Channel Resources Ltd.

Published : August 31st, 2012

Reports Drilling Results for Mankarga 1 and Mankarga 1-South Areas at

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Marketwire
 
 
Channel Resources Ltd.
TSX VENTURE: CHU
Other Recent News | Printer Friendly Version

August 31, 2012
Channel Resources Reports Drilling Results for Mankarga 1 and Mankarga 1-South Areas at Tanlouka Gold Project, Burkina Faso
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2012) - Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased to report on assay results from an exploratory 2,100 metre drilling program on the Mankarga 1 area at the Tanlouka Gold Project ("Tanlouka") in Burkina Faso, West Africa.

Channel designed this drilling program with two main objectives: (1) to determine the spatial orientation of high-grade structures discovered in 2010/2011 reverse circulation ('RC") drill holes on the Mankarga 1 target; and (2) to test the area south of Mankarga 1 ("Mankarga 1-South") for extensions of the Mankarga 5 structure into that area.

Mankarga 1

The locations and orientations of holes TAN12-DD72 through TAN12-DD75 and TAN12-DD83 were designed to twin or undercut RC holes drilled in 2010 and early 2011 that intersected mineralization in multiple high-grade zones. Earlier follow-up on these discovery holes with RC drilling was impeded by the fact that the complex structural characteristics of this target area could not be determined from RC-derived rock chips. The current program was conducted using oriented core drilling to provide an enhanced perspective on the structure and allow for a better interpretation and modeling of the area as an aid to orienting future drill programs.

Holes TAN12-DD72, TAN12-DD73, TAN12-DD74 and TAN12-DD75 were drilled as twins of TAN10-RC12, TAN10-RC10, TAN10-RC13 and TAN11-RC51 (results reported on January 12, 2011, September 8, 2010 and March 24, 2011) respectively for structural analysis. Most of the core-derived grade-thickness data from Mankarga 1 were generally consistent with those from their RC twins,, although varying degrees of smearing of high-grade mineralization and some contamination in the RC holes was evident.

Measurements from the oriented core indicate that mineralization in holes TAN12-DD73 and TAN12-DD74 is related to east-north-east and east-south-east trending structures that dip steeply to the north. Mineralization in hole TAN12-DD75, which is far more confined than indicated in its RC twin (TAN11-RC51), is contained in north-north-west trending zones that dip at approximately 70 degrees to the northeast. The down-dip extension of the mineralization in TAN12-DD75 is believed to be represented by the upper two intersections in TAN12-DD83. While the mineralized trends identified in holes TAN12-DD72, TAN12-DD73 and TAN12-DD74, suggest that these zones were adequately tested by bracketing RC holes, and found to be limited in scope, those intersected in holes TAN12-DD75 and TAN12-DD83 show continuity down dip and have potential for strike continuity. Accordingly, this trend will require follow-up exploration drilling at a later date.

Mankarga 1-South

Holes TAN12-DD77 through TAN12-DD82 were drilled along a north-south trending 1,300 metre stretch of ground south of Mankarga 1 to just north of the south end of the Mankarga 5 trend. This zone is characterized by a north-south trending gold-in-soil anomaly first defined in 1998 by a 500 metre by 100 metre regional soil grid that covers the eastern part of the Tanlouka permit. This anomaly forms a general 'V' shaped structure with the Mankarga 5 deposit located along its north-east trending arm, and the Mankarga 1 target in the middle of its north-west trending arm.

Drilling patterns have intersected a metasediment / metavolcanic contact zone that trends roughly north-northwest through the area and dips steeply westwards. Weak mineralization related to silicified zones and veins was intersected in both the metasediments (TAN12-DD77, TAN12-DD78, and TAN12-DD81) as well as in the metavolcanics (TAN12-DD78, TAN12-DD80, and TAN12-DD81) on either side of the contact. Hole TAN12-DD78 intersected an extensive zone (approx. 84 metres from 56 metres down-hole) of pervasively silicified metavolcanic rocks reminiscent of the more strongly mineralized zones within the Mankarga 5 structure; however, in TAN12-DD78, only relatively narrow and weakly mineralized intervals were intersected. This limited drilling program in Mankarga 1-South has encountered prospective geology, indicative alteration and gold mineralization in close proximity to the Mankarga 5 deposit. Follow-up exploration drilling will be undertaken at a later date.

Detailed results from the eight holes reported in this release are presented 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/CHUmap083112.pdf. Please refer to Channel's drilling, sampling and assay reporting practices below the results table for further information on how the results are reported.

Exploration of the Tanlouka Project Advancing Quickly

Channel's activities at the Tanlouka gold project are focused on both advancing the Mankarga 5 deposit as quickly as possible through to feasibility and development, and demonstrating the exploration potential of the Mankarga 5 deposit and the remainder of the permit. The Company has recently reported on numerous work programs, including positive metallurgical testing on oxidized and non-oxidized samples from the Mankarga 5 deposit, and the maiden resource estimate for the Mankarga 5 deposit. The Company has also recently completed soil sampling programs on the Manesse and Tanwaka target areas to the north of the Mankarga Zone on the 79 square kilometre Tanlouka permit. Future drill programs and other exploration activities are being planned for Mankarga 5 and other targets on the Tanlouka permit, based on results of current programs and will be announced in due course.

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 ACTLABS - Burkina Faso SARL in Ouagadougou, Burkina Faso. Samples assaying over 5.0 g/t Au were re-assayed gravimetrically. RC samples discussed in this release were assayed using standard fire assay techniques on a 50-gram charge with an atomic absorption finish at Abilab Burkina SARL (ALS Laboratory Group) in Ouagadougou. 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.

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

----------------------------------------------------------------------------
                                                                    Weighted
                                              Interval               Average
                                              (metres)   Intercept     Grade
Hole Number                                   From    To  (metres)  (g/t Au)
----------------------------------------------------------------------------
                                                                            
MANKARGA 1                                                                  
----------------------------------------------------------------------------
TAN12-DD72                                    63.2  65.0       1.8      1.08
                                            --------------------------------
Hole length 152.0m                            67.0  69.5       2.5     13.69
                                            --------------------------------
-50 degrees/210 degrees azimuth   includes   68.65  69.0      0.35      91.3
                                            --------------------------------
Twin of Tan10-RC12                            96.9 101.0       4.1      0.20
                                            --------------------------------
                                             102.5 105.5       3.0      0.25
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD73                                    35.0  38.0       3.0      0.16
                                            --------------------------------
Hole length 152.0m                            56.0  60.5       4.5     14.74
                                            --------------------------------
-50 degrees/180 degrees azimuth   includes    57.5  59.0       1.5     41.30
                                            --------------------------------
Twin of Tan10-RC10                            62.0  74.0      12.0      6.03
                                            --------------------------------
                                  includes    62.0  63.5       1.5     31.40
                                            --------------------------------
                                  and         68.0  69.5       1.5     12.90
                                            --------------------------------
                                              80.0  93.0      13.0      1.65
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD74                                    51.5  54.0       2.5      0.47
                                            --------------------------------
Hole length 146.0m                            64.2  71.0       6.8      1.90
                                            --------------------------------
-50 degrees/180 degrees azimuth   includes    64.2  65.0       0.8     13.20
                                            --------------------------------
Twin of Tan10-RC13                            78.5  83.0       4.5      0.78
                                            --------------------------------
                                              87.5  99.5      12.0      0.44
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD75                                    28.5  30.0       1.5      5.95
                                            --------------------------------
Hole length 200.0m                            32.0  36.0       4.0      0.25
                                            --------------------------------
-50 degrees/230 degrees azimuth                                            
                                            --------------------------------
Twin of Tan11-RC51                                                          
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD76                                    16.0  18.5       2.5      0.40
                                            --------------------------------
Hole length 155m                              21.5  23.0       1.5      0.17
                                            --------------------------------
-50 degrees/214 degrees azimuth                                           
                                            --------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD83                                    64.1  65.0      0.90      4.36
                                            --------------------------------
Hole length 218m                              75.5  90.5      15.0      0.85
                                            --------------------------------
-50 degrees/230 degrees azimuth   includes    81.9  82.1       0.2      12.1
                                            --------------------------------
                                             122.0 123.5       1.5      1.34
----------------------------------------------------------------------------
                                                                            
MANKARGA 1S                                                                 
----------------------------------------------------------------------------
TAN12-DD77                                    12.0  24.0      12.0      0.36
                                            --------------------------------
Hole length 200.0m                                                          
                                            --------------------------------
-50 degrees/90 degrees azimuth                                             
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD78                                    29.5  33.0       3.5      2.44
                                            --------------------------------
Hole length 200.0m                            60.6  63.0       2.4      0.40
                                            --------------------------------
-50 degrees/90 degrees azimuth                67.5  70.5       3.0      0.92
                                            --------------------------------
                                              73.5  81.0       7.5      0.17
                                            --------------------------------
                                              95.0  96.5       1.5      0.55
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD79                                    99.5 101.0       1.5      0.42
                                            --------------------------------
Hole length 161.0m                                                          
                                            --------------------------------
-50 degrees/90 degrees azimuth                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD80                                    73.5  80.0       6.5      0.25
                                            --------------------------------
Hole length 164.0m                            88.0  93.5       5.5      0.21
                                            --------------------------------
-50 degrees/90 degrees azimuth                99.5 102.5       3.0      0.37
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
TAN12-DD81                                    62.5  68.2       5.7      0.63
                                            --------------------------------
Hole length 176.0m                            95.0  99.5       4.5      0.48
                                            --------------------------------
-50 degrees/90 degrees azimuth                                              
----------------------------------------------------------------------------
N.B. TAN12-DD82 (176.0 metres, -50 degrees/50 degrees azimuth) had no       
significant intersections
 
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. 
--  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 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.

CONTACT INFORMATION:
Channel Resources Ltd.
Colin McAleenan
President & CEO
604.684.7098

or

Channel Resources Ltd.
Cyrus Ameli
Senior Vice President
604.684.7098
Fax: 604.684.7079
info@channelresources.ca
www.channelresources.ca
INDUSTRY: Manufacturing and Production - Mining and Metals

If you no longer want to receive announcements from us, please do not reply to this e-mail. Instead simply click .
Data and Statistics for these countries : Burkina Faso | All
Gold and Silver Prices for these countries : Burkina Faso | All

Channel Resources Ltd.

EXPLORATION STAGE
CODE : CHU.V
ISIN : CA15916P1053
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Channel Res. is a gold exploration company based in Canada.

Channel Res. holds various exploration projects in Burkina Faso, in Canada and in Ecuador.

Its main exploration properties are FOX CREEK and WEST BIENVILLE in Canada, TANLOUKA and NAOUBE in Burkina Faso and EL MOZO in Ecuador.

Channel Res. is listed in Canada. Its market capitalisation is CA$ 5.4 millions as of today (US$ 4.8 millions, € 3.5 millions).

Its stock quote reached its highest recent level on November 05, 2010 at CA$ 0.45, and its lowest recent point on August 09, 2013 at CA$ 0.01.

Channel Res. has 119 349 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Channel Resources Ltd.
5/7/2010Closes Private Placement Financing
2/10/2010Closes Private Placement Financing
1/29/2010Announces Non-Brokered Private Placement Financing
1/13/2010Announces Oversubscription of Private Placement
12/22/2009Conducts Partial Closing of Private Placement Financing
12/2/2009Announces Non-Brokered Private Placement Financing
12/11/2008Appoints IBK Capital Corp to Lead Private Placement Financin...
10/31/2007 Closes Final Tranche of Private Placement Financing
Option Grants of Channel Resources Ltd.
2/25/2011Grant of 500,000 options at $ 0,21 per share
3/25/2010Welcomes Dr. Richard Schutte to Board of Directors, Grants S...
11/10/2009Appoints Frank Crerie and Richard Schutte to Advisory Commit...
Nominations of Channel Resources Ltd.
6/27/2013Appoints Archie Nesbitt Non-Executive Chairman
1/24/2012Appoints Archibald J. Nesbitt, LLB as Director
2/25/2011Appoints Stephen Rea to Board of Directors
11/15/2007 Appoints Chief Financial Officer
Financials of Channel Resources Ltd.
5/28/2010Announces Change to Board of Directors and Filing of Second ...
8/27/2009Files Third Quarter Financial Statements, Extends Warrants
Project news of Channel Resources Ltd.
3/20/2013(Tanlouka)Ltd=2E: Tanlouka Gold Project Ready for Next Growth Cycle
7/12/2012Reports Positive Metallurgical Results for the Mankarga 5 De...
4/30/2012(Fox Creek)Earns 100% Interest in Fox Creek Mineral Brine Project & Fil...
3/5/2012(Tanlouka)Infill Drilling Continues to Define Mankarga 5 Zone at Tanlo...
2/9/2012(Tanlouka)Infill Drilling Continues to Define Mankarga 5 Zone at Tanlo...
1/11/2012(Tanlouka)Drilling Continues to Expand =?ISO-8859-1?Q?=20Mankarga=205=...
9/14/2011(Tanlouka)Results From Core Drilling Program On Mankarga 5 Deposit at ...
6/16/2011(Tanlouka)Commences 15,000 Metre Core Drilling Program at Tanlouka Gol...
5/17/2011(Tanlouka)to Commence 15,000 Metre Core Drilling Program at Tanlouka G...
4/27/2011(Tanlouka)Extends Mankarga 5 Strike Length to 1.85 Kilometres at Tanlo...
4/7/2011(Tanlouka)Reports Metallic Screen Assay Results From Tanlouka Gold Pro...
3/24/2011(Tanlouka)Mankarga 5 Gold Deposit Strike Length Now 1.5 Kilometres at ...
8/17/2010(Tanlouka)Makes New Gold Discovery at Tanlouka Project, Burkina Faso
10/7/2009(Fox Creek)Confirms Multi-Product Mineral Potential at Fox Creek Brine ...
8/17/2009(Fox Creek)Initiates Sampling Program at Fox Creek Lithium / Potash Bri...
2/24/2009(Fox Creek)Enters into Option Agreement to Acquire 100% of Fox Creek Li...
5/21/2008(West Bienville) Expands & Advances West Bienville Uranium Project, Complete...
4/23/2008(El Mozo)Defers Exploration Activities in Ecuador
2/29/2008(El Mozo) Reports on Mozo Project Drilling and Metallurgical Results
2/14/2008(Bombore)Initial Resource Estimate Issued for Bombore Gold Project, B...
12/14/2007(El Mozo)Completes Drilling at El Mozo, Discovers Radiometric Anomaly...
10/18/2007(El Mozo) Commences Drill Program at El Mozo Gold Project, Ecuador
Corporate news of Channel Resources Ltd.
9/26/2013and West African Resources Execute Definitive Agreement
4/25/2013Adopts Advance Notice Policy
8/31/2012Reports Drilling Results for Mankarga 1 and Mankarga 1-South...
7/19/2012(Tanlouka)Announces Maiden Resource Estimate for Tanlouka Gold Project...
7/4/2012Reports Final Drilling Results for Mankarga 5 Resource Estim...
5/23/2012Drilling Results Continue to Enhance Potential of Mankarga 5...
4/16/2012Mankarga 5 Drilling Results Reinforce Size and Growth Potent...
3/19/2012(Fox Creek)Announces Maiden Resource Estimate for Fox Creek Mineral Bri...
10/3/2011Announces Senior Management Appointments
6/3/2011(Tanlouka)Reports Drill Results & Geophysical Extensions to Mankarga 5...
5/6/2011Announces Closing of $7 Million Bought Deal Private Placemen...
4/8/2011Announces $5 Million Bought Deal Private Placement
7/14/2010Provides Operational Update
6/30/2010Announces Changes to Board of Directors
1/26/2010Adds Five New Lithium Brine Permits to Alberta Portfolio
12/23/2009Files Annual Financial Statements
1/23/2009Files Annual Financial Statements
11/12/2008Enters Into Letter of Intent for Option to Acquire Alberta L...
7/30/2008Update
1/21/2008 Issues Options, Files Annual Financial Statements
9/28/2007Advances El Mozo, Tanlouka and West Bienville Projects
9/10/2007FN Series drilling program confirms new zone of gold mineral...
9/4/2007 and Azimut Sign Letter of Intent on West Bienville Uranium ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (CHU.V)
0.045+0.00%
TSX-V
CA$ 0.045
01/23 15:53 -
0%
Prev close Open
0.045 0.040
Low High
0.040 0.045
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.045 -%
Volume 1 month var.
428,500 -%
24hGold TrendPower© : 44
Produces
Develops
Explores for Gold - Lithium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.03-0.28%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.