Wednesday 7th December 2016

Resource Clips


Posts tagged ‘Channel Resources Ltd (CHU)’

Channel reports Burkina Faso Gold Results up to 2.12 g/t over 72m

April 16th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningChannel Resources Ltd TSXV:CHU announced assays from the Mankarga 5 Gold Deposit of its Tanlouka Project in Burkina Faso. Highlights include

2.12 g/t gold over 72 metres
(including 8.66 g/t over 12 metres)
1.18 g/t over 66 metres
(including 3.27 g/t over 18 metres)
1.77 g/t over 18 metres
(including 12.15 g/t over 1.5 metres)
1.25 g/t over 21 metres
0.83 g/t over 22.5 metres
(including 1.55 g/t over 7.5 metres)
0.53 g/t over 31.5 metres

This drill program has completed 15,500 metres in 71 holes, with assays returned from 12,049 metres in 53 holes. The program has delineated a mineralized zone over two kilometres long and up to 300 metres wide on the northeast-trending Mankarga 5 structure. The deposit remains open along strike and to depth, with mineralization encountered to a vertical depth of approximately 200 metres. A resource estimate is expected in late spring 2012.

View Company Profile

Contact:
Colin McAleenan
President/CEO
or Cyrus Ameli
Senior VP
604.684.7098

by Greg Klein

Channel VP Cyrus Ameli on Burkina Faso gold assays of 1.28 g/t over 30m

March 12th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningChannel Resources Ltd TSXV:CHU announced assays from the Mankarga 5 deposit of its Tanlouka gold project in Burkina Faso, West Africa. Results include

1.12 g/t gold over 3.1 metres
1.14 g/t over 12 metres (including 17.6 g/t over 0.4 metres)
0.74 g/t over 52.5 metres (including 1.9 g/t over 10.5 metres)
1.28 g/t over 30 metres
0.61 g/t over 57 metres (including 1.3 g/t over 6 metres)
0.81 g/t over 60 metres (including 2.07 g/t over 6 metres)
1.32 g/t over 1.5 metres
2.58 g/t over 3 metres

Senior VP Cyrus Ameli tells ResourceClips.com, “We have just completed the 15,000-metre core drilling program that was focused on one deposit on our Tanlouka project called ManKarga 5. That has been the primary focus of our drilling with the objective of putting out a resource estimate. We’re expecting [the resource estimate] over the next few months—as soon as we get all the results in from that drilling program.

Our goal with Mankarga 5 is to move it to feasibility as quickly as possible. I can see doing a PEA just to scope out the possibilities here over the course of the next year – Cyrus Ameli

“The results we’ve seen, including the ones we put out on Monday morning, have been very positive in terms of proving out the deposit: its strike length, which has now been extended to 2.3 kilometres, its overall width—which in some parts extends up to 300 metres wide. The grade and width of the intersections are very consistent, and the deposit remains open both in terms of strike length and to depth. There is still a lot of work to do. We continue to do infill drilling, and we’ve only reported about, I would say, 65% of the results from that 15,000-metre program. So there is still a lot of news waiting to come out.

“We’ve also announced that we’re expanding the exploration scope of our activities from solely looking at the Mankarga 5 deposit,” Ameli continues. “Part of that is looking at the Mankarga 1 zone—an area that is just 600 metres to the west of Mankarga 5. Two of the first holes we drilled in that area came back with some very impressive results in terms of grade. With the benefit of a structural study that has been completed, together with some very high-definition geophysics that was flown last year, we’re now able to look at Mankarga 1 and follow up on that with core drilling. So that will figure in to our future exploration activities. We’re also looking outside of the Mankarga zone in general, further north on the Tanlouka permit. We have some historical geochem work that was done by Channel back in the 1990s that came back with some interesting anomalies. We’re now able to go in and get our geologists to look at that a bit more closely and essentially prep those areas for future drill programs, whether it’s RC drilling or core. So we’ve got a very aggressive strategy both in terms of getting the initial resource estimate which is coming up shortly and then looking at the opportunities elsewhere on the project. So there is a lot of upside potential there for additional discoveries.

“The market has been quite difficult, and we’re trying to manage our exploration campaign in light of that fact and build value in the project. Right now we’re financed quite comfortably. We have about $3 million or $3.5 million in the bank once all is said and done. We’re looking at a number of different options available to us to move as quickly as we can. It’s pretty exciting, and I think we’re going to be able to build value regardless.

“With the maiden resource estimate coming up fairly soon, a lot of the drilling on Mankarga 5 [will be] aimed towards upgrading that resource from what will likely be mostly in the inferred category to measured and indicated. But at the same time, our goal with Mankarga 5 is to move it to feasibility as quickly as possible. I can see doing a PEA just to scope out the possibilities here over the course of the next year.

“One of the reasons we focused on [Mankarga 5] initially is because it’s a relatively easy deposit to scope out both from a resource perspective as well as an economic perspective. The structure of the deposit is very predictable. It’s also quite a nice deposit in that it’s very consistent. We’ve been drilling to a vertical depth of up to about 200 metres, the idea being we want to see what is easily open-pittable. The mineralized structures we’re seeing are very conducive to an open pit with, potentially, a fairly minimal waste-to-ore ratio. We’re doing metallurgical testing right now on the weathered rock near surface, where we see oxidized material to about a 60-metre depth, as well as below that on the unweathered rock. We’ve had samples of both that are in the lab right now. It will give us a very good idea of how much of the deposit is heap-leachable versus going to a CIL-plant type situation.

“The rock in this particular area that we’re in is a very similar type of rock to other projects. In our immediate area there is the Bomboré project which is run by Orezone Gold TSX:ORE, and to the south of us is the Kiaka Project operated by Volta Resources TSX:VTR. They’ve been making some very good headway both in terms of expanding those resources as well as looking at metallurgy, looking at the prospects of moving those projects forward into development. We see our rock as being quite similar [to theirs] in a number of respects. We’re making good progress and think we’ll be able to start looking at the economic end of it over the course of the next year. There are a lot of assumptions in there, but we have some pretty aggressive goals here.

“Right now we’re at the pre-resource stage,” Ameli concludes. “When you look at a market valuation of under $20 million right now there is a lot of opportunity for us to grow the company as we establish those resources—as valuation parameters are introduced into the mix. That will allow the company to grow quite rapidly over the next few months and years.”

View Company Profile

Read more about Channel Resources

Contact:
Colin McAleenan
President/CEO
604.684.7098

or Cyrus Ameli
Senior Vice President
604.684.7098

by Ted Niles

Channel reports Burkina Faso Gold Assays as high as 1.28 g/t over 30m

March 9th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningChannel Resources Ltd TSXV:CHU announced assays from the Mankarga 5 deposit of its Tanlouka gold project in Burkina Faso, West Africa. Results include

1.12 g/t gold over 3.1 metres
1.14 g/t over 12 metres (including 17.6 g/t over 0.4 metres)
0.74 g/t over 52.5 metres (including 1.9 g/t over 10.5 metres)
1.28 g/t over 30 metres
0.61 g/t over 57 metres (including 1.3 g/t over 6 metres)
0.81 g/t over 60 metres (including 2.07 g/t over 6 metres)
1.32 g/t over 1.5 metres
2.58 g/t over 3 metres

Senior VP Cyrus Ameli tells ResourceClips.com, “We have just completed the 15,000-metre core drilling program that was focused on one deposit on our Tanlouka project called ManKarga 5. That has been the primary focus of our drilling with the objective of putting out a resource estimate. We’re expecting [the resource estimate] over the next few months—as soon as we get all the results in from that drilling program.

Our goal with Mankarga 5 is to move it to feasibility as quickly as possible. I can see doing a PEA just to scope out the possibilities here over the course of the next year – Cyrus Ameli

“The results we’ve seen, including the ones we put out on Monday morning, have been very positive in terms of proving out the deposit: its strike length, which has now been extended to 2.3 kilometres, its overall width—which in some parts extends up to 300 metres wide. The grade and width of the intersections are very consistent, and the deposit remains open both in terms of strike length and to depth. There is still a lot of work to do. We continue to do infill drilling, and we’ve only reported about, I would say, 65% of the results from that 15,000-metre program. So there is still a lot of news waiting to come out.

“We’ve also announced that we’re expanding the exploration scope of our activities from solely looking at the Mankarga 5 deposit,” Ameli continues. “Part of that is looking at the Mankarga 1 zone—an area that is just 600 metres to the west of Mankarga 5. Two of the first holes we drilled in that area came back with some very impressive results in terms of grade. With the benefit of a structural study that has been completed, together with some very high-definition geophysics that was flown last year, we’re now able to look at Mankarga 1 and follow up on that with core drilling. So that will figure in to our future exploration activities. We’re also looking outside of the Mankarga zone in general, further north on the Tanlouka permit. We have some historical geochem work that was done by Channel back in the 1990s that came back with some interesting anomalies. We’re now able to go in and get our geologists to look at that a bit more closely and essentially prep those areas for future drill programs, whether it’s RC drilling or core. So we’ve got a very aggressive strategy both in terms of getting the initial resource estimate which is coming up shortly and then looking at the opportunities elsewhere on the project. So there is a lot of upside potential there for additional discoveries.

“The market has been quite difficult, and we’re trying to manage our exploration campaign in light of that fact and build value in the project. Right now we’re financed quite comfortably. We have about $3 million or $3.5 million in the bank once all is said and done. We’re looking at a number of different options available to us to move as quickly as we can. It’s pretty exciting, and I think we’re going to be able to build value regardless.

“With the maiden resource estimate coming up fairly soon, a lot of the drilling on Mankarga 5 [will be] aimed towards upgrading that resource from what will likely be mostly in the inferred category to measured and indicated. But at the same time, our goal with Mankarga 5 is to move it to feasibility as quickly as possible. I can see doing a PEA just to scope out the possibilities here over the course of the next year.

“One of the reasons we focused on [Mankarga 5] initially is because it’s a relatively easy deposit to scope out both from a resource perspective as well as an economic perspective. The structure of the deposit is very predictable. It’s also quite a nice deposit in that it’s very consistent. We’ve been drilling to a vertical depth of up to about 200 metres, the idea being we want to see what is easily open-pittable. The mineralized structures we’re seeing are very conducive to an open pit with, potentially, a fairly minimal waste-to-ore ratio. We’re doing metallurgical testing right now on the weathered rock near surface, where we see oxidized material to about a 60-metre depth, as well as below that on the unweathered rock. We’ve had samples of both that are in the lab right now. It will give us a very good idea of how much of the deposit is heap-leachable versus going to a CIL-plant type situation.

“The rock in this particular area that we’re in is a very similar type of rock to other projects. In our immediate area there is the Bomboré project which is run by Orezone Gold TSX:ORE, and to the south of us is the Kiaka Project operated by Volta Resources TSX:VTR. They’ve been making some very good headway both in terms of expanding those resources as well as looking at metallurgy, looking at the prospects of moving those projects forward into development. We see our rock as being quite similar [to theirs] in a number of respects. We’re making good progress and think we’ll be able to start looking at the economic end of it over the course of the next year. There are a lot of assumptions in there, but we have some pretty aggressive goals here.

“Right now we’re at the pre-resource stage,” Ameli concludes. “When you look at a market valuation of under $20 million right now there is a lot of opportunity for us to grow the company as we establish those resources—as valuation parameters are introduced into the mix. That will allow the company to grow quite rapidly over the next few months and years.”

View Company Profile

Read more about Channel Resources

Contact:
Colin McAleenan
President/CEO
604.684.7098

or Cyrus Ameli
Senior Vice President
604.684.7098

by Ted Niles

Channel reports Burkina Faso Gold Assays including 1.03 g/t over 58.5m

February 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningChannel Resources Ltd TSXV:CHU announced results from the Mankarga 5 deposit of its Tanlouka gold project in Burkina Faso, West Africa. Assays include

0.96 g/t gold over 9.6 metres
1.62 g/t over 7.5 metres
1.23 g/t over 19.2 metres
1.03 g/t over 58.5 metres (including 2.32 g/t over 9 metres)
1.2 g/t over 15 metres
1.25 g/t over 35 metres (including 6.49 g/t over 1.5 metres)

The 79-square-kilometre Tanlouka project is located on the Markoye Shear Zone. Assays from 37 of the 71-hole core drilling program have been reported. Tanlouka’s first resource estimate is expected spring 2012.

View Company Profile

Read more about Channel Resources

Contact:
Colin McAleenan
President/CEO
604.684.7098

or Cyrus Ameli
Senior Vice President
604.684.7098

by Ted Niles

Channel reports Burkina Faso Gold Assays including 2.4 g/t over 33m

November 16th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningChannel Resources Ltd TSXV:CHU announced results from the Mankarga 5 deposit of its Tanlouka gold project in Burkina Faso, West Africa. Assays include

2.34 g/t gold over 12.5 metres
2.4 g/t over 33 metres (including 19 g/t over 1.5 metres)
2.05 g/t over 18.1 metres
1.41 g/t over 72 metres (including 7.97 g/t over 6 metres)
0.91 g/t over 26.7 metres
1.07 g/t over 49.5 metres (including 15.4 g/t over 1.5 metres)
0.75 g/t over 99 metres (including 1.19 g/t over 54 metres)
2.61 g/t over 6.8 metres
1.18 g/t over 23 metres (including 11.8 g/t over 1.5 metres)

President/CEO Colin McAleenan remarked, “As we drill the Mankarga 5 zone from its northwest, or hanging-wall side, we continue to expand both the recognized width and depth of the mineralized package. We are very pleased with how consistently the structures are holding together down-dip. With the results of these 13 holes, the known deposit has grown substantially along strike with the 500-metre step-out hole on section 1300SW and also in overall width on its northern sections. The successful step-out hole has also increased our confidence in our ability to predict the mineralized trend by its magnetic signature and will continue to follow this indicator to further extend the Mankarga 5 zone both to the southwest and to the northeast beyond its current 2,350-metre length.”

View Company Profile

Read More about Channel Resources

Contact:
Colin McAleenan
President/CEO
604.684.7098

or Cyrus Ameli
Senior Vice President
604.684.7098

by Ted Niles

Back in Burkina

October 3rd, 2011

Channel Finds Gold, Stability in W Africa

By Ted Niles

Mining interest in Burkina Faso has grown remarkably over the last two decades. Channel Resources Ltd TSX:CHU has been there from the beginning. “Several significant projects iin Burkina were early Channel discoveries,” says Senior Vice President Cyrus Ameli. “When the price of gold and the whole exploration market really came off in the late 1990s-early-2000s, it was impossible for Channel to properly finance the exploration of these projects. There was a period where the company had to pull back from the projects and optioned a number of them away to different companies. Orezone Gold Corporation’s TSX:ORE Bomboré project was the last one.”

Retaining the Tanlouka gold project—itself formerly a part of the Bomboré project area—Channel refocused its energies on a number of projects in Ecuador. This proved fruitless for the company, as that country’s instability made exploration progressively more difficult. By 2007, it was virtually impossible. Ameli and President/CEO Colin McAleenan joined Channel that year. “Given the political risk and the expense of working in Ecuador, that was really the last straw for us in terms of our involvement there,” Ameli states. This unfortunately coincided with the market crash of 2008; a “double whammy” that drove the company’s stock as low as $0.01.

Channel Finds Gold, Stability in W Africa

However, Ameli says, “All through this time we’d been looking at the Tanlouka project, getting familiar with it. After Colin and I joined the company, we saw its potential based on the work that Channel had done previously.”

The 79-square-kilometre Tanlouka project is situated on the Markoye Shear Zone in West Africa’s Birimian Greenstone Belt. The Belt itself hosts numerous gold deposits, most notably AngloGold Ashanti’s Obuasi mine and Newmont Mining Corporation’s TSX:NMC Ahafo mine, both in Ghana.

The Markoye Shear Zone, which trends 450 kilometres north-south from Ghana through Burkina Faso, includes IAMGOLD Corporation’s TSX:IMG Essakane project, Orezone’s Bomboré project and Volta Resources Inc’s TSX:VTR Kiaka project, each with at least 3 million ounces gold. Moreover, given Tanlouka’s proximity to the Bomboré project, it is worth noting that Tanlouka shares some of its infrastructure advantages. Namely, highway access and proximity to the capital, Ouagadougou. Burkina Faso has other advantages. In its 2010-2011 Survey of Mining Companies, the Fraser Institute ranks it the second-best mining jurisdiction in Africa, after only Botswana.

Channel undertook an initial 11-hole drilling in 2010 to assess a number of targets at Tanlouka. “The Mankarga 5 zone is our main focus right now,” Ameli relates, referring to the company’s more expansive 15,000-metre drill campaign. “We have been quite fortunate in being able quickly to delineate what is, right now, a 1.85-kilometre-long strike length. We haven’t yet completed geological modelling on it, but we’re confident that we’ve discovered a zone with a horizontal width of up to 200 metres.”

September 14 assays of Tanlouka’s Mankarga 5 deposit include

  • 1.99 grams per tonne gold over 70 metres (including 6.47 g/t over 13.5 metres)
  • 1.1 g/t over 108 metres (including 2.32 g/t over 20 metres)
  • 0.92 g/t over 98.7 metres (including 1.15 g/t over 30 metres)
  • 1.2 g/t over 52.5 metres (including 5.67 g/t over 4.5 metres)
  • 0.77 g/t over 64.5 metres (including 1.32 g/t over 11.3 metres)

Ameli says of the results, “[They] are quite positive on a number of levels. First and foremost, they’re bearing out what we encountered with the RC [reverse circulation] program. We did some comparative holes—a comparison of similar intersections—and it showed by and large an increase in the grade. In some cases, not a lot—in, I think, one case it actually went down. But it’s showing that the RC grades that we encountered have been accurate or to a certain extent have been underestimating the true grade. It also shows that the deposit is indeed still open, that we can extend it further down to the south, past the existing 1.85-kilometre strike length.”

Burkina is one of the fastest growing producers in the world —Cyrus Ameli

The two rigs Channel has turning at Tanlouka are presently on break, due to the seasonal rains. They will resume shortly. The 2011 drill campaign is nearly half completed, and Ameli expects the project’s first resource estimate to be published by 1Q 2012. “From there on, it will be additional drill programs to expand on the resource to feed into a preliminary economic assessment; we don’t have a timeline for that at this point. The Mankarga 5 area is a very small part of the project, and we’ve identified a number of different target areas within the Mankarga zone, as well as further to the north on the property that really require some follow up, both in terms of further ground proofing as well as drilling. That’ll be happening over the next several months as well.”

Channel’s other major project is the Fox Creek lithium/potash project in west-central Alberta.

Ameli considers that Channel is undervalued compared to many of its peers in Burkina, but believes this will become evident with the release of a resource estimate. At press time, Channel has 111.6 million shares trading at $0.19 for a market cap of $21.2 million.

Ameli concludes, “Burkina is one of the fastest growing producers in the world. The business environment is quite stable. It encourages investment, so that forms the basis of our involvement there. In the last five years, I believe, five projects have gone into production. Which is a very rapid pace. We hope to participate in that as we move forward with Tanlouka.”

Channel reports Burkina Faso Gold Results as high as 1.99 g/t over 70m

September 14th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningChannel Resources Ltd TSXV:CHU announced assays from its Tanlouka Gold Project in Burkina Faso. Results include 1.99 g/t gold over 70 metres (including 6.47 g/t over 13.5 metres), 1.1 g/t over 108 metres (including 2.32 g/t over 20 metres), 0.92 g/t over 98.7 metres (including 1.15 g/t over 30 metres), 1.2 g/t over 52.5 metres (including 5.67 g/t over 4.5 metres) and 0.77 g/t over 64.5 metres (including 1.32 g/t over 11.3 metres).

CFO Cyrus Ameli tells ResourceClips.com, “Tanlouka is actually a property that Channel has had for quite a number of years. We gradually did all the ground proofing that was necessary to delineate some drill targets on it during the market difficulties leading up to last year. Last year, we managed to raise enough money to do a very short drill program. That was enough to make our discovery at a number of different areas on the Tanlouka project, but principally on the Mankarga 5 zone, which is our main focus right now. We’ve been following that up and have been quite fortunate in being able quickly to delineate what is, right now, a 1.85-kilometre-long strike length. We haven’t yet completed any of our geological modelling on it, but we’re fairly confident that we have between a 150- and 200-metre-long width on it as well. That’s something that we’re starting to put together with this transition to the core drilling, the first results of which we put out this morning.

“We’ve done a lot of RC drilling previously to delineate the deposit, and that is very effective in determining if it’s mineralized; it’s more difficult to pin down the specific geology downhole. So that’s what we’re accomplishing right now with the core drilling. We’re doing some twins—there are a few in this morning’s news release—and we’re doing some infill drilling as well within the recognized strike length. So far in the program, we’ve drilled 32 holes, and a couple of those are extension holes as well to the south, along strike of the deposit. So with the holes already drilled there’s the potential of extending it by about 500 metres should they start to pan out.

We’ve been quite fortunate in being able quickly to delineate what is, right now, a 1.85-kilometre-long strike length—Cyrus Ameli

“Today’s results are quite positive on a number of levels,” continues Ameli. “First and foremost, they’re bearing out what we encountered with the RC program. We did some comparative holes—a comparison of similar intersections—and it showed by and large an increase in the grade. In some cases, not a lot; in, I think, one case it actually went down. But it’s showing that the RC grades that we encountered have been accurate or have been underestimating to a certain extent the true grade. It also shows that we received some of the strongest grades in Hole 17, to the south. That shows us as that the deposit is indeed still open, that we can extend it further down to the south, past the existing 1.8-kilometre strike length. This is all basically feeding into a resource estimate that we’re getting underway for publication in, we expect at this point, 1Q 2012.

“Right now we’re about we’re about 7,000 metres into the 15,000-metre core program. We’ve got two rigs running—they’re on a small hiatus right now, because it’s the rainy season in Burkina Faso. But we’re trying to get the 15,000 metres done as quickly as possible to feed into the resource estimate. From there on it will be additional drill programs to expand on the resource to feed into a preliminary economic assessment; we don’t have a timeline for that at this point. We will also be looking at the additional ground at Tanlouka. The Mankarga 5 area is a very small part of the project, and we’ve identified a number of different target areas within the Mankarga zone, as well as further to the north on the property that really require some follow up, both in terms of further ground proofing as well as drilling. That’ll be happening over the next several months as well.

“With regard to production, we’re basically looking at the best value for the company and for our shareholders, of which we’re significant ones. So I can’t say at this point whether we want to go into production ourselves. Obviously that requires a very different focus and skill set within the management and personnel of the company.

“Burkina Faso is a mining-friendly country. We’ve received a lot of support from the government, also from the Canadian government’s presence there. As to the infrastructure around the project—you’re working in Africa, so the level of development there is lower than working in Western countries. But we do have road access—there’s a main highway that runs very close to our project and our base of operations. It’s very easy to work in that area. But we do have to build some of our own infrastructure in terms of the drilling camps and access to water supplies and so forth. But it’s all well in hand in terms of our team on the ground there, in terms of what we’ve been able to pull together in the last year.

“The project is moving forward very quickly, and we’re quite pleased with the progress and all the assistance of the local communities and government. There’s a strong drive in Burkina to advance the gold industry as quickly as possible and get as much production going as quickly as possible. We’ve been able to very quickly pin down a deposit that’s holding together very well. There’s still a lot of work to be done it, but we’re making very good progress on it, and we’ve got a lot of results coming down the pipeline.

“If you look at our share price over the last two years, we’ve come a long way through this discovery,” Ameli concludes. “At this point, as a management team and as explorationists, we believe that there is a lot of exploration potential on the project for expansion of the recognized mineralized zones. We’re heading towards our first resource estimate on the project with which we’ll be able to actually have some figures to make some direct comparisons to our peers. But when you look at a direct comparison of other players in Burkina at or around the same level of development as we are, I think we’re still not as well valued as some of our peers. And that’s part of our job as well: to get the story out to the market as quickly as possible.”

View Company Profile

Contact:
Colin McAleenan
President/CEO
604.684.7098

or Cyrus Ameli
CFO/VP of Corporate Affairs
604.684.7098

by Greg Klein and Ted Niles

Channel reports Burkina Faso Gold Assays of 2.1 g/t over 70m

March 25th, 2011

Channel Resources Ltd TSXV:CHU announced assay results from the Mankarga Zone of its Tanlouka Gold Project in Burkina Faso, West Africa. Highlights include 2.46 g/t gold over 38 metres (including 18.4 g/t over 4 metres), 1.18 g/t over 52 metres (including 17.1 g/t over 2 metres), 1.9 g/t over 32 metres (including 13.37 g/t over 4 metres) and 2.1 g/t over 70 metres (including 6.23 g/t over 14 metres).

President/CEO Colin McAleenan remarked, “Mankarga 5 is developing into what we expect will be an important deposit, showing a consistency and scale of mineralization that could rival some of the gold deposits that are now in development or already in production in Burkina Faso. We continue to delineate the zone with RC drilling on a nominal 100-metre by 50-metre pattern and expect to add core drilling in the near future to enhance our understanding of the deposit’s geology and structure as well as to infill drill the deposit ahead of a NI 43-101 resource estimate. The coring program will also provide definitive grade information for the deposit which will be especially important in areas where we believe a shallow water table has contributed to some gold losses from the RC drill samples.”

View Company Profile

Contact:
Colin McAleenan
President/CEO
604.684.7098

or Cyrus Ameli
CFO/VP Corporate Affairs
604.684.7098

by Ted Niles

Channel reports Burkina Faso Gold Assays up to 1.3 g/t over 28m

March 2nd, 2011

Channel Resources Ltd TSXV:CHU announced assays from its Tanlouka Gold Project in Burkina Faso, West Africa. Results include 0.64 g/t gold over 34 metres, 0.63 g/t over 30 metres (including 2.23 g/t over 6 metres), 0.63 g/t over 26 metres (inlcuding 1.28 g/t over 8 metres), 0.78 g/t over 38 metres (including 1.46 g/t over 14 metres), 1.03 g/t over 8 metres, 1.52 g/t over 102 metres (including 3 g/t over 32 metres), 1.44 g/t over 52 metres (including 4.81 g/t over 8 metres) and 0.7 g/t over 80 metres (including 1.3 g/t over 28 metres).

President/CEO Colin McAleenan commented, “These results demonstrate that the potential for Mankarga 5 to host a significant gold resource has increased dramatically. Generally speaking, the strength of mineralization within shear zones is often enhanced in and around rocks of contrasting competency. The intersection of a mineralized intrusive-like body at the northeast end of Mankarga 5, together with the increasing strike length and width of the deposit, are excellent indicators of the area’s further potential.”

View Company Profile

Contact:
Colin McAleenan
President/CEO
604.684.7098

or Cyrus Ameli
CFO/VP Corporate Affairs
604.684.7098

by Ted Niles