Canaco Accelerates Drill Program and Outlines 2011 Exploration Objectives at Handeni
April 28 2011 - 7:00AM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or the
"Company") is pleased to provide an update on the 2011 exploration
program at its Handeni Project in Tanzania.
Canaco's drilling to date at the Handeni Project has focused
primarily on the gold discovery at Magambazi, where 41,000 metres
of diamond drilling has been completed. An additional 29,000 metres
of drilling is planned and scheduled for completion by the end of
September 2011. This drilling will provide sufficient data for the
Company to develop an initial resource estimate for Magambazi by
the end of 2011.
Since the beginning of 2011, Canaco has doubled the number of
drill rigs at Magambazi from three to six, giving the Company a
nominal drill capacity of 8,000 metres per month. Additional drill
rigs are available and will be commissioned as needed and as
weather permits. The Company has also doubled its technical staff
in Tanzania to manage the increased drill capacity.
Canaco President and CEO Andrew Lee Smith said: "With the
successful completion of our $130 million financing last month, we
are in the enviable position of being able to add rigs and
considerably increase the pace of drilling at Handeni. We have
embarked on the largest, most aggressive drill program to date on
the project. We are on track to deliver our initial NI 43-101
mineral resource estimate by the end of 2011, which we believe will
be an important milestone in the development of the Handeni
project."
Smith added: "While the drilling operation is running smoothly,
the rainy season and unexpected delays with supplies critical to
the QAQC process created temporary delays in the processing of
drill samples, and there is now a back-log of drill core awaiting
assay at the lab. The situation has been addressed, and we
anticipate the release of assay results from completed diamond
drilling is imminent."
RC drilling is recommencing to test advanced targets along the
MK trend, where four targets have been prioritized for 10,000
metres of drilling in 2011. Initial drilling of 6,000 metres has
partially tested three of these targets - Kwadijava, Majiri and
Majiri Bomba. At Kwadijava, 6.25 kilometres northwest of Magambazi,
near-surface gold mineralization has been identified over a
240-metre strike length, with up to 37 metres at 1.02 grams per
tonne gold (refer to Canaco's press release dated March 28, 2011).
Canaco plans to follow up successful RC drilling with diamond
drilling on the MK trend as soon as this is practical and weather
permits.
In addition to the accelerated drilling, a technical program is
being planned to support the development of a preliminary economic
assessment (PEA). This program will include comprehensive
metallurgical test work and bulk sampling, environmental baseline
studies, socio-economic assessment, mining and processing options,
preliminary capital and operating cost estimates, and site
development. On completion of the program, this information will be
integrated with the initial resource estimate into a PEA.
Quality Control
The planning, execution and monitoring of Canaco's quality
control programs at the Handeni project are under the supervision
of Jeff Heidema, P.Geo., Canaco's Vice President Exploration, and
Dr. David Groves, Canaco's Director of Project Development. Mr.
Heidema and Dr. Groves are Qualified Persons as defined by National
Instrument 43-101. Drill samples are prepared and analyzed at the
SGS Geochemical Laboratory in Mwanza, Tanzania. Samples are
processed by Fire Assay with A.A. finish under the SGS FAA505
protocol. Canaco utilizes an industry standard QA/QC protocol with
respect to sampling procedures. Blanks and certified reference
standards are inserted into the sample stream to monitor laboratory
performance and duplicates of pulps and bulk rejects are also used
to monitor laboratory performance.
Additional information, press releases and public documents
about Canaco, including a complete list of drill hole intercepts
and drill collar maps, can be viewed at the Company's website
www.canaco.ca or at www.sedar.com.
About Canaco
Canaco is a Vancouver-based mineral exploration company focused
on advanced exploration in Africa. Built on a foundation of
experienced management and focused on rapidly advancing exploration
projects in Tanzania and Ethiopia, Canaco is well positioned to
build shareholder value through discovery and resource
development.
Canaco's shares trade on the TSX Venture Exchange under the
symbol CAN.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo.
President, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "anticipate", "believe",
"plan", "expect", "intend", "estimate", "forecast", "project",
"budget", "schedule", "may", "will", "could", "might", "should" or
variations of such words or similar words or expressions.
Forward-looking information is based on reasonable assumptions that
have been made by the Company as at the date of such information
and is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to: risks associated with
mineral exploration and development; metal and mineral prices;
availability of capital; accuracy of the Company's projections and
estimates; interest and exchange rates; competition; stock price
fluctuations; availability of drilling equipment and access; actual
results of current exploration activities; government regulation;
political or economic developments; environmental risks; insurance
risks; capital expenditures; operating or technical difficulties in
connection with development activities; personnel relations; the
speculative nature of strategic metal exploration and development
including the risks of diminishing quantities of grades of
reserves; contests over title to properties; and changes in project
parameters as plans continue to be refined. Forward-looking
statements are based on assumptions management believes to be
reasonable, including but not limited to the price of gold; the
demand for gold; the ability to carry on exploration and
development activities; the timely receipt of any required
approvals; the ability to obtain qualified personnel, equipment and
services in a timely and cost-efficient manner; the ability to
operate in a safe, efficient and effective manner; and the
regulatory framework regarding environmental matters, and such
other assumptions and factors as set out herein. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking contained herein, except in
accordance with applicable securities laws.
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: Canaco Resources Inc. Meghan Brown Director Investor
Relations 604-488-0822 or 1-866-488-0822 investors@canaco.ca
www.canaco.ca
Orca Gold, Inc. (TSXV:CAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Orca Gold, Inc. (TSXV:CAN)
Historical Stock Chart
From Jul 2023 to Jul 2024