SearchGold Provides Update on Swala and Burkina Faso
23 Junho 2011 - 10:30AM
Marketwired
SearchGold Resources Inc. ("SearchGold" or the "Company")(TSX
VENTURE: RSG)(FRANKFURT: S1O) is pleased to provide an update on
Swala Resources plc. ("Swala") and its Burkina Faso operations in
West Africa.
Finance and listing of Swala
Swala's application to the TSX Venture Exchange remains
scheduled for September or October of 2011.
Mr. John Turner and Mr. Peter Jones have accepted to join
Swala's Board of Directors. They both bring a wealth of experience
to Swala; John Turner being the Leader of Fasken Martineau's Global
Mining Group while Peter Jones has served as President and CEO of
Hudson Bay Mining and Smelting, President and COO of Inco, and
until recently, CEO of Iamgold.
Swala has retained the services of Dundee Securities to lead
their planned Initial Public Offering ("IPO") in Canada while
Haywood Securities and Jennings Capital have been selected to join
the syndicate for the IPO offering.
Arae-Gassel project / Burkina Faso
The money raised by Swala in early 2011 was immediately put to
use on the Arae-Gassel project in Burkina Faso.
Airborne magnetic surveys were completed (see attached figure:
http://media3.marketwire.com/docs/sg0623.pdf or visit:
http://www.searchgold.ca) and Swala is now well into a 15,000 metre
drilling program which is due to end in mid July, the purpose of
which is to investigate new areas of mineralization. Swala's focus
at this stage is not to delineate a resource yet but rather ensure
that proper targeting and prioritising is achieved.
A specialist structural geologist has completed the fieldwork
and numerous trenches were excavated to facilitate structural
measurements and geological mapping. These data are now being
integrated with the geophysical interpretation and the final report
on this work is expected at the end of June.
The "pit loam" geochemical sampling programme has been completed
over most of the 400 km2 Arae-Gassel property surface area, notably
covering significant ground previously unsampled by past operators.
All of the samples have been submitted to the ALS laboratory in
Ouagadougou. The mining rush to Burkina Faso has been significant,
and the demand on drilling rigs and laboratory much greater than
normal. As a result sample analysis backlogs at this laboratory are
about one month and the last sample results are expected before the
end of June. The "auger" geochemical sampling programme has been
rescheduled to take place in September this year after the rainy
season.
A RAB drilling programme of 15,000 metres is in progress. The
purpose of this programme is to test four new anomalous areas where
limited previous work and artisanal digging indicate gold
mineralization of significance. These anomalies indicate new and
potentially important mineralization up to 10 kms west of the
principal primary target ("Kerboule-Yalema") that was identified by
previous operators and on which most of the work has been done to
date. The first of these, "Ariel", has been completed and the drill
is now in operation on the "Gassel-Haissa" target. These samples
are also being consigned to the ALS laboratory in batches and the
first results should be available mid-July.
About Swala Resources plc
Swala Resources plc. is a private African explorer with a focus
on Burkina Faso where Swala owns 100% of the Arae-Gassel project
directly adjoining Avocet's 2.12 million ounce Inata gold
deposit(i). In Zimbabwe, Swala has a joint venture with other
parties for the exploitation of high-grade alluvial deposits that
have been identified as a consequence of Swala's proprietary GIS
program to identify and rank high potential deposits using an
extensive database for its source production. In addition, the
Company owns a carried joint venture interest in an exploration
project with AngloGold Ashanti that is located in Gabon. Swala also
owns 7,500 km(2) of exploration licences in the Democratic Republic
of the Congo for PGM, Nickel and base metals.
(i)NI 43-101 compliant total resources of 41,847,000 tonnes @
1.57 g/t Au at 0.7 g/t Au cut off
About SearchGold Resources Inc.
SearchGold is a Canadian-based mining exploration company whose
primary mission is to target, explore and develop gold deposits in
Africa. The Company is currently involved in Burkina Faso, Gabon
and Guinea. Through a series of successive innovative transactions,
SearchGold has been able to retain an interest in all the important
assets it has acquired and developed during its existence as a
public company. As a result, SearchGold now has investments in
three mining companies and one near-term production gold project
:
- Bakoudou Zone A, Gabon / Managem : 0.75% NSR
- Swala Resources plc : 4.5 million shares, (see:
www.swalaresources.com)
- Stellar Diamonds plc : 1.7 million shares (see :
www.stellar-diamonds.com)
- Golden Share Mining Corporation : 2.1 million shares (see:
www.goldenshare.ca)
Philippe Giaro, P. Geo., President and CEO of SearchGold
Resources Inc. and Qualified Person for SearchGold, has reviewed
and approved the content of this release.
FOR FURTHER INFORMATION PLEASE VISIT
http://www.searchgold.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: SearchGold Resources Inc. Philippe Giaro, President
& CEO +32-473-52-30-29 phgiaro@skynet.be
Searchgold Resources Inc. (TSXV:RSG)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Searchgold Resources Inc. (TSXV:RSG)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024