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 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
Channel has extended the overall strike length of the Mankarga 5
target area from 950 metres, as reported in its last news release
on March 1, 2011, to 1,500 metres. The deposit remains open along
strike and to depth, and results to-date indicate that it can be
advanced to the resource estimation stage in the near term.
Results presented from Mankarga 5 are from six step-out holes
for an aggregate 744 metres of drilling that tested as far as 700
metres to the south-west of Tan11-RC37 and Tan11-RC38, the
southernmost holes previously reported, demonstrating that
mineralization extends from line 850NE to at least line 650SW. A
map of drill hole locations in Mankarga 5 is available at:
http://www.channelresources.ca/i/pdf/CHUmap032411.pdf
Significant intersections encountered in these recent holes are
as follows:
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Intercept Average(i)
Interval (metres)(i) (i) Grade
Section Hole Number From To (metres) (g/t Au)
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650SW Tan11-RC56 96 134 38 2.46
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includes 122 126 4 18.40
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Hole ends in mineralization at 134 metres depth
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550SW Tan11-RC57 22 74 52 1.18
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includes 30 32 2 17.10
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84 116 32 1.90
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includes 102 106 4 13.37
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500SW Tan11-RC58 0 70 70 2.10
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includes 12 26 14 6.23
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98 124 26 0.31
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Hole ends in mineralization at 124 metres depth
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200SW Tan11-RC59 74 120 46 0.27
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includes 76 82 6 0.63
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Hole ends in mineralization at 120 metres depth
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200SW Tan11-RC60 0 42 42 0.37
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includes 6 16 10 0.71
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52 68 16 0.27
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Hole Tan11-RC55 encountered no significant mineralization.
Mineralization in Mankarga 5 is hosted by a shear zone that
penetrates a variety of rock types including altered
metasedimentary and metavolcanic rocks with some gabbroic
components and a granodioritic rock that contains some of the
deposit's strongest grades. To date only one full section (650NE)
has been completed from hanging wall to footwall, showing a 200
meter wide mineralized envelope.
"Mankarga 5 is developing into what we expect will be an
important deposit, showing a consistency and scale of
mineralization that could rival some of the gold deposits that are
now in development or already in production in Burkina Faso,"
commented Colin McAleenan, Channel's President and C.E.O. "We
continue to delineate the zone with RC drilling on a nominal 100
metre by 50 metre pattern and expect to add core drilling in the
near future to enhance our understanding of the deposit's geology
and structure as well as to infill-drill the deposit ahead of a
NI43-101 resource estimate. The coring program will also provide
definitive grade information for the deposit which will be
especially important in areas where we believe a shallow water
table has contributed to some gold losses from the RC drill
samples."
A total of 26 holes have now been drilled and reported in
Mankarga 5 during this program for a cumulative length of 3,573
meters. Together with the two Phase I discovery holes reported in
August of 2010, a total 24 holes of 28 drilled in the zone
intersected significant mineralization.
Mankarga 1
Twelve holes (Tan11-RC43 to Tan11-RC54 inclusive) were drilled
in Mankarga 1 to follow various indications of mineralized
structure and artisanal mine workings to the East and Northwest of
holes Tan10-RC10, Tan10-RC12, and Tan10-RC13, which had intersected
strong showings of mineralization including:
-- 12 metres grading 21.25 g/t Au in Tan10-RC12, as reported on January 20,
2011, and
-- 38 metres grading 3.09 g/t Au in Tan10-RC10, as reported on September 8,
2010.
The follow-up holes tested the zone for continuity up to 375
metres to the northwest of Tan10-RC12 and in a suspected offset
zone 275 metres to the east of Tan10-RC13. Eight of the holes
drilled, Tan11-RC43, 45, 46, 47, 48, 51, 52 and 54 encountered weak
mineralization in relatively narrow zones, with the exception of
the following:
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Interval (metres)(i) Intercept(i) Average(i) Grade
Hole Number From To (metres) (g/t Au)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tan11-RC51 24 26 2 1.50
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30 38 8 0.58
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46 172 126 0.43
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includes 60 68 8 0.90
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and 94 108 14 0.79
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and 118 128 10 0.71
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Tan11-RC52 0 4 4 1.02
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12 18 6 1.70
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46 52 6 11.39
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includes 48 50 2 32.50
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These results confirm the complexity of Mankarga 1's mineralized
structures; for example, hole Tan11-50 was drilled to undercut the
high-grade mineralization encountered in Tan10-RC12 but did not
intersect significant mineralization just 40 metres down the
inferred dip of the zone. It is expected that the pending results
from the high resolution airborne magnetic survey in combination
with subsequent core drilling will help to better understand this
zone.
Current Drill Program Status and Follow Up
To date, Channel has reported results from 6,813 metres of
drilling in 49 holes. A further 1,050 meters in 10 holes have been
completed in Mankarga 5, with assays pending. In total, 7,863
metres in 59 holes of the contracted 10,000 metre RC program have
been drilled.
Most of the assays pending are from holes drilled to test
Mankarga 5 for mineralization as far to the north east as section
1150NE, which could potentially extend the deposit to a total
length of approximately two kilometers. Holes have also tested the
area around the eastern ends of sections 450NE and 550NE in the
vicinity of hole Tan11-RC39 which returned the best intersection
to-date from Mankarga 5, 102 meters grading 1.52 g/t gold within a
mylonitized intrusive rock.
The balance of the drilling program will be focused mostly on
further delineating the Mankarga 5 deposit, including extensions to
the southwest and northeast as well as completing additional cross
sections.
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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