Searchgold nabs Bakoudou

Searchgold Resources (RSG-M) is poised to acquire control of the Bakoudou project in southeastern Gabon. The property is currently held by Golden Gram Resources (RAMG-C).

The two companies have explored the property jointly since late 1997, outlining a 3.9-million-tonne resource grading 6.4 grams gold per tonne. Mineralization is hosted primarily by quartz veins in altered volcanic rocks and is oxidized to as deep as 85 metres below surface.

To acquire a 90% interest, Searchgold will pay Golden Gram $25,000 in cash and a 1% net smelter return royalty on future production. It can buy the royalty at any time for $500,000 in cash. The remaining 10% is held by the government of Gabon.