SearchGold Defines a Kilometer-Size Gold Anomaly on Mandiana in Guinea, West Africa
SearchGold Resources Inc. (“SearchGold”) (TSX VENTURE:RSG.V – News) today announced the results of the phase # 1 termite mound survey on its Mandiana Gold Property, Guinea.
In the case of the N’Diambaye prospect, the main termite mound anomaly is similar in size and strength to the major termite mound gold anomalies of West Africa, specifically in the sector of the Sadiola Mine (+10,000,000 ounces of gold).
Mr. Pierre Lalande, former Iamgold Chief Geologist and SearchGold’s technical advisor for the project, commented: “It is definitely the strongest and most consistent termite mound anomaly, in terms of surface area, I have seen in West Africa since Sadiola(i) (1992). The main soil anomaly (as previously defined by Ashanti Goldfields Corporation(i)(i)) is confirmed on a length of 1,200 m in a NE direction and its width varies between 80 and 400 m. The strongest anomalous directions are from NNE to NNW for a length of at least 1,000 m. Such directions are highly mineralized at Sadiola, Yatela, Syama, SAG and Lero”.
This specific anomaly has never been drilled and represents a prime target for SearchGold.
Termite mound sampling is a very cost-effective method as it presents a unique opportunity to sample material that has been excavated underground and brought to the surface. Since material originating close to the bedrock is actually sampled, this method is also very efficient in providing a higher degree of certainty as to the source of the gold and therefore outlining significant anomalies which should be drill-tested in priority.
N’Diambaye
The N’Diambaye area has yielded the most impressive results with the definition of three anomalous clusters in the southern part of the prospect. The main and most significant anomaly shows a general NNE orientation, reaching a length of approximately 1 km and width of up to 400 m. The second and third anomalies are more diffuse, showing no clear geographical trend. They are located respectively 800 m NW and 600 m WSW with regards to the main anomaly.
These anomalies are defined at the +20 ppb Au level, show an average above 100 ppb with several values above the 400 ppb threshold and a peak at 1670 ppb. The raw results were adjusted to account for the various surface environments within which the samples were taken. This interpretation strengthens the second and third anomalies while slightly enhancing the presence of ENE mineralized trends.
These anomalies partly overlap the 2.1 km quartz-rich, gold-bearing, mineralized system defined by a preliminary reconnaissance field program which returned surface rock assays of up to 26.58 g/t Au (see press release dated May 24th 2006).
Karfakolo
The survey outlines the presence of a NNW trending 3.2 km anomaly located in the northern part of the Karfakolo prospect. The anomaly shows a width of up to 150 m and is offset near its center as its southern extremity appears displaced towards the west by 400 m.
This anomaly is defined at the +25 ppb Au level, shows several values above the 700 ppb threshold and peak at 1500 ppb. As for N’Diamabye, the raw results were adjusted to account for the various surface environments and the interpretation clearly shows the presence of more subtle ENE mineralized trends.
Further developments
Based on the preliminary reconnaissance results, SearchGold had initiated phase 2 of the termite mound survey program in June 2006. This phase was designed to cover the entire 475 km2 Mandiana Gold Property (see press release dated May 24th).
Phase 2 is now completed and early-stage results have been received by the Company. Moreover, a specific detailed survey was carried out during Phase 2 to better define N’Diambaye’s main termite mound anomaly.
SearchGold now considers the target as drill ready and is currently evaluating the feasibility to proceed rapidly with a preliminary drilling campaign on N’Diambaye. The Company will provide regular updates on the development of the Mandiana Project. Moreover, a detailed map of the N’Diambaye area is available on SearchGold’s web site.
About the phase # 1 program
Three prospects were investigated by SearchGold on 200 m by 40 m center grids covering a total area of some 17 km2. A total of approximately 2,500 samples weighing 4 kg each were collected. A 2 kg fraction of every sample was crushed to 95% minus 200 mesh and analyzed by 24-hour bottle roll cyanidation. The program was carried out under the supervision of Mr. Pierre Lalande, P. Geol. and former Iamgold Chief Geologist who has been involved with gold projects in tropical terrains in the Birimian rocks of West Africa. Philippe Giaro, P.Geol., President and CEO of SearchGold Resources Inc. and Qualified Person for SearchGold, has reviewed and approved the content of this release.
(i) for more information on the Sadiola Mine, please see: www.iamgold.com/sadiola.php
(i)(i) In February 2006, SearchGold initiated a semi-detailed termite mound survey on three prospects previously defined on the Mandiana Property (N’Diambaye, Karfakolo and Intercolonial). These prospects were initially identified through work executed by Ashanti Goldfields Corporation under a joint venture called the Ashanti-AGEM Alliance, AGEM being a wholly-owned subsidiary of Iamgold Corp (see press release dated February 21st 2006).
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’s project strategy maximizes its experience and resources, and supports the Company’s commitment to strengthen shareholder value.
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A map of the N’Diambaye Sector is available at the following address: http://www.ccnmatthews.com/docs/rsgc0906.pdf
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
SearchGold Resources Inc.
Philippe Giaro
President & CEO
32-473-52-30-29
phgiaro@skynet.be
SearchGold Resources
514-866-4224
info@searchgold.ca
http://www.searchgold.ca
CHF Investor Relations
Cathy Hume
CEO
416-868-1079 x231
cathy@chfir.com
CHF Investor Relations
Alison Tullis
Associate Account Manager
416-868-1079 x233
alison@chfir.com