Searchlight Resources Inc. [SCLT-TSXV; CNYCF-OTC] executed a formal option agreement to acquire a 100% interest in the Robinson Creek gold project, located approximately 15 km west of Creighton, Saskatchewan, in the historic Flin Flon mining camp, subject to regulatory approval. The property has seen over 75 historical drill holes with multiple historical high-grade gold intersections.
The Robinson Creek Gold Project consists of 7 claim blocks covering 1.84 km2 located approximately 15 km northwest of Searchlight’s Bootleg Lake claims. The Robinson Creek target area lies within a structurally controlled mesothermal lode gold system, with considerable historical exploration which includes geologic mapping, trenching, soil surveys, airborne and ground geophysical surveys, and over 75 diamond drill holes.
“Searchlight is pleased with this opportunity to acquire a high-quality gold project close to the company’s existing Bootleg Lake Project and Flin Flon mining infrastructure,” stated Alf Stewart, Chairman. “It is a natural fit for the company in what we believe to be a neglected Canadian gold camp”.
The Robinson Creek target comprises three gold zones – the Vein, Bleiler, and Quartz Zones – over a strike length of approximately 1 km. Exploration in the area began in 1915. In 1946, Hudson Bay Exploration carried out initial drilling of 15 holes in the Vein and Quartz zones. From 1970 to 1978, additional trenching in the Quartz Zone was completed, with trench samples returning gold assays ranging from 0.01 to 1.5 oz/ton.
In the 1980s, Suneva and the Saskatchewan Mineral Development Corporation joint venture completed over 60 drill holes, with exploration ending in 1989 during a period of low gold prices. Selected drilling highlights are in the company press release. Mineralization is open to depth, and there is limited drill testing on multiple additional gold showings. No drilling or surface exploration has been recorded on the claims since 1990, though St. Eugene Mining completed a regional heliborne VTEM geophysical survey in 2011.
“Robinson Creek was last explored during a period when high-grade narrow intersections were the focus of exploration. The Searchlight approach is to explore for both high-grade underground and lower grade open pit targets on every gold project,” stated Stephen Wallace, CEO. “Our initial review of data shows a 55-metre section of 2.50 g/t gold in drill hole 81-1, previously presented as short high-grade intersections.
To acquire the Robinson Creek property, Seachlight must pay $100,000 in stages, issue 2 million shares and spend $500,000 on exploration, subject to a 2% NSR. The company can purchase 1.5% of the 2% NSR for $2,250,000.