Canaco Resources has released the recent drilling assay from the Magambazi gold discovery at the Handeni project, which is in the United Republic of Tanzania.
At present, the company is drilling with seven diamond drill rigs at Magambazi and the focus is on expansion and definition of identified mineralization at the Cave Lode locations and Main, Western and Southern Gneiss. It has obtained results for 17 drill holes, in which 14 holes returned mineralization.
Canaco has intersected 7.9 g/t gold over 3.5 m and 3.11 g/t gold over 31.3 m in the hole MGZD207. this hole was drilled in between hole MGZD004 and MGZD005, which cut 2.82 g/t gold over 27 m and 3.32 g/t gold over 41 m respectively and also showed excellent grade reproducibility of the Main Lode. The company has cut 7.89 g/t gold over 4.2 m and 2.95 g/t gold over 17.5 m in the hole MGZD161 at the Upper Western Lode. This intersection proposes the Western Lode mineralization continuity between the intersections that are 160 m to the north and 320 m to the south. It has planned drilling to additionally examine the Western Lode mineralization continuity above the complete length of about 1.0 km at Magambazi.
The company has drilled the hole MGZD157 to analyze the Main Lode at Magambazi Central, yielding 6.01 g/t gold over 5.6 m, 4.3 g/t gold over 9.1 m and Western Lodes has encountered 30.2 g/t gold over 3.0 m in the hole MGZD163. Canaco has intercepted 1.03 g/t gold over 16.0 m in the hole mgzd138 at the shallow Cave Lode and also 1.86 g/t gold over 7.0 m in the hole MGZD164, which includes 3.67 g/t gold over 3.0 m. These excellent intersections indicate the prospective mineralization above a significant strike length. Canaco has proposed for further near-surface and up-dip drill testing to indicate the strengthening of mineralization.
The holes MGZD155 and MGZD159 are situated at the tail of the Magambazi Main Lode at about 50 m under the surface in the south expansion to the Magambazi Main Lode and has returned 2.4 g/t gold over 7.0 m and 3.16 g/t gold over 3.1 m respectively.