Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) has announced the sale of its Hanson Lake claim in Saskatchewan to Willgrass Resources for $50,000 and a 1% Net Smelter Return (NSR). The transaction marks a strategic shift, allowing Searchlight to focus on its adjacent Jan Lake Pegmatite Claims.

Searchlight Streamlines Saskatchewan Portfolio

Searchlight decided against a joint venture after Willgrass fulfilled its assessment work of $50,000, choosing instead to sell its 50% stake in the Hanson Lake claim. This move simplifies Searchlight’s asset portfolio while retaining a 1% NSR, which can be bought out for $1,000,000.

Jan Lake Pegmatite Claims Overview

The Jan Lake claims, north of Hanson Lake, remain wholly owned by Searchlight, free from royalty obligations. These claims cover potential Rare Element Pegmatites, benefiting from direct Highway 106 access for exploration.

About Searchlight Resources

Focusing on Saskatchewan, Searchlight holds multiple critical element and gold projects, with four ready for drilling. The company’s emphasis on critical elements positions it at the beginning of the supply chain for these vital resources.

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