Drilling on the Bouroum gold concession in Burkina Faso, West Africa, is returning some impressive results for Channel Resources (TSE).
Assays from the first five holes on the F-12 Extension graded up to 32.25 grams gold per tonne over 18 metres.
The five holes cover a strike length of about 300 metres, and the zone remains open along strike and downdip to the west.
Channel encountered a second, deeper intersection in the third hole, with the bottom 2 metres grading 3.8 grams. Further drilling will be required to test the extent of the lower zone.
Gordon Fitzpatrick, a director of Channel, says at least 12 additional holes are planned to test the F-12 Extension zone. He adds that hole 5, the farthest to the south, may represent a separate zone since it appears to be off-strike from the other three intersections.
Follow-up drilling is under way.
Channel has about $3.2 million in working capital. Fitzpatrick says exploration expenditures are expected to total $2.5 million this year, although he adds that “we might have to raise more money if the drilling program really starts to pan out”.
Elsewhere on its Burkina Faso concessions, which in total comprise 6,200 sq. km, Channel has evaluated 69 prospects by means of geologic mapping, surface sampling and/or geophysical surveys. Nineteen targets have been drilled, at least eight of which returned significant results that merit follow-up drilling.
Channel expects to be back drilling on the Somifa concession in early May, after it receives results from 29 additional holes.
Complete drill results from the F-12 Extension are as follows: Hole Interval Width Gold
(m) (m) (g/t)
1 46-64 18 10.03
2 56-74 18 32.25
3 52-66 13 3.75
106-124 18 4.25
4 no significant results*
5 68-126 58 0.81
*Hole 4 intersected an unmineralized diorite dyke.
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