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Canaco adds 7th Drill at Gold Discovery

Discussion in 'Major Projects in Tanzania' started by PSI Factor, Jun 20, 2011.

  1. PSI Factor

    PSI Factor Member

    Jun 20, 2011
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    June 20, 2011


    Canaco Resources (CAN.TSXV) announced assay results from new diamond drill holes at Magambazi and Magambazi Central at the Company's Handeni project in Tanzania, Africa. The results continue to demonstrate the continuity of thick intercepts of mineralization on strike and up dip of the discovery hole MGZD001.

    Canaco noted that due to the recent intersection of new mineralized structures at Magambazi, its technical management team has advised that further delineation drilling will be required to accommodate proper assessment. As a result, a seventh diamond drill has been added to increase the capacity of the Magambazi drill campaign, bringing the total number of drill rigs operating on the project to eight.

    * 40.0 meters at 2.93 grams per ton gold in hole MGZD172, including 7.7 meters at 4.89 grams per ton gold at Magambazi.
    * 17.0 meters at 2.9 grams per ton gold in hole MGZD162, including 2.8 meters at 9.89 grams per ton gold at Magambazi Central, highlighting continuity and westward extension to the Keel Zone mineralization near Magambazi North.
    * 6.2 meters at 3.93 grams per ton gold in hole MGZD131, including 2.8 meters at 7.32 grams per ton gold, highlighting a 50 meter westward extension to the newly defined Western Lode.

    Andrew Lee Smith, President and CEO:
    "We have embarked on the largest, most aggressive drill program to date on the project. We are on track to deliver our initial NI 43-101 mineral resource estimate by the end of 2011, which we believe will be an important milestone in the development of the Handeni project."

    Daniel Earle, TD Newcrest:
    "The fact that the drill results are now confirming the discovery of bodies of gold mineralization parallel to the Main Magambazi Lode also bodes well for the future given that there are a number of other untested geochemical anomalies that parallel the zone."

    Source: http://www.goldalert.com/2011/06/canaco-adds-7th-drill-at-gold-discovery/
  2. Saint Ivuga

    Saint Ivuga JF-Expert Member

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  3. M

    Mamboleo Member

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