🕐22.11.10 - 19:27 Uhr
Channel Resources News Release: Channel Resumes Drilling at Tanlouka Gold Project, Burkina Faso
NEWS RELEASE
November 22, 2010
CHANNEL RESOURCES RESUMES DRILLING AT
TANLOUKA GOLD PROJECT, BURKINA FASO
Vancouver, BC - Channel Resources Ltd.
(“Channel” or the
“Company”, TSX.V:CHU) announces that it has resumed exploration
drilling at the Tanlouka gold project in Burkina Faso, West Africa, with
a 10,000 metre reverse circulation program to follow up on two recent
discoveries and to assess multiple untested targets.
Exploration at Tanlouka has been focused on the Mankarga Zone
(“Mankarga”), a five square kilometer area in the south end of the 105
square kilometer permit.
An initial drilling program of 1,100 meters in 11
holes was drilled before the onset of heavy rains in August, resulting in
the discovery of two separate mineralized zones (as announced in news
releases issued on August 17, 2010 and September 8, 2010) in targets areas
1.3 kilometres apart.
Targets have been outlined by soil geochemical
anomalies, high resistivity and chargeability structures, magnetic
anomalies, as well as extensive artisanal workings.
Following this initial success, the company has expanded the program for
an additional 10,000 meters of reverse circulation drilling in
approximately 65 holes, to include bracketing and follow-up of the initial
discoveries, as well as reconnaissance drilling to assess additional
targets to those drilled over the summer.
One of the main targets of this program is the ‘Mankarga 5’ structure
which was first intersected by holes T2010-7 (48 metres grading 1.17 grams
gold per tonne (g/t Au) including 26 metres grading 1.98 g/t Au) and
T2010-8 (83.5 metres grading 0.94 g/t Au including 40 metres grading 1.37
g/t Au and 10 metres grading 3.11 g/t Au).
Mankarga 5 is defined by a one
kilometre northeast linear trend of artisanal workings which lends itself
easily to systematic drilling.
A second focus of drilling is the ‘Mankarga 1’ structure where
mineralization was intersected by hole T2010-10 (38 metres grading 3.09
g/t gold including 16 metres grading 4.8 g/t Au).
This zone is
characterized by an east-west trending sheared and silicified gabbroic
unit that is parallel to the magnetic fabric and is being actively
exploited by artisanal miners.
A map showing planned drill hole target areas is available for download
from http://tsxv.net/link.php?M=122443&N=231&L=473&F=T.
The Tanlouka property is located within the Markoye Shear Zone, a 450
kilometre long, crustal scale feature trending northeast through the West
African greenstone belt from northern Ghana through Burkina Faso and into
Niger.
This zone connects several of Burkina Faso’s largest gold
deposits including Essakane (IAMGOLD), Bombore (Orezone Gold), Kiaka
(Volta Resources) and Taparko Baroum (High River Gold).
The program is being conducted under the supervision of John Adams P.Geo.,
a qualified person as defined by NI 43–101.
Gold analysis will be
performed by Abilab Burkina SARL (ALS Laboratory Group) in Ouagadougou,
Burkina Faso using standard fire assay and atomic absorption techniques.
Channel Resources employs a rigorous quality control program, ensuring
that all sample batches sent to the laboratory contain gold standards and
blanks from an accredited Canadian laboratory as well as repeat samples.
This news release has been prepared under the supervision of Colin H.
McAleenan, P.Geo, who is the Company’s “Qualified Person” under the
definition of NI 43-101.
For further information:
Colin McAleenan, President & CEO
Cyrus Ameli, CFO & VP Corporate Affairs
Telephone 604.684.7098nf
www.channelresources.ca
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.
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