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May 09, 2012 06:00 ET
Canaco Completes Magambazi Delineation Drill Program and Reports Additional Drill Results from Magambazi, Including 10.5 Metres at 7.83 Grams per Tonne Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2012) -Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco" or the "Company") is pleased to announce the remaining outstanding delineation drill results for the purposes of calculating an initial mineral resource estimate at the Magambazi gold project in Tanzania. These results include 117 new holes and updates to three previously reported holes. All drill results related to the upcoming initial mineral resource estimate have now been released. The initial mineral resource estimate in on track for completion by May 15, 2012, and will include approximately 400 holes totalling 100,000 metres.
Highlights of the current results include:
- Infill intersections to the central Western Lodes;
- Infill drilling on shallow intersections of Magambazi Main; and
- Confirmation of up-dip continuity on the western flank of the Magambazi North near-surface mineralization.
Highlights include:
Click here: https://media3.marketwire.com/docs/can509_Map-DHI.pdf for a plan view map and complete list of drill hole intercepts.
Intersections noted have provided infill and extension information for purposes of definition drilling. Diamond drilling has closed off the immediate lateral northern, western, and southern extensions of significant mineralization, with as-yet undrilled extension-potential being identified at depth to the west. The majority of the drill results reported here relate to the completion of lower priority assays related to the upcoming mineral resource estimate. The upcoming mineral resource estimate will be based on assay results and geologic information obtained from approximately 400 holes totalling 100,000 metres of drilling at Magambazi.
Remaining core from recent regional drilling continues to be processed. Geological follow-up studies have been initiated and continued data compilation will assist in establishing additional targets.
Quality Control
The planning, execution and monitoring of Canaco's quality control programs at the Handeni project are under the supervision of Jeff Heidema, P.Geo., Canaco's Vice President Exploration, Mr. Heidema is a Qualified Person as defined by National Instrument 43-101. Diamond drill samples are prepared and analyzed at the SGS Geochemical Laboratory in Mwanza, Tanzania. RC drill samples are prepared at the ALS Chemex Laboratories in Mwanza, Tanzania and analyzed at their facilities in Johannesburg, South Africa. Samples are processed by Fire Assay with A.A. finish under the SGS FAA505 and ALS Au-AA24 protocols. Additionally, core samples analyses are conducted at Acme Labs in Vancouver, Canada, and undergo Fire Assay Fusion Gold by ICP-ES and lead collection fire assay-gravimetric finish. Canaco utilizes an industry standard QA/QC protocol with respect to sampling procedures. Blanks and certified reference standards are inserted into the sample stream to monitor laboratory performance, and duplicates of core, rejects, and pulps are also used to monitor laboratory performance and characterize mineralization. Mineralized true thicknesses are 60-100% of stated thicknesses throughout this release.