Channel Resources Reports Drill Results & Geophysical Extensions to Mankarga 5 Deposit at Tanlouka Gold Project, Burkina Faso
June 03 2011 - 9:00AM
Marketwired Canada
Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased
to report on results from the final fourteen Reverse Circulation (RC) holes
drilled in the Mankarga 5 target area as part of a 10,000 metre RC program that
commenced in November 2010.
The holes reported are from two segments of the Mankarga 5 deposit, one in the
southwestern half of the deposits currently demonstrated 1.85 kilometre strike
length on sections 250SW and 300SW and the other to the northeast on five
section lines from 750 to 1550NE. One of the holes drilled on the infill section
line 300SW encountered wider zones of mineralization, and of a higher average
grade, than that of the neighboring sections 400SW and 200SW. Holes drilled on
the northern extension of Mankarga 5 appear to indicate that, if the deposit
extends in a purely linear fashion from section 1050NE, the deposit breaks down
from section 1150NE, as only relatively narrow, intermittent and low-grade
mineralized zones were encountered on most of these sections. However, a review
of a recently acquired high-resolution magnetic survey, the results of which
were only available subsequent to drilling, indicates that these holes may have
been located too far to the southeast.
A review of the magnetic survey maps shows that the Mankarga 5 mineralized trend
correlates well with a linear transition zone between high and low magnetic
rocks. Assuming that this is the principal expression of the mineralized zone on
these maps, two significant implications are (a) the holes drilled on sections
1150NE to 1550NE were located too far to the southeast and should have been
collared approximately 100 metres to the northwest along these lines due to a
northwest embayment, or offset, located just northeast of section 1050NE with
approximately 500 metres of additional strike length to the zone indicated in
this direction; and (b) approximately 800 metres of untested apparent strike
length remains beyond the southwestern-most drilled section at 800SW. This
interpretation suggests that the Mankarga 5 structure has a strike length
potential of approximately three kilometres.
A map showing this magnetic trend based on tilt derivative of reduced-to-pole
total magnetic intensity, relative to drill hole locations in Mankarga 5 is
available at: http://www.channelresources.ca/i/pdf/CHUmap060311.pdf
Significant intersections encountered in these recent holes are shown below from
the southwestern to northeastern-most section lines:
-------------------------------------------------------------------------
Interval
(metres)(i) Intercept(i) Average(i) Grade
Section Hole Number From To (metres) (g/t Au)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
300SW Tan11-RC87 10 52 42 0.79
--------------------------------------------------
includes 10 26 16 1.72
--------------------------------------------------
62 156 94 0.69
--------------------------------------------------
includes 94 96 2 9.86
--------------------------------------------------
and 114 116 2 2.90
-------------------------------------------------------------------------
-------------------------------------------------------------------------
250SW Tan11-RC88ww 0 42 42 0.39
--------------------------------------------------
includes 6 16 10 0.69
----------------------------------------------------------------
----------------------------------------------------------------
Tan11-RC89ww 18 28 10 0.59
--------------------------------------------------
58 72 14 0.41
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Interval
(metres)(i) Intercept(i) Average(i) Grade
Section Hole Number From To (metres) (g/t Au)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
750NE Tan11-RC85 0 4 4 0.46
--------------------------------------------------
82 90 8 0.58
-------------------------------------------------------------------------
-------------------------------------------------------------------------
950NE Tan11-RC84 122 134 12 0.47
-------------------------------------------------------------------------
-------------------------------------------------------------------------
1150NE Tan11-RC78 12 16 4 0.77
--------------------------------------------------
22 30 8 0.40
--------------------------------------------------
82 86 4 0.32
-------------------------------------------------------------------------
-------------------------------------------------------------------------
1250NE Tan11-RC79 36 40 4 0.84
----------------------------------------------------------------
----------------------------------------------------------------
Tan11-RC80 52 60 8 0.36
--------------------------------------------------
98 106 8 0.73
----------------------------------------------------------------
----------------------------------------------------------------
Tan11-RC81 42 46 4 0.20
--------------------------------------------------
54 64 10 0.30
-------------------------------------------------------------------------
-------------------------------------------------------------------------
1350NE Tan11-RC83 56 76 20 0.52
--------------------------------------------------
includes 66 72 6 1.03
-------------------------------------------------------------------------
-------------------------------------------------------------------------
1550NE Tan11-RC86 0 12 12 0.32
-------------------------------------------------------------------------
Note: Hole TAN11-RC77 on Section 300SW, TAN11-RC90ww on section 950NW, and
TAN11-RC82 on section 1350NE encountered no significant intersections.
ww: Vertical water well
Three of the fourteen holes drilled (TAN11-RC88, TAN11-RC89 and TAN11-RC90) were
drilled as vertical wells to establish a water supply for the upcoming 15,000
metres core drill program while the balance were all inclined at 50 degrees to
an azimuth of 300 degrees. All three of these vertical holes were sampled with
the two holes on section 250SW, Tan11-RC88 and Tan11-RC89, intersecting and
ending in mineralization.
On section 300SW, hole Tan11-RC77 was collared too far to the southeast and
missed the zone while Tan11-RC87 intersected at least two mineralized zones from
10 to 52 metres and then from 62 to 156 metres, ending in mineralization. These
zones are wider and of higher grade than that of the previously reported
neighboring sections 400SW and 200SW.
On section 750NE, hole Tan11-RC85 was collared west of previously reported holes
Tan11-RC61 and Tan11-RC40, and intersected mineralization in the initial four
metres and then in the final eight metres of the hole. Mineralization
encountered at the bottom of the hole may represent part of a mineralized
footwall structure not previously intersected.
Mineralization encountered near the bottom of Tan11-RC84 helps to establish an
eastern limit to the main mineralized envelope on section 950NE. Multiple
relatively narrow and weakly mineralized zones were encountered in the seven
holes drilled on sections 1150NE, 1250NE, 1350NE and 1550NE with the best
intersection being 20 metres of 0.52 g/t gold intersected in hole Tan11-RC83 on
section 1350NE.
"As Channel completes its 10,000 metre reverse circulation delineation drilling
program and prepares to commence a 15,000 metre definition core drilling
program, we see excellent potential to expand and to advance the exploration of
the Mankarga 5 deposit in the short term," commented Colin McAleenan, President
and CEO of Channel Resources. "In a very short period of time we have been able
to lay the foundation for what we believe to be a significant deposit, and are
now in a position to fast-track its first resource estimate by early 2012."
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. 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. 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.
(i) Drilling and reporting practices:
-- All holes reported are Reverse Circulation type (RC) with 2m samples for
entire hole lengths
-- All hole collars are set to dip at -50 degrees to their respective
azimuths, except as otherwise noted
-- Cut-off grade used is 0.10 g/T Gold for most of the quoted intersections
-- Internal dilution, where incorporated in the quoted interval, is
generally up to a maximum of 20%
-- Intervals are hole length, true widths of mineralized zones have yet to
be determined
-- No top cut has been applied to the grade
Channel Resources Ltd. is a Canadian TSX.V listed mineral exploration Company
which has an option to earn a 90% interest in the Tanlouka Gold Project in
Burkina Faso, West Africa, the terms of which the Company has already satisfied,
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 a 10,000 metre reverse
circulation drilling program recently completed and a 15,000 metre core drilling
program expected to begin soon. 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.
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