Canaco Reports Additional Drill Results from Magambazi-59.4 Metres at 3.98 Grams Per Tonne Gold, Including 7.7 Metres at 12.1...
16 March 2012 - 9:00PM
Marketwired Canada
Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco" or the "Company") is pleased
to announce new assay results from diamond drilling at the Magambazi gold
project in Tanzania. These delineation drilling results complement previously
reported results and provide an improved understanding of the mineralization
continuity seen at Magambazi to date.
Results have been received for 24 diamond drill holes. Highlights include:
----------------------------------------------------------------------------
Hole From To Interval Au
(1)(2) (m) (m) (m) (g/t) Lode(s)
----------------------------------------------------------------------------
MGZD174 46.7 59.3 12.6 6.26 Magambazi Main (upper)
----------------------------------------------------------------------------
including 50.5 56.5 6.3 11.00 Magambazi Main (upper)
----------------------------------------------------------------------------
MGZD318 138.6 198.0 59.4 3.98 Magambazi Main
----------------------------------------------------------------------------
including 185.5 193.2 7.7 12.13 Magambazi Main
----------------------------------------------------------------------------
MGZD322 170.0 175.6 5.6 11.54 Magambazi Main
----------------------------------------------------------------------------
MGZD398 174.7 204.0 29.3 5.27 Magambazi Main
----------------------------------------------------------------------------
including 184.5 192.9 8.4 13.03 Magambazi Main
----------------------------------------------------------------------------
(1) Mineralized true thicknesses are 60-100% of stated thicknesses. The
calculation of drill intercepts employs a 0.3 gram/tonne cut-off and no
cutting grade has been applied to high gold values.
(2) Not all drill holes identified in this release have had a full sample
submission completed as planned, as a prioritized system of sample
submission has been introduced due to the previously identified sample
backlog. Additional results will be released and posted as received.
Click http://media3.marketwire.com/docs/774518_map_table_link.pdf for a plan
view map and complete list of drill hole intercepts.
Further to the larger drilling program and findings at Magambazi, ongoing
exploration drilling is also continuing to the northwest and to the west of the
Magambazi hill. This exploration work is targeting showings and initial results
at the Magambazi North, Kwadijava and Majiri areas, within approximately six
kilometres of the Magambazi zone.
Within the Magambazi zone itself, based on extension drilling to date,
additional work is planned to target possible extensions near western zones of
the Magambazi Central and the Magambazi North areas, as well as potentially
deeper mineralization in the main Magambazi mineralization.
Sample processing to date has been focused on delivery of prioritized results
for inclusion in the ongoing initial mineral resource estimation. Further to
delivery of those results, additional samples are being processed to facilitate
an update of the initial mineral resource estimate during the upcoming
preliminary economic assessment (PEA). To this end, approximately 19,000 samples
are currently being processed at laboratories for preparation and subsequent
assaying. Samples tested and reported to date represent approximately 80% of
samples for the Magambazi zone. Samples in the lab represent the last of
currently planned test material, approximately 20% of the total, subject to
identification of further samples and potential mineralization in the extension
drill program. The processing and reporting of results for samples now in the
laboratories is anticipated to take two to three months.
Geological interpretation is ongoing and will continue to be developed as
results are received. This continual approach to interpretation is expected to
complement the mineral resource estimation process and facilitate updates.
Regarding preparation for a PEA that will follow mineral resource estimation,
ongoing metallurgical, mineral resource estimation and environmental baseline
work is progressing and more detailed updates will be provided in the coming
weeks.
Canaco is well financed, with $100 million in cash reserves and no debt.
Accordingly, the Company continues to be in a strong financial position with
adequate resources to move the project forward through to completion of the PEA
and subsequent development.
Quality Control
The planning, execution and monitoring of Canaco's quality control programs at
the Handeni project are under the supervision of Jeff Heidema, P.Geo., Canaco's
Vice President Exploration. Mr. Heidema is a Qualified Person as defined by
National Instrument 43-101. Diamond drill samples are prepared and analyzed at
the SGS Geochemical Laboratory in Mwanza, Tanzania. RC drill samples are
prepared at the ALS Chemex Laboratories in Mwanza, Tanzania and analyzed at
their facilities in Johannesburg, South Africa. Samples are processed by Fire
Assay with A.A. finish under the SGS FAA505 and ALS Au-AA24 protocols.
Additionally, core samples analyses are conducted at Acme Labs in Vancouver,
Canada, and undergo Fire Assay Fusion Gold by ICP-ES and lead collection fire
assay-gravimetric finish. 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 core, rejects, and pulps are also used to monitor laboratory
performance and characterize mineralization. Mineralized true thicknesses are
60-100% of stated thicknesses throughout this release.
Additional information including press releases and public documents about
Canaco 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 projects in Africa. Built on a foundation of experienced management,
the Company is rapidly advancing the Handeni project in Tanzania and 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 information contained herein, except in accordance
with applicable securities laws.
Orca Gold, Inc. (TSXV:CAN)
Historical Stock Chart
From Apr 2024 to May 2024
Orca Gold, Inc. (TSXV:CAN)
Historical Stock Chart
From May 2023 to May 2024
