Searchlight Resources Inc. released results of a petrographic study of samples from the Hot Ridge occurrence and Yellow Brick Road occurrence at the Company's Kulyk Lake Rare Earth /Uranium project, located approximately 165 km north of La Ronge, Saskatchewan, and 65 km south of the Key Lake Uranium Mill. In 2022 Searchlight discovered a new Rare Earth Element (REE) occurrence at Hot Ridge, with prospecting samples of up to 0.95% TREO. To follow up and better understand this new occurrence the Company sent samples to Vancouver Petrographic for microscopic analysis.

In addition, samples from the area of the known Yellow Brick Road REE/Uranium occurrence were also studied. The studies showed monazite in 4 of the five thin sections with petrographic observations indicating up to 2% monazite in a thin section from the newly discovered Hot Ridge occurrence. This confirms that rare earth mineralization on the Kulyk Lake claims is more extensive than previously known.

Monazite is one of the primary REE ore minerals of economic importance worldwide and is compatible with the Rare Earths processing facility being built in Saskatoon by the Saskatchewan Research Council. The results from the two samples from the Yellow Brick Road area contained anomalous uranium values, and one sample had anomalous Hafnium values. These results will be followed up in future exploration programs. In the fall of 2023, a geological team completed follow-up prospecting and mobile metal ion (MMI) sampling and has submitted the samples to laboratories for analysis.

Additionally, airborne radiometric and magnetic surveys are currently being completed on the southern portion of the Kulyk Lake property, in the Daly Lake area. The Daly Lake area has multiple occurrences with over 1% Total Rare Earth Elements (TREE), including Sample 99766 with 30,769 ppm (3.08%) TREE and Sample 99812 with 29,466 ppm (2.95 %) TREE. Data from Saskatchewan Mineral Deposit Index file #5184.

Exploration at Kulyk Lake has identified a large area of pegmatites with the potential of hosting additional rare earth and critical metal targets, to be followed up. Rare earth pegmatites represent an emerging target for a host of valuable metals, including neodymium, praseodymium and dysprosium, terbium and hafnium.