Channel Resources Extends Mankarga 5 Deposit Strike Length to 950 Metres at Tanlouka Gold Project, Burkina Faso
March 01 2011 - 9:00AM
Marketwired
Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:
CHU) is pleased to report on results from its ongoing 10,000 metre
Reverse Circulation ("RC") drilling program on the Tanlouka Gold
Project in Burkina Faso, West Africa. Reported results are from
drilling focused on the Mankarga 5 and Mankarga 1 North target
areas within the five square kilometre Mankarga Zone, located in
the south end of the 105 square kilometre Tanlouka permit.
Mankarga 5 Target Area
Results presented are from thirteen holes that include step-out
holes Tan11-RC40 and Tan11-RC41 drilled on sections 750NE and 850NE
respectively, demonstrating continuity of the mineralization to at
least the 850NE line. Step-outs drilled in the southwest direction
(Tan11-RC37 and Tan11-RC38) on section 100SW establish a minimum
strike length of 950 meters. Six holes were also drilled on line
650NE and demonstrate a width of the mineralized envelope of up to
200 metres. The zone remains open to the northeast, the southwest
and to-depth.
A map of drill hole locations in Mankarga 5 is available at:
http://www.channelresources.ca/i/pdf/chutanloukamap022811.pdf
Significant intersections encountered in these holes are as
follows:
-------------------------------------------------------------------------
Interval Average(i)
(metres)(i) Intercept(i) Grade
Section Hole Number From To (metres) (g/t Au)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
650NE Tan11-RC31 52 86 34 0.64
--------------------------------------------
includes 72 84 12 0.92
-------------------------------------------------------------------------
-------------------------------------------------------------------------
650NE Tan11-RC32 52 82 30 0.63
--------------------------------------------
includes 70 76 6 2.23
-------------------------------------------------------------------------
-------------------------------------------------------------------------
650NE Tan11-RC33 0 12 12 0.23
--------------------------------------------
36 44 8 0.51
--------------------------------------------
64 90 26 0.63
--------------------------------------------
includes 74 82 8 1.28
--------------------------------------------
Hole ends in mineralization at 90 metres depth
-------------------------------------------------------------------------
-------------------------------------------------------------------------
650NE Tan11-RC34 30 38 8 0.55
--------------------------------------------
52 72 20 0.37
-------------------------------------------------------------------------
-------------------------------------------------------------------------
100SW Tan11-RC37 32 70 38 0.78
--------------------------------------------
includes 36 50 14 1.46
-------------------------------------------------------------------------
-------------------------------------------------------------------------
100SW Tan11-RC38 6 14 8 0.25
--------------------------------------------
32 40 8 1.03
-------------------------------------------------------------------------
-------------------------------------------------------------------------
450NE Tan11-RC39 26 128 102 1.52
--------------------------------------------
includes 36 68 32 3.00
-------------------------------------------------------------------------
-------------------------------------------------------------------------
750NE Tan11-RC40 4 16 12 0.30
--------------------------------------------
64 116 52 1.44
--------------------------------------------
includes 86 94 8 4.81
-------------------------------------------------------------------------
-------------------------------------------------------------------------
850NE Tan11-RC41 0 96 96 0.44
--------------------------------------------
includes 52 64 12 1.21
-------------------------------------------------------------------------
-------------------------------------------------------------------------
350NE Tan11-RC42 78 158 80 0.70
--------------------------------------------
includes 90 118 28 1.30
--------------------------------------------
and 150 158 8 1.02
-------------------------------------------------------------------------
Holes Tan11-RC30, Tan11-RC35 and Tan 11-RC36 encountered no significant
mineralization.
Drilling thus far in Mankarga 5 has encountered mineralization
hosted in sheared and altered metasedimentary and metavolcanic
rocks with some gabbroic components. However, mineralization
intersected in holes Tan11-Tan11-RC39 through RC41 is hosted in
granodioritic rock with Tan11-RC39 yielding the strongest
intersections yet encountered in Mankarga 5.
"These results demonstrate that the potential for Mankarga 5 to
host a significant gold resource has increased dramatically,"
stated Colin McAleenan, Channel's President and C.E.O. "Generally
speaking, the strength of mineralization within shear zones is
often enhanced in and around rocks of contrasting competency. The
intersection of a mineralized intrusive-like body at the northeast
end of Mankarga 5, together with the increasing strike length and
width of the deposit, are excellent indicators of the area's
further potential."
Mankarga 1-North
Six holes (Tan11-RC24 to Tan11-RC29 inclusive) were drilled in
Mankarga 1-North to follow-up on mineralization intersected in
Tan11-RC23, as reported on January 20, 2011 with 12 metres grading
of 4.32 g/t Au. These follow-up holes tested the zone for
continuity 250 metres to the northwest and 100 metres to the
southeast of the initial hole as well as potential parallel
structures in the area.
A series of predominantly low grade intersections were
encountered in all of these holes and in some cases multiple such
zones were encountered with the best intersections being 12 metres
of 0.56 g/t Au (Tan11-RC-28) and 20 metres of 0.28 g/t Au
(Tan11-RC-26). These zones remain open to the northwest, southeast
and to depth.
Mankarga 1 and Mankarga 5 Follow Up Drilling
To date, Channel has reported results from 4,557 metres of
drilling in 31 holes, or less than half of the 10,000 metre reverse
circulation drilling program that is being carried out on the
Mankarga Zone.
A further 12 holes (1,512 metres), with results pending, have
been drilled in Mankarga 1 area, which has been characterized by
high-grade intersections encountered in previous holes. The
objective of drilling in this area is to investigate a potential
fault offset to the east, and further extensions to the
northwest.
In addition, a further 17 holes have either been drilled with
results pending or are planned in Mankarga 5 with the objective of
further extending the strike length to section 1150NE and 200SW.
Further to the southwest, three holes are being drilled to test a
magnetic feature coincident with gold-in-soil anomalies, which
could potentially extend the deposit to a total length of almost
two kilometres.
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 is
supervised by John Adams P.Geo., a qualified person as defined by
NI 43-101, who has reviewed the contents of this news release.
(i) 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 degrees 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 which has an option to earn a 90% interest in
the Tanlouka Gold Project in Burkina Faso, West Africa, the terms
of which the Company has already satisfied, and an option to earn
100% in the Fox Creek Lithium / Potash Brine Project in Alberta. At
Tanlouka, Channel has recently discovered multiple mineralized
zones that are now being explored and expanded through a 10,000
metre 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.
Contacts: Channel Resources Ltd. Colin McAleenan President &
CEO 604.684.7098 Channel Resources Ltd. Cyrus Ameli CFO & VP
Corporate Affairs 604.684.7098 604.684.7079 (FAX)
info@channelresources.ca www.channelresources.ca
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