Canaco Drills 17.5 Metres at 7.29 Grams Per Tonne Gold 80 Metres West of Known Mineralization at Magambazi, Including 4.5 Metres
May 05 2011 - 5:00AM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or the
"Company") is pleased to report new results from five extension and
infill diamond drill holes on the Magambazi zone at the Company's
Handeni project in Tanzania. Highlights from the new drill results
include:
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Hole From (m) To (m) Interval (m) Au (g/t)
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MGZD123(1) 23.0 25.7 2.7 2.38
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53.0 61.0 8.0 2.60
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76.0 80.0 4.0 4.45
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98.0 107.4 9.4 3.98
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MGZD127 101.6 114.0 12.4 1.16
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including 111.0 114.0 3.0 2.43
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MGZD129 283.0 300.5 17.5 7.29
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including 296.0 300.5 4.5 17.42
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1. Hole MGZD123 was partially reported on February 23, 2011.
2. Mineralized true thicknesses are 60-100% of stated thicknesses. The
calculation of drill intercepts employs a 0.3 gram/tonne cut-off and no
cutting grade has been applied to high gold values.
Hole MGZD123 is an eastern infill hole drilled at the southern
extension of the main Magambazi zone. Hole MGZD127 was collaredon
the same section at Magambazi North as hole MGZD117, which
intercepted 8.7 metres grading 38.76 grams per tonne gold (see
Canaco's news release dated February 23, 2011). This new hole
implies a new extension of sub-horizontal mineralization eastward,
in the southern area of Magambazi North, with a 20 metre step-out
from previous drilling.
Hole MGZD129 was collared on the same section of the main
Magambazi zone as hole MGZD001, the discovery hole, which
intercepted 59.0 metres at 4.28 grams per tonne gold and 17.0
metres at 10.39 grams per tonne gold (see Canaco's news release
dated October 22, 2009). This new hole intersected a substantive
extension to known mineralization 80 metres westward and at depth.
It forms the most westerly intersection of mineralization drilled
to date on this section, and opens up new possibilities to extend
the known mineralized zone.
Canaco President and CEO Andrew Lee Smith said: "Hole 129 has
identified what looks to be an extension of mineralization to the
west of the main Magambazi zone. This is a positive development and
the new area will be a key focus for drilling in the coming
weeks."
He added: "The backlog of assays is being cleared up and we
anticipate additional drill results will be forthcoming at a steady
pace over the next several weeks."
Mineralization at Magambazihas now been defined along a 900
metre strike length and remains open to the north, laterally and at
depth. Canaco has six rigs on the property and is currently
drilling approximately 8,000 metres per month. The Company plans to
release an initial NI 43-101 resource estimate on the Magambazi
zone by the end of 2011.
A full table of drill results and a map of drill hole locations
is available on the Canaco website at www.canaco.ca, and can also
be found at the following link:
http://media3.marketwire.com/docs/cani505.pdf.
Quality Control
The planning, execution and monitoring of Canaco's quality
control programs at the Handeni project are under the supervision
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, ext 118 or 1-866-488-0822 604-899-1240
(FAX) investors@canaco.ca www.canaco.ca
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