Channel Resources Announces Continuing Positive Drilling Results on the Goulagou Gold Discovery, Somifa Permit, Burkina Faso, West Africa.KELOWNA, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 25, 1999-- Channel(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CHU.) Channel Resources Ltd. ("Channel") announces the results of the 1999 third phase exploration program on the Somifa Permit (1725 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 was designed to follow up on the discovery of the Goulagou-1 and Goulagou-2 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. Zones, announced by Channel April 6 and July 21, 1999. Most significant results are presented below (also refer to Appendix). Holes have been drilled from North to South except those indicated with *, drilled from South to North, where a seasonal lake constrains the hole location.
- Goulagou-2 Mineralized Zone:
SECTION
(from W to E) FENCE HOLE # MINERALIZED INTERSECTION
74300E F#33 RC-SO-164 1.325 g/t Au/ 4m
74300E F#33 RC-SO-165 0.722 g/t Au/ 8m
74800E F#35 RC-SO-134 0.599 g/t Au/22m
74895E F#17 RC-SO-133 1.551 g/t Au/10m
75000E F#36 RC-SO-132 0.591 g/t Au/ 8m
75100E F#37 RC-SO-129 0.930 g/t Au/22m
incl. 1.317 g/t Au/10m
75100E F#37 RC-SO-130 1.279 g/t Au/18m
75200E F#28 RC-SO-128 1.255 g/t Au/18m
75300E F#16 RC-SO-127 1.232 g/t Au/14m
75450E DDH-SO-4 0.978 g/t Au/ 7m
1.101 g/t Au/10.2m
75550E F#38 RC-SO-159 1.104 g/t Au/ 4m
75810E F#39 RC-SO-146 1.182 g/t Au/12m
75810E F#39 RC-SO-147 0.813 g/t Au/12m
76123E DDH-SO-3* 2.045 g/t Au/98m
incl. 4.407 g/t Au/ 9.3m
and 4.678 g/t Au/22m
5.956 g/t Au/22m
incl. 11.23 g/t Au/10m
76460E F#40 RC-SO-141 2.504 g/t Au/18m
incl. 5.655 g/t Au/ 4m
76460E F#40 RC-SO-142 1.754 g/t Au/10m
76511E DDH-SO-1 1.961 g/t Au/16.7m
76511E DDH-SO-2 1.093 g/t Au/ 4.9m
0.890 g/t Au/14m
- Goulagou-1 Mineralized Zone:
73017E DDH-SO-5 1.427 g/t Au/25m
73235E F#9 RC-SO-168 1.133 g/t Au/10m
73355E F#44 RC-SO-170 1.001 g/t Au/ 8m
0.889 g/t Au/12m
73355E F#44 RC-SO-171 0.602 g/t Au/36m
incl. 1.078 g/t Au/ 8m
Goulagou-1 and Goulagou-2 Mineralized Zones are sub-parallel zones with a cumulative strike length of approximately 3.4 kilometres. So far, 311 drill holes totaling 17 488 metres have been drilled within the Goulagou target area. Drill section spacing ranges from 50 metres to 300 metres. Located near the north contact of a large granitic gran·ite n. 1. A common, coarse-grained, light-colored, hard igneous rock consisting chiefly of quartz, orthoclase or microcline, and mica, used in monuments and for building. 2. intrusion, the zones are hosted in fine to medium-grained metasediments hosting quartz quartz, one of the commonest of all rock-forming minerals and one of the most important constituents of the earth's crust. Chemically, it is silicon dioxide, SiO2. veinlets in abundance. The depth of the oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. facies facies /fa·ci·es/ (fa´she-ez) pl. fa´cies [L.] 1. the face. 2. surface; the outer aspect of a body part or organ. 3. expression (1). extends to -100 metres vertical. RC drilling performed at 100m spacing during this third phase confirms the geometric continuity Geometrical or geometric continuity, was a concept of geometry primarily applied to the conic sections and related shapes by mathematicians such as Leibniz, Kepler, and Poncelet. along strike. Diamond Core drilling Diamond core drill bits are used to bore large holes in brick, concrete and stone. They are not generally used in other materials. The bit consists of a metal cylinder, usually relatively soft steel mounted on an arbor. also confirms previous grade and width obtained during previous phases as well as the depth continuity of the zones at least down to -150m. Gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. in the sulfide sulfide, chemical compound containing sulfur and one other element or sulfur and a radical. Sulfides may be salts or esters of hydrogen sulfide, H2S, or may be formed directly, e.g., by heating a metal with sulfur. zone as observed in diamond drill core shows a strong relation with abundant shear shear: see strength of materials. Shear A straining action wherein applied forces produce a sliding or skewing type of deformation. and / or fracture-style quartz veinlets with associated 1-5% pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. and trace to 2% arsenopyrite arsenopyrite (är'sĭnōpī`rīt, ärsĕn`ō–) or mispickel (mĭs`pĭkəl), silver-white to steel-gray mineral with the metallic luster characteristic of a pyrite. hosted in a) a graphitic graph·ite n. A soft, steel-gray to black, hexagonally crystallized allotrope of carbon with a metallic luster and a greasy feel, used in lead pencils, lubricants, paints, and coatings, that is fabricated into a variety of forms such as molds, bricks, shear zone and adjacent fractured Fractured is the Industrial Music band created by Canadian Nick Gorman in 2003. Located in Toronto Canada, his self produced release CD-R demo entitled Contami-Nation caught the attention of European label Dependent Records, who signed them. meta-argillites; and b) in pervasively altered metagreywacke. Bottle roll tests on 8 coarse RC and RAB Rab (räb), Ital. Arbe, island (1991 pop. 9,205), 40 sq mi (104 sq km) off Croatia, in the Adriatic Sea. One of the Dalmatian islands, it is a popular seaside resort. Fishing and agriculture are the main occupations. samples from the oxide zone at Goulagou-2 were carried out and resulted in cyanide cyanide (sī`ənīd'), chemical compound containing the cyano group, -CN. Cyanides are salts or esters of hydrogen cyanide (hydrocyanic acid, HCN) formed by replacing the hydrogen with a metal (e.g., sodium or potassium) or a radical (e.g. recoveries ranging from 84% to 95% suggesting that the oxide mineralization (known to approximately -100m) is potentially heap-leachable. Two maps setting out the Goulagou Mineralized Zones on the Somifa Permit are attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . Additional copies of the maps are available on request to the Company by telephone at (250) 868-8019 or fax (250) 868-0829. The maps will also be posted on the Company's web site at www.channelr.com. During this program, operated by Channel and 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, the following work was performed:
- 5 Diamond Core drill holes (DDH) totaling 1005.7
metres;
- 57 Reverse Circulation (RC) drill holes totaling 2983
metres;
- 286 short vertical Rotary Air Blast (RAB) drill holes
totaling 3595 metres, to in-fill the soil geochemistry grid
covering the Goulagou target area;
- 8 bottle roll tests on coarse RC and RAB drill samples
obtained from previous drilling.
Elsewhere on the Somifa Permit, 28 other prospective gold targets have been defined. Most of these remain untested or only partially tested by drilling. Further exploration of the Permit will be undertaken starting in January 2000. Channel has a 95% interest in the Somifa Permit. Placer Dome Inc. has the option to acquire up to 60% of Channel's interest by investing US $ 5 million in work costs over the next 3 years and an additional 5% interest by investing US $ 3 million in development work. Technical Aspects: The drilling program and interpretation of results was directed by a Canadian senior geologist working under the supervision of Dr. Jean-Marc Lulin, geologist, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Channel. All samples were analysed by Intertek Testing Services (ITS) of Ouagadougou (Burkina Faso). All ITS laboratories follow the same quality control procedures and standards as used by their Head Office in Vancouver. Vancouver's Bondar Clegg Laboratory is ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9002 certified See certification. . Channel has no ties with these laboratories. All RC holes were systematically analysed at 2m or 4m intervals. Samples (3-4 kg) were crushed and split to 1.5-2 kg. Fire assay with atomic absorption finish was performed on a 30 g split from a 250 g pulp. All Diamond Core drill holes were systematically analysed at nominal 2m intervals. Split core (with diamond saw; 4-10kg) was crushed and split to 1.5-2 kg. Fire assay with atomic absorption finish was performed on a 50 g split from a 250 g pulp. ITS duplicates one in every 20 samples (analysis from a second 250 g pulp). In addition, Channel inserted 1 check sample for every 25 RC samples and 1 check sample for every 25m for Diamond Core samples. Check analyses from this program (Channel and ITS) as well as previous studies from other programs performed by Channel indicate that the analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. results presented here are statistically reliable.
SIGNIFICANT RC DRILL INTERSECTIONS - GOULAGOU TARGET AREA
SECTOR
HOLE # POSITION AZ DIP MINERALIZED INTERSECTIONS
Northing Easting From To Au Length Zone
(g/t)
Goulagou-2 F-33
SO- 164 5750N 74300E 180 -50 48 52m 1.325/ 4m oxide
Goulagou-2 F-33
SO- 165 5690N 74300E 180 -50 28 36m 0.722/ 8m oxide
Goulagou-2 F-35
SO- 134 5585N 74800E 180 -50 48 70m 0.599/22m oxide
Goulagou-2 F-17
SO- 133 5524N 74895E 180 -50 34 44m 1.551/10m oxide
Goulagou-2 F-36
SO- 132 5505N 75000E 180 -50 6 8m 0.502/ 2m oxide
Goulagou-2 F-36
SO- 132 5505N 75000E 180 -50 28 36m 0.591/ 8m oxide
Goulagou-2 F-37
SO- 129 5545N 75100E 180 -50 50 72m 0.930/22m oxide
Goulagou-2 F-37
SO- 130 5495N 75100E 180 -50 0 18m 1.279/18m oxide
Goulagou-2 F-28
SO- 128 5494N 75200E 180 -50 22 40m 1.255/18m oxide
Goulagou-2 F-16
SO- 127 5463N 75300E 180 -50 10 24m 1.232/14m oxide
Goulagou-2 F-38
SO- 159 5450N 75550E 180 -50 56 60m 1.101/ 4m oxide
Goulagou-2 F-39
SO- 146 5395N 75810E 180 -50 8 20m 1.182/12m oxide
Goulagou-2 F-39
SO- 147 5380N 75810E 180 -50 2 14m 0.813/12m oxide
Goulagou-2 F-39
SO- 148 5365N 75810E 180 -50 12 16m 0.676/ 4m oxide
Goulagou-2 F-39
SO- 153 5215N 75810E 180 -50 4 8m 0.505/ 4m oxide
Goulagou-2 F-40
SO- 140 5215N 76460E 180 -50 58 60m 0.731/ 2m oxide
Goulagou-2 F-40
SO- 141 5180N 76460E 180 -50 42 60m 2.504/18m oxide
Goulagou-2 F-40
SO- 142 5140N 76460E 180 -50 24 34m 1.754/10m oxide
Goulagou-2 F-42
SO- 137 5170N 76760E 180 -50 8 10m 0.549/ 2m oxide
Goulagou-1 F-13
SO- 126 7055N 72715E 180 -50 8 10m 0.513/ 2m oxide
Goulagou-1 F-13
SO- 126 7055N 72715E 180 -50 58 60m 0.833/ 2m oxide
Goulagou-1 F-9
SO- 168 7096N 73235E 180 -50 0 10m 1.133/10m oxide
Goulagou-1 F-9
SO- 168 7096N 73235E 180 -50 18 20m 0.917/ 2m oxide
Goulagou-1 F-9
SO- 168 7096N 73235E 180 -50 34 38m 0.765/ 4m oxide
Goulagou-1 F-44
SO- 169 6985N 73355E 180 -50 18 22m 0.567/ 4m oxide
Goulagou-1 F-44
SO- 170 6920N 73355E 180 -50 4 12m 1.001/ 8m oxide
Goulagou-1 F-44
SO- 170 6920N 73355E 180 -50 34 46m 0.889/12m oxide
Goulagou-1 F-44
SO- 170 6920N 73355E 180 -50 58 64m 0.587/ 6m oxide
Goulagou-1 F-44
SO- 171 6865N 73355E 180 -50 8 44m 0.602/36m oxide
Goulagou-1 F-44
SO- 171 6865N 73355E 180 -50 52 53m 0.503/ 1m oxide
Goulagou-1 F-45
SO- 173 6860N 73605E 0 -50 36 40m 0.643/ 4m oxide
Goulagou-1 F-45
SO- 174 6815N 73605E 0 -50 30 34m 0.705/ 4m oxide
SIGNIFICANT DDH INTERSECTIONS - GOULAGOU TARGET AREA
SECTOR HOLE #
POSITION AZ DIP MINERALIZED INTERSECTIONS
Northing Easting From To Au Length Zone
(g/t)
Goulagou-2 SO- 1
5241N 76511E 180 -45 107.3 124.0m 1.961/16.7m transition
126 128.0m 0.513/ 2.0m sulfide
Goulagou-2 SO- 2
5243N 76511E 180 -65 33.1 38.0m 1.093/ 4.9m oxide
134 136.0m 0.715/ 2.0m sulfide
146 160.0m 0.890/14.0m sulfide
Goulagou-2 SO- 3
5204N 76123E 0 -50 18.1 20.5m 0.903/ 2.4m oxide
38 136.0m 2.045/98.0m oxide/
sulfide
incl:
64.7 74.0m 4.407/ 9.3m oxide
and:
98 120.0m 4.678/22.0m oxide
/trans
incl:
98 110.0m 6.810/12.0m oxide
156 158.0m 0.756/ 2.0m sulfide
168 190.0m 5.956/22.0m sulfide
incl:
173 183.0m 11.23 /10.0m sulfide
208 210.0m 0.733/ 2.0m sulfide
Goulagou-2 SO- 4
5522N 75450E 180 -50 128 130.0m 0.678/ 2.0m sulfide
134 141.0m 0.978/ 7.0m sulfide
152 162.2m 1.101/10.2m sulfide
Goulagou-1 SO- 5
7048N 73017E 180 -50 70 95.0m 1.427/25.0m trans/
sulphide
108.7 114.0m 0.662/ 5.3m sulphide
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