Complementary article on Canaco by Minesite.com
From Voy.com [Ft. Cobb]
got canaco?? minesite --
mugwump,
09:42:15 08/17/11 Wed[1]
Canaco Resources Drills Relentlessly On Towards A Maiden Gold Resource At Handeni In Tanzania
By Chris Cann
It’s been a manic 12 months for the folks at TSX-listed CanacoResources, as they’ve continued with work on the Handeni gold project inTanzania. To be sure, it’s been a fairly tumultuous 12 months for goldcompanies in general, as fantastic market appetite in the back half oflast year was not followed up in 2011, as gold equities wandered wellout of step with the soaring bullion price. But Canaco isn’t quite likeall the rest. In little over a year, the company’s market capitalisationhas fluctuated from about C$40 million up to around C$1 billion, and,more recently, back down again to C$550 million. Over that time, thequality of the company’s principal asset has only got better - everyhole that goes into the Magambazi discovery on Handeni makes it lookincreasingly like a multi-million ounce deposit.
The current drilling campaign at Magambazi has maintained the strongmomentum, and the company’s geologists remain encouraged by both thescale and the grade of the discovery. The recent addition of yet anotherdrill rig has taken the total to eight, all working around the clock onthe project and delivering somewhere between 8,000 meters and 9,000meters of core every month.
The latest results came in just over a fortnight ago and, while they maynot make the company’s hall of fame, they are nonetheless results thatmost explorers would be thrilled with - they include intersections of31.3 meters grading 3.11 grams per tonne and 17 meters at 2.95 grams pertonne. But it’s more than just the grades. These results continue toprove correct the theory behind Canaco’s exploration program.
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Canaco's up today.
BTW, interesting close for DLKM the last three days. It seems that just before close DLKM has been up, but the last trade comes in lower than the previous day's close for 30k each time.