SearchGold ResourcesThe Company
SearchGold Resources (RSG:TSXV; S10:FSE) is a Canadian mining exploration and development company focusing on gold and diamonds in Canada and Africa. In 2003, RSG began to focus on the advancement of its two main projects, the Bakoudou-Magnima Gold Project in Gabon and the Mandala-Ouria Diamond Project in Guinea. In 2005- 2006, these two projects reached a sufficiently advanced stage of development allowing the Company to focus on new acquisitions and joint ventures (JV). 2007 should see the acceleration of development on the new blue-sky and the advanced projects as well as some potential acquisitions.
Gold Properties
MANDIANA, GUINEA –475 KM²
In January 2006, SearchGold signed an option to acquire a 100% interest in Mandiana with the agreement to execute total work commitments of USD 270,000 over 18 months; a 2% NSR and a percentage payment of project expenditures. Mandiana, located in eastern Guinea, is accessible by road.
Previous systematic reconnaissance by Ashanti/Iamgold yielded significant preliminary drill results such as 3.68 g/t Au over 10 m, 1.89 g/t Au over 20 m and 0.94 g/t Au over 47 m. Mandiana is located in an area with significant recent discoveries such as Glencar’s intersection of 55.19 g/t Au over 20 m, 40 km north of the Mandiana property.
The N’Diambayeprospect has yielded significant results in 2006 : In May, a quartz-rich, gold-bearing, mineralized system was recognized over strike length of 2.1 km so far with surface assays of up to 26.58 g/t Au. In September, RSG announced the discovery of world class termite mound gold anomaly partly overlapping the mineralized system.
The first 12 holes of a 4,300 m drilling program consisting in 54 holes and initiated in December 2006 yielded a significant discovery in hole NDI-002A : 9.76 g/t Au over 22 m from 50 m to 72 m.
BAKOUDOU -MAGNIMA, GABON –2,294 KM²
In July 2005, SearchGold signed a JV for CAD 4,2M, with Managem under the following terms: Managem can earn 54% of RSG’s interest through the execution of CAD 1,2M cash payments and work commitments of CAD 3,0M over a 2-year period; an additional 9% by completing a bankable feasibility study and an additional 4.5% by arranging, if requested by RSG, the financing through to production forRSG. Bakoudou-Magnima is accessible by road and is located in southeastern Gabon.
The project is systematically being developed through the simultaneous execution of a feasibility study on Zone A and its extensions as well as regional exploration within a 10 km radius of Zone A to identify additional resources.
Zone A, RSG’s most advanced target, sits at the southern extremity of a 3 km mineralized trend. A scoping study was completed in 2003 by Met-Chem, Canada, and identified a combined oxide-sulfide measured and indicated resource of 277,380 oz Au (2,100,000 metric tons @ 2.45 g/t Au oxide, and 570,000 metric tons @ 6.11 g/t Au sulfide)*.
2006 has seen the establishment of major milestones:
On Bakoudou, the soil geochemical survey has now allowed the full definition of the Bakoudou soil gold anomaly over a length of 2.5 km. The results show the presence of a strong, continuous peak located 1.7 km north-north-west of Zone A.
On Magnima, the stream geochemical survey has so far outlined three new gold bearing areas within a 10 km radius of Bakoudou’s Zone A. These gold anomalies are up to 5 km long and peak at 585 ppb Au.
Systematic drilling on the extensions of Zone A was initiated in mid-November 2006. A second drill has been moved on site and is operational. The newly defined stream geochemical anomalies will be followed with detailed work.
* * Readers are cautioned that while the resource estimate was executed in conformity with the recommendations of norm 43-101, the Conceptual Study Report by Met-Chem does not constitute a Technical Report as all resource estimates are based on prior data and reports obtained and prepared by previous operators. The conceptual study was executed for the sole purpose of deciding to undertake a 43-101 compliant feasibility study. The conceptual resource estimates should therefore not be relied upon and SearchGold is not treating the mineral resource estimates as a National Instrument 43-101 defined resource verified by a qualified person.
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Mar 23rd, 2007, 06:13 PM #228
Northwind
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Posts: 297 RSG summary continued...
Can you see the Blue Sky potental yet?
BELLETERRE PROJECT, CANADA –26.1 KM²
The Belleterre project consists of two contiguous properties for a total of 26.1 km². In June 2006 SearchGold signed an option to acquire a 70% interest in Blondeau-Guillet with Niogold Mining Corporation by paying Niogold a total of $50,000, issuing a total of 750,000 shares and by incurring a total of $620,000 in exploration expenditures over 3 years.
Known gold occurrences are in excess of ten and recent drilling by RSG on Vein # 3 returned encouraging gold grades at shallow depth with intersections of 18.21 g/t Au over 0.33 m, 16.81 g/t Au over 0.40 m and 1.88 g/t Au over 3.60 m.
Historical work on Vein # 1, located 250 m to the SE of Vein #3 highlighted the presence of rich mineralization : Chip samples up to 67.21 g/t Au over 1.22 m, a bulk sample which returned 406.75 ounces of gold from 4,253 sh.tons and two historical drill intersections of 24.26 g/t Au over 0.37 m and 19.28 g/t Au over 0.70 m.
A 5000 m drilling program was initiated in mid-November 2006 and is targeting principally the Vein # 1 and 3 deformation corridor.
LAC FORTUNE WEST, CANADA –1.9 KM²
SearchGold owns a 100% interest in the 17-claim Lac Fortune West Property, located on the Cadillac-Larder Lake Break in Quebec, Canada. A 1.5% NSR is payable to the previous owner. Located in the Abitibi gold camp, Lac Fortune West is within close proximity with the past producing Kerr Addison Mine and the Francoeur # 3 mine.
RSG’s newly established South King Zone has returned preliminary drill results of 855.58 g/t Au over 0.35 m, and 60.43 g/t Au over 0.27 m in hole FOR-05-07 associated with quartz carbonate pyrite veinlets displaying visible gold.
Integration of previous data with recent drilling and modelization of gold mineralization is now in progress.
Gold Properties
MANDALA –OURIA / BOURO, GUINEA –405 KM²
SearchGold owns 95% of its Guinean subsidiary which holds 85% of two Alluvial Diamond Permits covering a total of 30 km² in Guinea’s diamond producing area. RSG recently signed a JV with Mano River Resources, which holds the underlying hard rock, 405 Km2 Exploration Permits. The project, located in southeastern Guinea, is accessible by road.
The resulting synergy unlocks the tremendous value of this historic diamond district through the unique combination of Mano’s Kimberlitic and SearchGold’s alluvial assets.
RSG’s work highlights include a pre-feasibility study yielding an estimated resource of 535,162 cts within 1,157,369 m³ of gravel defined through the recovery of 24,424 diamonds weighing 6,571 cts. The diamond valuation yielded an average price of USD 53.40 / ct and is based on work by Natural Diamond Corp. of Antwerp, Belgium.
The partners have advanced the engineering work on the project and are contemplating the listing of new entity to raise the funds for the construction of a dual alluvial/kimberlite treatment plant.
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Today, 01:31 PM #229
new_gen
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Join Date: Feb 2006
Location: Vancouver
Posts: 149 Hey Northwind, thanks so much for the DD, i bought in yesterday at .32, news should be around the corner cause last time it took the company approximately 15 days to release an nr following the one on feb 26th, 2007. so i am assuming the nr should be out tomorrow. jmho
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