Vancouver miner acquires Canadian cobalt, vanadium and uranium project

SMM, Dec. 7: in 2012, Searchlight Resources discovered high-grade cobalt and vanadium in (Duddridge Lake project), a Dudley Lake project in Saskatchewan, according to the project's exploration plan. The company decided to acquire the project, about 75 kilometers northwest of the town of Larange.

Stephen Wallace, chief executive officer and president of Searchlight, said in a press release: "as people become more interested in battery technology that uses both vanadium and cobalt,

The Duddridge project represents an excellent project explored by the Searchlight team. "

Duddridge consists of four mining areas with a total area of 3051.6 hectares. As early as 2007, fission Energy released an exploration resources report that estimated the mine's reserves at 227880 tons and contained 2.14 pounds of uranium oxide per ton of ore.

Five years later, 39 boulders were collected and analyzed. According to fission data, they showed high anomalies at levels of cobalt and vanadium as well as copper, lead and uranium.

To acquire the project, the Vancouver-based miner had to pay $4000, $2000 when the agreement was signed, $2000 when the deal was completed, and issue 500000 searchlights to suppliers.

Searchlights must also pay 1 per cent of the net use fee of the smelter to the supplier at the beginning of commercial production.