Searchlight Resources Inc. secured an option from privately held Diamond Projects Inc. to acquire four claims in Saskatchewan as well as a right of first refusal on additional claims in the area.
The company said Oct. 4 that the new claims, which comprise 654 hectares adjoining its Bootleg Lake project, cover historical gold and volcanogenic massive sulfide base metal showings including the Curved Lake copper-nickel-cobalt target and the Phantom Ledge Lake gold target.
Searchlight Resources must maintain the claims in good standing and complete 12 years of assessment expenditures on the claims to earn full ownership, after which Diamond Projects will retain a 1% net smelter royalty.
Diamond Projects will also receive 25% of any cash and share payments should Searchlight sell or option any of the claims to a third party.
The deal is subject to approval from the TSX Venture Exchange.