Further work is planned to prepare the Mankarga 5 deposit for economic assessment including additional drilling and further metallurgical studies to expand on preliminary work reported in a news release on July 7, 2012. While these initial metallurgical results demonstrated the free-milling nature of gold mineralization in both oxide and sulphide samples, column leach tests on both types of rock and transition material will allow for more definitive estimates of gold recoveries from heap-leach operating scenarios.
Tanwaka and Manesse Zones
Soil sampling surveys on 100 metre by 25 metre grids have been conducted on regional gold-in-soil anomalies on the Tanwaka zone and on the majority of the Manesse zone, with the balance of the Manesse zone sampled on 200 metre by 25 metre grids. Both surveys have resulted in the detailed definition of gold-in-soil anomalies.
At Tanwaka, gold-in-soil anomalies (defined as soil containing greater than 50 ppb Au) that encompass approximately twice the area of those associated with the Mankarga 5 deposit have been identified. When these soil anomalies are coupled with structural information derived from high-resolution magnetic data, very compelling drill targets emerge in at least two major geological settings within the zone. Of 153 grab samples taken from artisanal workings within the anomalous zones 23% yielded assays with higher than 0.50 g/t Au with a maximum 35.1 g/t Au.
At Manesse, several linear gold-in-soil anomalies have been defined including a 1,600 metre long zone that is one to seven samples wide (25 metres to 175 metres) and up to 601 ppb Au in strength. This zone trends almost due north-south and cuts the general magnetic fabric of the host rocks at approximately 30 degrees. Some artisanal workings have been developed on the widest parts of this zone. In addition, there is an anomalous 800 metre long irregular shaped zone at the northern end of the grid that has a maximum gold-in-soil value of 1,595 ppb Au and several shorter anomalies have been defined that trend with the magnetic fabric of the host rocks.
Maps showing the results of soil sampling programs at each target area are available within the Company's recently updated corporate presentation, located on the Company's website at http://www.channelresources.ca/i/pdf/chu-presentation.pdf.
On a project-wide basis, 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 response to the Sahel region's food shortage last 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. 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.
All technical information in this news release has been prepared under the supervision of Colin H. McAleenan, P.Geo, who is the Company's "Qualified Person" under the definition of NI 43-101.
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