Channel Resources Commences 15,000 Metre Core Drilling Program at Tanlouka Gold Project, Burkina Faso
June 16 2011 - 1:20PM
Marketwired
Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:
CHU) is pleased to announce that it has commenced its 15,000 metre
core drilling program on the Tanlouka Gold Project with two rigs,
each operating on two shifts. The main objective of this program is
to position the Mankarga 5 gold deposit for its first NI43-101
resource estimate by the first quarter of 2012, as well as to test
extensions to the deposit's 1.85 kilometre strike length
established through a recently completed 10,000 metre
reverse-circulation ("RC") drilling program.
Individual sections that were only partially drilled in the RC
program will be completed and in-filled to result in a nominal
drill pattern of 100 metres by 50 metres with more structurally
complex areas drilled to 50 metres by 50 metres. Approximately 10%
of the RC drill holes in Mankarga 5 will be twinned with core holes
to compare grades. The RC drilling encountered water at a depth of
approximately 50 metres in most of the holes with the effect that
drill cuttings from below this level were 'washed' before being
sampled with potential loss of fine gold. Core drilling will help
to establish the definitive widths and grades of the Mankarga 5
deposit.
The potential for the Mankarga 5 deposit's strike length to be
significantly extended will also be tested in this drill program. A
recently completed magnetic survey 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, the
Mankarga 5 structure has a strike length potential of approximately
three kilometres, extending both to the northeast and to the
southwest of the area drilled thus far. A map showing this magnetic
trend based on the 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
Mankarga 1 Target
RC drilling in 2010 on the Mankarga 1 target, approximately 1
kilometre 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. The Company is planning to drill-test
structural targets in this area generated through an examination of
the high-resolution airborne magnetic and radiometric data.
New Exploration Targets
The 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 work including
detailed soil surveys and drill testing.
Grant of Options
Channel also announces that it has approved the grant of stock
options ("Options") effective June 16, 2011 for the purchase of up
to 80,000 common shares of the Company at an exercise price of
$0.22 per share. The Options have a term of five years, are subject
to vesting provisions, and are governed by the Company's Stock
Option Plan, pursuant to which Options may be granted up to a
maximum of 10% of the issued and outstanding common shares of the
Company from time to time.
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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