Canaco Drills 40.0 Metres at 2.93 Grams Per Tonne Gold, Expands Delineation Program and Increases Drill Capacity at Magambazi
June 20 2011 - 5:00AM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or the
"Company") is pleased to announce assay results from new diamond
drill holes at Magambazi and Magambazi Central at the Company's
Handeni project in Tanzania.
These results continue to highlight the continuity of thick
intercepts of mineralization on strike and up dip of the discovery
hole MGZD001.
Highlights include:
-- 40.0 metres at 2.93 grams per tonne gold in hole MGZD172, including 7.7
metres at 4.89 grams per tonne gold at Magambazi;
-- 17.0 metres at 2.9 grams per tonne gold in hole MGZD162, including 2.8
metres at 9.89 grams per tonne gold at Magambazi Central, highlighting
continuity and westward extension to the Keel Zone mineralization near
Magambazi North; and
-- 6.2 metres at 3.93 grams per tonne gold in hole MGZD131, including 2.8
metres at 7.32 grams per tonne gold, highlighting a 50 metre westward
extension to the newly defined Western Lode.
Magambazi
Drill hole MGZD172 was drilled on a section 40 m north of the
discovery hole section, where a recently reported intersection of
57.0 metres at 3.02 grams per tonne gold from MGZD152 (see press
release dated June 8, 2011) indicated strong near surface
mineralization and confirmed the continuity of grade and structure
on that section.
MGZD131 intersected the Western Lode in a 50 metre westward
step-out from previously defined mineralization, further expanding
this recently discovered zone.
Magambazi Central
Drill hole MGZD162 intersected the Main Lode mineralization in
the interpreted Keel Zone position 50 metres down dip from an
intercept in MGZD147 of 19.0 metres at 3.02 grams per tonne gold
(refer to Canaco's press release dated June 8, 2011).
Selected Recent Assay Results from Magambazi and Magambazi
Central
----------------------------------------------------------------
Interval
Hole(1) From (m) To (m) (m) Au (g/t)
----------------------------------------------------------------
MGZD131 269.0 275.2 6.2 3.93
------------------------------------------------------
including 272.4 275.2 2.8 7.32
----------------------------------------------------------------
MGZD162 151 168 17 2.90
----------------------------------------------------------------
MGZD172 23 63 40 2.93
------------------------------------------------------
including 55.3 63 7.7 4.89
----------------------------------------------------------------
1. 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.
Expanded delineation drill program
Due to the recent intersection of new mineralized structures at
Magambazi (see press release dated May 24, 2011), Canaco's
technical management has advised that additional delineation
drilling will be required to accommodate proper assessment. In
response, a seventh diamond drill has been added to increase the
capacity of the Magambazi drill campaign, bringing the total number
of drill rigs operating on the project to eight.
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. Mr.
Heidema is a Qualified Person 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. Mineralized true thicknesses are 60-100% of
stated thicknesses throughout this release.
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 604-488-2557 or 1-866-488-0822 investors@canaco.ca
www.canaco.ca
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