🕐08.09.10 - 18:27 Uhr
Channel Resources News Release: Channel Makes Second Gold Discovery at Tanlouka
Project, Burkina Faso
NEWS RELEASE
September 8, 2010
CHANNEL RESOURCES MAKES SECOND GOLD DISCOVERY
AT TANLOUKA PROJECT, BURKINA FASO
• 38 metres grading 3.09 grams gold / tonne (“g/t Au”) including 16
metres grading 4.8 g/t Au
Vancouver, BC - Channel Resources Ltd.
(“Channel” or the
“Company”, TSX.V:CHU) is pleased to report on the second set of
drilling results from a Phase I Reverse Circulation (“RC”) drilling
program on the Tanlouka Gold Project in Burkina Faso, West Africa.
Results presented are from the final three holes of the program that were
drilled before the onset of the region’s seasonal rainy period and
indicate that a second discovery has been made in addition to that
reported on August 17, 2010.
Exploration at Tanlouka has been focused on the Mankarga Zone
(“Mankarga”), a five square kilometer area in the south end of the 105
square kilometer permit on which Channel has conducted semi-detailed soil
sampling, induced polarization (IP) / resistivity and ground magnetic
surveys.
Initial drilling has tested five discrete target areas based on
the presence of geochemical anomalies, high resistivity and chargeability
structures, magnetic anomalies, as well as extensive artisanal workings.
An initial discovery was previously reported on the ‘Mankarga 5’
target on a northeast trending structure characterized by regional gold in
soil anomalies and extensive artisanal workings.
A new discovery has now been made in the Mankarga 1 target area, situated
approximately 1,300 metres due-west of the Mankarga 5 hole T2010-8.
Two
holes were collared in Mankarga 1 to investigate coincident chargeability,
resistivity and gold-in-soil anomalies as well active artisanal workings
and mineralization encountered in historical shallow RAB drill holes.
An
updated drill-hole location map is provided at
http://tsxv.net/link.php?M=122443&N=158&L=321&F=T.
Hole Number Azimuth Dip Interval (metres) Intercept Average Grade
From To (metres) (g/t Au)
T2010-10 180 -50 54 92 38 3.09
including 56 72 16 4.80
and 74 88 14 2.82
including 82 84 2 12.35
T2010-11 230 -50 10 18 8 0.14
24 34 10 0.30
40 52 12 0.19
62 70 8 0.12
NB: True widths have not yet been determined
Hole T2010-10 was collared approximately 10 metres north of the east-west
trending shallow RAB drill fence and was drilled to 104 metres depth
towards azimuth 180 degrees i.e.
at right angles to the shallow RAB drill
fence and parallel to the north-south trending resistivity/chargeability
anomaly.
This hole was oriented to test an east-west trending sheared and
silicified gabbroic unit that is parallel to the magnetic fabric and is
being actively exploited by artisanal miners.
Hole 2010-11 was collared 135 metres north-west of T2010-10, still within
the north-south trending chargeability-resistivity anomaly and was drilled
towards the southwest to test a different set of northwest trending
artisanal mine workings.
Results indicate the presence of disseminated,
low-grade mineralization within multiple zones up to 12 metres wide.
“The discovery of a second mineralized zone at Mankarga is extremely
significant for both the Tanlouka project and for Channel.” commented
Colin McAleenan, President and CEO of the Company.
“After compiling
these drilling results with airborne and ground geophysics survey data we
have significantly advanced our understanding of the mineralization
controls in the area.
We believe this knowledge will help guide follow-up
drilling on these discoveries and greatly improves the chances of success
with new drilling campaigns at Tanlouka.”
Other Targets
Hole T2010-9 was drilled into the Mankarga 2 target to test an area of
significant artisanal workings.
The target depth of 150 metres for this
hole was not reached due to mechanical issues and may have failed to
penetrate the target structure.
However, results for the 122 metres
completed indicate that some narrow anomalous gold zones were intersected.
Only half of the planned Phase I holes were completed before the program
was terminated due to the onset of seasonal heavy rains.
Holes planned
but not drilled include two to three more holes in Mankarga 2, four holes
in Mankarga 1 North, two to three holes in Mankarga 1 South.
Some
adjustment of the targets of the remaining holes will likely be made in
light of the two new gold discoveries at Mankarga 1 South and Mankarga 5
but the reconnaissance nature of the program will be retained when the
program resumes in November.
Channel Resources Ltd.
maintains a rigorous quality control program
involving the use of duplicate samples and certified blanks and 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 and will
undergo multi-element analysis by inductively coupled plasma mass
spectrometry (ICP) at an ALS Chemex laboratory in Johannesburg, South
Africa.
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.
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.