGeophysicist for Axiom Group of Companies in Saskatoon . Mr. Dueck holds a B.Sc. in Geophysics from theUniversity 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 explorationtrends and strategies in contrast with commodity prices.

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Company Management

Stephen Wallace P.Geo. - President, CEO and Director

Mr. Wallace has 35 years experience in the Mineral Explorationand Development industry from field geologist to President, CEOand Corporate Director, employed with Junior through Majorcompanies and government agencies.

Mr. Wallace has been the director and executive of multiplepublic companies including the founding President and CEO ofCastle Resources. He was VP Exploration of Trade WindsVentures, advancing the Block A gold deposit to over 4 millionounces, which was subsequently bought by Detour Gold for $84million and will become Detour Gold’s planned West Detouropen pit mine in 2023.

Brian Crawford, CPA, CA - CFO

Mr. Crawford has over 30 years experience as a senior financialexecutive of private and public corporations. A former partner ina national firm of chartered professional accountants, Mr.Crawford is currently the CFO, Corporate Secretary and aDirector of several Reporting Issuers.

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C a p i t a l S t r u c t u r e

Shares Outstanding 37,344,168

Options Outstanding 1,900,000

Warrants Outstanding 5,130,000

Shares Fully Diluted 44,374,168

Management and Insider Ownership

32.4%

Corporate Information

TSX-V:SCLT

Focus on High Grade Gold in Saskatchewan

#408 - 1199 West Pender St., Vancouver, B.C. V6E 2R1T: (604) 331-9326 E: [email protected]

www. searchlightresources.com

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Notes

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Focus on High Grade Gold - searchlightresources.com · English Bay High Grade Gold Project...

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