viewChannel Resources Ltd.

Channel Resources encounters 1.38 g/t gold over 37.5 metres at Mankarga 5


Channel Resources (CVE:CHU) Wednesday reported final assay results from its recent drilling program on the Mankarga 5 gold deposit, part of the Tanlouka project in Burkina Faso, West Africa.

Results from the core drilling program, completed in February of 2012, include over 15,400 metres in 71 holes, all of which have now been reported.

The latest results, together with those of 58 reverse circulation (RC) holes for 7,096 metres drilled previously at Mankarga 5 will form the basis of a maiden resource estimate currently being prepared by AMEC Americas Ltd.

The most recent results are from infill holes along nominal 100 metre spaced lines targeting previously intersected mineralized structures. Highlighted results include holes Tan11-DD39 and Tan12-DD41, Channel said.

Hole DD39 intersected 37.5 metres of 1.38 grams per tonne (g/t) gold and hole DD41 intersected 25.5 metres of 1.47 g/t gold. Hole DD50 intersected 28.5 metres at 1.21 g/t gold.

Last month, the company noted that other drill hole intersections, including those on sections 1200SW, 700SW, 400SW, 100SW, 100NE and 750NE, have widths and grades largely in line with expectations for these parts of the deposit.

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.

Channel said its activities at the Tanlouka gold project are focused on both advancing the Mankarga 5 deposit as quickly as possible through to feasibility and development, and demonstrating the exploration potential of the Mankarga 5 deposit and the remainder of the permit.

The company expects to report on numerous work programs in the near future, including metallurgical testing on oxidized and non-oxidized samples from the Mankarga 5 deposit.

With 2,000 metres of core drilling recently completed in the area of the Mankarga 1 target, Channel said it intends to follow up on previous high-grade discovery holes drilled in 2010, and also to investigate possible mineralized continuity between Mankarga 5 and Mankarga 1.

The company noted that soil sampling programs are underway on the Manesse and Tanawaka target areas to the north of the Mankarga Zone on the 79-square-kilometre Tanlouka permit.

Future drill programs and other exploration activities are being planned for Mankarga 5 and other targets on the Tanlouka project based on the results of current programs and will be announced as the news becomes available.

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

Quick facts: Channel Resources Ltd.

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Market: TSX-V
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