August
17, 2010
CHANNEL
RESOURCES MAKES NEW GOLD DISCOVERY
AT TANLOUKA PROJECT, BURKINA
FASO
Discovery holes drilled
250 metres apart on same structure:
- 83.5 metres
grading 0.94 grams gold / tonne (�g/t Au�) including 40 metres
grading 1.37 g/t Au and 10 metres grading 3.11 g/t Au
- 48 metres grading
1.17 g/t Au including 26 metres grading 1.98 g/t Au
Vancouver, BC
- Channel Resources Ltd. (�Channel� or the �Company�, TSX.V:CHU) is
pleased to report on partial drilling results from a Phase I Reverse
Circulation (�RC�) drilling program on the Tanlouka Gold Project in
Burkina Faso, West Africa. This is the first drilling program to be
conducted on the project apart from a historical, shallow RAB program and
results indicate that a significant gold discovery has been made.
Exploration at Tanlouka has been
focused on the Mankarga Zone (�Mankarga�), a five square kilometer area
in the south end of the 105 square kilometer permit on which Channel has
conducted semi-detailed soil sampling, induced polarization (IP) /
resistivity and ground magnetic surveys. Initial drilling has
tested five discrete target areas based on the presence of geochemical
anomalies, high resistivity and chargeability structures, magnetic
anomalies, as well as extensive artisanal workings.
Assay results from three of the
five target areas drilled have been received thus far, indicating a
significant new discovery at �Mankarga 5�, and good exploration potential
remaining for the discovery of additional mineralization within other
target areas. A drill-hole location map is provided at http://www.channelresources.ca/i/pdf/chu_tanlouka_Phase1results.pdf.
Mankarga 5
Two holes were collared in
Mankarga 5, 250 metres along strike from each other on the northeast
trending zone. Both holes, (T2010-7 and T2010-8) intersected two
mineralized horizons including an upper low-grade zone, and a lower and
wider higher grade zone.
Hole Number
|
Interval (metres)
|
Intercept
|
Average Grade
|
|
From
|
To
|
(metres)
|
(g/t Au)
|
|
|
|
|
|
T2010-7
|
14
|
30
|
16
|
0.11
|
|
46
|
94
|
48
|
1.17
|
includes
|
52
|
78
|
26
|
1.98
|
includes
|
54
|
58
|
4
|
3.32
|
and
|
74
|
78
|
4
|
6.54
|
|
|
|
|
|
T2010-8
|
8
|
32
|
24
|
0.27
|
|
58
|
141.5
|
83.5
|
0.94
|
includes
|
68
|
118
|
40
|
1.37
|
includes
|
68
|
78
|
10
|
3.11
|
and
|
90
|
108
|
18
|
1.49
|
NB: True widths
have not yet been determined
Both holes were drilled with an
azimuth of 300 degrees and a -50 degree dip; hole T2010-7 to a depth of
100 metres and hole T2010-8 to a depth of 141.5 metres ending in
mineralization (0.61 g/t Au over 2 metres). The mineralized
environment is a sheared and possibly mylonitized contact zone between a
gabbroic unit and metasediments with a steep dip to the southeast.
�The two intersections in
Mankarga 5 exhibit very similar geology and gold mineralization
suggesting good continuity in the structure over the 250 metres between
drill holes.� commented Colin McAleenan, President and CEO of the
Company. �The presence of artisanal workings along the trend indicates an
apparent strike length for this shear zone of over 1,000
metres.�
Mankarga 3
The Mankarga 3 target area
consists of artisanal workings in an area of soil geochemical
anomalies. Results from three holes drilled in the area indicate
the presence of disseminated, low-grade mineralization within multiple
zones up to 44 meters wide.
Hole Number
|
Interval (metres)
|
Intercept
|
Average Grade
|
|
From
|
To
|
(metres)
|
(g/t Au)
|
|
|
|
|
|
T2010-3
|
62
|
84
|
22
|
0.15
|
|
|
|
|
|
T2010-4
|
0
|
20
|
20
|
0.17
|
|
42
|
86
|
44
|
0.15
|
includes
|
42
|
44
|
2
|
0.71
|
|
|
|
|
|
T2010-5
|
30
|
46
|
16
|
0.23
|
|
62
|
70
|
8
|
0.46
|
|
74
|
76
|
2
|
2.32
|
NB: True widths
have not yet been determined
Holes T2010-4 and T2010-5 were
not completed to design depth due to mechanical problems. Further work is
warranted in the Mankarga 3 area to follow up on these anomalous results
and to investigate their relationship to higher-grade mineralization
mined by the artisanal miners in the area.
Other Targets
Holes T2010-1, T2010-2 and
T2010-6 were drilled into the Mankarga 4 target to test an area of strong
coincident chargeability and resistivity anomalies outlined in IP
surveys. These holes encountered quartz veins, and granite in contact
with metasediments carrying no significant gold values.
Results are expected in the near
future from Mankarga 2 where one hole was drilled to test structures
being worked by artisanal miners, and from Mankarga 1 where two holes
were completed within coincident chargeability, resistivity and soil
geochemistry anomalies as well active artisanal workings and
mineralization encountered in historical shallow RAB drill holes.
Of the 20 holes and 2,500 metres
planned for this Phase I RC program, only 11 holes and 1,108 metres were
completed due to mechanical issues and the onset of the rainy
season. Channel intends to continue drilling at Tanlouka after the
rainy season to follow up on these results as well as to complete the Phase
I testing of the targeted areas within the Mankarga Zone.
Channel Resources Ltd. maintains
a rigorous quality control program involving the use of duplicate samples
and certified blanks and standards from an accredited Canadian laboratory
in every batch of 20 samples. Samples, taken from two metre intervals,
are assayed using standard fire assay on a 50 gram charge and atomic
absorption techniques at Abilab Burkina SARL (ALS Laboratory Group) in
Ouagadougou, Burkina Faso and will undergo multi-element analysis by
inductively coupled plasma mass spectrometry (ICP) at an ALS Chemex
laboratory in Johannasburg, South Africa. The drilling
program was supervised by John Adams P.Geo., a qualified person as
defined by NI 43�101, who has reviewed the contents of this news
release.
For further
information:
Colin McAleenan, President & CEO
Cyrus Ameli, CFO & VP Corporate
Affairs
604.684.7098
www.channelresources.ca
info@channelresources.ca
Channel Resources Ltd. is a
Canadian TSX.V listed mineral exploration Company with an option to earn a
90% interest in the Tanlouka Gold Project in Burkina Faso, West Africa
and an option to earn 100% in the Fox Creek Lithium / Potash Brine
Project in Alberta. At Tanlouka, new mineralized zones have been
discovered through a Phase 1 reverse circulation drilling program. At Fox
Creek, a bulk sample of brine sourced from producing natural gas wells is
undergoing process testing to determine the most efficient method of
producing various industrial minerals from the brine, including lithium
carbonate, potash, bromine and borates. The Company is financed to
advance both projects through their current programs, and is actively
searching for additional opportunities to expand its project portfolio.
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.
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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