NEWS out !!!GlobeinvestorGOLD.com Company News Alert for Channel Resources
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Channel Resources Extends Mankarga 5 Strike Length to 1.85 Kilometres at Tanlouka Gold Project, Burkina Faso
VANCOUVER,BRITISH COLUMBIA--(Marketwire - April 27, 2011) - Channel ResourcesLtd. (TSX VENTURE:CHU) ("Channel" or the "Company") is pleased to reporton further results from its 10,000 metre Reverse Circulation ("RC")drilling program on the Tanlouka Gold Project in Burkina Faso, WestAfrica. Reported results are from the Mankarga 5 target area within thefive square kilometre Mankarga Zone, located in the south end of the 105square kilometre Tanlouka permit.
Channelhas further extended the overall strike length of the Mankarga 5 targetarea from 1,500 metres, as reported in its last news release on March24, 2011, to 1,850 metres. The deposit remains open along strike in bothdirections as well as to depth, and results indicate that it can beadvanced to the resource estimation stage in the near term. Ofsignificant note is Tan11-RC72, drilled on the southernmost section800SW, drilled to the northwest of Tan11-RC55, which in a news releasedated March 24, 2011 showed no significant results. Strongmineralization in RC72, however, reinforces the theory that the depositis turning to a more westerly orientation in that area, with furtherpotential to increase the overall strike length.
Resultspresented from Mankarga 5 are from 16 holes for an aggregate 1,950metres of drilling. A map of drill hole locations in Mankarga 5 isavailable at:
https://www.channelresources.ca/i/pdf/man5map042711.pdf
Significantintersections encountered in these recent holes are shown below fromthe southwestern-most section line moving to the northeast:
Section
Hole Number
Interval (metres)*
Intercept*
Average* Grade
From
To
(metres)
(g/t Au)
800SW
Tan11-RC72
42
102
60
1.15
includes
54
66
12
2.33
and
78
86
8
2.72
650SW
Tan11-RC71
8
64
56
1.21
includes
56
58
2
15.55
78
86
8
0.15
550SW
Tan11-RC73
110
158
48
2.72
includes
122
142
20
5.76
168
176
8
0.16
500SW
Tan11-RC74
60
72
12
0.16
90
162
72
0.74
includes
94
128
34
1.24
400SW
Tan11-RC75
60
94
34
0.44
includes
60
66
6
1.21
Tan11-RC76
0
30
30
0.45
450NE
Tan11-RC70
142
198
56
1.00
includes
152
176
24
1.61
550NE
Tan11-RC69
2
50
48
1.07
includes
6
18
12
1.66
750NE
Tan11-RC61
2
18
16
1.58
28
82
54
0.39
850NE
Tan11-RC62
0
68
68
1.07
includes
18
54
36
1.65
Tan11-RC68
76
106
30
0.59
110
120
10
0.19
950NE
Tan11-RC63
30
66
36
0.18
72
90
18
0.30
Tan11-RC65
0
22
22
0.48
includes
0
6
6
1.10
28
90
62
0.24
Tan11-RC66
0
130
130
0.79
includes
6
24
18
1.62
and
40
46
6
5.57
1050NE
Tan11-RC64
24
30
6
0.27
48
70
22
0.20
78
84
6
0.25
Tan11-RC67
46
64
18
0.86
includes
46
54
8
1.55
84
110
26
0.48
Mineralizationin Mankarga 5 is hosted by a shear zone that penetrates a variety ofrock types including altered metasedimentary and metavolcanic rocks withsome gabbroic components and a granodioritic rock that contains some ofthe deposit's strongest grades. To date only one full section (650NE)has been completed from hanging wall to footwall, showing a 200 meterwide mineralized envelope.
Current Drill Program Status and Follow Up
Atotal of 65 holes have now been drilled and reported in the MankargaZone during this program for a cumulative length of 8,762 meters.Together with the two Phase I discovery holes reported in August of2010, a total 44 holes have been drilled into the Mankarga 5 structurewith 40 holes intersecting significant mineralization. A further 1,368meters in 14 holes have been completed in Mankarga 5 with assays stillpending, including two vertical water wells to supply water for theplanned diamond drill program.
Holes forwhich results are pending were mostly drilled to test for northeastextensions to the Mankarga 5 zone as far to the Northeast as section1550NE, which could extend the deposit to a total length of 2.35kilometers.
"Our drilling continues toexpand the known body of mineralization at Mankarga 5 with the targetremaining open along strike in both directions and to depth," commentedColin McAleenan, Channel's President and C.E.O. "With the completion offinancing (as announced on April 8, 2011) expected in the coming weeks,planning is underway for a 20,000 metre (approximate) definition coredrilling program to commence shortly."
ChannelResources Ltd. maintains a rigorous quality control program involvingthe use of duplicate samples and blanks and certified gold standardsfrom an accredited Canadian laboratory in every batch of 20 samples.Samples, taken from two metre intervals, are assayed using standard fireassay on a 50 gram charge and atomic absorption techniques at AbilabBurkina SARL (ALS Laboratory Group) in Ouagadougou, Burkina Faso. Thedrilling program is supervised by John Adams P.Geo., a qualified personas defined by NI 43-101, who has reviewed the contents of this newsrelease.
* Drilling and reporting practices:
All holes reported are Reverse Circulation type (RC) with 2m samples for entire hole lengths
All hole collars are set to dip at -50degrees to their respective azimuths
Cut-off grade used is 0.10 g/T Gold for most of the quoted intersections
Internal dilution, where incorporated in the quoted interval, is generally up to a maximum of 20%
Intervals are hole length, true widths of mineralized zones have yet to be determined
No top cut has been applied to the grade
Channel Resources Ltd. is a Canadian TSX.V listedmineral exploration Company which has an option to earn a 90% interestin the Tanlouka Gold Project in Burkina Faso, West Africa, the terms ofwhich the Company has already satisfied, and an option to earn 100% inthe Fox Creek Lithium / Potash Brine Project in Alberta. At Tanlouka,Channel has recently discovered multiple mineralized zones that are nowbeing explored and expanded through a 10,000 metre reverse circulationdrilling program. At Fox Creek, a bulk sample of brine sourced fromproducing natural gas wells is undergoing process testing to determinethe most efficient method of producing various industrial minerals fromthe brine, including lithium carbonate, potash, bromine and borates. TheCompany is financed to advance both projects through their currentprograms, and is actively searching for additional opportunities toexpand its project portfolio.
Some of the statements contained herein areforward-looking statements which involve known and unknown risks anduncertainties. Without limitation, statements regarding potentialmineralization and resources, exploration results, and future plans andobjectives of the Company are forward looking statements that involvevarious degrees of risk. The following are important factors that couldcause the Company's actual results to differ materially from thoseexpressed or implied by such forward looking statements: changes in theprice of minerals, general market conditions, risks inherent in mineralexploration, risks associated with development, construction and miningoperations, the uncertainty of future profitability and the uncertaintyof access to additional capital. The Company undertakes no obligation toupdate publicly or otherwise revise any forward-looking statements orthe foregoing list of factors, whether as a result of new information orfuture events or otherwise. Further disclosure on risk factors isavailable in the Company's various corporate filings at
www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT: Colin McAleenan
Channel Resources Ltd.
President & CEO
604.684.7098
ORCyrus Ameli
Channel Resources Ltd.
CFO & VP Corporate Affairs
604.684.7098
604.684.7079 (FAX)
info@channelresources.ca
www.channelresources.ca
NeitherTSX Venture Exchange nor its Regulation Services Provider (as that termis defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.