Channel Resources Exploration Resumes on Five Major Target Areas on the Somifa Permit -- Burkina Faso, West Africa -- as Follow-Up of the Goulagou Gold Discovery.Business Editors KELOWNA, British Columbia--(BUSINESS WIRE)--March 15, 2000 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 that the first phase of the year 2000 exploration program has begun on the SOMIFA Permit (1,725 km2), located in Burkina Faso Burkina Faso (burkē`nə fä`sō), republic (2005 est. pop. 13,925,000), 105,869 sq mi (274,200 sq km), W Africa. It borders on Mali in the west and north, on Niger in the northeast, on Benin in the southeast, and on Togo, Ghana, and , West Africa West Africa 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. . This program is designed mainly to further assess five major regional Target Areas showing comparable regional signatures as the Goulagou Target Area, hosting the Goulagou gold deposit. The Goulagou Deposit, discovered last year, has an Inferred Resource, previously reported by Channel, estimated at 16.3 Mt at 1.2 g/t Au (635,000 oz of gold) including 6.5 Mt at 1.75 g/t Au. The present program is 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, Channel being Operator. The program consists of: * Induced Polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is survey, covering a portion of the Goulagou Deposit and vicinity, to define new drilling targets; * extensive semi-detailed geochemical soil surveys (4,500 samples) to define drilling targets over five large regional Target Areas covering a total of 165 km2 of prospective zones; and * follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan drilling. Previous exploration programs, carried out by Channel outside the Goulagou Target from 1994 to 1997, have been recently compiled and reinterpreted by Channel's exploration team of Canadian geologists A geologist is a contributor to the science of geology. Geologists are also known as earth scientists or geoscientists. The following is a list of famous or notable geologists. directed by John Learn, P.Geo, Chief Geologist and supervised su·per·vise tr.v. su·per·vised, su·per·vis·ing, su·per·vis·es To have the charge and direction of; superintend. [Middle English *supervisen, from Medieval Latin by 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. In comparison to the Goulagou Target Area, these five Target Areas have been much less explored, but show strong gold potential. Limited drilling has been performed on these areas, resulting in excellent grades over significant intervals as highlighted below: 1) Rounga Target Area * Prospective zone of 46 km2 with several strong regional soil gold anomalies (peak value of 5,280 ppb ppb abbr. parts per billion Au) including 4 artisanal mining sites. * Most significant previous drill results include 5.73 g/t Au / 16m, 17.4 g/t Au / 4m, 17.3 g/t Au / 4m, 3.11 g/t Au / 12m, 3.14 g/t Au / 8m, 1.11 g/t Au / 24m. Best rock grab sample Noun 1. grab sample - a single sample or measurement taken at a specific time or over as short a period as feasible sample - a small part of something intended as representative of the whole results include: 23.9 g/t Au, 16.9 g/t Au, 12.1 g/t Au, 11.2 g/t Au, 11.1 g/t Au, 9.72 g/t Au, 8.85 g/t Au. 2) Yabonsgo - Goro Target Area * Prospective zone of 15 km2 with a 6.5 km long regional soil gold anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. (peak value of 58 ppb Au) including 2 artisanal mining sites. * Most significant previous drill results include: 4.56 g/t Au / 12m, 4.62 g/t Au / 10m, 3.19 g/t Au / 10m, 2.55 g/t Au / 36m, 1.06 g/t Au / 48m. Best rock grab sample results include: 3.37 g/t Au, 3.00 g/t Au, 2.66 g/t Au, 1.47 g/t Au. 3) Sinofousse Target Area * Prospective zone of 18 km2 with a 8.5 km long regional soil gold anomaly (peak value of 32 ppb Au) including 2 artisanal mining sites. * Most significant previous results are rock grab sample results: 13.8 g/t Au, 3.98 g/t Au, 1.25 g/t Au and a chip sample of 2.17 g/t Au / 10m. 4) Soubo Target Area * Prospective zone of 38 km2 with several large regional soil gold anomalies (peak value of 92 ppb Au) including five artisanal mining sites. * Most significant previous results are rock grab sample results (no drilling has been performed): 18.4 g/t Au, 3.90 g/t Au, 2.70 g/t Au (Zoro prospect), 23.2 g/t Au (Sissamba prospect), 7.05 g/t Au, 6.03 g/t Au, 2.67 g/t Au, 2.06 g/t Au (Touzage prospect), 47.9 g/t Au, 40.5 g/t Au, 18.1 g/t Au, 7.63 g/t Au, 5.05 g/t Au (Kouri prospect), 176 g/t Au, 9.54 g/t Au, 1.74 g/t Au (Kouba prospect). 5) Bourogoko Target Area * Prospective zone of 48 km2 with one large and extensive (13 km length) regional soil gold anomaly (peak value of 61 ppb Au) including 2 artisanal mining sites. * Most significant previous drill results, from very limited drilling performed to date, include: 4.5 g/t Au / 2m, 1.96 g/t Au / 4m, 1.45 g/t Au / 8m. By comparison with the above areas, the Goulagou Target Area appears at the regional scale as a 40km2 prospective zone with a regional soil gold peak value of 40 ppb Au. Best surface rock sample obtained prior to the discovery was 3.14 g/t Au / 1.2m. Channel has a 95% interest in the Somifa Permit. Placer Dome 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. NOTE: Location map available at www.cdn-news.com or by calling the company at the numbers listed below. |
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