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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Channel Resources Ltd. | TSXV:CHU | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
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.
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