NEWS RELEASE
Searchgold Resources Inc -
Searchgold's first resource estimate in Gabon
Searchgold Resources Inc RSG
Shares issued 4,332,285 1999-01-15 close $0.47
Tuesday Jan 19 1999
Mr. Henri Perron reports
Searchgold Resources has receives the first resource estimate of the Bakoudou exploration project in Gabon, following the diamond drilling campaign completed in October 1998.
805,188 OUNCES
WITH AN AVERAGE GRADE OF 6.4 g/t AU
Grade
Tons g/t Au Ounces
Section I 3.38 Mt 6.8 743,146
Section II 0.26 Mt 2.6 22,194
Section III 0.29 Mt 4.29 39,848
Total 3,942,281 6.4 805,188
In previous reports, the potential of the Bakoudou deposit was evaluated at 675,000 ounces on a length of two kilometres or 7 Mt at three grams per tonne Au. Searchgold was successful, with a high-quality drilling campaign, in increasing the gold resource in a significant matter with 92.3 per cent of the resource or 743,146 ounces (3.38 Mt at 6.8 grams per tonne Au) in an area of 350 metres by 700 metres and less than 110 metres in depth.
The first resource estimate calculations are based on the assay results compilation done by Jacques Marchand, an independent consulting geological engineer.
The 1998 drilling campaign provided the company with 20 diamond drill holes for a total of 3,002.10 metres, covering an area of 2,000m x 500m and 150m in depth. A total of 1,299 samples were assayed for gold.
The combined intersections reached:
2.1 g/t Au on 74.6m
2.5 g/t Au on 38.2m
11.3 g/t Au on 5.3m
4.5 g/t Au on 18.1m
13.8 g/t Au on 13.8m
These results combined with the Comilog previous results define three mineralized sections which holds a total resource of 25 tons of gold. Section I (south), 17 drill holes: 3.38 Mt at 6.8 g/t Au. Section II (centre), two drill holes: 0.26 Mt at 2.6 g/t Au. Section III (north), three drill holes: 0.29 Mt at 4.2 g/t Au.
Bakoudou is on an archean volcanic stratiform formation. The zone is altered even in its non-oxidized part. The oxidized layer reaches 85 metres in depth (50m in average). The gold lies essentially in veins of quartz and in their walls. The gold bearing veins were intersected from the surface (3m) to 110m in depth.
The continuation of the exploration campaign will require $1-million and is planned to continue in February and from June to October 1999. It will consist of more drilling and additional soil sampling for the new areas. With the deposit still open to the north, east and in depth, with a major vein 5.29m thick at 11.33 g/t Au in the hard rock, Mr. Marchand, independent consultant, believes that it is likely that the next drilling campaign will double the actual resource.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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