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Channel Resources Ltd.
("Channel" or the "Company") (TSX VENTURE:CHU) is pleased
to report assay results from a 15,000 metre core-definition drilling program
on the Mankarga 5 gold deposit at the Tanlouka Gold Project
("Tanlouka") in Burkina Faso, West Africa.
This program has been designed to follow-up a reverse circulation
("RC") drilling program (57 holes drilled for a total of 7,100
metres) completed earlier in the year on the northeast-trending Mankarga 5
structure, and has so far delineated a mineralized zone that is 2.35
kilometres long and up to 250 metres wide. The main objectives of this
program are 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 in the spring of 2012. Mineralized zones reported
in this release 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 thought 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 minimum vertical depth of approximately 200
metres in the current program.
On Section 500SW, hole Tan11-DD24 intersected the
main mineralized zone at about 130 metres below surface, demonstrating
comparable overall width with intersections in previously reported holes from
shallower depths. Several newly discovered structures were also encountered
close to surface with grades up to 0.96 g/t Au over 9.6 metres.
Hole Tan11-DD30 drilled on Section 300SW intersected the main zone at an
approximately 140 metre vertical depth with an intersection of 0.41 g/t Au
over 29.6 metres, including intersections of 0.96 g/t Au over 3.9 metres and
0.71 g/t Au over 6.7 metres.
Two holes reported from Section 350NE, Tan11-DD23 and DD25 both intersected
mineralization of comparable widths to those encountered previously on the
same section in holes Tan11-RC36, RC20, and RC42. Tan11-DD25, inclined 65
degrees at azimuth 120 degrees due to surface constraints, intersected 1.03
g/t Au over 58.5 metres including 2.32 g/t Au of 9 metres and 1.94 g/t Au
over 6 metres from 39 metres downhole depth.
On Section 550NE, hole Tan11-DD31 intersected the main zone at approximately
170 metres vertical depth with an intersection of 1.20 g/t Au over 15 metres
including 2.19 g/t Au over 3 metres, below intersections of the same zone in
previously drilled hole Tan11-DD03 (0.64 g/t Au over 66 metres including 1.64
g/t Au over 15.8 metres). Several hanging-wall structures were also
encountered closer to surface in Tan11-DD31. Hole Tan11-DD41 (results
pending) has been collared on the same section to the south-east of
Tan11-DD31 to test for near-surface expressions of the main structure and
also for footwall mineralization.
Hole Tan11-DD49, drilled on Section 750NE, intersected the main zone at over
200 metres vertical depth with 1.25 g/t Au over 35 metres together with
numerous hanging wall structures encountered closer to surface. Hole DD63 was
drilled near the east end of the section (with results pending) to test for
continuity at shallower depths of the footwall structures encountered in all
core holes on this wide section.
The core drilling program has now been completed, with over 15,441 meters in
71 holes drilled. Assay results have now been reported for an aggregate of
8,516 metres of core (55% of total program) from 37 holes, including 1,743
meters from the 7 holes reported in this release.
Detailed results from the 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/CHUmap020612.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.
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 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
---------------------------------------------------------------------------- Weighted Average Hole Number Interval (metres) Intercept Grade From To (metres) (g/t Au) ---------------------------------------------------------------------------- Section 500 SW ---------------------------------------------------------------------------- Tan11-DD24 8.0 12.5 4.5 0.27 ----------------------------------------------- Hole length 260m 20.0 27.5 7.5 0.56 ----------------------------------------------- -50 degrees/300 30.5 40.1 9.6 0.96 degrees azimuth ----------------------------------------------- includes 36.5 38.0 1.5 3.25 ----------------------------------------------- 111.9 119.4 7.5 1.62 ----------------------------------------------- includes 115.0 115.4 0.4 23.50 ----------------------------------------------- 121.8 128.0 6.2 0.29 ----------------------------------------------- 140.2 186.5 46.3 0.43 ---------------------------------------------------------------------------- Section 300 SW ---------------------------------------------------------------------------- Tan11-DD29 8.0 9.5 1.5 1.14 ----------------------------------------------- Hole length 80m (i) Hole abandoned at 80 metres due to ground -50 degrees/120 conditions - target at 180 metres degrees azimuth ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Tan11-DD30 104.0 107.0 3.0 1.56 ----------------------------------------------- Hole length 272m 113.0 117.5 4.5 0.27 ----------------------------------------------- -50 degrees/120 119.0 126.5 7.5 0.30 degrees azimuth ----------------------------------------------- 137.0 146.0 9.0 0.20 ----------------------------------------------- 164.0 166.2 2.2 0.72 ----------------------------------------------- 173.0 202.6 29.6 0.41 ----------------------------------------------- includes 176.0 179.9 3.9 0.96 ----------------------------------------------- 195.5 202.2 6.7 0.71 ---------------------------------------------------------------------------- Section 350 NE ---------------------------------------------------------------------------- Tan11-DD23 83.7 93.5 9.8 0.29 ----------------------------------------------- Hole length 302m 99.5 130.3 30.8 0.56 ----------------------------------------------- -50 degrees/120 135.2 150.5 15.3 0.69 degrees azimuth ----------------------------------------------- includes 135.2 137.0 1.8 3.88 ----------------------------------------------- 155.0 174.2 19.2 1.23 ----------------------------------------------- includes 162.5 170.0 7.5 2.62 ----------------------------------------------- 188.4 212.0 23.6 0.63 ----------------------------------------------- includes 198.5 200.9 2.4 1.43 ----------------------------------------------- and 204.5 207.5 3.0 1.73 ----------------------------------------------- 215.1 219.5 4.4 0.25 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Tan11-DD25 0.0 7.5 7.5 0.64 ----------------------------------------------- Hole length 201m 15.0 30.0 15.0 0.29 ----------------------------------------------- -65 degrees/120 31.5 37.5 6.0 0.28 degrees azimuth ----------------------------------------------- 39.0 97.5 58.5 1.03 ----------------------------------------------- includes 39.0 48.0 9.0 2.32 ----------------------------------------------- and 60.0 66.0 6.0 1.94 ---------------------------------------------------------------------------- Section 550NE ---------------------------------------------------------------------------- Tan11-DD31 62.0 68.6 6.6 0.39 ----------------------------------------------- Hole length 272m 70.0 79.5 9.5 0.17 ----------------------------------------------- -50 degrees/120 101.5 122.0 20.5 0.40 degrees azimuth ----------------------------------------------- 136.6 146.7 10.1 0.49 ----------------------------------------------- includes 136.6 138.5 1.9 1.18 ----------------------------------------------- 156.6 161.0 4.4 0.42 ----------------------------------------------- 201.5 207.5 6.0 0.26 ----------------------------------------------- 219.5 234.5 15.0 1.20 ----------------------------------------------- includes 227.0 230.0 3.0 2.19 ---------------------------------------------------------------------------- Section 750NE ---------------------------------------------------------------------------- Tan11-DD49 61.5 65.0 3.5 0.84 ----------------------------------------------- Hole length 356m 84.5 89.0 4.5 0.33 ----------------------------------------------- -50 degrees/120 107.0 110.0 3.0 1.19 degrees azimuth ----------------------------------------------- 129.5 134.0 4.5 0.29 ----------------------------------------------- 140.0 144.5 4.5 0.23 ----------------------------------------------- 162.5 164.0 1.5 1.70 ----------------------------------------------- 170.0 177.5 7.5 0.40 ----------------------------------------------- 180.3 189.7 9.4 0.45 ----------------------------------------------- 240.5 264.5 24.0 0.22 ----------------------------------------------- 266.0 301.0 35.0 1.25 ----------------------------------------------- includes 284.0 285.5 1.5 6.49 ----------------------------------------------- 312.5 339.5 27.0 0.23 ---------------------------------------------------------------------------- Drilling, sampling and reporting practices: -- All hole collars are set to dip at -50 degrees to their respective azimuths except hole Tan11-DD25 which, due to surface conditions, was drilled at an inclination of 65 degrees. -- Core holes are sampled geologically with a maximum sample interval of 1.5m. -- "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.
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.
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