Placer had the right to earn a 65% interest in both the 2,108-sq.-km Bombore and 1,725-sq.-km Somifa exploration permits. Channel, in conjunction with Placer, drilled 250 holes totalling 8,503 metres at Bombore between December 1999 and June 2000, including 4,870 metres (82 holes) of reverse-circulation (RC) drilling and 3,633 metres (168 holes) of rotary-air-blast (RAB) drilling.
The bulk of the RC drilling tested the Bombore First Target, where Channel had estimated a near-surface oxide resource of 35 million tonnes grading 1.1 grams gold per tonne, equivalent to 1.2 million contained ounces. Based on the new results, the oxide resource was estimated at 22.2 million tonnes grading 1.5 grams, or 1.1 million oz., using a cutoff of 0.7 gram. At a lower, 0.5-gram cutoff, the oxide resources totalled 37 million tonnes grading 1.1 grams, equivalent to 1.3 million oz.
The RAB drilling tested the Mankarga target area along 13 widely spaced reconnaissance fences. The best results were:
– 2.12 grams over 8 metres;
– 12.7 grams over 8 metres;
– 2.43 grams over 8 metres;
– 2.1 grams over 12 metres; and
– 10.85 grams over 8 metres.
Two RC holes tested the neighbouring Naoube permit. One of the holes, which tested a grab sample of quartz vein grading 14.74 grams, intersected 4 metres of 22.15 grams.
Channel holds a 55% interest in the Bombore permit; Solomon, 45%.
At Channel’s 95%-held Somifa permit, Placer funded a program of geochemical and geophysical surveys before pulling out of the joint venture. This work was to assess four prospective drill targets.
The Somifa permit hosts the Goulagou deposit, discovered by Channel’s geologists in 1999. Two zones are estimated to contain an inferred resource of 19.4 million tonnes grading 1.12 grams, equivalent to 700,000 contained ounces.
Channel is looking for a new joint-venture partner for both projects.
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