Channel Resources Drilling Continues to Expand Mankarga 5 Zone, Tanlouka Gold Project, Burkina Faso
January 11 2012 - 8:00AM
Marketwired Canada
Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased
to report assay results from the ongoing 15,000 metre core definition drilling
program on the Mankarga 5 gold deposit at the Tanlouka Gold Project ("Tanlouka")
in Burkina Faso, West Africa.
This program 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 spring of 2012.
Intersections reported in this release are on structures that are steeply
dipping to the northwest, the majority extending from surface, and reported
widths are thought to be in the range of 80 - 90% of true width.
As reported previously, Channel has extended the deposit by 500 metres along
strike to section 1300SW, for a total established deposit strike length of 2,350
metres. The initial hole drilled on this section, Tan11-DD32, encountered an
intersection of 12.5 metres of 2.34 g/t Au beginning at the top of the hole. A
follow up hole, Tan11-DD53 was collared to the northwest of this hole and
undercut the mineralized intersection at a vertical depth of approximately 65
metres, encountering mineralization in two intersections of 0.52 g/t Au over
10.3 metres and 0.38 g/t Au over 6.7 metres. This hole also encountered several
hanging-wall structures including an intersection of 0.67 g/t Au over 7.5
metres.
Two holes were also drilled with the objective of further extending the zone
(Tan11-DD55 on Section 1500 SW) and to establish continuity between sections
800SW and 1300SW (Tan11-DD26 on Section 900SW). Although a narrow zone of
low-grade mineralization was intersected in Tan11-DD55, neither hole intersected
the main mineralized zone. Two follow-up holes have been drilled on these two
sections in order to locate the structure, with results pending.
Hole Tan11-DD19 was drilled on section 250NE as a twin of the previously drilled
Reverse Circulation ("RC") hole Tan10-RC08, in order to compare intersected
thicknesses and grades. Hole DD19 was collared five metres behind RC08, but was
drilled to a total length of 202.8 metres compared with RC08's 141.5 metres. Two
principal and comparable mineralized zones were encountered in both holes:
----------------------------------------------------------------------------
From To Length Grade Grade
(metres) (metres) (metres) (g/t Au) Comparison
----------------------------------------------------------------------------
Upper Zone Tan10-RC08 8.0 32.0 24.0 0.27
----------------------------------------------------------------------------
Tan11-DD19 14.0 38.0 24.0 0.41 52% increase
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lower Zone Tan10-RC08 58.0 141.5 83.5 0.94
----------------------------------------------------------------------------
Tan11-DD19 62.0 136.8 74.8 0.90 4% decrease
----------------------------------------------------------------------------
This is the final set of twin results from this phase of drilling. These results
are in line with those reported for three other sets of twin comparisons from
the Mankarga 5 zone reported on September 14, 2011 in that, while results are
indicative only, they do imply that core-derived grades are generally higher but
within narrower intersected widths than their RC-derived counterparts.
Continuing on section 250NE, Tan11-DD34 intersected two mineralized zones
approximately 120 metres and 160 metres below surface that correlate with two
more shallow intersections encountered in the previously reported Tan11-DD21.
Grades encountered in the deeper intersections are lower than the more shallow
intercepts.
On section 450NE, hole Tan11-DD28 penetrated both hanging-wall mineralization
and the main zone. The main zone was intersected at approximately 220 metres
below surface and returned a grade of 0.74 g/t Au over 26.1 metres. Multiple
hanging-wall structures were intersected, the best of which was 1.37 g/t Au over
18 metres at a shallow depth and 0.68 g/t Au over 45 metres at approximately 160
metres depth. Taken together all of these structures expand the horizontal width
of the mineralized deformation zone to approximately 270 metres on this section.
Tan11-DD33, drilled on section 650NE together with eight previously reported
holes, indicates that the mineralized deformation zone has a horizontal width of
approximately 200 metres. In this hole, the main structure was intersected at
approximately 160 meters vertical depth and has a grade of 1.90 g/t Au over an
intersected width of 27 meters. This intersection connects with the previously
reported 0.55 g/t Au over 40 meters intersected in Tan11-DD07 at approximately
120 metres vertical depth. Several hanging-wall structures were also encountered
in DD33 including 1.02 g/t Au over 7.5 metres and 0.29 g/t Au over 22.5 metres.
On section 1050NE, three mineralized zones were intersected in hole Tan11-DD18,
including 0.77 g/t Au over 24 metres. These zones appear to be continuations of
structures encountered in Tan11-RC67, reported on April 27, 2011 and in
Tan11-DD16 reported on November 16, 2011.
To-date, a total of over 13,000 meters in 60 holes have been drilled in this
15,000 metre program (87% complete), with assay results available for an
aggregate of 6,784 meters of core (45% of total program) from 30 holes,
including 1,974 meters from the 9 holes reported in this release. Drilling of
the last 2,000 meters required to complete the program is expected to be
completed in January, targeting both the northeast and southwest ends of the
Mankarga 5 mineralized trend. The zone appears to remain open to both the
northeast and southwest, and to-depth.
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/CHUmap011112.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.
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
----------------------------------------------------------------------------
Interval (metres) Intercept Weighted Average
Hole Number From To (metres) Grade (g/t Au)
----------------------------------------------------------------------------
Section 1500 SW
----------------------------------------------------------------------------
Tan11-DD55 20.0 22.5 2.5 0.50
----------------------------------------------------------------------------
Hole length 195m
-50 degrees /120
degrees azimuth Hole did not intersect main zone
----------------------------------------------------------------------------
Section 1300 SW
----------------------------------------------------------------------------
Tan11-DD53 18.0 25.5 7.5 0.29
--------------------------------------------------
Hole length 201m 27.0 34.5 7.5 0.67
--------------------------------------------------
-50 degrees /120 71.6 76.5 4.9 0.62
degrees azimuth
--------------------------------------------------
94.5 104.8 10.3 0.52
--------------------------------------------------
108.8 115.5 6.7 0.38
----------------------------------------------------------------------------
Section 900 SW
----------------------------------------------------------------------------
Tan11-DD26
Hole length 176m
-50 degrees /120 No significant intersections
degrees azimuth Hole did not intersect main zone
----------------------------------------------------------------------------
Section 250 NE
----------------------------------------------------------------------------
Tan11-DD19 1.5 38.0 36.5 0.38
--------------------------------------------------
Hole length 203m 62.0 136.8 74.8 0.90
--------------------------------------------------
-50 degrees /300 includes 105.5 122.0 16.5 1.58
degrees azimuth
--------------------------------------------------
Twin of Tan11-RC08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tan11-DD34 93.0 100.0 7.0 0.24
--------------------------------------------------
Hole length 321.5m 113.5 115.0 1.5 1.05
--------------------------------------------------
-50 degrees /120 137.3 197.4 60.1 0.56
degrees azimuth
--------------------------------------------------
includes 178.0 187.0 9.0 1.17
--------------------------------------------------
211.0 232.0 21.0 0.51
--------------------------------------------------
includes 218.5 224.0 5.5 1.20
----------------------------------------------------------------------------
Section 450 NE
----------------------------------------------------------------------------
Tan11-DD28 9.5 26.0 16.5 1.49
--------------------------------------------------
Hole length 323m includes 21.5 23.0 1.5 14.40
--------------------------------------------------
-50 degrees /120 63.5 65.0 1.5 2.18
degrees azimuth
--------------------------------------------------
77.0 81.5 4.5 0.57
--------------------------------------------------
102.5 114.5 12.0 0.32
--------------------------------------------------
125.0 134.0 9.0 1.18
--------------------------------------------------
includes 129.5 131.0 1.5 4.17
--------------------------------------------------
152.0 156.5 4.5 0.25
--------------------------------------------------
161.0 165.5 4.5 0.25
--------------------------------------------------
200.0 245.0 45.0 0.68
--------------------------------------------------
includes 212.0 213.5 1.5 7.59
--------------------------------------------------
251.0 269.5 18.5 0.38
--------------------------------------------------
277.4 303.5 26.1 0.74
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tan11-DD27 35.0 42.5 7.5 0.25
--------------------------------------------------
-50 degrees /120 (i) Hole abandoned at 96 metres due to ground
degrees azimuth conditions - target at 270 metres
----------------------------------------------------------------------------
Section 650NE
----------------------------------------------------------------------------
Tan11-DD33 0.35 6.75 6.4 0.27
--------------------------------------------------
Hole length 263m 26.0 30.5 4.5 0.50
--------------------------------------------------
-50 degrees /120 62.0 68.0 6.0 0.46
degrees azimuth
--------------------------------------------------
77.0 99.5 22.5 0.29
--------------------------------------------------
140.0 152.0 12.0 0.35
--------------------------------------------------
167.0 174.9 7.9 0.16
--------------------------------------------------
177.5 185.0 7.5 1.02
--------------------------------------------------
201.5 204.5 3.0 0.66
--------------------------------------------------
212.0 239.0 27.0 1.90
--------------------------------------------------
includes 215.0 222.5 7.5 2.83
----------------------------------------------------------------------------
Section 1050NE
----------------------------------------------------------------------------
Tan11-DD18 78.5 99.5 21.0 0.46
--------------------------------------------------
Hole length 196m 108.5 132.5 24.0 0.77
--------------------------------------------------
-50 degrees /120 includes 120.5 125.0 4.5 2.39
degrees azimuth
--------------------------------------------------
164.0 180.5 16.5 0.47
----------------------------------------------------------------------------
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
1.5m (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.
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