received strong support from local communitie
Channel Resources starts 1,800 m of drilling at Mozo
2007-10-18 09:21 ET - News Release
Mr. Colin McAleenan reports
CHANNEL COMMENCES DRILL PROGRAM AT EL MOZO GOLD PROJECT, ECUADOR
Channel Resources Ltd.'s core drilling program for the Mozo gold project in Ecuador is commencing. Untested geophysical anomalies in the vicinity of surface mineralization and/or alteration as well as deeper levels in the Indira mineralized system are the initial targets of this minimum 1,800-metre program. Channel is pleased to have received strong support from local communities at Mozo and many of the local inhabitants are employed in project support activities.
As of 2005 the Mozo project has an NI 43-101-compliant 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 focused mainly on the Indira structure. Thirty of these holes intersected potential ore-grade zones, including 39.6 metres (true width approximately 28 metres) with a weighted average grade of 2.04 grams per tonne gold, 10.7 metres (true width approximately 7.5 metres) at 4.38 grams per tonne gold and 65.5 metres (true width of approximately 46 metres) at 1.59 g/t gold.