VANCOUVER, BRITISH COLUMBIA– April 25, 2012 - Channel Resources Ltd. (“Channel” or the “Company”) (TSX VENTURE:CHU) is pleased to announce that it will shortly commence a 2,000 metre core-drilling program focused on the Mankarga 1 target area at the Tanlouka Gold Project (“Tanlouka”).
Full coverage of CHU: http://stockgurucanada.com/?s=chu
Join in the Discussion of CHU at: http://members.stockguru.com/stocks/chu
In 2010, reverse circulation (“RC”) 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 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.
Since the Mankarga 1 RC drilling took place, the Company conducted a structural analysis of the entire Tanlouka permit, which has increased its understanding of the structural framework of the area. On the local scale the current drill program will commence with several oriented core holes that will twin mineralized RC holes which will assist in establishing the orientation of the mineralized structures that will then be drill-tested along strike and/or down dip.
The drill program will also test the potential link between the Mankarga 5 deposit, where more than 20,000 metres of drilling has taken place ahead of a maiden resource estimate expected this spring, and the Mankarga 1 target located approximately 600 metres to the west. Previous drilling at the south western end of the Mankarga 5 deposit has given some indication of a change in strike orientation and/or potential offshoots from the main structure, following a trend established by regional gold-in-soil anomalies.
About Channel Resources Ltd.
Channel Resources Ltd. is a Canadian TSX.V listed mineral exploration Company which 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 followed up with more than 25,000 metre of drilling, with a maiden resource estimate for the Mankarga 5 deposit expected in the spring of 2012. 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 financed to advance both projects through their current programs.
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.
Get updated information on all Toronto Venture Exchange stocks at http://StockGuruCanada.com.
StockGuruCanada would like to feature companies on the TSX and the TSX Venture Exchange that you like. If you know a great one, let us know. If you are with the company and you would like to commercially feature your company, drop us an email or give us a call.
Unless otherwise noted at the end of this sentence, we hold no position – long or short – in any of the companies featured on StockGuruCanada.com. All posts are (C) Copyright 2002 – 2013, and may not be used without the permission of the publisher – unless that post contains less than 10% of the word count of this full post and it contains a link back to this original post in its own browser window or tab.