Post by
DubbleBubble on Sep 08, 2010 9:50am
News Release: This stock should fly now.
September 08, 2010
Channel Resources Makes Second Gold Discovery at Tanlouka Project, Burkina Faso
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•38 metres grading 3.09 grams gold / tonne ("g/t Au") including 16 metres grading 4.8 g/t Au
Vancouver, BC - Channel Resources Ltd. (“Channel” or the “Company”, TSX.V:CHU) is pleased to report on the second set of drilling results from a Phase I Reverse Circulation ("RC") drilling program on the Tanlouka Gold Project in Burkina Faso, West Africa. Results presented are from the final three holes of the program that were drilled before the onset of the region's seasonal rainy period and indicate that a second discovery has been made in addition to that reported on August 17, 2010.
Exploration at Tanlouka has been focused on the Mankarga Zone ("Mankarga"), a five square kilometer area in the south end of the 105 square kilometer permit on which Channel has conducted semi-detailed soil sampling, induced polarization (IP) / resistivity and ground magnetic surveys. Initial drilling has tested five discrete target areas based on the presence of geochemical anomalies, high resistivity and chargeability structures, magnetic anomalies, as well as extensive artisanal workings. An initial discovery was previously reported on the 'Mankarga 5' target on a northeast trending structure characterized by regional gold in soil anomalies and extensive artisanal workings.
A new discovery has now been made in the Mankarga 1 target area, situated approximately 1,300 metres due-west of the Mankarga 5 hole T2010-8. Two holes were collared in Mankarga 1 to investigate coincident chargeability, resistivity and gold-in-soil anomalies as well active artisanal workings and mineralization encountered in historical shallow RAB drill holes. An updated drill-hole location map is provided by following this link.