Channel Resources: Mankarga 5 Drilling Results Reinforce Size and Growth Potential at Tanlouka Gold Project, Burkina Faso
April 16 2012 - 8:00AM
Marketwired Canada
Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased
to report additional assay results from its 15,000 metre core definition
drilling program on the Mankarga 5 gold deposit at the Tanlouka Gold Project
("Tanlouka") in Burkina Faso, West Africa.
Most of the results reported in this release are from infill holes along nominal
100 metre spaced lines and targeting extensions of previously encountered
mineralized structures. Highlighted intersections from this set of results
include holes Tan12-DD67 and Tan12-DD68, both drilled on Section 600SW and
collared approximately 50 metres apart. With Tan12-DD67 undercutting Tan12-DD68,
these holes intersected the main mineralized structure at 75 metres vertical
depth (66 metres of 1.18 g/t Au in hole Tan12-DD68) and 125 metres vertical
depth (72 metres of 2.12 g/t Au in hole Tan12-DD67). The main mineralized zone
on this section is believed to extend from surface to a minimum 150 meters
vertical depth.
Results from sections 900SW to 1500SW may indicate that the Mankarga 5 structure
could be turning to take on a more westerly orientation. Future drill programs
will test this theory, following on trends established by regional gold-in-soil
anomalies, and a possible link to the Mankarga 1 target, where previous reverse
circulation drilling encountered high grade mineralization including
intersections of 38 metres of 3.09 g/t Au in Tan10-RC10 and 12 metres of 21.25
g/t Au in Tan10-RC12.
North-East Extension to Mankarga 5
Hole Tan12-DD62, collared on section 1300NE and to the northwest of the main
drilled trend, encountered numerous mineralized intersections from surface to
219.5 metres down-hole, the best being 18 metres of 1.77 g/t Au including 1.5
metres of 12.17 g/t Au. Future surface trenching and drilling programs will
investigate this possible northeastward extension of the Mankarga 5 deposit,
where geophysical interpretations indicate potential for a further 500 metres of
strike length.
As reported previously, the core-drilling program has now been completed, with
over 15,400 metres in 71 holes drilled. Assay results have now been reported for
an aggregate of 12,049 metres of core (78% of total program) from 53 holes,
including 1,892 metres from the nine holes reported in this release.
The drilling program has so far delineated a mineralized zone that is over 2
kilometres long and up to 300 metres wide on the northeast-trending Mankarga 5
structure. The main objectives of this program have been to provide a geological
and structural context for the deposit, to further expand the zone and to
support the deposit's maiden resource estimate, which is expected later in the
spring of 2012. Mineralized zones are steeply dipping to the northwest, the
majority extending from surface, and reported widths for all holes drilled at
-50 degrees to azimuth 120 degrees (southeast) are believed to be in the range
of 80 - 90% of true width. The deposit remains open along strike and to-depth,
with mineralization encountered to a vertical depth of approximately 200 metres
in the current program.
Detailed results from seven holes reported in this release are presented in
order of their location on eight sections on the Mankarga 5 grid in Appendix A
to this release, and can be viewed on a drill hole location map presented on the
Company's website at http://www.channelresources.ca/i/pdf/CHUmap041612.pdf.
Mankarga 5 cross sections are also available for download at
http://www.channelresources.ca/s/Tanlouka.asp. Please refer to Channel's
drilling, sampling and assay reporting practices below the results tables for
further information on how the results are reported.
Note re QA/QC Testing Procedures
Channel Resources Ltd. maintains a rigorous quality control program involving
the use of duplicate samples and blanks and certified gold standards from an
accredited Canadian laboratory in every batch of 20 samples. Core samples are
assayed using standard fire assay techniques on a 50-gram charge with an atomic
absorption finish by SGS Burkina Faso SA and Abilab Burkina SARL (ALS Laboratory
Group) in Ouagadougou, Burkina Faso. RC samples discussed in this release were
assayed using the same methods at Abilab Burkina SARL (ALS Laboratory Group) in
Ouagadougou. The drilling program is supervised by John Adams, P.Geo., a
qualified person as defined by NI 43-101, who has reviewed the contents of this
news release.
Some of the statements contained herein are forward-looking statements, which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward-looking
statements that involve various degrees of risk. The following are important
factors that could cause the Company's actual results to differ materially from
those expressed or implied by such forward-looking statements: changes in the
price of minerals, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital. The Company undertakes no obligation to update
publicly or otherwise revise any forward-looking statements or the foregoing
list of factors, whether as a result of new information or future events or
otherwise. Further disclosure on risk factors is available in the Company's
various corporate filings at www.sedar.com.
APPENDIX A - Significant Assay Results
Presented in Order of Section Line from SW to NE
----------------------------------------------------------------------------
Interval (metres) Intercept Weighted Average
Hole Number From To (metres) Grade (g/t Au)
----------------------------------------------------------------------------
Section 1400 SW
----------------------------------------------------------------------------
Tan11-DD56 90 93.4 3.4 0.72
-------------------------------------------------
Hole length 201m 103.5 111.0 7.5 0.67
-------------------------------------------------
-50 degrees /120
degrees azimuth 171.0 174.0 3.0 0.43
-------------------------------------------------
----------------------------------------------------------------------------
Section 600 SW
----------------------------------------------------------------------------
Tan12-DD67 114.0 186.0 72.0 2.12
-------------------------------------------------
Hole length 273m includes 162.0 174.0 12.0 8.66
-------------------------------------------------
-50 degrees /120
degrees azimuth
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tan12-DD68 49.5 63.0 13.5 0.43
-------------------------------------------------
Hole length 201m 66.0 132.0 66.0 1.18
-------------------------------------------------
-50 degrees /120
degrees azimuth includes 85.5 103.5 18.0 3.27
----------------------------------------------------------------------------
Section 000
----------------------------------------------------------------------------
Tan12-DD70 25.5 40.5 15 0.52
-------------------------------------------------
Hole length 180m includes 25.5 31.5 6.0 1.13
-------------------------------------------------
-50 degrees /120
degrees azimuth 48.0 70.5 22.5 0.83
-------------------------------------------------
includes 51.0 58.5 7.5 1.55
-------------------------------------------------
75.0 88.5 13.5 1.00
----------------------------------------------------------------------------
Section 650 NE
----------------------------------------------------------------------------
Tan11-DD42 1.5 11.0 9.5 0.68
-------------------------------------------------
Hole length 168m 30.5 62.0 31.5 0.53
-------------------------------------------------
-50 degrees /120
degrees azimuth 69.5 90.5 21.0 1.25
-------------------------------------------------
94.5 99.0 4.5 0.48
----------------------------------------------------------------------------
Section 1300 NE
----------------------------------------------------------------------------
Tan12-DD62 9.5 15.5 6 0.45
-------------------------------------------------
Hole length 251m 47.0 65.0 18.0 1.77
-------------------------------------------------
-50 degrees /120
degrees azimuth includes 53.0 54.5 1.5 12.15
-------------------------------------------------
74.0 75.5 1.5 0.77
-------------------------------------------------
119.0 122.0 3.0 0.45
-------------------------------------------------
213.5 219.5 6.0 0.67
----------------------------------------------------------------------------
n.b: No significant intersections were encountered in the following holes:
Tan11-DD54 on section 1500SW, Tan11-DD60 on section 1100SW and Tan11-DD59 on
section 1000SW.
Drilling, sampling and reporting practices:
-- All hole collars are set to dip at -50 degrees to their respective
azimuths.
-- Core holes are sampled geologically with a maximum sample interval of
1.5 metres.
-- "Mineralized rock" is defined as rock with a grade of over 0.10 g/t Au.
-- "Significant assay results" is defined as samples, or series of
consecutive samples, with grade thickness (i.e. weighted average gold
grades multiplied by their intervals), of greater than 1.0.
-- The amount of internal waste (i.e. with a grade of less than 0.10 g/t
Au) included in a reported mineralized interval does not exceed 10%.
-- No top cut has been applied to the individual grades before weighted
average grades have been calculated.
-- Unless otherwise stated, reported intersections are downhole lengths.
True widths, other than as estimated on each section, shall be
determined once geological modeling of the zone has been completed.
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