|SearchGold Defines a 3km by 5km Anomalous Gold Sector on Ekarlong Target in Gabon|
Wed Feb 20, 10:45 AM
MONTREAL, QUEBEC--(Marketwire - Feb. 20, 2008) - SearchGold Resources Inc. (TSX VENTURE: RSG.V)(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.
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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.
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Philippe Giaro, President & CEO
SearchGold Resources Inc.
Denis Tremblay, Vice-President
SearchGold Resources Inc.
Alison Tullis, Account Manager
CHF Investor Relations