By Kalwinder KaurMay 10 2012
Canaco Resources has reported the remaining results from delineation drill program conducted at the Magambazi gold project in Tanzania. These results are used to estimate an initial mineral resource.
The company has announced all drilling results associated to the future initial mineral resource calculation. The preliminary mineral resource calculation may be completed May 15, 2012, and it will span for around 100,000 m, totaling 400 holes.
The company intersected 7.83 g/t gold over 10.5 m and 3.67 g/t gold over 5.6 m in hole MGZD174, 7.30 g/t gold over 3.5 m and 6.27 g/t gold over 4.2 m in hole MGZD201, 3.06 g/t gold over 5.6 m in hole MGZD264, 3.13 g/t gold over 6.0 m in hole MGZD340, 2.17 g/t gold over 8.3 m in hole MGZD395, 5.13 g/t gold over 4.9 m in hole MGZD413 and 22.05 g/t gold over 3.5 m in hole MGZD432.
Expansion and infill data have been obtained by noted intersections for definition drilling purposes. The company's diamond drilling has closed off the immediate western, lateral northern and southern expansions of important mineralization. The future mineral resource estimate will be calculated based on geologic data and assay results received from drilling around 400 holes, totaling 100,000 m, at Magambazi.
The company continues to process the remaining core from the new regional drill program and has started geological follow-up studies. Continued data collection will help to form further targets.
Source: http://www.canaco.ca/
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