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Message: Channel Resources to Commence 15,000 Metre Core Drilling Program at Tanlouka Gol
Channel Resources to Commence 15,000 Metre Core Drilling Program at Tanlouka Gold Project, Burkina Faso
May 17, 2011 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/17/11 -- Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased to announce that it has secured a contract to continue execution of its exploration program for the Tanlouka Gold Project ("Tanlouka") with the commencement in early June of a 15,000 metre core drilling program. The closing of its $7 million private placement financing on May 6, 2011 will allow the Company to aggressively advance the Mankarga 5 deposit, allowing for an initial resource estimate thereon in the near term, and to explore other targets throughout the Tanlouka permit.
Mankarga 5 Deposit: Definition Drilling and Preparation for Initial Resource Estimate
Channel has secured a contract with 'Projet Production International BF SARL' for an initial program of at least 15,000 meters of HQ and NQ diamond-core drilling. The primary objective of the Mankarga 5 program will be to prepare the deposit for a resource estimate by the first calendar quarter of 2012, as well as to continue to extend its strike length beyond the currently defined 1.8 kilometres. Examination of core from Mankarga 5, together with results from geochemical and geophysical surveys recently completed, will allow for better definition of the structural and geological setting of the deposit and permit more accurate targeting of expansion drilling.
Two drill rigs, each operating on two shifts, will be employed to complete as many holes as possible into Mankarga 5 before the onset of the rainy season, which typically results in a suspension of field activities in mid-July. Drilling is expected to re-commence by the end of September allowing for the completion of the initial program by the end of the year. Upon successful completion of this drilling program, the Company expects to be in a position to commission a resource estimate for the Mankarga 5 deposit for delivery in the first half of 2012.
In addition to the drilling program, Channel plans to conduct initial metallurgical testing for cyanide leachability on samples from the deposit.
Mankarga 1 Target: Airborne Geophysics and Core Drilling
RC drilling in 2010 in the Mankarga 1 target, approximately 1 kilometer west to northwest of Mankarga 5, has resulted in some of the highest grade intersections reported thus far at Tanlouka, including 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. However, due to the structural complexity of the area the Company has not been able to define continuity of the mineralization in this area using reverse circulation drilling alone. The Company is planning to diamond drill-test structural targets in the area generated through examination of recently acquired high resolution airborne magnetic and radiometric data.
New Exploration Targets
Recently acquired property-wide high-resolution geophysics data will be used with historical regional scale gold-in-soil geochemistry survey data to help identify new target areas. Gold-in-soil anomalies already outlined, especially those that have been targets for artisanal miners, offer good prospects for follow-up including detailed soil surveys and drill testing. Work on some of these target areas is expected to commence before the rainy season.
About Channel Resources Ltd.
Channel Resources Ltd. is a Canadian TSX.V listed mineral exploration Company has a 90% interest in the Tanlouka Gold Project in Burkina Faso, West Africa and an option to earn 100% in the Fox Creek Lithium / Potash Brine Project in Alberta. At Tanlouka, Channel has recently discovered multiple mineralized zones that are now being explored and expanded through an aggressive exploration strategy. At Fox Creek, a bulk sample of brine sourced from producing natural gas wells is undergoing process testing to determine the most efficient method of producing various industrial minerals from the brine, including lithium carbonate, potash, bromine and borates. The Company is well financed to advance both projects and is actively searching for additional opportunities to expand its project portfolio.
Drilling programs at the Tanlouka Gold Project are supervised by John Adams P.Geo., a qualified person as defined by NI 43-101, who has reviewed the contents of this news release.
Some of the statements contained herein are forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the price of minerals, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise. Further disclosure on risk factors is available in the Company's various corporate filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Channel Resources Ltd.
President & CEO
Channel Resources Ltd.
CFO & VP Corporate Affairs
Source: Marketwire (May 17, 2011 - 9:00 AM EDT)
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