Searchlight Mine (SRCH) jumps on test results

Searchlight Mine (OTCBB: SRCH) climbed 31.2% to 68.2 cents Tuesday, on word of positive results of autoclave tests. Volume for the stock topped two million shares, in contrast with a daily average of around 304,000.

A news release dated September 6 announced the results of a progress report from independent engineering firm SGS Lakefield Research Chile, S.A. (“SGS”), that proved positive for the Henderson, Nevada-based company.

SGS performed a number of autoclave tests, under various metallurgical conditions, using both pressure oxidation (“POX”) and pressure oxidative leach (“POL”) testing methodologies (see technical discussion below). Results from the optimized POX and POL tests both resulted in approximately 0.5 opt (ounces per ton) of gold extracted into solution. The optimized POX tests produced slightly less than or equal to 0.5 opt gold and the optimized POL tests produced 0.5 opt gold or slightly greater.

These results confirm the previous autoclave test results performed by the Company’s technical consultants, which yielded up to 0.5 opt of gold into solution using both of these methods.

“Results from the additional tests independently performed by SGS as well as reports received from our technical consultants are very encouraging and represent the next step in the Company’s ultimate goal of proving the economic feasibility of the Clarkdale Slag Project,” noted Martin Oring, Searchlight CEO, in the same release.

Searchlight Minerals Corp. is an exploration stage company engaged in the acquisition and exploration of mineral properties and slag reprocessing projects.