SearchGold Intersects 16.43 g/t Au Over 4 m and Provides Drilling Update on Bakoudou, Gabon
February 13 2008 - 9:15AM
Marketwired
MONTREAL, QUEBEC (FRANKFURT: S1O) is pleased to provide an
update on its Bakoudou-Magnima Gold Project located in Gabon,
Africa. The recent significant drilling results are presented
below.
Section 150S
Hole BA-06-40 was drilled to evaluate the northern extension of
the higher grade section encountered in hole BA-06-36 (16.39 g/t Au
over 49.50 m from 133.00 m to 182.50 m, press release dated
September 19th 2007). Following a broad mineralized interval closer
to surface which returned 1.34 g/t Au over 25.50 m, the higher
grade section was intersected below and returned 16.43 g/t Au over
4.00 m. The hole had to be stopped in the high grade mineralization
for technical difficulties. The complete results are presented
below.
--------------------------------------------------------------------------
Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-40 66.00 227 80 150S 33.00 58.50 25.50 1.34
degrees degrees
62.00 66.00 4.00 16.43
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Section 200S
Hole BA-06-39 was drilled to intercept the down dip extension of
the mineralization on section 200S while hole BA-06-44 was executed
to in-fill an area of section 200S near surface. The following
mineralized intercepts were obtained.
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Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-39 234.00 227 85 200S 172.00 177.60 5.60 2.81
degrees degrees
212.30 213.45 1.15 1.41
--------------------------------------------------------------------------
BA-06-44 71.00 227 70 200S 6.40 26.50 20.10 1.21
degrees degrees
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Southern extension of Zone A
Hole BA-06-41 and 42 were drilled to intercept the southern
extension Zone A. The following mineralized intercepts were
obtained.
--------------------------------------------------------------------------
Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-41 233.00 227 70 225S 136.00 147.50 11.50 1.06
degrees degrees
--------------------------------------------------------------------------
BA-06-42 138.50 227 70 225S 112.50 114.07 1.57 1.13
degrees degrees
126.50 127.50 1.00 1.50
--------------------------------------------------------------------------
Northern extension of Zone A
Holes BA-06-43, 45 and 46 were drilled to intercept the northern
extension of Zone A. The following mineralized intercepts were
obtained.
--------------------------------------------------------------------------
Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-43 41.50 227 70 208N 9.00 14.60 5.60 1.90
degrees degrees
18.40 19.20 0.80 1.85
--------------------------------------------------------------------------
BA-06-45 51.50 227 70 100N 11.25 17.50 6.25 2.31
degrees degrees
--------------------------------------------------------------------------
BA-06-46 47.60 227 70 100N 6.50 18.00 11.50 2.27
degrees degrees
--------------------------------------------------------------------------
Definition drilling was interrupted for a period of
approximately two months in order to mobilize the drilling
equipment for the execution of geotechnical drilling required for
the on-going feasibility study on Zone A. Definition drilling
activities have now resumed with the objective to obtain specific
geological information on Zone A as well as to provide sufficient
data to increase the proportion of measured resources in the final
resource calculation. A progress report on the feasibility study
will be disclosed in the near 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 3 kg on average are taken from sawn
half core at +/- 1 metre 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 50 g pulp samples.
The sample preparation procedure involves the crushing of the
entire 3 kg sample followed by quartering to obtain a
representative 500 g sample which is entirely pulverized and out of
which a 50 g 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 through
increased activity on the advanced projects, a new acquisition and
the segmentation of its activities to unlock value for its
shareholders. SearchGold's diamond assets were re-organized along
with Mano River Resources Inc., to create an integrated diamond
company called Stellar Diamonds Limited of which SearchGold holds
2.7 million shares. SearchGold's Canadian gold assets were also
re-organized through the creation of Golden Share Mining
Corporation which will focus on exploration principally for gold in
Canada. SearchGold intends to distribute a dividend to its
shareholders as part of the Golden Share transaction.
If you would like to receive press releases via e-mail please
contact: info@searchgold.ca.
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
www.searchgold.ca CHF Investor Relations Alison Tullis Account
Manager 416-868-1079 x233 alison@chfir.com
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