Dec 10 2010
Canaco Resources Inc. (TSX VENTURE:CAN) has announced additional new drill results from the Company's Magambazi gold discovery located in the Handeni region of the United Republic of Tanzania.
Ongoing definition drilling continues to focus on delineating the Magambazi Main Lode, down dip extensions to mineralization and possible extensions of mineralization to the south. The highlights from new results include:
- 13.4 metres at 13.54 g Au/t, including 6.0 metres at 29.40 g Au/t (MGZD084 - section 60,600N)
These latest results continue to indicate excellent continuity of grade and structure within the Magambazi mineralized zone. Results from drilling continue to encounter grades in excess of 1.0 g Au/t in 90% of the drill holes completed to date. The high-grade intercept in MGZ084 is attributed to the high-grade core zone that continues to occupy a specific and predictable position within the Magambazi mineralized zone.
In addition to the ongoing definition drilling, a regional program including reverse circulation drilling of exploration targets outside the Magambazi mineralized trend is underway. Additional information on the regional exploration program will be disclosed in the coming days.
The Magambazi and Magambazi North prospects are part of a 1.4 kilometre long trend of gold mineralization now defined by high-grade drill results, artisanal mine workings and soil geochemical anomalies. This 1.4 kilometre trend represents a segment of a 17 kilometre trend of gold mineralization known as the Handeni Gold Trend contained within the Company's Handeni Gold Project.
The planning, execution and monitoring of quality control programs at the Handeni project are under the supervision of Andrew Lee Smith, P.Geo, Canaco's CEO and Dr. David Groves, Canaco's Director of Project Development, Tanzania. Mr. Smith 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.
Source: Canaco Resources Inc.