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Channel Resources Ltd V.CHU



TSXV:CHU - Post by User

Post by Bob_Tenon Apr 27, 2011 9:08am
369 Views
Post# 18493377

News 20 Metres of 5.76 g/t Au

News 20 Metres of 5.76 g/t Au

Channel Resources Extends Mankarga 5 Strike Length to 1.85 Kilometres at Tanlouka Gold Project, Burkina Faso

Highlight: 48 Metres of 2.72 Grams Gold/Tonne ("g/t Au") Including 20 Metres of 5.76 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2011) -Channel Resources Ltd. (TSX VENTURE:CHU) ("Channel" or the "Company")is pleased to report on further results from its 10,000 metre ReverseCirculation ("RC") drilling program on the Tanlouka Gold Project inBurkina Faso, West Africa. Reported results are from the Mankarga 5target area within the five square kilometre Mankarga Zone, located inthe south end of the 105 square 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 inboth directions as well as to depth, and results indicate that it canbe advanced 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 rockswith some gabbroic components and a granodioritic rock that containssome of the deposit's strongest grades. To date only one full section(650NE) has been completed from hanging wall to footwall, showing a 200meter wide 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 for which results arepending were mostly drilled to test for northeast extensions to theMankarga 5 zone as far to the Northeast as section 1550NE, which couldextend the deposit to a total length of 2.35 kilometers.

"Ourdrilling continues to expand the known body of mineralization atMankarga 5 with the target remaining open along strike in bothdirections and to depth," commented Colin McAleenan, Channel'sPresident and C.E.O. "With the completion of financing (as announced onApril 8, 2011) expected in the coming weeks, planning is underway for a20,000 metre (approximate) definition core drilling program to commenceshortly."

Channel Resources Ltd. maintains a rigorous qualitycontrol program involving the use of duplicate samples and blanks andcertified gold standards from an accredited Canadian laboratory inevery batch of 20 samples. Samples, taken from two metre intervals, areassayed using standard fire assay on a 50 gram charge and atomicabsorption techniques at Abilab Burkina SARL (ALS Laboratory Group) inOuagadougou, Burkina Faso. The drilling program is supervised by JohnAdams P.Geo., a qualified person as defined by NI 43–101, who hasreviewed the contents of this news release.

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