Searchlight Resources Inc. (TSX.V: SCLT) has agreed with New Moon Minerals Corp., a privately held company, to purchase the remaining 25% interest and 1% NSR on the Bootleg Lake Gold property near Creighton, Saskatchewan, Canada. This location is about five kilometers from Flin Flon, Manitoba.
The Company will acquire a 25% interest plus 1.0% NSR in Bootleg Lake Gold in exchange for 6,000,000 shares. New Moon must be accepted and approved by TSX shareholders before the agreement can be implemented. A four-month hold period applies to all securities issues due to the agreement.
In May 2017, Searchlight signed an option agreement with New Moon to purchase Bootleg Lake for 75% of the Company, with SearcCompanyoperating it. In August 2021, Searchlight acquired the other 25% and a 1.0% NSR from New Moon and now holds 100% ownership of the project. On completion of this deal, a legacy 1.0% underlying NSR held by a third party on four of the 20 claims will remain in effect.
The Property consists of 20 contiguous claims, totaling 4,988 hectares, which have expanded from the original claims covering 867 hectares. The original claims are valid until 2039-2040. The Bootleg/Rio, Henning-Maloney, and Newcor gold mines, all of which are past-producing mines, are located on the Property. There are also various gold and copper deposits present.
Searchlight has bought all of the shares in New Moon, an arms-length party to the Bootleg Lake gold property. From now on, ownership will be simpler, and future exploration will be faster. The Bootleg Lake property is situated in the Flin Flon Gold Camp, an under-explored but highly productive Archean Flin Flon Greenstone Belt. Searchlight has gained a large land position in this region, including the Robinson Creek Gold venture.