Searchlight Minerals Corp. - Drill hole results - Clarkdale Slag Project
17 Abril 2006 - 11:00AM
PR Newswire (US)
OTC BB: SRCH HENDERSON, NV, April 17 /PRNewswire-FirstCall/ --
Searchlight Minerals Corp. (the "Company"), OTCBB symbol SRCH, is
pleased to announce it has received Chain of Custody (COC) results
from the first six of nine drill holes completed to date at its
Clarkdale Slag Reclamation Project in Clarkdale, Arizona. The
following composite drill hole results were reported to the Company
by Mountain States R&D International (MSRDI): Drill Hole
Results
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Drill Hole Composite Gold Copper Zinc Iron Footage Au (opt) Cu (%)
Zn (%) Fe (%)
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SD1 0.0 - 55.0 0.210 0.70 2.10 32.1
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SD2 0.0 - 60.0 0.213 0.73 2.13 34.6
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SD3 0.0 - 50.0 0.196 0.37 3.11 33.2
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SD3 50.0 - 109.0 0.256 0.37 2.88 33.5
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SD4 0.0 - 50.0 0.169 0.42 3.25 33.0
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SD4 50.0 - 80.0 0.224 0.35 3.35 31.2
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SD5 0.0 - 50.0 0.227 0.38 2.33 30.3
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SD5 50.0 - 89.0 0.231 0.40 2.24 30.1
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SD6 0.0 - 50.0 0.216 0.36 3.04 32.5
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MSRDI performed the copper, zinc, and iron analysis using the
fusion assay method, followed by atomic absorption (AA). Gold
analysis was performed by Arrakis, Inc., under the chain-of-custody
of MSRDI, using 4-acid total digestion followed by graphite furnace
atomic absorption (GFAA). Ten foot interval assays for SD1-SD6 as
well as assays from SD-7, SD-11 and SD-12 are currently being
prepared by MSRDI and are expected to follow, along with silver
(Ag) assays for each drill hole. Following receipt of the results
from the first nine drill holes, the Company intends to resume
drilling. Concurrently, the Company is developing metallurgy and
recovery techniques to be used for larger-scale production. The
Company intends to complete bulk testing by the end of 2006 and
will utilize this data as part of the feasibility study aimed at
determining the final production processes and economics of the
Company's approximately 20 million ton, 50/50 joint venture
project. Provided the feasibility study verifies the economics, the
Company plans to build a 2000 ton/day production facility at
Clarkdale. The Clarkdale Project is the more advanced of two
ongoing projects that the Company is pursuing. The other project,
the Searchlight Gold Project, is an early stage gold exploration
endeavor on 3200 acres approximately 50 miles south of Las Vegas,
Nevada. ------------------------------------------------------
Current Metal Prices
------------------------------------------------------
------------------------------------------------------ Gold(x)
$596/oz ------------------------------------------------------
Copper(x) $2.80/lb
------------------------------------------------------ Zinc(x)
$1.38/lb ------------------------------------------------------
Iron As a saleable product
------------------------------------------------------
------------------------------------------------------ (x)At the
close of April 13, 2006, from http://www.kitco.com/
------------------------------------------------------ Drilling
Program In the fall of 2005, drilling commenced on the Company's
Clarkdale Slag Project under strict chain-of-custody (COC) sampling
by MSRDI. A total of 9 holes (SD1-7, 11, 12) and 675 feet were
drilled as part of a Minerals Inventory Study being conducted by
MSRDI on behalf of the Company. The Company retained Dr. Richard F.
Hewlett as the Project Manager for its Clarkdale Slag Project.
Under the guidance of Dr. Hewlett, the Company contracted MSRDI of
Tucson, AZ, to execute a Minerals Inventory Study. MSRDI, under the
direction of its president, Dr. Roshan Bhappu PE, will guide the
Minerals Inventory Study which will include drilling the slag pile
to determine grade and tonnage. Project Details The Company entered
into an assignment agreement dated for reference June 1, 2005 with
Nanominerals Corp. ("NMC"), a Nevada Corporation, pursuant to which
NMC assigned all of its interest in a joint venture agreement dated
May 20, 2005 between NMC and Verde River Iron Company, LLC, a
Nevada limited liability company. The JV Agreement was entered into
for the purpose of funding the processing of a copper smelter slag
located at Clarkdale, Arizona, USA, 107 miles north of Phoenix and
about 50 miles southwest from Flagstaff, Arizona. The slag
contained on the Clarkdale Slag Project site was produced as
smelter rejects from prior processing of copper ores from Jerome,
AZ. About Searchlight Minerals Corp. Searchlight Minerals Corp. is
a dynamic mineral exploration company focused on the acquisition
and development of projects in the southwestern United States. The
Company is currently involved in two projects: (1) Clarkdale Slag
Project: Looking to recover base and precious metals from the
reprocessing of slag material produced from smelting of copper ores
from the former mines in Jerome, AZ (2) Searchlight Gold Project:
Exploration for precious metals on mining claims near Searchlight,
NV. For further details on SRCH, please visit the Company's website
at http://www.searchlightminerals.com/. Contact Information
------------------- Ph: (702) 939-5247 Fax: (702) 939-5249 Website:
http://www.searchlightminerals.com/ email: Forward-Looking
Statements Statements in this news release that are forward-looking
statements are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with US
securities regulators. When used in this news release, the words
such as "could," "plan", "estimate", "expect", "intend", "may",
"potential", "should", and similar expressions, are forward-looking
statements. The risk factors that could cause actual results to
differ from these forward-looking statements include, but are not
restricted to the Company's limited operating history,
uncertainties about the availability of additional financing,
geological or mechanical difficulties affecting the Company's
planned geological work programs, uncertainty of estimates of
mineralized material, operational risk, environmental risk,
financial risk, currency risk, dependence on joint venture partners
and other statements that are not historical facts as disclosed
under the heading "Risk Factors" and elsewhere in the Company's
periodic filings with securities regulators in the United States.
DATASOURCE: Searchlight Minerals Corp. CONTACT: Ph: (702) 939-5247,
Fax: (702) 939-5249, Website: http://www.searchlightminerals.com/,
email:
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