viewChannel Resources Ltd.

Channel Resources hits 12m of 6.03 g/t gold in exploratory drilling at Tanlouka gold project


Channel Resources Ltd. (CVE:CHU) Friday reported assay results from an exploratory 2,100 metre drilling program on the Mankarga 1 area at the Tanlouka gold project in Burkina Faso, West Africa.

The company said the program’s two main objectives were to determine the spatial orientation of high-grade structures discovered in 2010/2011 reverse circulation (RC) drill holes on the Mankarga 1 target; and to test the area south of Mankarga 1 for extensions of the Mankarga 5 structure into that area.

At Mankarga 1, holes TAN12-DD72 through TAN12-DD75 and TAN12-DD83 were designed to twin or undercut RC holes drilled in 2010 and early 2011 that intersected mineralization in multiple high-grade zones.

Highlights from the eight holes reported include hole TAN12-DD75, which intercepted 1.5 metres grading 5.95 grams per tonne (g/t) gold and 4.0 metres grading 0.25 g/t gold.

Additionally, hole TAN12-DD83 hit 0.90 metres grading 4.36 g/t gold and 15.0 metres grading 0.85 g/t gold.

Meanwhile, hole TAN12-DD73 intercepted 3.0 metres grading 0.16 g/t gold and 4.5 metres grading 14.74 g/t gold, including 1.5 metres grading 41.30 g/t gold and 12 metres grading 6.03 g/t gold.

“While the mineralized trends identified in holes TAN12-DD72, TAN12-DD73 and TAN12-DD74, suggest that these zones were adequately tested by bracketing RC holes, and found to be limited in scope, those intersected in holes TAN12-DD75 and TAN12-DD83 show continuity down dip and have potential for strike continuity,” said Channel in a recent release.

“Accordingly, this trend will require follow-up exploration drilling at a later date.”

Channel said that the current program was conducted using oriented core drilling to provide an enhanced perspective on the structure and allow for a better interpretation and modeling of the area as an aid to orienting future drill programs.

At Mankarga 1 south, hole TAN12-DD78 intercepted 3.5 metres grading 2.44 g/t gold and 2.4 metres grading 0.40 g/t gold; and hole TAN12-DD81 intercepted 5.7 metres grading 0.63 g/t gold and 4.5 metres grading 0.48 g/t gold.

The explorer said the Mankarga 1 south zone is characterized by a north-south trending gold-in-soil anomaly first defined in 1998, by a 500 metre by 100 metre regional soil grid that covers the eastern part of the Tanlouka permit. 

Drilling patterns have intersected a metasediment/metavolcanic contact zone that trends roughly north-northwest through the area and dips steeply westwards, noted Channel. 

The company said limited drilling at Mankarga 1-South has encountered prospective geology, indicative alteration and gold mineralization in close proximity to the Mankarga 5 deposit. Follow-up exploration drilling will be undertaken at a later date.

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. 

It has recently completed soil sampling programs on the Manesse and Tanwaka target areas to the north of the Mankarga Zone on the 79-square-kilometre Tanlouka permit. 

Channel said future drill programs and other exploration activities are being planned for Mankarga 5 and other targets on the Tanlouka permit, based on results of current programs and will be announced in due course.

Earlier this month, the company released its maiden NI-43-101 mineral resource estimate, which revealed that the Mankarga 5 deposit at Tanlouka has indicated mineral resources of 14.1 million tonnes at 0.94 g/t gold for 425,000 gold ounces, and inferred mineral resources of 29.1 million tonnes at 0.78 g/t gold for 729,000 gold ounces.

Along with the Tanlouka gold project, Channel Resources is also focused on advancing the Fox Creek lithium/potash brine project in Alberta.

Quick facts: Channel Resources Ltd.

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Market: TSX-V
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