🕐20.01.11 - 16:00 Uhr
Channel Resources News Release: Extends Gold Zones and Makes New Discovery at Ta
nlouka Gold Project, Burkina Faso
NEWS RELEASE
January 20, 2011
Channel Resources Extends Gold Zones and Makes New Discovery at Tanlouka
Gold Project, Burkina Faso
Intersections Include 12 Metres Grading 21.25 Grams Gold / Tonne ("g/t
Au")
VANCOUVER, BRITISH COLUMBIA-- Channel Resources Ltd.
("Channel" or the
"Company") (TSX VENTURE:CHU) is pleased to report on drilling results from
the first twelve holes, for a total of 2,335 metres, of a 10,000 metre
Reverse Circulation ("RC") drilling program on the Tanlouka Gold Project
in Burkina Faso, West Africa announced on November 22, 2010.
The objective of the drilling program is to follow up on discoveries made
in the summer of 2010 and to test new targets within the five square
kilometre Mankarga Zone, located in the south end of the 105 square
kilometre Tanlouka permit.
Of the holes drilled thus far, two holes drilled in Mankarga 1 confirmed
mineralization on either side of the discovery hole where an intersection
of high grade gold was encountered.
Seven additional holes confirmed
extensions to Mankarga 5, a north-east trending structure where two
discovery holes intersected multiple discrete mineralized horizons.
Holes
were also drilled to test targets in Mankarga 2 and Mankarga 1 North area,
where a new mineralized structure was discovered coincident with the
presence of geochemical and geophysical anomalies, as well as extensive
artisanal workings.
A drill-hole location map showing current results together with the
notable results from the 2010 drilling program is provided at:
http://tsxv.net/link.php?M=122443&N=285&L=597&F=T.
Mankarga 1 – Extension to High Grade Gold Mineralization
Of the two holes drilled in Mankarga 1, Tan10–RC12 was collared 50
meters northwest of the initial discovery hole Tan10-RC10, and Tan10-RC13
was collared 25 metres to the east.
Significant intersections from these
two holes are:
Interval (metres)* Intercept* Average* Grade
Hole Number From To (metres) (g/t Au)
Tan10–RC12 58 70 12 21.25
94 102 8 0.86
Tan10–RC13 60 92 32 0.62
Includes 60 66 6 1.26
And 82 86 4 2.08
These results indicate that Mankarga 1 has at minimum a 75 metre strike
length within an east-west trend rotated from a primary northwest
structure.
Additional drilling is planned in the short term for this zone
including east and west step-out holes and the completion of a multi-hole
cross section.
Mankarga 5 – Strike Length Extended to 550 Metres
A total of nine holes have now been drilled in Mankarga 5 along a
structure indicated on surface by extensive artisanal workings over 800
metres along strike.
Thus far in the current drilling program seven holes
were drilled to methodically extend structures identified in 2010
drilling.
Tan10-RC16 was drilled to the west of Tan10-RC 8 (discovery
hole) to test the footwall of the main zone, two holes (Tan10-RC17 and
Tan10-RC19) undercut the two discovery holes; one hole (Tan10-RC18)
in-filled the zone between the two discovery holes; and, the remaining
three holes (Tan10-RC20 to Tan10-RC22) tested the mineralized trend in
100m step-outs to the northeast.
Significant intersections encountered in
these seven new holes are as follows:
Interval (metres)* Intercept* Average* Grade
Hole Number From To (metres) (g/t Au)
Tan10–RC16 0 10 10 0.41
Tan10–RC17 80 108 28 0.42
118 182 64 0.66
includes 134 172 38 0.88
and 134 142 8 1.46
Tan10–RC18 46 94 48 0.93
includes 60 76 6 4.69
108 122 14 0.24
Tan10–RC19 104 142 38 0.32
Tan10–RC20 2 36 34 0.32
includes 2 14 12 0.60
46 118 72 0.58
includes 70 96 26 0.99
and 82 96 14 1.34
166 176 10 4.05
includes 166 168 2 18.70
Tan10–RC21 0 66 66 0.51
includes 36 46 10 1.47
72 126 54 0.70
includes 88 100 12 1.52
146 184 38 0.42
includes 174 180 6 1.63
Tan10–RC22 0 38 38 0.29
42 122 80 0.35
includes 42 80 38 0.48
140 146 6 0.40
Three subparallel mineralized zones can be discerned at Mankarga 5 that
appear to merge and diverge through the length of the mineralized trend: a
central 40 to 80 metre wide zone extending from at least section 000 to
section 550NE with grades ranging from 0.60 g/t Au to over 1.00g/T Au; a
28 to 66 meter wide hanging wall zone extending at least from section
250NE to 550NE with grades ranging from 0.30 g/t Au to 0.52 g/t Au, and a
10 to 38 metre footwall zone extending from section 250NE to 550NE with
grades ranging from 0.40 g/t Au to 4.00 g/t Au.
The water table in Mankarga 5 is relatively shallow and consequently
samples drilled using the programs reverse circulation rig show a higher
degree of "washing" compared with other target areas.
Twinning of certain
holes with a core drilling rig will be required to assess overall impacts
of the washing on gold grades.
In all, approximately 550 metres of strike length of Mankarga 5 has now
been partially drilled and mineralization has been found to extend for at
least this length with the zone remaining open in the northeast and the
southwest directions, both of which are being tested through additional
drilling.
Mankarga 1 North – New Discovery
Hole Tan10-RC-23 is the first hole drilled in Mankarga 1 North,
undercutting north-west trending artisanal workings.
Significant
intersections in this hole are tabulated below:
Interval (metres)* Intercept* Average* Grade
Hole Number From To (metres) (g/t Au)
Tan10–RC23 34 38 4 0.56
58 70 12 4.32
including 58 60 2 25.00
The two principal mineralized intersections are within a silicified
meta-volcanic unit and represent a new discovery for the Mankarga area.
In
addition to these intervals Tan10-RC23 intersected multiple six-metre wide
zones from 122 metres to the bottom of the hole (192m) that each carry a
grade of approximately 0.25g/T gold.
Additional drilling is underway in
this zone to further define the mineralized trend.
Mankarga 2
Two holes were completed in Mankarga 2 to test beneath artisanal pits and
workings and to explain a wide zone of high chargeability.
A series of
predominantly low grade and narrow intersections were encountered within
pyritic black schist.
The extensive pyrite within the black schist from
approximately 80 metres downhole to adequately explains the high
chargeability of the area.
Exploration Program Expansion
Drilling within the Mankarga Zone of the Tanlouka Project is continuing,
with more than 7,500 metres in approximately 55 holes remaining to be
drilled and assessed.
In addition, a more detailed soil sampling program
to that conducted in 2007 will soon commence on the Mankarga 5 zone, with
20 meter spaced sample points along 50 metre spaced lines.
In addition, Channel has commissioned surveys to expand exploration
through the entire Tanlouka permit area:
* Airborne geophysics survey: A fixed-wing high resolution
gradiometric magnetic and radiometric survey on 50m spaced lines is
expected to commence in February.
This survey involves the flying of
almost 2,000 line kilometers over the entire permit and the resulting data
will greatly assist in focusing exploration efforts in identifying
additional mineralized structures.
* High definition elevation model: Highly detailed topographical
mapping using stereoscopic satellite imagery has been commissioned by
Channel for the entire Tanlouka permit area.
This survey will allow the
accurate drafting of one metre spaced contours and, along with the
airborne magnetic survey, will serve as a basis for a detailed structural
analysis of the property.
Channel Resources Ltd.
maintains a rigorous quality control program
involving the use of duplicate samples and blanks and certified gold
standards from an accredited Canadian laboratory in every batch of 20
samples.
Samples, taken from two metre intervals, are assayed using
standard fire assay on a 50 gram charge and atomic absorption techniques
at Abilab Burkina SARL (ALS Laboratory Group) in Ouagadougou, Burkina
Faso.
The drilling program was supervised by John Adams P.Geo., a
qualified person as defined by NI 43–101, who has reviewed the contents
of this news release.
* Drilling and reporting practices:
* All holes reported are Reverse Circulation type (RC) with 2m samples
for entire hole lengths
* All hole collars are set to dip at -50° to their respective
azimuths
* Cut-off grade used is 0.10 g/T Gold for most of the quoted
intersections
* Internal dilution, where incorporated in the quoted interval, is
generally up to a maximum of 20%
* Intervals are hole length, true widths of mineralized zones have yet
to be determined
* No top cut has been applied to the grade
Channel Resources Ltd.
is a Canadian TSX.V listed mineral exploration
Company with an option to earn a 90% interest in the Tanlouka Gold Project
in Burkina Faso, West Africa and an option to earn 100% in the Fox Creek
Lithium / Potash Brine Project in Alberta.
At Tanlouka, new mineralized
zones have been discovered through a Phase 1 reverse circulation drilling
program.
At Fox Creek, a bulk sample of brine sourced from producing
natural gas wells is undergoing process testing to determine the most
efficient method of producing various industrial minerals from the brine,
including lithium carbonate, potash, bromine and borates.
The Company is
financed to advance both projects through their current programs, and is
actively searching for additional opportunities to expand its project
portfolio.
Some of the statements contained herein are forward-looking statements
which involve known and unknown risks and uncertainties.
Without
limitation, statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company are
forward looking statements that involve various degrees of risk.
The
following are important factors that could cause the Companys actual
results to differ materially from those expressed or implied by such
forward looking statements: changes in the price of minerals, general
market conditions, risks inherent in mineral exploration, risks associated
with development, construction and mining operations, the uncertainty of
future profitability and the uncertainty of access to additional capital.
The Company undertakes no obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of factors,
whether as a result of new information or future events or otherwise.
Further disclosure on risk factors is available in the Companys various
corporate filings at www.sedar.com.
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.
For further information:
Colin McAleenan, President & CEO
Cyrus Ameli, CFO & VP Corporate Affairs
Telephone 604.684.7098nf
www.channelresources.ca
Channel Resources Ltd.
is a Canadian TSX.V listed mineral exploration
Company with an option to earn a 90% interest in the Tanlouka Gold Project
in Burkina Faso, West Africa and an option to earn 100% in the Fox Creek
Lithium / Potash Brine Project in Alberta.
At Tanlouka, new mineralized
zones have been discovered through a Phase 1 reverse circulation drilling
program.
At Fox Creek, a bulk sample of brine sourced from producing
natural gas wells is undergoing process testing to determine the most
efficient method of producing various industrial minerals from the brine,
including lithium carbonate, potash, bromine and borates.
The Company is
financed to advance both projects through their current programs, and is
actively searching for additional opportunities to expand its project
portfolio.
Some of the statements contained herein are forward-looking statements
which involve known and unknown risks and uncertainties.
Without
limitation, statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company are
forward looking statements that involve various degrees of risk.
The
following are important factors that could cause the Company’s actual
results to differ materially from those expressed or implied by such
forward looking statements: changes in the price of minerals, general
market conditions, risks inherent in mineral exploration, risks associated
with development, construction and mining operations, the uncertainty of
future profitability and the uncertainty of access to additional capital.
The Company undertakes no obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of factors,
whether as a result of new information or future events or otherwise.
Further disclosure on risk factors is available in the Company’s various
corporate filings at www.sedar.com.
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.