UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
December 12, 2014
Date of Report (Date of earliest event reported)
Searchlight Minerals Corp.
(Exact name of Registrant as specified in
its charter)
Nevada |
000-30995 |
98-0232244 |
(State or other jurisdiction |
(Commission File Number) |
(I.R.S. Employer |
of incorporation) |
|
Identification No.) |
2360 W. Horizon Ridge Pkwy., Suite #100,
Henderson, Nevada 89052
(Address of principal executive offices)
(Zip Code)
(702) 939-5247
Registrant’s telephone number, including
area code
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 |
Regulation FD Disclosure |
Press Release
On December 12, 2014, we issued a press
release, which is attached hereto as Exhibit 99.1.
The press release attached hereto is being
furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, nor shall it be deemed incorporated
by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference
in such filing. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality
of any information in this report that is required to be disclosed solely by reason of Regulation FD.
Item 9.01 |
Financial Statements and Exhibits. |
Exhibit 99.1 |
Press Release dated December 12, 2014, issued by Searchlight Minerals Corp. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
SEARCHLIGHT MINERALS CORP. |
|
|
|
Dated: December 12, 2014 |
By: |
/s/ Martin B. Oring |
|
|
Martin B. Oring |
|
|
Chief Executive Officer |
Exhibit 99.1
SEARCHLIGHT MINERALS CORP. ANNOUNCES
CONFIRMATION OF RECOVERED GOLD METAL-IN-HAND AT AN AVERAGE OF 0.38 OUNCES PER TON BY PILOT-SCALE TESTS; PLANS TO MOVE TO COMMERCIAL
OPERATION
HENDERSON, Nevada (December 12, 2014) -- Searchlight
Minerals Corp. (OTCBB: SRCH) (“Searchlight” or the “Company”) today announced the confirmation of recovered
gold metal-in-hand at an average of 0.38 ounces per ton (“opt”) from slag material from its Clarkdale Slag Project
via multiple pilot-scale tests, resulting in an average recovery of 84%. The Company has completed initial
process testing, developed a process flow chart, and is currently optimizing individual process components prior to seeking
contractors to design and build a commercial precious metals extraction facility.
Overview
In recent pilot-scale tests, using current commercially available
equipment and processes, the Company recovered 84% of the gold contained in the Clarkdale slag material tested. The tests, which
incorporated a thermal pretreatment process into the extraction circuit, resulted in gold metal recovery at an average of 0.38
opt, with a back-calculated average slag head grade of 0.46 opt gold, resulting in an average 84% recovery of the gold in the slag
material. The tests were conducted on a total of 1,200 kilograms (kg) of slag material, which generated 3,800 liters of pregnant
leach solution (“PLS”). The test results were all verified by standard fire assay analyses and confirmed previously
determined slag gold grades of 0.4 to 0.6 opt.
Recent tests also demonstrate that the gold contained in the
PLS can be recovered as metallic gold using standard commercially available process components, including ion exchange resin, electro-winning,
activated carbon and direct precipitation.
These test results, combined with the fact that the nature of
the gold in the Clarkdale slag material has now been defined and methodologies have been established to overcome technical challenges
that previously interfered with effective processing, have allowed the Company to conclude that the project is commercially viable.
The Company’s technical team will now proceed with the final steps (see below) required prior to designing and building the
commercial extraction facility.
The addition of high temperature pre-treatment to the existing
process flow diagram, while enhancing gold recovery, also results in the production of high quality ‘pig iron’ as a
byproduct and, more importantly, enhances total gold recovery. Based on tests to date, there is estimated to be 7 million tons
of iron contained in the 20 million-ton Clarkdale Slag Pile.
The use of larger-scale pilot plant equipment also allows sufficient
volumes of PLS to be generated to further define and optimize the methods of recovering the gold from the PLS.
Recent Test Results
Recently, three successful pilot autoclave tests, which consisted
of heat treating the Clarkdale slag material prior to autoclave processing, confirmed feed grades of 0.3 to 0.6 opt gold contained
in the slag material and gold recoveries of 0.25 to 0.50 ounces per ton. The percentage recoveries ranged from 79% to 94%, with
an 84% average recovery. The first two tests (the highest recovered gold values) were conducted from the most recent ground slag
material that was pulverized using high pressure grinding rolls (“HPGR”). A third test was conducted from older HPGR-pulverized
material and resulted in the lowest recovered gold value referred to above. The Company believes the third test was negatively
affected by oxide layers that commonly form on the surface of older (aged) ground slag material. Newly ground HPGR slag material
has been received and is currently being used for test work.
A fourth pilot autoclave test was unable to be completed due
to a mechanical problem with the autoclave. Even though it was pronounced a failed test and not included in the above results,
the fourth test nonetheless produced a gold grade of 0.2 opt.
Two of the successful tests included processing the pre-treated
slag through the autoclave twice. This simulates, to a degree, what is commonly done in large commercial multi-compartment autoclaves
to achieve optimum extraction. One of the tests involved a single autoclave run. Therefore, a total of five pilot-scale autoclave
tests were successfully conducted with the high temperature pre-treatment. These tests resulted in the processing of over 1,200
kg of raw slag and the production of over 3,800 liters of gold-bearing solutions. The gold contained in these solutions is now
being recovered as metallic gold.
High temperature pre-treatment allows the refractory material
from the Clarkdale Slag Project to be fire assayed, resulting in the recovery of gold beads, and all results have been reported
by fire assay.
Whereas previously reported slag material gold grade results
were similar to those reported above, the most recent tests resulted in higher percentage recoveries of the gold from solution
(as gold beads) using a variety of standard processes (i.e., electro-winning, direct precipitation, activated carbon, and ion exchange
resins). All of these commonly used processes represent “off the shelf” technologies utilized globally in base and
precious metals processing.
The methodology that consistently provided the highest percentage
recovery of metal from solution in recent tests was an ion exchange resin process, which was originally used in the Company’s
plant in Clarkdale, Arizona.
An additional benefit of utilizing the large-capacity heat treating
unit prior to the large-capacity pilot autoclave is that high grade ‘pig iron’ has been produced, containing a greater
than 95% iron content, whereas previously reported results at bench-scale levels resulted in 75% - 85% iron extraction. The 95%-plus
iron product commands a much higher price, and the Company believes that it may be able to profitably sell such pig iron into the
domestic scrap iron market. If such sales of pig iron can be realized, the Company can eliminate the cost of overseas transport
while simultaneously obtaining a much higher price per ton. In addition, the original railroad line to the Clarkdale Slag Project
site is intact and has been well maintained. The cost of upgrading the line for pig iron transport would be minimal relative to
the cost of new railroad construction. It is currently anticipated that this additional byproduct, if buyers are found, will further
enhance the commercial profitability of the Clarkdale Slag Project by improving recoverable gold grades and generating an additional
revenue stream.
Near-Term Plans
The following tasks must be completed before the project can
transition to commercialization:
| · | Complete Current Pilot Autoclave Testing – (i) Complete current testing, (ii) reduce all data, (iii)
produce a written report, (iv) begin a search for third-party consultants to join the Company’s technical team to assist
with final process optimization, and (v) analyze and prepare commercial preliminary cost estimates while developing additional
Quality Assurance/Quality Control procedures. |
| · | Optimize Gold Recovery - Repeat current pilot autoclave tests and begin optimum gold recovery from the
gold-bearing solutions. Operate the pilot autoclave at optimum configuration and generate sufficient gold-bearing solution to determine
the optimum method of recovering gold, which may include electro-winning, ion exchange resin, activated carbon or direct precipitation.
Generate sufficient iron samples to support initial discussions with potential buyers and the signing of letters of intent. |
| · | Finalize Process Flow Diagram – Information derived from the two tasks above will be used
to design a preliminary process flow diagram for engineering, procurement, and construction management (“EPCM”) contractors.
This may include re-running the thermal pre-treating unit and pilot autoclave to generate sufficient iron for potential buyer specifications,
evaluating alloy compounds in the pilot autoclave to minimize corrosion, conducting additional leach solution specific testing,
etc. Visits with commercial thermal treatment equipment manufacturers will provide additional input on full-scale units. |
The completion of the above tasks will provide sufficient
process definition to allow the Company’s management to seek the financing required to move forward with the commercialization
of the Clarkdale Slag Project.
| · | Evaluate EPCM Contractors and Award Contract – This will involve generating a bid package, interviewing
EPCM contactors, providing technical data and diagrams, answering EPCM inquiries, hosting tours of the pilot autoclave facility,
review of bids with the Company’s management and final recommendations to the Board of Directors. |
| · | Complete Bankable Autoclave Study – This process may lead to an industry standard “bankable”
study that includes a 90%-complete final commercial system design, specifications for all major components, capital and operating
requirements and costs, power requirements, and other infrastructure details. Site permitting will also be completed, utilizing
the information provided by the final design to complete necessary permit submittals. Sufficient project information will be assembled
to complete a final pro-forma model and to seek project financing. |
The Company believes that (i) average contained gold values
in the Clarkdale slag material and (ii) recoverable gold values can now be consistently verified by fire assay at both the bench
and pilot-scale level. This should allow the project, after completion of the optimization of individual process components, to
move forward to commercialization in a timely manner.
About Searchlight Minerals Corp.
Searchlight is an exploration stage company
engaged in the acquisition and exploration of mineral properties and slag reprocessing projects. The Company holds interest in
the Clarkdale Slag Project, located in Clarkdale, Arizona, which is a reclamation project to recover precious and base metals from
the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona. Searchlight
is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol “SRCH.”
Additional information is available on
the Company's website at www.searchlightminerals.com and in the Company’s filings with the U.S. Securities and Exchange
Commission.
Forward-Looking Statements
This Press Release may contain, in addition
to historical information, forward-looking statements. Statements in this Press Release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors”
in the Company’s periodic filings with the U.S. Securities and Exchange Commission. When used in this Press Release in discussing
the recent developments on the Company’s mineral projects, including, without limitation, the resolution of certain issues
relating to the operation of production modules, the words such as “believe,” “could,” “may,”
“expect” 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 technical issues with the mineral projects that
may affect production modules and primary process components, challenges in moving from pilot plant scale to production scale,
the risk that actual recoveries of base and precious metals or other minerals re-processed from the slag material at the Clarkdale
site will not be economically feasible, uncertainty of estimates of mineralized material, operational risk, the Company’s
limited operating history, uncertainties about the availability of additional financing, geological or mechanical difficulties
affecting the Company’s planned mineral recovery programs, the risk that actual capital costs, operating costs and economic
returns may differ significantly from the Company’s estimates and uncertainty whether the results from the Company’s
feasibility studies are sufficiently positive for the Company to proceed with the construction of its processing facility, operational
risk, the impact of governmental and environmental regulation, financial risk, currency risk volatility in the prices of precious
metals and other statements that are not historical facts as disclosed under the heading “Risk Factors” in the Company’s
periodic filings with the U.S. Securities and Exchange Commission. Consequently, risk factors including, but not limited to the
aforementioned, may result in significant delays to the projected or anticipated production target dates.
Contact Information:
RJ Falkner & Company, Inc., Investor Relations Counsel at
(800) 377-9893
or via email at info@rjfalkner.com.
Searchlight Minerals (PK) (USOTC:SRCH)
Historical Stock Chart
From Apr 2024 to May 2024
Searchlight Minerals (PK) (USOTC:SRCH)
Historical Stock Chart
From May 2023 to May 2024