Searchlight Resources has a portfolio of gold projects and will drill and do planned exploration to defining a gold deposit at Robinson Creek. TSXV: SCLT, US: SCLTF.
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Rick Rule: The world has systematically underinvested in oil.
- The oil industry is underinvesting in sustaining capital by >$1B/day
- This underinvestment will reduce future oil production
Oil is a cyclical industry, and a sustained period of underinvestment will lead to lower production in the future... we are still in the underinvestment period despite high prices.
In addition to the massive underinvestment:
- The industry has to fix oil infrastructure impacted by the Iran war
- The world will have to refill their SPRs
- Countries will expand their SPRs
Hormuz or no Hormuz, the supply/demand picture for oil is favorable over the long term.
The biggest opportunities rarely appear when headlines are optimistic.
They emerge when sentiment is broken, capital has fled, and most investors have given up.
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"We are excited to get back into the field at Robinson Creek to verify historical data and follow-up structural extensions of known mineralized zones. The planned exploration will be the next step to defining a #gold deposit at Robinson Creek," stated Stephen Wallace, Searchlight's chief executive officer. "Given the current gold prices, the Robinson Creek project is becoming a considerable asset to Searchlight and its shareholders.
Robinson Creek highlights:
Initial exploration target ranges from two million to three million tonnes with grades between 1.20 grams per tonne (g/t) to 1.60 g/t gold; amenable to open-pit mining;
Located 16 km west of Creighton, Sask., and Flin Flon, Man., and 15 km from Searchlight's Bootleg Lake brownfield mine site;
Compilation of 70 historical drill holes (totalling 9,618 metres) from the 1940s and 1980s;
Historical drill holes and geophysics outline a zone of mineralization extending at least 1,000 m along the Mosher Lake shear zone;
Recent airborne magnetic surveys have outlined exploration potential along strike and south of the known zones;
Sixty drill holes have gold intersections greater than 1.0 g/t gold;
45 gold intersections have greater than 2.0 g/t gold over at least one metre:
Multiple wide gold intersections:
2.46 g/t gold over 57.60 m in DDH 81-2;
7.59 g/t gold over 10.94 m in DDH HB-6;
3.80 g/t gold over 21.00 m in DDH R07-1;
2.15 g/t gold over 32.00 m in DDH 81-1.
TSXV: SCLT, US: SCLTF. We have projects for option.
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Searchlight Initiates Plans to Reopen the Underground Ramp at the Past-Producing Rio #Gold#Mine.
Rio Gold Mine closed in 1989 pre-production due to low gold prices.
Completed a single bulk sample of 10,000 tonnes averaging 4.1 g/t Au.
Estimated 1,500 metres of underground workings.
Searchlight has engaged High Grade Mining Consulting Ltd., led by Saskatoon-based mining engineer Gary Haywood, P.Eng., to provide consulting for the reopening of the Rio Gold Mine. Located approximately five kilometres south of Creighton, Saskatchewan and Flin Flon, Manitoba. The Rio Gold Mine is a past-producing mine with an estimated 1,500 metres of modern underground workings.
High Grade Mining Consulting, led by Gary Haywood, will evaluate the conditions and costs required to reopen the underground workings for exploration, development, and future production. Mr. Haywood brings decades of experience in mine operations and project development, including his role as COO of Golden Band Resources in Saskatchewan’s gold mining sector, and most recently as Vice President of Project Development at Fission Uranium Corp., where he advanced the Patterson Lake South Uranium project.
TSXV: SCLT) (OTC Pink: SCLTF.
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