newsChannel Advances El Mozo, Tanlouka and West Bienville Projects
VANCOUVER, BRITISH COLUMBIA, Sep 28, 2007 (CCNMatthews via COMTEX News Network) --
Channel Resources Ltd. (TSX VENTURE:CHU) ("Channel" or the "Company") announces that a drilling program for the Mozo Gold Project in Ecuador has been arranged, a first-phase exploration program has been completed at the Tanlouka Gold Project in Burkina Faso and a helicopter-borne geophysical survey is being flown over the West Bienville uranium project in Quebec.
El Mozo Gold Project, Ecuador: Drill Program to Start Mid-October
Channel has reviewed all exploration results generated at the Mozo project to-date and has identified untested geophysical anomalies that in combination with stratigraphy, alteration and/or geochemistry may indicate the presence of large-scale epithermal gold deposits. A drill rig has been arranged for a minimum 1,800 metre program to start in mid-October to test these targets, as well as to test the Indira Zone at depth.
In 2005 it was reported in a NI 43-101 report that the El Mozo project has an Inferred Resource of 3.5 million tonnes grading 2.3 grams per tonne for a total of 256,000 ounces, identified within four gold-bearing zones.
Since these resource estimates were made the Company has completed 5,644 metres of core drilling in 39 holes focussed mainly on the 'Indira' Zone with the remainder in the Freddy, Monica and Yantahuaycu areas. Mineralization within the Indira alteration envelope has been found to extend for at least 1,000 metres in strike length while remaining open to the east and west. The best intersection encountered in the Indira zone was 65.5 metres (true width is approximately 46 metres) with an average grade of 1.59 grams gold per tonne (MDH109).
The results of the 2007 drill program will assist the Company in determining the potential for the project to contain significantly larger gold resources and to direct further exploration programs.
West Bienville Uranium Project, Quebec: Airborne Geophysical Survey Underway
McPhar Geosurveys Ltd. has been contracted to perform a helicopter-borne geophysical survey over the 108 square kilometre claim block comprising the West Bienville project. This work is to include - magnetometry, gamma ray spectrometry and THEM time-domain electromagnetic surveys. The survey, expected to cover over 600 kilometres of flight lines, commenced last week and is now over 80% complete. Results of this survey will be used to direct follow-up field work to be conducted as soon as weather conditions permit.
The West Bienville project is centred on a 10 kilometre long, clearly defined uranium anomaly in lake-bottom sediments (with a peak value of 230 ppm U) positioned at the intersection of two major regional-scale structures. The uranium footprint, as well as other geochemical parameters, and magnetic data suggest that the property has the potential to host intrusion-related and/or structurally-related uranium mineralization. Channel has the option to earn up to 65% of the West Bienville Project from Azimut Exploration Inc.
Tanlouka Gold Project, Burkina Faso: Phase I Exploration Program Completed
On the Tanlouka concession in Burkina Faso, West Africa, Channel has recently completed an exploration program that includes in-fill soil sampling to a density of 100 metres X 50 metres on 37 line kilometers over the strongest part of a regional gold in soil anomaly, as well as trenching, rock sampling and mapping.
Soil samples from this program returned up to a maximum of 1.93 grams gold per tonne and defined three main anomalous zones within the broader regional anomaly boundaries. Channel sampling of a trench in artisinal workings, in an area covered by one of the soil anomalies, returned a value of 2.34 grams gold per tonne over 11 meters. Other bedrock channel samples taken from exposures in orpaillage sites in the surveyed area include 2.83 grams gold per tonne over 7 meters, 0.32 grams gold per tonne over 19.5 metres and 7.29 grams gold per tonne over 1.5 metres.
The mineralized zones in the surveyed area appear to be related to brittle-ductile deformation associated with an intrusive margin. The 2007 program follows-up on results from previous exploration programs conducted in 1996, in which gold-in-soil anomalous areas were defined by regional scale (500 meter by 500 meter) sampling in which values up to 1.89 grams gold per tonne were obtained. A follow-up rotary air blast drilling program in 2000 with profiles spaced 800 and 400 metres apart had intersections including 10.85 grams gold per tonne over 8.0 metres and 2.12 grams gold per tonne over 12 metres in the main anomalous zone.
Follow-up work is being planned and will likely include induced polarization and ground magnetometry surveys which will assist in the definition of drill targets.
Channel is earning a 90% interest in the 105 square kilometer Tanlouka concession. The exploration target is a gold deposit of the Birimian greenstone belt type that has hosted such deposits as the 20 million ounce Obuasi project in Ghana, the 8 million ounce Sadiola project and the 5.9 million ounce Morila project, both in Mali. In Burkina Faso, Goldfields Ltd. is completing a feasibility study on the largest known gold deposit in the country, the 3 million ounces Essakane deposit, and there are several other 1 million plus deposits at an advanced exploration stage.
Qualified Person
The above information 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.
Channel is an exploration stage company that is earning a majority interest in a gold project in Ecuador (the Mozo Project), in two exploration-stage gold projects in Burkina Faso, West Africa as well as a uranium project in Quebec (West Bienville). In addition, the Company has a strategic alliance with Azimut Exploration Inc. ("Azimut") to acquire and explore major exploration targets in Ecuador based on a country-wide mineral potential assessment carried out for the Company by Azimut.
Forward Looking Statements:
Some of the statements contained herein may be 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 mineral commodities, 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.
SOURCE: Channel Resources Ltd.
Channel Resources Ltd. Colin McAleenan President and CEO (604) 684-7098 Channel Resources Ltd. Cyrus Ameli VP Corporate Affairs (604) 684-7098 (604) 684-7079 (FAX) Email: info@channelresources.ca Website: www.channelresources.ca
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