SearchGold Resources Inc.
TSX VENTURE: RSG
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OCTOBER 25, 2006 - 09:00 ET Show Text
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SearchGold Identifies Three New Gold Anomalies on Magnima, Gabon
MONTREAL, QUEBEC--(CCNMatthews - Oct. 25, 2006) - SearchGold Resources Inc. (TSX VENTURE:RSG) (FRANKFURT:S10) today reported on the progress of its Joint-Ventured Bakoudou-Magnima Gold Project in Gabon, Africa, with Managem, a proven African-based mining company.
Philippe Giaro, President and CEO, stated "We are extremely pleased with the recent results from Magnima as they validate our geological model at the regional level. We have for the first time demonstrated the existence of significant new gold zones within a 10 km radius of Bakoudou's Zone A. These results completely open up the potential of a huge area controlled by SearchGold and Managem and they confer a totally new dimension to this promising project."
The initial results of the stream geochemical survey carried out on the 2,294 km2 Magnima Permit have so far outlined three new gold bearing areas within a 10 km radius of Bakoudou's Zone A (see attached figure or visit : http://www.searchgold.ca)
- The Moyabi anomaly is located 10 km north-east of Zone A. It is defined by seven anomalous stream samples peaking at 585 ppb Au, outlining an area approximately 3 km in length. Associated with a north-north-west trending structural corridor, this anomaly is similar to that of Bakoudou's gold corridor.
- The Lekodo anomaly is located 2.5 km south of Zone A, directly south of the Bakoudou permit. It is defined by seven anomalous stream samples peaking at 310 ppb Au outlining an area approximately 2 km in length. The anomaly is significant due to the proximity with the Koudou river lineament which is associated with the mineralization observed at Bakoudou.
- The Lekoudou anomaly is located 8 km west-north-west of Zone A. It is defined by six anomalous stream samples peaking at 100 ppb Au outlining an area approximately 5 km in length.
Magnima Permit - Going Forward
On the Moyabi anomaly, a detailed soil geochemistry survey will be completed, in priority, through the establishment of a grid with line cutting at 100 m intervals. Concurrently, the semi-regional geochemistry stream sampling program will continue to ensure the full coverage of a 5 to 7 km belt surrounding the Bakoudou permit where a lineament study has highlighted the presence of structural features similar to the ones observed on Bakoudou's Zone A. The objective of this program is to identify satellite ore bodies.
Procedure for Geochemsitry Stream Sampling
Geochemistry stream samples follow a set sampling pattern established on the basis of the topography and hydrographic basin specific to each Block. An initial quantity sufficient to obtain approximately 50 g of -125 micronsm material after drying and sieving was taken; each sample weighting initially approximately 7.0 kg.
Analysis of the Samples
The samples are analyzed with an atomic absorption method at Abilab's laboratory in Mali. The method involves dissolving the samples in aqua regia followed by the determination of the dissolved gold content by atomic absorption spectrophotometry following organic solvent extraction (DIBK). The analysis is executed on 30 g aliquots and a 2 ppb detection limit is achieved. A rigorous QA/QC program established by the laboratory involves the random inclusion of standards, duplicates and blanks at the sample collection and preparation stage.
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 six mines in Morocco and was also involved in the development of two gold mines in West Africa, the Kiniero mine in Guinea and the recently commissioned Samira Hill mine in Niger.
The Bakoudou-Magnima Gold Project comprises the Magnima prospecting authorization with a 2,294 km2 surface area and the Bakoudou exploitation permit with a surface area of 24 km2. Zone A, SearchGold's first advanced target located on the Bakoudou permit, sits at the southern extremity of a 2.5 km northwest trending gold bearing corridor.
About SearchGold Resources Inc.
SearchGold Resources is a Canadian based mining exploration company whose primary mission is to target, explore and develop gold and diamond deposits in Africa and in Canada. SearchGold is aggressively pursuing the development of its gold projects with three drill programs to be initiated before the end of 2006.
A map showing the Magnima gold anomalies - stream geochemistry in Gabon is available at the following address:http://www.ccnmatthews.com/docs/search_map.pdf
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