Channel, Solomon report Bombore assays

Encouraging results are reported from 42 reverse-circulation holes drilled on the Bombore joint-Venture gold project in Burkina Faso, West Africa.

Channel Resources (CHU-V) has a 90% interest in the Bombore, Soubeiga and Naoube permits. Solomon Resources (SRB-V) can earn a 45% working interest in the permits from Channel by spending $2.5 million on exploration by the end of 1997.

Fifteen of the 42 latest holes returned more than 1 gram gold per tonne, ranging from 1.01 grams to a high of 5.1 grams. Seven holes were barren, whereas the remainder carried values ranging from 0.05 to 0.95 gram gold.

The first-phase program, which is expected to total 81 holes and 6,000 metres, is focusing on a 14-km-long deformation corridor, underlain by ultramafic, mafic and felsic meta-intrusives.

The 5.1-gram, 2-Metre intercept was encountered in hole 127 at the Colline de Fusille and Nopsin prospects. Other high-grade intercepts included 2 metres from hole 69 grading 4.44 grams gold on the P8 and P9 prospects. Drilling on the Maga prospect returned 58 metres from surface in hole 132 grading 2.06 grams gold, 6 metres of 1.13 grams and 2 metres of 2.82 grams in hole 131, and 2 metres of 3.57 grams gold in hole 58.

Work at Maga shows that mineralization is associated with strongly altered schists, andesite, gabbro and diorite. Drilling demonstrates 800 metres of continuity along strike.

On the Siga prospect, hole 122 returned 6 metres grading 0.53 gram and another 6 metres of 1.24 grams. Hole 104 returned 6 metres of 0.52 gram, 6 metres of 0.65 gram and 2 metres of 1.87 grams. Hole 105 intercepted 48 metres from surface grading 1.01 grams, including 20 metres of 1.47 grams Mineralization at Siga is associated with strongly altered schists, gabbro, quartz feldspar porphyry dykes and a large quartz stringer system. Drilling to date demonstrates a strike extension of at least 1,200 metres.

“We’re in the process of analyzing all of the assays and relating [the results] to the geology of the first target,” says Channel Chairman Ross Fitzpatrick. “That will guide us in establishing targets for the second phase of drilling, which should begin in the first week of May.”

In that second phase, Channel, as operator, plans to drill about 6,000 metres in 60 to 70 holes.

The company, which is 33.6% owned by Viceroy Resource (VOY-T), began exploration drilling in December 1994, beneath artisanal workings on the 210,800-ha Bombore concession.

Channel controls 9,092 sq. km in 10 concessions in the West African nation.

The company has 25.5 million shares outstanding.