Thursday, 23rd October 2008 (326 views)

SearchGold Resources has announced that it has entered into an option agreement with Somika to acquire the Arae-Gassel gold project in Burkina Faso, west Africa.

The 400km2 site adjoins the Belahouro property, which is owned by Wega Mining and hosts the 1.4 million-ounce Inata gold deposit.

This gold trend extends onto SearchGold's newly-acquired project.

President and chief executive officer Phillpe Giaro remarked that the acquisition marks a "major step" for the firm and gives it a "substantial foothold in a region where four plus one-million ounce gold deposits have recently been put into commercial production".

The Arae-Gassel project has historically provided values of 10.72 g/t Au over eight metres, 5.2 g/t Au over 38 metres, 2.51 g/t Au over 56 metres and 2.20 g/t Au 50 metres.

Recently, West African Drilling Services completed a 28-hold reverse-circulation drilling campaign on the Bansie gold project in Burkina Faso on behalf of Volta Resources.

 

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