Channel Resources Ltd. (TSX VENTURE:CHU) ("Channel" or the
"Company") is pleased to report continuing assay results from a
15,000 metre core definition drilling program on the Mankarga 5
gold deposit at the Tanlouka Gold Project ("Tanlouka") in Burkina
Faso, West Africa.
Strike Length Extended by 500 Metres to 2,350 Metres
Hole Tan11-DD32 located on section 1300SW, 500 metres along
strike of the last reported mineralized intersection at the
southern end of the zone, encountered an intersection of 12.5
metres of 2.34 grams gold / tonne ("g/t Au") beginning at the top
of the hole. This extends the previous 1,850 metre strike length of
the zone established earlier this year to 2,350 metres. A follow up
hole will be collared to the northwest of this hole to undercut the
mineralized intersection and determine the zone's full width on
this section. The zone remains open to both the northeast and
southwest, and to-depth.
Drill Results: Including 72 metres of 1.41 g/t Au on Section
250NE
Detailed results from the thirteen holes reported in this
release are presented in order of their location on eight sections
on the Mankarga 5 grid 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/CHUmap111511.pdf.
Mankarga 5 cross sections are also available for download at
http://www.channelresources.ca/s/Tanlouka.asp. Please refer to
Channel's drilling, sampling and assay reporting practices below
the results tables for further information on how the results are
reported.
This core drilling program on the Mankarga 5 structure on the
Tanlouka property has been designed to follow-up a reverse
circulation ("RC") drilling program (57 holes drilled for a total
of 7,100 metres) completed earlier in the year on the Mankarga 5
structure that delineated a 1,850 metre long and up to 200 metre
wide, northeast-trending mineralized zone. The main objectives of
this program are to provide a geological and structural context for
the deposit, to further expand the zone and to support the
deposit's first resource estimate, which is expected to be
completed in the first quarter of 2012. Holes reported in this
release, other than step-out hole Tan11-DD32 as described above,
were drilled on existing sections from the hanging-wall (northwest)
side of the zone and consequently the intersected widths of the
mineralized structures are thought to be in the order of 80% of the
true widths, except as noted.
Hole Tan11-DD20 was drilled on section 800SW and intersected 33
metres grading 2.40 g/t Au on the zone's main structure. Two
mineralized structures were intersected on section 500SW in hole
Tan11-DD22 including 18.1 metres of 2.05 g/t Au in the principal
structure and 24 metres of 0.63 g/t Au in a hanging-wall structure.
The intersected widths encountered on these sections are believed
to be close to true widths.
On section 250NE, hole Tan11-DD21 intersected 72 metres of 1.41
g/t Au on the main mineralized structure. This intersection has the
greatest width and grade drilled on this section to-date. Secondary
footwall and hanging-wall structures were also encountered in this
hole.
On section 750NE, three holes were drilled from the
hanging-wall, or northwestern, side of the mineralized zone.
Tan11-DD10 intersected 99 metres of the main mineralized structure
from 149 metres downhole with a grade of 0.75 g/t Au. Contained
within this interval is a 54 metre width of 1.19 g/t Au. The main
structure, which has been intersected in several holes on this
section, extends from surface to a depth of approximately 190
vertical metres and remains open down-dip. Two intersections in
holes Tan11-DD08 (24 metres of 0.53 g/t Au and 26.7 metres of 0.91
g/t Au) and one in Tan11-DD09 (49.5 metres of 1.07 g/t Au) are also
interpreted to be parts of this main structure. Multiple additional
lower grade intersections (up to 16.5 metres of 0.74 g/t Au in
Tan11-DD10) in separate structures contribute to an aggregate 250
metre width of the mineralized zone on this section. The three
hanging-wall structures intersected in hole Tan11-DD10 are newly
discovered and indicate potential to be extended both to-depth and
along strike. Two footwall structures intersected in hole
Tan11-DD09 correlate with two intersections in hole Tan11-DD06 and
potentially with multiple narrower zones in Tan11-DD08. Further
potential for the footwall is suggested by the fact that all three
holes Tan11-DD06, 08 and 09 end in mineralization.
Two holes drilled on section 850NE, Tan11-DD11 and DD12,
intersected a wide primary structure with results including 107.2
metres of 0.60 g/t Au and 116.7 metres of 0.66 g/t Au respectively,
together with additional footwall and hanging-wall structures in
the case of Tan11-DD12. Both wide intersections contain higher
grade intervals including 29.1 metres of 1.10g/t Au in DD11 and
16.5 metres of 1.24g/t Au in Tan11-DD12. These new results expand
the horizontal width of the known mineralized zone on section 850NE
to greater than 150 metres and the known vertical extent to at
least 190 metres.
Drilling on section 950NE indicates somewhat narrower
intersected widths in the main structure to those encountered on
section 850NE with lower average grades. However, the known
horizontal width of the mineralized zone on section 950NE remains
approximately 200 metres wide.
One new hole reporting from section 1050NE indicates a series of
more widely spaced mineralized structures with intersections
ranging up to 15.7 metres carrying sub-0.50 g/t Au grades.
To-date, a total of 10,747.5 metres in 49 holes have been
drilled in this 15,000 metre program (72 %), with assay results
available for an aggregate of 4,809 metres of core from 21 holes
(32%), including 3,045 metres from the 13 holes reported in this
release.
"As we drill the Mankarga 5 zone from its northwest, or
hanging-wall, side, we continue to expand both the recognized width
and depth of the mineralized package," commented Colin McAleenan,
President and CEO of Channel Resources. "We are very pleased with
how consistently the structures are holding together down-dip. With
the results of these 13 holes the known deposit has grown
substantially along strike with the 500 metre step-out hole on
section 1300SW and also in overall width on its northern sections.
The successful step-out hole has also increased our confidence in
our ability to predict the mineralized trend by its magnetic
signature and will continue to follow this indicator to further
extend the Mankarga 5 zone both to the southwest and to the
northeast beyond its current 2,350 metre length."
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 SGS Burkina Faso SA in Ouagadougou, Burkina Faso. RC
samples discussed in this release were assayed using the same
methods at Abilab Burkina SARL (ALS Laboratory Group) in
Ouagadougou. 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.
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 - DRILLING RESULTS
Presented in Order of Section Line from SW to NE
---------------------------------------------------------------------------
Weighted
Interval Average
(metres) Intercept Grade
Hole Number From To (metres) (g/t Au)
---------------------------------------------------------------------------
Section 1300 SW
---------------------------------------------------------------------------
Tan11-DD32 0.0 12.5 12.5 2.34
---------------------------------
-50 degrees/120 degrees azimuth includes 6.5 8.0 1.5 4.29
---------------------------------
90.5 95.0 4.5 0.34
---------------------------------------------------------------------------
Section 800 SW
---------------------------------------------------------------------------
Tan11-DD20 63.5 65.0 1.5 1.82
---------------------------------
-50 degrees/120 degrees azimuth 84.5 89.0 4.5 0.67
---------------------------------
120.5 153.5 33.0 2.40
---------------------------------
includes 141.5 143.0 1.5 19.00
---------------------------------
195.5 197.0 1.5 1.05
---------------------------------
206.0 207.5 1.5 1.36
---------------------------------------------------------------------------
Section 500 SW
---------------------------------------------------------------------------
Tan11-DD22 11.0 35.0 24.0 0.63
---------------------------------
-50 degrees/120 degrees azimuth includes 14.0 15.5 1.5 3.37
---------------------------------
63.5 81.6 18.1 2.05
---------------------------------
87.5 89.0 1.5 1.20
---------------------------------------------------------------------------
Section 250 NE
---------------------------------------------------------------------------
Tan11-DD21 12.5 24.5 12.0 0.69
---------------------------------
-50 degrees/120 degrees azimuth 35.0 44.0 9.0 0.61
---------------------------------
47.0 119.0 72.0 1.41
---------------------------------
includes 102.5 108.5 6.0 7.97
---------------------------------
includes 104.0 105.5 1.5 18.70
---------------------------------
131.0 150.5 19.5 0.72
---------------------------------------------------------------------------
Section 750 NE
---------------------------------------------------------------------------
Tan11-DD08 11.0 15.5 4.5 0.41
---------------------------------
-50 degrees/120 degrees azimuth 27.5 30.5 3.0 0.58
---------------------------------
85.5 96.0 10.5 0.29
---------------------------------
105.0 109.7 4.7 0.38
---------------------------------
117.0 126.6 9.6 0.19
---------------------------------
133.5 157.5 24.0 0.53
---------------------------------
164.8 191.5 26.7 0.91
---------------------------------
207.0 212.0 5.0 0.35
---------------------------------
214.5 223.5 9.0 0.37
---------------------------------
225.7 231.0 5.3 0.43
---------------------------------
246.0 249.0 3.0 1.16
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tan11-DD09 32.0 39.5 7.5 0.43
---------------------------------
-50 degrees/120 degrees azimuth 59.0 62.7 3.7 0.71
---------------------------------
68.6 70.3 1.7 2.12
---------------------------------
includes 69.0 69.2 0.2 16.70
---------------------------------
77.0 80.0 3.0 0.34
---------------------------------
89.0 138.5 49.5 1.07
---------------------------------
includes 95.0 96.5 1.5 15.40
---------------------------------
158.0 174.5 16.5 0.17
---------------------------------
183.5 203.0 19.5 0.33
---------------------------------------------------------------------------
Section 750NE
---------------------------------------------------------------------------
Tan11-DD10 47.0 63.5 16.5 0.30
---------------------------------
-50 degrees/120 degrees azimuth 74.0 90.5 16.5 0.74
---------------------------------
93.5 119.0 25.5 0.54
---------------------------------
149.0 248.0 99.0 0.75
---------------------------------
includes 194.0 248.0 54.0 1.19
---------------------------------
includes 230.0 239.0 9.0 3.69
---------------------------------
includes 231.5 233.0 1.5 13.10
---------------------------------
258.5 270.3 11.8 0.31
---------------------------------
284.0 291.5 7.5 0.30
---------------------------------------------------------------------------
Section 850NE
---------------------------------------------------------------------------
Tan11-DD11 0.00 116.7 116.7 0.66
---------------------------------
-50 degrees/120 degrees azimuth includes 31.4 60.5 29.1 1.10
---------------------------------
and 95.0 101.8 6.8 2.61
---------------------------------
134.0 152.0 18.0 0.31
---------------------------------
168.5 173.0 4.5 0.34
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tan11-DD12 33.5 45.5 12.0 0.12
---------------------------------
-50 degrees/120 degrees azimuth 61.0 76.1 15.1 0.27
---------------------------------
90.5 197.7 107.2 0.60
---------------------------------
includes 101.0 117.5 16.5 1.24
---------------------------------
and 168.5 173.0 4.5 1.61
---------------------------------
204.5 225.5 21.0 0.53
---------------------------------
236.0 251.0 15.0 0.50
---------------------------------
296.0 305.0 9.0 0.17
---------------------------------------------------------------------------
Section 950NE
---------------------------------------------------------------------------
Tan11-DD13 5.0 20.0 15.0 0.24
---------------------------------
-50 degrees/120 degrees azimuth 23.0 92.0 69.0 0.47
---------------------------------
includes 32.0 42.5 10.5 1.42
---------------------------------
105.5 197.0 91.5 0.39
---------------------------------
includes 143.0 150.5 7.5 1.03
---------------------------------
215.0 222.5 7.5 0.31
---------------------------------
227.0 239.0 12.0 0.33
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tan11-DD14 0.0 10.5 10.5 0.22
---------------------------------
-50 degrees/120 degrees azimuth 25.5 39.0 13.5 0.19
---------------------------------
52.5 57.0 4.5 0.30
---------------------------------
59.5 64.5 5.0 0.28
---------------------------------
67.5 77.9 10.4 0.37
---------------------------------
80.0 141.0 61.0 0.52
---------------------------------
includes 88.5 93.0 4.5 1.26
---------------------------------
172.5 187.5 15.0 0.47
---------------------------------
192.2 207.0 14.8 0.18
---------------------------------------------------------------------------
Section 950NE
---------------------------------------------------------------------------
Tan11-DD15 0.0 23.0 23.0 1.18
---------------------------------
-50 degrees/120 degrees azimuth includes 11.0 12.5 1.5 11.80
---------------------------------
32.0 42.9 10.9 0.36
---------------------------------
47.0 71.0 24.0 0.83
---------------------------------
includes 48.5 50.2 1.7 5.80
---------------------------------
78.5 86.0 7.5 0.27
---------------------------------
122.0 129.5 7.5 0.42
---------------------------------
135.5 144.5 9.0 0.13
---------------------------------------------------------------------------
Section 1050NE
---------------------------------------------------------------------------
Tan11-DD16 32.4 39.4 7.0 0.32
---------------------------------
-50 degrees/120 degrees azimuth 90.5 96.5 6.0 0.21
---------------------------------
130.3 135.5 5.2 0.29
---------------------------------
143.0 158.0 15.0 0.20
---------------------------------
170.8 186.5 15.7 0.33
---------------------------------
222.9 236.0 13.1 0.31
---------------------------------------------------------------------------
Drilling, sampling and reporting practices:
-- All hole collars are set to dip at -50 degrees to their respective
azimuths.
-- RC holes are systematically sampled at 2m intervals.
-- Core holes are sampled geologically with a maximum sample interval of
1.5m (with the exception of holes Tan11-DD01 and Tan11-DD02 which have
a maximum sample interval of 2.0m).
-- "Mineralized rock" is defined as rock with a grade of over 0.10 g/t Au.
-- "Significant assay results" is defined as samples, or series of
consecutive samples, with grade thickness (i.e. weighted average gold
grades multiplied by their intervals), of greater than 1.0.
-- 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, other than as estimated on each section, 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.
Contacts: Channel Resources Ltd. Colin McAleenan President &
CEO 604-684-7098 Channel Resources Ltd. Cyrus Ameli Senior Vice
President 604-684-7098 604-684-7079
(FAX)info@channelresources.cawww.channelresources.ca
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