MONTREAL, QUEBEC (FRANKFURT: S1O) is pleased to provide an
update on its Booue-Mimongo Gold Project located in Gabon,
Africa.
A first field program was executed between June and October 2007
on three priority targets identified on the Booue Property.
A positive response was obtained in the first pass geochemistry
soil sampling of the Ekarlong target. A total of 773 geochemical
soil samples were collected at 50 m intervals on 40 km of lines cut
with a 500 to 1,000 m spacing. A total of 13% of all geochemical
soil samples returned values above the 5 ppb Au detection
limit.
A map is available at the following address:
http://media3.marketwire.com/docs/pla.pdf
The initial sampling grid covered a triangular geological
structure approximately 5km by 5km in surface area. SearchGold
targeted this area from which 38% of DeBeers' stream samples
collected on the Booue-Mimongo properties reporting visible gold
grains in the coarse fraction were initially sampled. The positive
geochemical soil samples from the recent field survey executed by
SearchGold were collected within the targeted geological feature
and cover a surface area of approximately 3km by 5km characterized
by three important structural lineaments and associated linear,
ultramafic intrusive bodies.
Additionally, field work in the Ekarlong area consisted in 21 km
of refreshed bush trails and the collecting of 160 rock samples. A
value of 0.82 g/t Au was obtained from a punctual surface rock
sample collected in outcrop.
Philippe Giaro, President and CEO, stated "Although preliminary
in nature due to the wide line spacing which had to be used during
a first pass approach, the results are significant in that they
confirm DeBeers's findings, they cover a large surface area and are
associated with regional structural features. The fact that
Ekarlong is being worked by local artisan alluvial gold workers,
that panning executed during the field survey in specific creeks
revealed the presence of gold and that a gold value was obtained in
a surface rock sample are additional positive indicators."
The second target, Zomoko, is located 25 km south of the town of
Mitzic, and is highlighted by the intersection of two magnetic axes
creating local sigmoidal structures. DeBeers' work revealed
positive gold anomalies. Field work consisted in 32.7 km of
refreshed bush trails and the execution of 3 traverses totalling
11.1 km sampled for soil geochemistry at a 50 m spacing (totalling
223 soil samples) and the collecting of 17 rock samples. A sector
anomalous in gold was identified in the southern part of the
prospect; its surface extent and intensity are weaker than in the
case of Ekarlong.
On the third target, Mebaga, a reconnaissance visit was carried
out on the Mebaga-Mvomo gold prospect which is associated with the
presence of Archean iron formations. This area has been the object
of several alluvial gold operations and previous exploration work.
Three operating areas, targeting ancient alluvial exploitations,
were visited and the lithologies hosting the mineralization were
inferred from blocks retrieved in the operation, which for the most
part, consist in quartz and amphibolites. In every instance,
panning executed during SearchGold's field visit revealed the
presence of fine gold. Following this initial visit, further work
will be executed in this area.
Granting of Permis de Recherche
On November 23rd 2007, AMIGA, the partner's local subsidiary,
was awarded four Permis de Recherche. These four permits are Zomoko
with a surface area of 1,995 km2, Koumameyong with a surface area
of 1,983 km2, Mitzic with a surface area of 1,926 km2 and Mimongo
with a surface area of 1,970 km2 for a total surface area of 7,874
km2. These permits replace the two previous Autorisations de
Prospection which covered an initial surface area of 7,865 km2. All
four permits are directly accessible by road from the capital city
of Libreville.
About Booue-Mimongo / Previous work by DeBeers
In September 2007, SearchGold announced that it had entered into
an option agreement with Arc Mining and Investment s.a. ("Arc"), a
wholly owned subsidiary of Zambezi Gold Plc, a company registered
in the United Kingdom, to acquire a 50% interest in two gold
properties in Gabon.
The initial Booue Gold Property consisted of one 7,336 km2
Autorisation de Prospection and is located in north central Gabon;
it is now replaced by three Permis de Recherche totalling 5,904
km2. The initial Mimongo Gold Property consisted of one 529 km2
Autorisation de Prospection and is located in south central Gabon;
it is now replaced by one Permis de Recherche totalling 1,970 km2.
SearchGold is the project operator and can acquire a 50% interest
in both properties over three years by incurring a total of
US$1,500,000 in exploration expenditures as follows : US$250,000
the first year, US$500,000 in the second and US$750,000 in the
third year.
Arc is a private Luxembourg based mining company involved in the
acquisition and development of mining projects and managed by a
team of well respected mining professionals. Once SearchGold earns
its 50% interest in the projects, SearchGold and Arc will
contribute jointly to further develop the properties. A 2% NSR is
payable to DeBeers.
DeBeers carried out regional exploration work for diamonds
throughout Gabon covering an area of 33,513 km2 and which
essentially consisted of regional stream geochemistry and airborne
geophysical surveys. The Project was identified on the basis of
DeBeers' samples having returned visible gold grains in the coarse
fractions. Several multi kilometre-size gold clusters appear to be
associated with regional structures and lithological contacts.
Gabon is one of the most politically stable countries in Africa
and the country's petroleum industry has insured prosperity. Gabon
is now starting to diversify its economy and intends on maximizing
the overlooked potential of its mining sector which offers upside
from various commodities. SearchGold and its partner Managem are
developing Gabon's most advanced gold project, the Bakoudou-Magnima
Project. The Booue-Mimongo Project complements the Bakoudou-Magnima
Project by strengthening SearchGold's position in Gabon with access
to 10,000 km2 of under-explored greenstone belts.
Procedure for Geochemistry Soil Sampling
Sampling was carried out at a depth of 10 to 30 cm and at a 50 m
interval on all transverse lines and at a 100 m interval on the
Ekarlong base line. Each sample, weighting approximately 1.5 kg, is
a composite of three sub-samples: the first one taken directly from
the line; the remaining two were taken 10 m away, perpendicularly
on each side of the line. The samples were then manually loosened
and underwent manual removal of the coarse debris.
Analysis of the Samples
The samples were analyzed for gold, platinum and palladium at
SGS Minerals laboratory in Johannesburg, South Africa by fire assay
and ICP-OES/MS spectrometry with a detection limit of 5 ppb for
gold and palladium and 10 ppb for platinum. The analysis is
executed on 50g aliquots and a rigorous QA/QC program established
by SearchGold and the laboratory involves the random inclusion of
standards, duplicates and blanks at the sample collection and
preparation stage.
Philippe Giaro, P.Geol., President and CEO of SearchGold
Resources Inc. and Qualified Person for SearchGold, is responsible
for reviewing the content of this release.
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
CHF Investor Relations Alison Tullis, Account Manager 416-868-1079
x233 alison@chfir.com
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