GlobeinvestorGOLD.com Company News Alert for Channel Resources
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Channel Resources: Mankarga 5 Gold Deposit Strike Length Now 1.5 Kilometres at Tanlouka Gold Project, Burkina Faso
VANCOUVER,BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Channel ResourcesLtd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased to reporton results from its ongoing 10,000 metre Reverse Circulation ("RC")drilling program on the Tanlouka Gold Project in Burkina Faso, WestAfrica. Reported results are from drilling focused on the Mankarga 5 andMankarga 1 target areas within the five square kilometre Mankarga Zone,located in the south end of the 105 square kilometre Tanlouka permit.
Mankarga 5 Target Area
Channelhas extended the overall strike length of the Mankarga 5 target areafrom 950 metres, as reported in its last news release on March 1, 2011,to 1,500 metres. The deposit remains open along strike and to depth, andresults to-date indicate that it can be advanced to the resourceestimation stage in the near term.
Resultspresented from Mankarga 5 are from six step-out holes for an aggregate744 metres of drilling that tested as far as 700 metres to thesouth-west of Tan11-RC37 and Tan11-RC38, the southernmost holespreviously reported, demonstrating that mineralization extends from line850NE to at least line 650SW. A map of drill hole locations in Mankarga5 is available at:https://www.channelresources.ca/i/pdf/CHUmap032411.pdf
Significant intersections encountered in these recent holes are as follows:
Section
Hole Number
Interval (metres)*
Intercept*
Average* Grade
From
To
(metres)
(g/t Au)
650SW
Tan11-RC56
96
134
38
2.46
includes
122
126
4
18.40
Hole ends in mineralization at 134 metres depth
550SW
Tan11-RC57
22
74
52
1.18
includes
30
32
2
17.10
84
116
32
1.90
includes
102
106
4
13.37
500SW
Tan11-RC58
0
70
70
2.10
includes
12
26
14
6.23
98
124
26
0.31
Hole ends in mineralization at 124 metres depth
200SW
Tan11-RC59
74
120
46
0.27
includes
76
82
6
0.63
Hole ends in mineralization at 120 metres depth
200SW
Tan11-RC60
0
42
42
0.37
includes
6
16
10
0.71
52
68
16
0.27
Hole Tan11-RC55 encountered no significant mineralization.
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.
"Mankarga 5 isdeveloping into what we expect will be an important deposit, showing aconsistency and scale of mineralization that could rival some of thegold deposits that are now in development or already in production inBurkina Faso," commented Colin McAleenan, Channel's President and C.E.O."We continue to delineate the zone with RC drilling on a nominal 100metre by 50 metre pattern and expect to add core drilling in the nearfuture to enhance our understanding of the deposit's geology andstructure as well as to infill-drill the deposit ahead of a NI43-101resource estimate. The coring program will also provide definitive gradeinformation for the deposit which will be especially important in areaswhere we believe a shallow water table has contributed to some goldlosses from the RC drill samples."
A totalof 26 holes have now been drilled and reported in Mankarga 5 during thisprogram for a cumulative length of 3,573 meters. Together with the twoPhase I discovery holes reported in August of 2010, a total 24 holes of28 drilled in the zone intersected significant mineralization.
Mankarga 1
Twelveholes (Tan11-RC43 to Tan11-RC54 inclusive) were drilled in Mankarga 1to follow various indications of mineralized structure and artisanalmine workings to the East and Northwest of holes Tan10-RC10, Tan10-RC12,and Tan10-RC13, which had intersected strong showings of mineralizationincluding:
12 metres grading 21.25 g/t Au in Tan10-RC12, as reported on January 20, 2011, and
38 metres grading 3.09 g/t Au in Tan10-RC10, as reported on September 8, 2010.
Thefollow-up holes tested the zone for continuity up to 375 metres to thenorthwest of Tan10-RC12 and in a suspected offset zone 275 metres to theeast of Tan10-RC13. Eight of the holes drilled, Tan11-RC43, 45, 46, 47,48, 51, 52 and 54 encountered weak mineralization in relatively narrowzones, with the exception of the following:
Hole Number
Interval (metres)*
Intercept*
Average* Grade
From
To
(metres)
(g/t Au)
Tan11-RC51
24
26
2
1.50
30
38
8
0.58
46
172
126
0.43
includes
60
68
8
0.90
and
94
108
14
0.79
and
118
128
10
0.71
Tan11-RC52
0
4
4
1.02
12
18
6
1.70
46
52
6
11.39
includes
48
50
2
32.50
Theseresults confirm the complexity of Mankarga 1's mineralized structures;for example, hole Tan11-50 was drilled to undercut the high-grademineralization encountered in Tan10-RC12 but did not intersectsignificant mineralization just 40 metres down the inferred dip of thezone. It is expected that the pending results from the high resolutionairborne magnetic survey in combination with subsequent core drillingwill help to better understand this zone.
Current Drill Program Status and Follow Up
Todate, Channel has reported results from 6,813 metres of drilling in 49holes. A further 1,050 meters in 10 holes have been completed inMankarga 5, with assays pending. In total, 7,863 metres in 59 holes ofthe contracted 10,000 metre RC program have been drilled.
Mostof the assays pending are from holes drilled to test Mankarga 5 formineralization as far to the north east as section 1150NE, which couldpotentially extend the deposit to a total length of approximately twokilometers. Holes have also tested the area around the eastern ends ofsections 450NE and 550NE in the vicinity of hole Tan11-RC39 whichreturned the best intersection to-date from Mankarga 5, 102 metersgrading 1.52 g/t gold within a mylonitized intrusive rock.
Thebalance of the drilling program will be focused mostly on furtherdelineating the Mankarga 5 deposit, including extensions to thesouthwest and northeast as well as completing additional cross sections.
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