VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 07/04/12 — Channel Resources Ltd. („Channel“ or the „Company“) (TSX VENTURE: CHU) is pleased to report final assay results from its 15,400 metre core definition drilling program on the Mankarga 5 gold deposit at the Tanlouka Gold Project („Tanlouka“) in Burkina Faso, West Africa.
Results reported in this release are from infill holes along nominal 100 metre spaced lines targeting previously intersected mineralized structures.
The Mankarga 5 core-drilling program was completed in February of 2012, with over 15,400 metres in 71 holes drilled, assay results for all of which have now been reported. This program-s results, together with those of 58 RC holes for 7,096 metres drilled previously on Mankarga 5 will form the basis of a maiden resource estimate for the deposit currently being prepared by AMEC Americas Ltd.
The drilling program has so far delineated a mineralized zone that is over two kilometres long and up to 300 metres wide on the northeast-trending Mankarga 5 structure. The main objectives of this program have been to provide a geological and structural context for the deposit, to further expand the zone and to support the deposit-s maiden resource estimate. Mineralized zones are steeply dipping to the northwest, the majority extending from surface, and reported widths for all holes drilled at -50 degrees to azimuth 120 degrees (southeast) are believed to be in the range of 80-90% of true width. The deposit remains open along strike and to-depth, with mineralization encountered to a maximum vertical depth of approximately 260 metres in the current program.
Detailed results from the eight holes reported in this release are presented in order of their location on sevent sections on the Mankarga 5 grid in Appendix A to this release, and can be viewed on a drill hole location map presented on the Company-s website at . Mankarga 5 cross sections are also available for download at http://www.channelresources.ca/s/Tanlouka.asp. Please refer to Channel-s drilling, sampling and assay reporting practices below the results tables for further information on how the results are reported.
Exploration of the Tanlouka Project Advancing Quickly
Channel-s activities at the Tanlouka gold project are focused on both advancing the Mankarga 5 deposit as quickly as possible through to feasibility and development, and demonstrating the exploration potential of the Mankarga 5 deposit and the remainder of the permit. The Company expects to report on numerous work programs in the near future, including:
Future drill programs and other exploration activities are being planned for Mankarga 5 and other targets on the Tanlouka project, based on the results of current programs and will be announced as the news becomes available.
Note re QA/QC Testing Procedures
Channel Resources Ltd. maintains a rigorous quality control program involving the use of duplicate samples and blanks and certified gold standards from an accredited Canadian laboratory in every batch of 20 samples. Core samples are assayed using standard fire assay techniques on a 50-gram charge with an atomic absorption finish by ACTLABS – Burkina Faso SARL, SGS Burkina Faso SA and Abilab Burkina SARL (ALS Laboratory Group) in Ouagadougou, Burkina Faso. RC samples discussed in this release were assayed using the same methods at Abilab Burkina SARL (ALS Laboratory Group) in Ouagadougou. The drilling program was supervised by John Adams P.Geo., a qualified person as defined by NI 43-101, who has reviewed the contents of this news release.
Some of the statements contained herein are forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company-s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the price of minerals, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise. Further disclosure on risk factors is available in the Company-s various corporate filings at .
Drilling, sampling and reporting practices:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Channel Resources Ltd. Colin McAleenan President & CEO 604.684.7098
Channel Resources Ltd. Cyrus Ameli Senior Vice President 604.684.7098 604.684.7079 (FAX)
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