Dec 23 2010
Canaco Resources Inc. (TSX VENTURE:CAN) has announced further drill results from the Company's Magambazi gold discovery located in the Handeni region of the United Republic of Tanzania. Drilling continues to delineate the Magambazi Main Lode, including the high-grade shoot component to the gold lode and up- and down-dip mineralization.
New high-grade results received include:
- 53.2 metres at 9.51 grams gold per tonne (MGZD098) including 23.8metres at 15.08 grams gold per tonne.
- 17.4 metres at 6.1 grams gold per tonne (MGZD099) including 6.3metres at 14.35 grams gold per tonne.
Canaco's President, Andrew Lee Smith, states, "It has been an incredible year of exploration and definition drilling at Magambazi. I thought that our original best intercepts drilled in 2009 of 59 metres at 4.28 grams per tonne gold in hole 1 and 56 metres at 6.39 grams per tonne gold in hole 12 were as good as it could get. The Magambazi system has outperformed my best expectations in 2010, with recent intercepts of 48.6 metres at 14.81 grams per tonne gold and 53.2 metres at 9.5 grams per tonne gold. Linking the Magambazi Main Lode with Magambazi Central and Magambazi North has also been an important development of 2010, showing continuity of mineralization over almost 1 kilometre of strike. I would personally like to thank all of the Canaco Staff for their efforts during 2010 and the unrelenting support of the shareholders."
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.