Channel Resources to Commence 15,000 Metre Core Drilling Program at Tanlouka Gold Project, Burkina Faso
May 17 2011 - 9:00AM
Marketwired
Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:
CHU) is pleased to announce that it has secured a contract to
continue execution of its exploration program for the Tanlouka Gold
Project ("Tanlouka") with the commencement in early June of a
15,000 metre core drilling program. The closing of its $7 million
private placement financing on May 6, 2011 will allow the Company
to aggressively advance the Mankarga 5 deposit, allowing for an
initial resource estimate thereon in the near term, and to explore
other targets throughout the Tanlouka permit.
Mankarga 5 Deposit: Definition Drilling and Preparation for
Initial Resource Estimate
Channel has secured a contract with 'Projet Production
International BF SARL' for an initial program of at least 15,000
meters of HQ and NQ diamond-core drilling. The primary objective of
the Mankarga 5 program will be to prepare the deposit for a
resource estimate by the first calendar quarter of 2012, as well as
to continue to extend its strike length beyond the currently
defined 1.8 kilometres. Examination of core from Mankarga 5,
together with results from geochemical and geophysical surveys
recently completed, will allow for better definition of the
structural and geological setting of the deposit and permit more
accurate targeting of expansion drilling.
Two drill rigs, each operating on two shifts, will be employed
to complete as many holes as possible into Mankarga 5 before the
onset of the rainy season, which typically results in a suspension
of field activities in mid-July. Drilling is expected to
re-commence by the end of September allowing for the completion of
the initial program by the end of the year. Upon successful
completion of this drilling program, the Company expects to be in a
position to commission a resource estimate for the Mankarga 5
deposit for delivery in the first half of 2012.
In addition to the drilling program, Channel plans to conduct
initial metallurgical testing for cyanide leachability on samples
from the deposit.
Mankarga 1 Target: Airborne Geophysics and Core Drilling
RC drilling in 2010 in the Mankarga 1 target, approximately 1
kilometer west to northwest of Mankarga 5, has resulted in some of
the highest grade intersections reported thus far at Tanlouka,
including 12 metres grading 21.25 g/t Au in Tan10-RC12, as reported
on January 20, 2011, and 38 metres grading 3.09 g/t Au in
Tan10-RC10, as reported on September 8, 2010. However, due to the
structural complexity of the area the Company has not been able to
define continuity of the mineralization in this area using reverse
circulation drilling alone. The Company is planning to diamond
drill-test structural targets in the area generated through
examination of recently acquired high resolution airborne magnetic
and radiometric data.
New Exploration Targets
Recently acquired property-wide high-resolution geophysics data
will be used with historical regional scale gold-in-soil
geochemistry survey data to help identify new target areas.
Gold-in-soil anomalies already outlined, especially those that have
been targets for artisanal miners, offer good prospects for
follow-up including detailed soil surveys and drill testing. Work
on some of these target areas is expected to commence before the
rainy season.
About Channel Resources Ltd.
Channel Resources Ltd. is a Canadian TSX.V listed mineral
exploration Company has 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,
Channel has recently discovered multiple mineralized zones that are
now being explored and expanded through an aggressive exploration
strategy. 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 well financed to advance both
projects and is actively searching for additional opportunities to
expand its project portfolio.
Drilling programs at the Tanlouka Gold Project are 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.
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: Channel Resources Ltd. Colin McAleenan President &
CEO 604.684.7098 Channel Resources Ltd. Cyrus Ameli CFO & VP
Corporate Affairs 604.684.7098 604.684.7079 (FAX)
info@channelresources.ca www.channelresources.ca
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