MONTREAL, QUEBEC (FRANKFURT: S1O) is pleased to provide an
update on its Bakoudou-Magnima Gold Project located in Gabon,
Africa.
Exploration activities are on-going on Bakoudou as well as at
the regional level on the Magnima greenstone belt and on the Moyabi
gold anomaly. Work has however been most intense on the Bakoudou
gold trend and Zone A as the partners are in the final stages of
the resource calculation.
Highlights of the recent work include :
- Positive results on down dip extension of Zone A on section
200S,
- Identification of Zone A's extension on section 225S,
- Positive results from in-fill drilling on Zone A,
- Preliminary drilling results on the north part of the Bakoudou
gold trend.
Down dip extension of Zone A on section 200S
Results have been obtained for holes BA-06-37 and 38 and
demonstrate the down dip extension of the mineralization recognized
in hole BA-06-36. Results are presented below.
--------------------------------------------------------------------------
Drill hole Mineralization
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t
Au)
--------------------------------------------------------------------------
BA-06-37 233.50 137 75 150S 130.30 160.50 30.2 1.53
degrees degrees
--------------------------------------------------------------------------
BA-06-38 212.80 227 70 200S 151.60 176.00 24.4 1.54
degrees degrees
191.55 197.00 5.45 2.52
208.60 212.00 3.40 1.28
--------------------------------------------------------------------------
The main mineralized zone shows good continuity in its thickness
and it is worth noting that hole BA-06-38 ended in mineralization.
The results of hole BA-06-39 drilled on section 200S to further
test the extension of the mineralization are pending.
South-east extension of Zone A on section 225S
Hole BA-06-41 was drilled at the level of hole BA-06-36, 25 m to
the south-east, on section 225S. This hole intersected a
mineralized zone which is so far visually reported over 13.90 m
from 132.85 m to 146.75 m and consists in deformed quartz hosted in
altered gneiss containing pyrite and chalcopyrite; one grain of
visible gold has also been observed.
In-fill drilling on Zone A
Results have been obtained for additional in-fill holes executed
between sections 125S and 175S; they are presented below.
--------------------------------------------------------------------------
Drill hole Mineralization
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t
Au)
--------------------------------------------------------------------------
BA-06-25T 81.00 227 70 125S 30.50 56.00 25.50 2.73
degrees degrees
69.80 75.00 5.20 0.83
--------------------------------------------------------------------------
BA-06-32 114.50 227 70 150S 70.00 98.20 28.20 1.15
degrees degrees
110.50 111.50 1.00 1.52
--------------------------------------------------------------------------
BA-06-33 132.50 227 70 150S 96.80 106.40 9.60 1.23
degrees degrees
--------------------------------------------------------------------------
BA-06-31 98.00 47 70 175S 68.00 96.70 28.70 3.42
degrees degrees
--------------------------------------------------------------------------
These holes confirm the continuity of the mineralization within
Zone A and will be integrated in the upcoming resource
calculation.
Preliminary drilling results on the north part of the Bakoudou
gold trend
Two sections of the Bakoudou gold trend have been investigated
by drilling so far.
- 11 holes have been drilled at the northern extremity of the
trend (BA07-C04 - BA07-C14),
- 4 holes have been drilled in the central part of the trend
(BA07-C15 - BA07-C18).
Preliminary highlights of this drilling includes the following
:
--------------------------------------------------------------------------
Drill hole Mineralization
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t
Au)
--------------------------------------------------------------------------
BA07-C05 81.00 256 50 4400N 8.50 9.50 1.00 0.73
degrees degrees
22.88 24.00 1.12 0.51
31.00 32.28 1.28 0.82
--------------------------------------------------------------------------
BA07-C06 79.00 257 50 4400N 7.60 13.70 6.10 2.48
degrees degrees
--------------------------------------------------------------------------
BA07-C13 82.50 256 60 4500N 17.50 18.80 1.30 6.12
degrees degrees
--------------------------------------------------------------------------
Additional assays are pending.
Please refer to the attached two figures for the exact location
of the drill holes: http://www.ccnmatthews.com/docs/North.JPG and
http://www.ccnmatthews.com/docs/surfacemap.JPG
Philippe Giaro, President and CEO, stated "We are active on all
fronts on the Bakoudou Project with the priority remaining the
drilling on Zone A to finalize the resource calculation and take a
production decision. Given the recently discovered southern
extension on Zone A and the important number of new targets
generated, a third drill is being shipped on the project and a
fourth drill has been ordered for Gabon by the drilling contractor.
We are very happy with all recent developments and remain more
confident than ever in the project's bright future."
No cut-off grade was applied in the calculation of the above
intersections as an exact cut-off grade will be determined from
final project statistical evaluations. Moreover, even though the
drilling is performed at high angle to the mineralized structures,
the above intersections do not represent perfect true widths. Such
true widths will be computed and integrated in the final stages of
the project modeling.
Individual samples weighting 3kg on average are taken from sawn
half core at +/- 1 meter intervals in the mineralized zones with
consideration of the geological contacts. A rigorous QA/QC program
involves the random inclusion of 10% standards, duplicates and
blanks at the sample collection and preparation stage. The samples
are flown to the ALS laboratory in Mali for analysis by fire assay
on 50g pulp samples. The sample preparation procedure involves the
crushing of the entire 3kg sample followed by quartering to obtain
a representative 500g sample which is entirely pulverized and out
of which a 50g sample is isolated for analysis by fire assay.
The program is being executed by Managem, and all drill core is
logged and sampled under the supervision of Mr. Benyounes Maamar,
P. Geol. Philippe Giaro, P.Geol., President and CEO of SearchGold
Resources Inc. and Qualified Person for SearchGold, has reviewed
and approved the content of this release.
In July 2005, SearchGold signed a strategic $4,200,000 joint
venture agreement on the Bakoudou-Magnima Gold Project with
Managem, a successful, established African-based mining company
(www.managem-ona.com). Through its subsidiaries, Managem operates 6
mines in Morocco and was also involved in the development of two
gold mines in West Africa.
In June 2007, SearchGold announced the appointment of SRK
Consulting (Canada) Inc. ("SRK") for an engineering mandate
concerning the assistance for the development of the on-going
feasibility study on Zone A. A first site visit by SRK and
SearchGold's management was executed in early June 2007 in Gabon
and Morocco.
About SearchGold Resources Inc.
SearchGold Resources is a Canadian-based mining exploration
company whose primary mission is to target, explore and develop
gold deposits in Africa. The expansion strategy executed in 2006
has set the stage for the Company's development in 2007 as this new
year will see increased activity on the new blue-sky properties and
the advanced projects as well as some potential acquisitions.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: SearchGold Resources Inc. Philippe Giaro President
& CEO 32-473-52-30-29 phgiaro@skynet.be SearchGold Resources
Inc. Denis Tremblay Vice-President 514-866-4224 info@searchgold.ca
http://www.searchgold.ca CHF Investor Relations Alison Tullis
Account Manager 416-868-1079 x233 alison@chfir.com
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