Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or the
"Company") is pleased to announce drill results from six diamond
drill holes that targeted mineralization west of the Magambazi Main
Lode at the Company's Handeni project in Tanzania. The results
highlight a new, high-grade steeply plunging shoot in the
hangingwall gneiss (Southern Gneiss Lode) west of the Magambazi
Main Lode, and add strike to the recently discovered Western Lode.
Highlights include:
----------------------------------------------------------------------------
Hole(1) From (m) To (m) Interval (m) Au (g/t) Lode
----------------------------------------------------------------------------
MGZD083 91.0 108.0 17.0 23.96 Southern Gneiss
------------------------------------------------ Lode
including 102.0 108.0 6.0 27.30
----------------------------------------------------------------------------
MGZD128 238.0 261.9 23.9 1.25 Western Upper
------------------------------------------------ Lode - partial
including 238.0 243.2 5.2 2.74 hole (results
from Western
Lower Lode
pending)
----------------------------------------------------------------------------
MGZD131(2) 209.0 211.0 2.0 1.95 Western Lode
----------------------------------------------------------------------------
MGZD134(2) 195.7 230.0 34.3 2.01 Western Lodes
------------------------------------------------
including 221.6 229.3 7.7 6.19
------------------------------------------------
271.0 276.0 5.0 1.47
----------------------------------------------------------------------------
MGZD135(2) 140.0 152.0 12.0 2.86 Southern Gneiss
------------------------------------------------ Lode
including 140.7 146.3 5.6 5.78
-----------------------------------------------------------------
262.7 266.2 3.5 2.73 Western Lode
----------------------------------------------------------------------------
MGZD136(2) 244.0 247.0 3.0 1.61 Western Lodes
------------------------------------------------
259.7 261.8 2.1 2.24
------------------------------------------------
289.7 294.0 4.3 3.21
----------------------------------------------------------------------------
1. Mineralized true thicknesses are 50-100% 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.
2. Partial results only have been received for these holes.
Western Lode
Hole MGZD134, which intersected 34.3 metres grading 2.01 grams
per tonne gold, including 7.7 metres grading 6.9 grams per tonne
gold, was drilled in the Western Lode, 80 metres north along strike
of hole MGZD129 (refer to Canaco's press release dated May 4,
2011), which intersected 17.5 metres at 7.29 grams per tonne gold.
Hole MGZD101, 120 metres to the south of hole MGZD134, intersected
7.0 metres at 5.81 grams per tonne gold, including 4.2 metre sat
9.14 grams per tonne gold along strike in the same position (refer
to Canaco's press release dated December 22, 2010).
Hole MGZD128 was drilled west of the Magambazi Main Lode and
intersected the target stratigraphy approximately 35 metres west of
the interpreted Magambazi Fault on section 60480N. This intercept
is approximately 50 metres east of the new high-grade component of
the Western Lode. Results for the remainder of hole MGZD131 are
required to prove continuity over several hundred metres strike,
and mineralization remains open.
Southern Gneiss (Hangingwall) Lode
Several new intercepts in drill holes MGZD083, MGZD101, MGZD134
and MGZD135 have highlighted a high-grade steeply plunging shoot in
the hangingwall gneiss, west of Magambazi Main Lode and
structurally above the Western Lode. This Southern Gneiss Lode has
so far been defined on four drill sections over a 160 metre strike
length and is open down dip and along strike to the north.
Hole MGZD083 intersected 17.0 metres at 23.76 grams per tonne
gold, including 6.0 metres at 27.30 grams per tonne gold, in the
hangingwall gneiss at Magambazi South. The gneiss was sampled and
assayed recently during a large-scale project of cutting and
sampling (including the hangingwall of most holes at Magambazi).
When this high-grade intercept in a new lode position was returned,
Canaco deemed it prudent to re-sample the intercept as part of
Canaco's QA/QC (quality assurance, quality control) procedures to
ensure excellence in reporting results from the project, and to
test the target with several new holes. To ensure accurate
reporting, the intercept was re-sampled (quarter core was cut) and
assayed using a combination of fire assay and gravimetric analysis.
The original 17.0 metre intercept was not reproduced in the quarter
core due to the gold nugget effect (when half core was compared
with quarter core the quarter core is always less accurate as it
reflects a lesser volume sample). However, the lower intercept of
6.0 metres at 27.3 grams per tonne gold interval was confirmed,
reporting 6.0 metres at 21.57 grams per tonne gold when re-assayed
from the quarter core sample.
Definitions
Mineralization at Magambazi has so far been defined over a
strike length of nearly one kilometre and is currently interpreted
to occur in a doubly plunging, broadly synformal zone which has
distinctive hangingwall gneiss. The Magambazi Zone is now known to
contain at least five distinct lodes located in the hangingwall of
the Magambazi North Thrust:
-- Magambazi Main Lode - This is the principal steep west-dipping high-
grade gold lode that has been the focus of much of the drilling to date
and is continuous over approximately 900 metres strike. It includes
intersections at the geographical localities at Magambazi South,
Magambazi Central and Magambazi North. This Lode lies east of the
Magambazi Fault, which is interpreted to partly control the high-grade
gold shoot component to the mineralization;
-- Cave Lode - The Cave Lode is a near surface SW-dipping lode of lower
grade gold mineralization which has been drilled in the north. It is
interpreted to lie on a gently SW-dipping thrust (Magambazi North
Thrust) which under-plates the mineralized system that is the Magambazi
Zone;
-- Magambazi West (Upper) - This is a steep east-dipping lode located 30 to
250 metres west of the Magambazi Main Lode, and associated with the
Western Fault. It was identified early in the drilling campaign at
Magambazi North and has recently been intersected at Magambazi South;
-- Magambazi West (Lower) - This is a gently dipping lode to the west of
the Magambazi Main Lode. It was also originally identified at Magambazi
North, and has recently been intersected at Magambazi South as a high-
grade shoot in several holes listed in this release; and
-- Southern (Hangingwall) Gneiss Lode - Mineralization occurs within the
hangingwall gneiss, and forms several coherent zones of variable grade
mineralization which have a dip ranging from steeply east to sub-
horizontal. Recent intersections in the gneiss include high-grade
intercepts from drill holes MGZD083 and MGZD135.
To view a drill hole location map, plan view map and complete
list of drill hole intercepts, please visit the following link:
http://media3.marketwire.com/docs/can524i.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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