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Channel Resources says latest Mankarga 5 results "enhance potential" of deposit

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Channel Resources (CVE:CHU) reported Wednesday additional drill results from its 15,000 metre core definition program on its Mankarga 5 gold deposit, part of the Tanlouka project in Burkina Faso, West Africa.

The results from the program, which was completed in February, continue to enhance the potential of the deposit, the company said.

Results from 10 holes reported Wednesday are from infill holes along nominal 100 metre spaced lines, which targeted extensions of previously encountered mineralized structures.

Highlighted results include holes Tan11-DD47 and Tan11-DD40, Channel said.

Hole DD47 intersected two principal structures including 55 metres of 2.05 grams per tonne (g/t) gold from surface (#1 Zone) and a second structure starting at 86.5 metres down-hole for 48 metres at 1.09 g/t gold (#2 Zone).

Meanwhile, hole DD40, drilled 350 metres along strike to the southwest on section 000, intersected the #1 Zone at around 120 metres below surface with 1.46 g/t gold over a width of 45 metres.

The company said other drill holes reported today have widths and grades largely in line with its expectations for these parts of the deposit.

The Mankarga 5 core-drilling program totalled more than 15,400 metres in 71 holes.

Assay results have now been reported for 13,779 metres of core, or 89 percent of the total program, from 61 holes.

The company said a protracted delay in receiving final results from labs in Ouagadougou has delayed the finalization of Tanlouka's maiden resource estimate - but results from the last 10 holes are expected to be available soon, it added.

The drilling program has so far delineated a mineralized zone that is over two kilometres long and up to 300 metres wide on the northeast-trending Mankarga 5 structure.

The main goals of the program were to provide a geological and structural context for the deposit, to further expand the zone, and to support the deposit's maiden resource estimate.

The Mankarga 5  deposit remains open along strike and to-depth, with mineralization found to a maximum vertical depth of around 260 metres in the current program.

Detailed results from the ten holes reported today can be viewed on a drill hole location map on the company's website at http://www.channelresources.ca/i/pdf/CHUmap052312.pdf.

Last month, Channel reported that it would shortly start a 2,000 metre core-drilling program focused on the Mankarga 1 target area at its Tanlouka gold project.

The company said that in 2010, reverse circulation drilling on the Mankarga 1 target resulted in some of the highest grade intersections reported thus far at Tanlouka, including 12 metres grading 21.25 g/t gold in Tan10-RC12, and 38 metres of 3.09 g/t gold in Tan10-RC10.

The mineral explorer also said at the end of April that it has earned its 100 percent  stake in the Fox Creek mineral brine project, in Alberta.

Channel’s earn-in to own the property was 10-months ahead of schedule, thanks to a recent amendment made to its original agreement signed on February 24, 2009.

Channel also has a 90 percent stake in the Tanlouka Gold project in Burkina Faso.

Quick facts: Channel Resources Ltd.

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