CHU Channel Resources Ltd.

Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) announces
that it has filed a National Instrument 43-101 compliant technical report (the
"Report") on the Mankarga 5 maiden resource estimate for the Tanlouka project in
Burkina Faso, West Africa ("Tanlouka"). As previously announced by the Company
on July 19, 2012, the Report identifies Indicated Mineral Resources of 14.1
million tonnes at 0.94 grams per tonne gold ("g/t Au") for 425,000 gold ounces
and Inferred Mineral Resources of 29.1 million tonnes at 0.78 g/t Au for 729,000
gold ounces. The Resource Estimate was made and the Report compiled by Mr.
Jeffrey K. Smith, P.Geo., Principal Geologist at AMEC Americas Ltd.. The Report
has been filed on SEDAR and is also available on the Company's website at
www.channelresources.ca.


Corporate Update

Tanlouka Gold Project, Burkina Faso, West Africa

With the announcement of a maiden resource estimate at Tanlouka, Channel has
achieved an important milestone in demonstrating the potential of the Tanlouka
Project. From the first hole drilled on the Mankarga 5 structure to the present,
over a period of two years, a NI43-101 compliant resource has been established
with a major new resource contained within a single open pit shell. The
mineralized structures at Mankarga 5 remain open down-dip and along-strike with
potential to add to its gold inventory. 


"We are very pleased with the progress that our team has made on the Tanlouka
project," commented Colin McAleenan, Channel's President and CEO. "While the
very difficult market conditions prevailing over the past six months and
especially over this summer have limited the impact of our achievement in the
markets, we believe that we have created real value for shareholders that will,
in time, be reflected more faithfully." 


Tanlouka's expected growth over the next year will be driven not only by a
potential market recovery but on a demonstration of the expansion potential of
the Mankarga 5 deposit, which remains open along strike and to-depth, further
drilling to determine the extent of mineralization at Mankarga 1 and Mankarga
1-South targets, and also on work underway to add new discoveries in other
target areas. Chief among these include the Manesse and Tanwaka targets,
approximately five and ten kilometres north of the Mankarga zone, originally
identified in historic regional geochemical surveys. Channel has recently
followed up on these targets with extensive 100 metre by 25 metre soil surveys,
the results for which are expected soon. In addition to the identified targets
of Mankarga, Manesse and Tanwaka, the Company will begin exploring the western
third of the property, which has not yet seen any fieldwork.


Please refer to a target location map presented on the Company's website at
http://www.channelresources.ca/i/pdf/CHUmap090412.pdf for detail on the relative
locations of Mankarga, Manesse and Tanwaka on the Tanlouka permit.


"To-date, the exploration of the 79 square kilometer Tanlouka property has been
focused on the six square kilometer Mankarga area in the south," continued
McAleenan. "Now that we have identified our first major deposit on the property
on which there is ample expansion potential through additional drilling, we are
now just beginning to look at some of the additional exploration potential that
the permit has to offer. What we are particularly excited by is the level of
artisanal mining activity on both Manesse and in particular on Tanwaka, which
serves to increase our confidence that we will be able to generate strong drill
targets in both of these areas." 


Further work is also planned to prepare the Mankarga 5 deposit for economic
assessment including further metallurgical studies to expand on preliminary work
reported in a news release on July 7, 2012. While these initial results have
demonstrated the free-milling nature of gold mineralization in both oxide and
fresh-rock samples, column leach tests on both types of rock and transition
material will allow for more definitive estimates on project development costs
for heap-leach and CIL milling production scenarios. 


The recent metallurgical studies have also included environmental testing on the
different rock types, establishing minimal arsenic content and minimal potential
for acid-rock drainage from the Mankarga 5 samples. Further environmental
testing is also planned, including the collection of weather and other
environmental data necessary for an environmental impact assessment of the
project. 


Corporate social responsibility ("CSR") related activities have also been
initiated, including community outreach programs, surveys of culturally
sensitive areas within the permit, the establishment of a drinking water supply
in the Mankarga area, and a contribution of grain to some of the area's most
in-need groups as a modest response to the Sahel region's dramatic food shortage
this year. 


While these exploration and pre-development activities have taken place, the
Company has also prepared for the project's future advancement through a build
up of local corporate and project infrastructure. As Channel earned its 90%
interest in the project a Burkina Faso subsidiary, Tanlouka SARL, was formed to
hold the interest and to directly manage the project and an office has been
opened in Ouagadougou, Burkina Faso's capital city. The Company's existing
exploration 'base' in the town of Mogtedo, just north of the project permit, has
been upgraded and a new compound, complete with core storage facilities, has
been constructed proximal to the Mankarga 5 deposit to facilitate future
drilling programs.


"In a very short period of time since our first discovery hole at Tanlouka in
2010, Channel has demonstrated its ability to advance the project quickly and
efficiently," added McAleenan. "With only a small corporate group in its
Vancouver office, we have devoted the bulk of our resources to advance the
project and build a dedicated and effective technical and logistical team in
Burkina Faso, resulting in a discovery cost for the gold in the recent resource
estimate of only approximately $5 per ounce. With approximately $2 million in
cash in the treasury, we believe that the Company is in a good position to
weather current markets while continuing to deliver results from Tanlouka that
highlight its exploration and development potential."


Fox Creek Mineral Brine Project, Alberta, Canada

Channel has a 100% interest in the Fox Creek Mineral Brine Project in Alberta,
where it is assessing the project's potential to produce a package of industrial
mineral products, including salt, lithium carbonate, potash, bromine and
borates, from brine produced from natural gas wells. The Company believes that
the project presents a unique opportunity for Channel to capitalize on rising
demand for these products while at the same time maintaining Channel's focus on
gold exploration and development. 


Channel published a NI43-101 compliant Mineral Resource Estimate for Fox Creek
earlier in the year, the details of which can be found in a news release issued
by Channel on March 19, 2012. The Company has since developed a process
flowsheet for the production of mineral products in multiple stages in what it
believes is the most efficient manner, utilizing well-established technologies.
These results are being used in an internal assessment of the project's
potential commercial viability in order to prepare the project for a strategic
transaction, which may include its joint-venture, spin-off or outright sale to
market-specific players.


"The Fox Creek project, given its size and proximity to extensive industrial and
energy infrastructure, has potential for development in the near-term",
commented McAleenan. "Although non-core to Channel's primary asset development
strategy, we have been able to advance the project in a meaningful way so that
we are now close to finalizing the results of our research into the viability of
developing this unique resource."


Some of the statements contained herein are forward-looking statements involving
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.

Channel Resources Ltd. (TSXV:CHU)
過去 株価チャート
から 5 2024 まで 6 2024

Channel Resources Ltd. (TSXV:CHU)
過去 株価チャート
から 6 2023 まで 6 2024