Searchlight Resources Inc. announced that the 2023 field exploration has begun on the Company's wholly-owned Duddridge Lake Uranium Deposit, located approximately 75 kilometers northwest of La Ronge, and 25 kilometres east of Pinehouse Lake, Saskatchewan (Map 1). The Company has begun the 2023 field season at Duddridge Lake with a detailed MMI (Mobile Metal Ion) survey north and south along strike of the known deposit. The objective is to acquire additional data for planning a near-term drill program.

The drill program will be designed to test expansion of the existing deposit down dip and along strike. The Duddridge Lake deposit has a known historical inferred mineral resource of 227,880 tonnes with a grade of 2.14 lbs/tonne U3O8, published by Fission Energy Corporation in 2007. In addition, boulder sampling by Fission has shown significant copper, cobalt, and vanadium values, in addition to uranium.

Along with the sampling program, the geological team will prospect the Sandfly Lake Tourmaline-Bearing Pegmatites located within the Duddridge Lake claim block. Searchlight uses tourmaline as a pathfinder element for lithium in Lithium-Cesium-Tantalum (LCT) pegmatites. The Company also plans an additional airborne radiometric survey along the Duddridge deposit trend, to begin in the second half of October 2023.

The Duddridge claims host the Duddridge Lake Uranium deposit, which has a 43-101 inferred resource estimate completed in 2007 by Fission Energy Corp. The 43-101 technical report, titled "Report on the Duddridge Lake uraniumium Property Northern Saskatchewan NTS 73O/9", submitted by Stuart C. Fraser, P. Geol. on June 15, 2007, reports an inferred mineral resource of 227,80 tonnes with a grade of 2".

The Duddridge Lake Uranium deposits technical report was not commissioned or completed by Searchlight, and therefore is being treated as a historical resource estimate under 43-101 disclosure. The historical resource estimate used "inferred mineral resource", which is a category of NI 43-101. As a result, Searchlight considers the historical resource estimate as reliable as well as relevant, as it represents a key target for work to be done by Searchlight.

Searchlight has not undertaken any independent investigation of the resource estimates nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and the Company is not treating the historical estimate as a current resource.