- Searchlight Resources (SCLT) has signed an agreement with New Moon Minerals Corp. to acquire the remaining 25-per-cent interest and 1-per-cent NSR currently held by New Moon on the Bootleg Lake Gold property
- Searchlight had earlier earned the 75-per-cent interest in August 2021
- To acquire the 25-per-cent interest plus 1.0-per-cent NSR in the Bootleg Lake Gold property, the company will issue 6,000,000 shares to New Moon
- Searchlight Resources Inc. is a Canadian mineral exploration, and development company focused on Saskatchewan
- Searchlight Resources Inc. was unchanged at $0.06 at 12:19 PM ET
Searchlight Resources (SCLT) has signed an agreement with New Moon Minerals Corp. concerning the Bootleg Lake Gold property.
The agreement is for Searchlight to acquire the remaining 25-per-cent interest and 1-per-cent NSR currently held by New Moon on the Bootleg Lake Gold property.
This property is located near Creighton, Saskatchewan, Canada, about five kilometres southwest of the city of Flin Flon, Manitoba.
In May 2017, Searchlight entered into an option agreement to acquire 75-per-cent interest in the Bootleg Lake property from New Moon, with Searchlight as operator.
Searchlight earned the 75-per-cent interest in August 2021, and the company is now acquiring the remaining 25 per cent and a 1-per-cent NSR held by New Moon.
When this transaction is completed, Searchlight will hold 100 per cent of the project, subject to a legacy 1.0-per-cent underlying NSR held by a third party on four of the 20 claims.
The property originally consisted of four contiguous claims staked in 2009-2010, totalling 867 hectares. It has grown through staking to the present 20 contiguous claims, totalling 4,988 hectares.
The property hosts four past-producing gold mines, including the Bootleg/Rio, Henning-Maloney and Newcor gold mines, with historical resource estimates. In addition, there are a number of additional gold and copper occurrences on the claims.
New Moon is an arms-length party to Searchlight on the Bootleg Lake gold property, and the full acquisition by Searchlight is intended to simplify ownership and expedite further exploration.
“This agreement gives Searchlight 100 ownership of multiple high-grade gold targets with secure ownership until at least 2040,” said Stephen Wallace, Searchlight CEO.
To acquire the 25-per-cent interest plus 1.0-per-cent NSR in the Bootleg Lake Gold property, the company will issue 6,000,000 shares to New Moon.
Searchlight Resources Inc. is a Canadian mineral exploration, and development company focused on Saskatchewan, Canada.
Searchlight Resources Inc. was unchanged at $0.06 at 12:19 PM ET.
