NEWSSearchGold Starts its Exploration Program on Fortune Lake West and Chevrier Lake Gold Properties in Northwestern Quebec
MONTREAL, QUEBEC--(CCNMatthews - Aug. 17, 2004) - SearchGold
Resources Inc. is pleased to announce the start up of an
extensive exploration program on its two recently acquired gold
properties in the district of Rouyn Noranda and Belleterre,
Northwestern Quebec . The pre-drilling phase that started August
2nd consist mainly in the mechanical stripping and sampling of
the main gold and Copper zones of the two properties. Four (4)
grab samples were collected on both properties in the course of a
recent reconnaissance field trip by Mr. Jeannot Theberge ,
SearchGold's Geological consultant in charge of the ongoing
program. The samples were sent to SGS Rouyn Noranda laboratory
for analysis and returned the following substantial gold and
copper grades:
/T/
---------------------------------------------------------------------
---------------------------------------------------------------------
SAMPLE # DESCRIPTION Cu % G/t Au
---------------------------------------------------------------------
# 655308 Fortune Lake, main zone,
Near previous Bulk sample 28.05 g/t, Au
# 655302 Fortune Lake, Copper Zone 19.51 % Cu
# 655306 Chevrier Lake, Vein # 3, 26.00 g/t, Au
L 1+75 E
# 655307 Chevrier Lake, Vein # 3, 32.73 g/t, Au
150 m. W of sample # 655306
---------------------------------------------------------------------
---------------------------------------------------------------------
/T/
Historical data
The previous work recorded on the Fortune Lake West gold property
comprises geophysical and geochemistry surveys and substantial
diamond drilling which identified numerous mineralized areas,
including a gold zone extending over 500 meters in a shear zone
similar to the mineralization found on the adjacent Francoeur
Mine deposit.
Compilation of previous drilling results recorded more than 170
drilling intersections showing gold grades higher then 1.0 g/t
Au. Numerous high grade gold zones were reported, namely, 9.91
g/t Au over 2.3 meters, 10.3 g/t Au over 2.75 meters and 15.7 g/t
Au over 0.85 meters.
The Lac Fortune West property is adjacent to the Francoeur Mine,
which produced gold for more than 10 years and with remaining
reserves of 907,000 tons of ore grading 0,26 oz/t Au totalling
233,000 ounces of gold. Also, 6 km East, the former Wasamac Mines
produced some 240,000 ounces of gold between 1966 and 1971 and
finally, 15 km West, the former Kerr Addison Mine produced in
excess of 10 million ounces of gold.
Previous work recorded on the Chevrier Lake gold property
comprises stripping and sampling over Quartz Vein # 3, previously
discovered by Blondor Gold Mines in 1944-45 and extended by Arbor
Resources in 1984. Vein # 3 has been traced over a length
exceeding 400 meters and a width varying between 30 and 60 cm.
The quartz vein appears in a shear zone and contains locally over
2% pyrite and chalcopyrite. In the October 2000 stripping and
sampling program, one grab samples recovered after mechanical
stripping returned values of 92.04 g/t Au and 500 g/t Ag and 4%
Cu. Another grab sample returned 53.11 g/t Au and 83.9 g/t Ag.
The above values are stated in a report written by M. D.
Gaudreault, Ing., Geol. That structure has never been drilled to
date and it will be of SearchGold's priority to confirm its
continuity at depth.
About SearchGold Resources:
SearchGold Resources is a Canadian based mining exploration
company whose primary mission is to target, explore and develop
diamond and gold deposits in Africa and in Canada. SearchGold's
project strategy maximizes its experience and resources, and
supports the company's commitment to strengthen shareholder
value. Discover more about SearchGold Resources by visiting
www.searchgold.ca
Shares issued: 50,079,814
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
SearchGold Resources Inc.
Maurice Giroux
President
(514) 866-4224
info@searchgold.ca
https://www.searchgold.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.