Channel still exploring at Tanlouka, West BienvillChannel still exploring at Tanlouka, West Bienville
2008-07-30 12:14 ET - News Release
Mr. Colin McAleenan reports
CHANNEL RESOURCES UPDATE
Channel Resources Ltd. has received updates on field programs recently completed on the Tanlouka gold project in Burkina Faso and on the West Bienville uranium project in Quebec.
Tanlouka gold project
A total of 30 line kilometres of gradient induced polarization and ground magnetic surveys were conducted recently on the Tanlouka gold project in Burkina Faso by Sagax Afrique SA. The survey was conducted at the southern end of the concession, overlapping with the northern part of the area covered by a soil-sampling program completed last year.
The survey has identified northeast- and north-northwest-trending zones as well as an interpreted circular feature that is truncated by the northern edge of the grid.
A separate 1,300-metre-long-by-up-to-200-metre-wide north-northwest-trending zone was also outlined, characterized by high chargeability and high resistivity consistent with what the company believes to be the presence of a siliceous zone of potentially gold-bearing sulphide mineralization. This zone is located on the west-central part of the grid and is spatially associated with a rotary air-blast shallow drill hole fence (drilled in 2000) that intersected gold mineralization with a grade of up to 12.7 grams per tonne over eight metres. Other evidence of gold mineralization on this trend includes rock samples taken during reconnaissance mapping that yielded multigram assays (up to 7.29 grams per tonne gold) and anomalous soil samples (100 to 200 parts per billion gold).
This gradient IP and ground magnetic survey has provided a structural framework for previous indications of gold mineralization in the southern portion of the property and has defined at least one structural drill target. Follow-up work will likely include drilling and an extension of the geophysics grid.
West Bienville uranium project
At the West Bienville project in Northern Quebec, Channel and partner Azimut Exploration Inc. recently completed field follow-up investigations of the uranium anomaly originally identified in lake-bottom sediments and supported by a 2007 airborne radiometric survey. This uranium footprint, as well as other geochemical parameters and magnetic data, suggested potential for the area to host intrusion-related and/or structurally related uranium mineralization.
The field investigations indicate that the West Bienville anomalies are generated by outcrops and boulder fields of granite, with relatively high background radiation (200 to 300 counts per second). A few localized spot highs of up to 1,250 counts per second were encountered from narrow pegmatoidal zones within the granite. Samples of the host granite and the anomalous pegmatoidal zones have been sent to the SRC Geoanalytical Laboratories in Saskatoon, Sask., for analysis.
The lake-bottom geochemistry anomaly, as well as the airborne radiometric uranium anomalies at West Bienville, appear to have been explained by these results. However, levels of radiation detected indicate only weakly anomalous source rocks. Once the company has received the rock analyses, it will assess the need for future work programs on the project.
Corporate update
Colin McAleenan, president and chief executive officer of Channel, has been appointed chairman of the board of directors. He succeeds D. Ross Fitzpatrick, who has stepped down from the position in which he has served since 1996. The company extends its appreciation to Mr. Fitzpatrick and looks forward to his continued contributions as a member of the board.
"Channel Resources continues to refine its mineral property portfolio with the aim of creating value through the discovery of new mineral deposits," commented Mr. McAleenan. "We are taking a close look at several acquisition opportunities in the Americas that can enhance the company's asset base, while continuing to monitor political developments in Ecuador for signs of improvement in the political climate there for foreign investment."
The above information has been prepared under the supervision of Mr. McAleenan, PGeo, who is the company's qualified person under the definition of NI 43-101.
We seek Safe Harbor.