Reverse-circulation drilling by Channel Resources (VSE) continues to test targets on the company’s land holdings in Burkina Faso, West Africa.
The 106 holes drilled to date intersected significant gold mineralization in 10 of the 12 targets tested.
Channel, which is 30%-owned by Viceroy Resource (TSE), also reports that upwards of 100 possible targets exist on four concessions comprising 6,200 sq. km. Extensive, shallow, surface workings are widespread and continue to be worked by local prospectors.
Recent drilling on the Somifa concession returned principal intersections for the Rounga prospect ranging from 12 metres of 0.91 grams gold per tonne to 4 metres of 17.30 grams.
Drilling at the Nimbo prospect intersected the following values: 4 metres of 4.35 grams for hole S-45; 4 metres of 2.45 grams and 2 metres of 8.20 grams for S-46; and 4 metres of 8.35 grams, as well as 8 metres of 20.86 grams, for S-47.
Further drilling will test the bulk-tonnage potential of these two targets. An exploration budget exceeding $2 million is planned for 1995. Channel has about $4 million in working capital.
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