Canaco Initiates Phase 1 Drill Program on the Handeni Gold Trend in Tanzania
08 February 2011 - 10:00PM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) is pleased to report that
reverse circulation (RC) drilling has commenced on its 100%-owned
Kilindi licence on the Handeni project in Tanzania. A total of
10,000 metres of drilling is planned for the four key target areas
of Kwadijava, Kwadijava South, Majiri and Majiri Bomba. Infill and
extension drilling has also recommenced on the Magambazi zone with
three rigs, and an additional fourth rig is scheduled to start in
February to accelerate Magambazi definition drilling.
Three high-priority targets are defined along the
Majiri-Semwaliko-Kwadijava (MSK) trend, supported by artisanal
workings including bedrock and alluvial operations, soil
geochemical anomalies, and magnetic and IP targets/trends. These
targets will be the principal focus of the RC drill campaign.
The Handeni gold trend is now recognized as consisting of two
parallel gold trends with a combined strike length of over 15
kilometres. All of Canaco's diamond drilling to date, which
comprises more than 100 holes totalling 30,000 metres, has been
along the Magambazi trend. The MSK trend has not been drill tested.
The MSK trend is a sequence of metamorphosed mafic rocks
(amphibolites) inter-bedded with sedimentary rocks (shales and
siltstones - now kyanite-bearing gneiss), directly above a major
geological boundary (basement granitic gneiss).
Quality Control
The planning, execution and monitoring of Canaco's quality
control programs at the Harvest project are under the supervision
Jeff Heidema, P.Geo, Canaco's VP Exploration, and Dr. David Groves,
Canaco's Director of Project Development. Mr. Heidema and Dr.
Groves are Qualified Persons as defined by National Instrument
43-101. Canaco utilizes an industry standard QA/QC protocol with
respect to sampling procedures. Blanks and certified reference
standards are inserted into the sample stream to monitor laboratory
performance and duplicates of pulps and bulk rejects are also used
to monitor laboratory performance.
Additional information and public documents about Canaco,
including a complete list of drill hole intercepts and drill collar
maps, can be viewed at the Company's website www.canaco.ca or at
www.sedar.com.
About Canaco
Canaco is a Vancouver-based mineral exploration company focused
on advanced exploration in Africa. Built on a foundation of
experienced management and focused on rapidly advancing exploration
projects in Tanzania and throughout Africa, Canaco is well
positioned to build shareholder value through discovery and
resource development.
Canaco's shares trade on the TSX Venture Exchange under the
symbol CAN.
On behalf of the Board of Directors
Andrew Lee Smith, P.Geo, President, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "anticipate", "believe",
"plan", "expect", "intend", "estimate", "forecast", "project",
"budget", "schedule", "may", "will", "could", "might", "should" or
variations of such words or similar words or expressions.
Forward-looking information is based on reasonable assumptions that
have been made by the Company as at the date of such information
and is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to: risks associated with
mineral exploration and development; metal and mineral prices;
availability of capital; accuracy of the Company's projections and
estimates; interest and exchange rates; competition; stock price
fluctuations; availability of drilling equipment and access; actual
results of current exploration activities; government regulation;
political or economic developments; environmental risks; insurance
risks; capital expenditures; operating or technical difficulties in
connection with development activities; personnel relations; the
speculative nature of strategic metal exploration and development
including the risks of diminishing quantities of grades of
reserves; contests over title to properties; and changes in project
parameters as plans continue to be refined. Forward-looking
statements are based on assumptions management believes to be
reasonable, including but not limited to the price of gold; the
demand for gold; the ability to carry on exploration and
development activities; the timely receipt of any required
approvals; the ability to obtain qualified personnel, equipment and
services in a timely and cost-efficient manner; the ability to
operate in a safe, efficient and effective manner; and the
regulatory framework regarding environmental matters, and such
other assumptions and factors as set out herein. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking contained herein, except in
accordance with applicable securities laws.
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: Canaco Resources Inc. Meghan Brown Director Investor
Relations 604-488-0822 or 1-866-488-0822 investors@canaco.ca
www.canaco.ca
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