Channel Resources Ltd. Announces New Gold Discovery at Goulagou, Somifa Permit, Burkina Faso, West Africa.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BRITISH COLUMBIA--(BUSINESS WIRE)--July 21, 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 the results of the 1999 second 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. . 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, consisted of a semi-detailed soil survey (862 samples) to cover a 40 square kilometre target area, followed by 178 Rotary Rotary can refer to:
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. During this second phase program, a new gold-bearing Adj. 1. gold-bearing - containing gold; "auriferous quartz veins" auriferous metal, metallic - containing or made of or resembling or characteristic of a metal; "a metallic compound"; "metallic luster"; "the strange metallic note of the meadow lark, zone ("Goulagou-2"), located 2.5 kilometres South East of Goulagou-1 (see Figure attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. ), has been discovered. From East to West, most significant results for each section (also refer to Appendix) are:
SECTION FENCE HOLE NO. MINERALIZED INTERSECTION
74990E F No.17 RAB-SO-1403 1.066 g/t Au / 20m
75300E F No.28 RAB-SO-1390 1.017 g/t Au / 32m,
incl. 2.093 g/t Au / 8m
75400E F No.16 RAB-SO-1307 2.490 g/t Au / 14m,
incl. 3.247 g/t Au / 10m
75400E F No.16 RAB-SO-1309 1.308 g/t Au / 12m
75500E F No.27 RC-SO-123 1.412 g/t Au / 12m
75500E F No.27 RAB-SO-1383 2.161 g/t Au / 24m
75500E F No.27 RAB-SO-1384 1.150 g/t / Au 20m
RAB-SO-1384 2.204 g/t Au / 4m
75550E F No.27.1 RC-SO-124 1.447 g/t Au / 54m
RC-SO-124 1.942 g/t Au / 4m
75795E F No.29 RAB-SO-1419 0.759 g/t Au / 8m
RAB-SO-1419 0.750 g/t Au / 4m
76100E F No.25 RAB-SO-1376 1.600 g/t Au /4m
76100E F No.25 RAB-SO-1395 0.969 g/t Au / 27m
76200E F No.15 RAB-SO-1299 0.933 g/t Au / 12m
76190E F No.15 RC-SO-117 3.295 g/t Au / 52m,
incl. 6.597 g/t Au / 20m
RC-SO-117 5.303 g/t Au / 17m
76200E F No.15 RAB-SO-1370 1.547 g/t Au / 37m
76200E F No.15 RAB-SO-1300 2.094 g/t Au / 18m
76190E F No.15 RC-SO-116 0.866 g/t Au / 8m
RC-SO-116 2.254 g/t Au / 44m,
incl. 3.220 g/t Au / 22m
RC-SO-116 1.061 g/t Au / 6m
76200E F No.15 RAB-SO-1371 1.093 g/t Au / 28m
76200E F No.15 RC-SO-122 0.827 g/t Au / 16m
76200E F No.15 RAB-SO-1340 1.767 g/t Au / 32m
76250E F No.15.1 RC-SO-121 1.240 g/t Au / 10m
RC-SO-121 1.368 g/t Au / 12m
76550E F No.26.1 RC-SO-120(x) 2.372 g/t Au / 32m
76600E F No.26 RC-SO-118 0.695 g/t Au / 22m
76600E F No.26 RAB-SO-1427 2.169 g/t Au / 36m,
incl.4.313 / 12m
76600E F No.26 RC-SO-119(x) 1.399 g/t Au / 10m
RC-SO-119(x) 1.510 g/t Au / 18m
Holes have been drilled from South to North, except those indicated with (x), drilled from North to South. The RC drill holes SO-116, SO-117 and SO-118, encountered moderate to strong water flow, which may have produced contamination of samples. The assay results from these three holes are released with caution as they may not be representative of true gold content. A core drilling program to twin these RC holes is currently scheduled for October 1999. The Goulagou-2 Mineralized Zone is recognized over a 1750 metre metre In poetry, the rhythmic pattern of a poetic line. Various principles have been devised to organize poetic lines into rhythmic units. Quantitative verse, the metre of Classical Greek and Latin poetry, measures the length of time required to pronounce syllables, strike length, trending N105 degrees, with a true width varying from 4 to 48 metres, dipping sub-vertically or steeply to the North. 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, this zone is hosted in strongly oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. fine-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 Abundance See also Fertility. Amalthea’s horn horn of Zeus’s nurse-goat which became a cornucopia. [Gk. Myth.: Walsh Classical, 19] cornucopia conical receptacle which symbolizes abundance. [Rom. Myth. . 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. "Goulagou-1" and "Goulagou-2" are sub-parallel zones within the Goulagou target area where so far 249 drill holes totaling 13 499 metres have been drilled. Their cumulative strike length is 3450 metres and they are open for further extension along strike and down-dip. Preliminary characteristics provide indication of good geometric and grade continuity at both zones. 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 October 1999, after the rainy rain·y adj. rain·i·er, rain·i·est Characterized by, full of, or bringing rain. rain  i·ness n.Adj. season, and will consist of in-fill drilling at Goulagou with diamond core and additional RAB fence drilling. Channel has a 95 percent interest in the Somifa Permit. Placer Dome Inc. has the option to acquire up to 60 percent of Channel's interest by investing US $ 5 million in work costs over the next 3.5 years and an additional 5 percent interest by investing US $ 3 million in development work. Technical Aspects: The drilling program and interpretation of results were directed by two Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. senior 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. 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) and Obuasi (Ghana). Both ITS laboratories follow the same quality control procedures and standards as those used by their Head Office, Vancouver's Bondar and Clegg Laboratory, accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. by the Standards Council of Canada The Standards Council of Canada is a Crown corporation based in Ottawa, Ontario, and is Canada's member body of the International Organization for Standardization. External links
All RAB holes were systematically analysed at 4m intervals, whereas RC holes were systematically analysed at 2m intervals. Composite samples (3-4 kg in both cases) 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. ITS duplicates one in every 20 samples (analysis from a second 250 g pulp). In addition, Channel inserted 1 check sample for every 50 RAB samples and 1 check sample for every 25 RC 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.
Appendix to News Release of Channel Resources Ltd.
July 21, 1999Page 1
SIGNIFICANT RAB DRILL INTERSECTIONS - GOULAGOU TARGET AREA
SECTOR HOLE POSITION AZ DIP MINERALIZED INTERSECTIONS
No. Northing Easting From To Au Length Zone
(g/t)
Goulagou-2
F-15 SO- 1297 5170N 76200E 0 -50 20 24m 0.650 / 4m oxide
Goulagou-2
F-15 SO- 1299 5225N 76200E 0 -50 0 12m 0.933 / 12m oxide
Goulagou-2
F-15 SO- 1370 5235N 76200E 0 -50 0 37m 1.547 / 37m oxide
Goulagou-2
F-15 SO- 1300 5250N 76200E 0 -50 0 18m 2.094 / 18m oxide
Goulagou-2
F-15 SO- 1371 5260N 76200E 0 -50 0 28m 1.093 / 28m oxide
Goulagou-2
F-15 SO- 1340 5320N 76200E 0 -50 4 36m 1.767 / 32m oxide
Goulagou-2
F-16 SO- 1307 5380N 75400E 0 -50 48 62m 2.490 / 14m oxide
Goulagou-2
F-16 SO- 1309 5475N 75400E 0 -50 28 40m 1.308 / 12m oxide
Goulagou-2
F-17 SO- 1403 5445N 74990E 0 -50 0 20m 1.066 / 20m oxide
Goulagou-2
F-25 SO- 1376 5275N 76100E 0 -50 20 24m 1.600 / 4m oxide
Goulagou-2
F-25 SO- 1395 5330N 76100E 0 -50 12 39m 0.969 / 27m oxide
Goulagou-2
F-25 SO- 1396 5360N 76100E 0 -50 8 12m 0.512 / 4m oxide
Goulagou-2
F-26 SO- 1427 5100N 76600E 0 -50 12 16m 0.852 / 4m oxide
Goulagou-2
F-26 SO- 1427 5100N 76600E 0 -50 28 64m 2.169 / 36m oxide
Goulagou-2
F-27 SO- 1383 5370N 75500E 0 -50 28 52m 2.161 / 24m oxide
Goulagou-2
F-27 SO- 1384 5410N 75500E 0 -50 0 20m 1.150 / 20m oxide
Goulagou-2
F-27 SO- 1384 5410N 75500E 0 -50 40 44m 2.204 / 4m oxide
Goulagou-2
F-27 SO- 1385 5445N 75500E 0 -50 16 20m 0.636 / 4m oxide
Goulagou-2
F-28 SO- 1390 5430N 75300E 0 -50 0 32m 1.017 / 32m oxide
Goulagou-2
F-29 SO- 1419 5355N 75795E 0 -50 8 16m 0.759 / 8m oxide
Goulagou-2
F-29 SO- 1419 5355N 75795E 0 -50 44 48m 0.750 / 4m oxide
Goulagou-1
F-19 SO- 1436 6800N 72600E 0 -50 32 40m 0.613 / 8m oxide
Goulagou-1
F-19 SO- 1437 6855N 72600E 0 -50 48 56m 0.846 / 8m oxide
Goulagou-1
F-19 SO- 1438 6900N 72600E 0 -50 32 36m 0.632 / 4m oxide
Goulagou-1
F-19 SO- 1440 7000N 72600E 0 -50 32 44m 0.684 / 12m oxide
Kanebe-Rikou
F-24 SO- 1358 7800N 67000E 0 -50 36 40m 0.529 / 4m oxide
Kanebe-Rikou
F-24 SO- 1360 7900N 67000E 0 -50 24 28m 0.810 / 4m oxide
Kanebe-Rikou
F-24 SO- 1362 8000N 67000E 0 -50 16 28m 0.603 / 12m oxide
Appendix to New Release of Channel Resources Ltd.
July 21, 1999 Page 2
SIGNIFICANT RC DRILL INTERSECTIONS - GOULAGOU TARGET AREA
SECTOR HOLE POSITION AZ DIP MINERALIZED INTERSECTIONS
No. Northing Easting From To Au Length Zone
(g/t)
Goulagou-2
F-15 SO- 116(xx) 5250N 76190E 0 -55 4 6m 0.518 / 2m oxide
Goulagou-2
F-15 SO- 116(xx) 5250N 76190E 0 -55 14 22m 0.866 / 8m oxide
Goulagou-2
F-15 SO- 116(xx) 5250N 76190E 0 -55 32 76m 2.254 / 44m oxide
Goulagou-2
F-15 SO- 116(xx) 5250N 76190E 0 -55 92 94m 0.681 / 2m oxide
Goulagou-2
F-15 SO- 116(xx) 5250N 76190E 0 -55 104 110m 1.061/ 6m oxide
Goulagou-2
F-15 SO- 117(xx)5210N 76190E 0 -55 0 52m 3.295 / 52m oxide
Goulagou-2
F-15 SO- 117(xx)5210N 76190E 0 -55 104 121m 5.303/ 17m (xx)
oxide
Goulagou-2
F-15 SO- 122 5290N 76200E 0 -55 54 56m 0.599 / 2m oxide
Goulagou-2
F-15 SO- 122 5290N 76200E 0 -55 60 66m 0.509 / 6m oxide
Goulagou-2
F-15 SO- 122 5290N 76200E 0 -55 82 98m 0.827 / 16m oxide
Goulagou-2
F-15.1 SO- 121 5200N 76250E 0 -45 14 24m 1.240 / 10m oxide
Goulagou-2
F-15.1 SO- 121 5200N 76250E 0 -45 90 102m 1.368 / 12m oxide
Goulagou-2
F-26 SO- 118(xx)5075N 76600E 0 -55 0 22m 0.695 / 22m oxide
Goulagou-2
F-26 SO- 119 5185N 76600E 180 -55 32 42m 1.399/ 10m oxide
Goulagou-2
F-26 SO- 119 5185N 76600E 180 -55 54 72m 1.510/ 18m oxide
Goulagou-2
F-26.1 SO-120 5178N 76550E 180 -45 30 62m 2.372/ 32m oxide
Goulagou-2
F-27 SO-123 5345N 75500E 0 -45 76 88m 1.412/ 12m oxide
Goulagou-2
F-27 SO-123 5345N 75500E 0 -45 94 96m 0.554/ 2m oxide
Goulagou-2
F-27.1 SO-124 5363N 75550E 0 -45 14 68m 1.447/ 54m oxide
Goulagou-2
F-27.1 SO-124 5363N 75550E 0 -45 80 84m 1.942/ 4m oxide
Goulagou-1
F-6 SO-125 6790N 73125E 35 -55 2 10m 0.576/ 8m oxide
Goulagou-1
F-6 SO-125 6790N 73125E 35 -55 22 40m 0.613/ 18m oxide
Goulagou-1
F-6 SO-125 6790N 73125E 35 -55 56 70m 1.260/ 14m oxide
Goulagou-1
F-6 SO-125 6790N 73125E 35 -55 98 100m 0.548/ 2m sulfide
(xx) This specific result is to be taken with caution due to difficult drilling conditions (heavy water return). For a map of Channel Resources' Somifa Permit, Burkina Faso, Goulagou Mineralized Zones, please call the company at the numbers below. |
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