Canaco Announces Additional Magambazi Drill Results, Including 20.3 Metres at 6.93 Grams Per Tonne Gold and 21.7 Metres at 4.7 G
July 13 2011 - 5:00AM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or the
"Company") is pleased to announce new assay results for diamond
drill holesat Magambazi on the Company's Handeni project in
Tanzania. Highlights include:
-- 20.3 metres at 6.93 grams per tonne gold from 235.1 metres in hole
MGZD203, including 13.3 metres at 8.96 grams per tonne gold, located in
the keel position at Magambazi Central (section 60720N);
-- 21.7 metres at 4.70 grams per tonne gold from 67.7 metres in hole
MGZD149, including 5.6 metres at 10.59 grams per tonne gold, in the
near-surface Magambazi Main Lode position approximately 40 metres up-dip
of the discovery hole MGZD001 (section 60440N). This interval continues
to highlight the continuity of thick intercepts of mineralization on
strike and up dip of the discovery hole, and represents the nearest to
surface intercept on this section to date;
-- 14.0 metres at 4.13 grams per tonne gold from 139.1 metres in hole
MGZD191 in the Magambazi Main Lode at Magambazi Central (section
60720N);
-- 29.8 metres at 2.03 grams per tonne gold from 186 metres in hole
MGZD196, including 7.7 metres at 6.11 grams per tonne gold, located 50
metres up-dip of hole MGZD203 in the Magambazi Main Lode at Magambazi
Central (section 60720N). It is expected that results for the lower part
of this hole will yield significant additional gold results and this
interval may be restated in future releases;
-- 19.1 metres at 2.59 grams per tonne gold from 237 metres in hole
MGZD188, including 3.1 metres at 9.86 grams per tonne gold (section
60640N).This interval is currently interpreted to be an extension of the
Magambazi Main Lode.
These results include new drill holes from Magambazi Central and
Magambazi South utilizing seven diamond drill rigs. The new results
also include a number of new intervals and sub-intervals identified
through ongoing reassessment and reinterpretation of previously
reported holes. There are also a significant number of additional
intervals from holes drilled on the periphery of the main lodes,
which are all listed in the table associated with this release.
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Hole(1) From (m) To (m) Interval (m) Au (g/t)
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MGZD107(2) 230.6 248.1 17.5 14.61
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MGZD149 67.7 89.4 21.7 4.70
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including 78.9 84.5 5.6 10.59
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MGZD188 237.0 256.1 19.1 2.59
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including 237.0 240.1 3.1 9.86
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MGZD191 139.1 153.1 14 4.13
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MGZD196 186 215.8 29.8 2.03
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including 189.1 196.8 7.7 6.11
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MGZD203 235.1 255.4 20.3 6.93
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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.
2. Hole MGZD107 was initially reported on February 23, 2011.
Click http://media3.marketwire.com/docs/can713a.pdf for a plan
view map and complete list of drill hole intercepts.
To accommodate increased sample loads and resolve the current
backlog of drill core processing, Canaco has initiated an
additional sample stream at a second accredited laboratory in
Tanzania and has also identified excess sample stream capacity with
an accredited laboratory out of country. A total of 56,000 metres
of diamond drilling has now been completed at Magambazi from 240
diamond drill holes averaging 237 metres in depth.
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. Diamond drill samples are prepared and analyzed
at the SGS Geochemical Laboratory in Mwanza, Tanzania. RC drill
samples are prepared at the ALS Chemex Laboratories in Mwanza,
Tanzania and analyzed at their facilities in Johannesburg, South
Africa. Samples are processed by Fire Assay with A.A. finish under
the SGS FAA505 and ALS Au-AA24 protocols. Samples in this release
also included results from pulp assay rechecks conducted at ALS
Chemex Laboratories in Vancouver, Canada. 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 including press releases and public
documents about Canaco 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 projects in Africa. Built on a foundation
of experienced management and focused on rapidly advancing
exploration projects throughout Africa, 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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