Channel Resources: Exploration Follow-Up of the Goulagou Gold Discovery, Somifa Permit, Burkina Faso, West Africa.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 7, 1999-- Channel Resources Ltd. ("Channel")(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CHU.) announces that the 1999 second phase exploration program has begun on the Somifa Permit (1,725 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . The program is designed to follow up on the discovery of the Goulagou Mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. Zone, announced by Channel April 6, 1999. The program funded by Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. Inc. under the terms of a letter agreement between Placer Dome Africa Limited ("Placer Dome") and Channel, will consist of: -0-
-- a semi-detailed soil survey (1,000 samples) to cover a 40
square kilometre target area. This area includes the 1,400
metre strike length Goulagou Mineralized Zone and several
other extensive previously defined regional soil anomalies
and surface gold showings;
-- 8,000 metres of Rotary Air Blast drilling to extend the
Goulagou Mineralized Zone and to assess the potential of the
surrounding gold targets;
-- 1,000 metres of Reverse Circulation drilling to determine
the down-dip continuity of the best RAB drill intersections.
The program and interpretation of results will be completed by the end of July, 1999. Channel has a 95 percent interest in the Somifa Permit. Placer Dome has the option to acquire up to 65 percent of Channel's interest by investing US$8 million in work costs on the Somifa Permit. |
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