SearchGold Provides an Update on its Burkina Faso Activities
March 24 2011 - 10:58AM
Marketwired
SearchGold Resources Inc. ("SearchGold")(TSX VENTURE:
RSG)(FRANKFURT: S1O) is pleased to provide an update on its West
Africa, Burkina Faso activities.
Arae-Gassel Project
Swala Resources Plc ("Swala") has announced that Xcalibur
carried out a high-resolution airborne geophysical survey over the
property during January and February 2011. A provisional data set
has been made available and numerous structures can be observed
that will aid the identification of mineralised zones. Data
processing and interpretation will be completed during March
2011.
A geochemical sampling programme is currently underway to
complete the areas not previously covered by previous operator
Orezone Gold Corporation ("Orezone"). The Orezone work proved very
effective in identifying mineralized areas. The property has been
subdivided according to the regolith conditions, overburden
thickness and prioritised so that the most critical data is
available prior to the drilling programme.
A RAB drilling programme of 15,000 metres is scheduled to
commence in mid April 2011 after a full analysis and interpretation
of the airborne magnetic data and sampling is concluded. Four
anomalous areas have been identified from previous mapping,
sampling and drilling programmes. Additional data from the airborne
geophysical survey and the current soil geochemical sampling
programmes will also assist in defining mineralisation trends and
new anomalous areas for drilling. The drilling will be a
combination of angled holes drilled across the strike of the
mineralisation and short vertical holes designed to sample the
saprolite layer at shallow depths.
Gueguere Project
Immediately after the signature of the joint venture agreement
with Swala, an airborne geophysical survey with the same
specifications as those used at Arae-Gassel was executed. Data
processing is in progress and provisional results are expected
shortly. Limited previous exploration work has been undertaken on
the Gueguere property. However, some regional geochemical sample
results are available and a mapping programme is planned to
complement the geophysical data. Further geochemical and stream
sampling will be carried out in identified target areas.
A site visit by SRK Consulting (Canada) Inc. ("SRK") to both
Arae-Gassel and Gueguere was made in February and NI 43-101
technical reports will be executed as part of the SRK mandate.
Recent Swala developments
Swala recently raised $4,100,000 at a price of C$0.35 per share
in a private placement that is now being closed. In addition, Swala
has advanced its listing process with the identification of a
suitable TSX Venture listed shell and Swala is hopeful to finalize
a listing transaction in the summer of 2011.
About Swala Resources plc
Swala Resources plc is a private African explorer with a focus
on gold in Burkina Faso and Zimbabwe. In Burkina Faso, Swala owns
100% of the Arae-Gassel project directly adjoining to the north
Avocet's 1.8 million ounce Inata gold deposit. In Zimbabwe, Swala
has a 50% joint venture interest in 15 gold claims where a small
production plant came on line in February 2011 and a controlling
interest in a 60/40 joint venture with other parties for the
exploitation of high-grade alluvial deposits covering in excess of
15,000 hectares. In addition, the Company owns carried joint
venture interests in exploration projects located in Gabon and the
Democratic Republic of the Congo. Swala's strategy for 2011 is to
grow its resource base on the Arae-Gassel project and provide NI
43-101 reporting with the objective to list the Company on the TSX
Venture Exchange in 2011 while concomitantly increasing cash flow
from its Zimbabwe gold producing operations.
About SearchGold Resources Inc.
SearchGold is a Canadian-based mining exploration company whose
primary mission is to target, explore and develop gold deposits in
Africa. The Company is currently involved in Burkina Faso, Gabon
and Guinea. Through innovative corporate transactions, SearchGold
has been able to retain an interest in all the important assets it
has acquired and developed during its existence as a public
company. SearchGold vended the remaining interest in the
Arae-Gassel project in exchange for 4.5 million shares of Swala
Resources plc or 10% of the Company at the time of the Transaction
(see press release dated July 6th 2010). Additionally, SearchGold
recently signed a joint venture agreement with Swala for the
development of the Gueguere project (see press release dated
February 1st 2011). Please see: www.swalaresources.com for
additional information.
FOR FURTHER INFORMATION PLEASE VISIT
http://www.searchgold.ca.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts 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
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