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FOR FURTHER INFORMATION PLEASE CONTACT:
Channel Resources Ltd.
D. Ross Fitzpatrick
Chairman and Chief Executive Officer
(250) 868-8019
E-mail: ir@channelr.com
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CHANNEL RESOURCES LTD.
TSE SYMBOL: CHU
APRIL 1, 1997
Channel Resources Assay Results Bombore First Target
KELOWNA, BRITISH COLUMBIA--Channel Resources Ltd. ("Channel") and
Solomon Resources Ltd. ("Solomon") jointly announce assay results
received after the completion of the phase 1 drilling program on
the "Bombore First Target" located on the Bombore Permit, 80
kilometres ("km") east of Ouagadougou, capital of Burkina Faso,
West Africa. The phase 1 program consisted of 81 reverse
circulation holes totalling 6,040 metres ("m").
Complete results by sector are as follows (x = hole previously
announced):
/T/
Sector Km 11 to 13 (Siga Prospect)
Hole Grade Width Interval
BM-78x 0.537 g/t Au 16m 34m-50m
BM-119 Barren
BM-79x 1.350 g/t Au 16m 26m-42m
BM-121 Anomalous
BM-120 0.958 g/t Au 4m 22m-26m
BM-86x 0.656 g/t Au 8m 8m-16m
0.826 g/t Au 24m 40m-64m
BM-116 Barren
BM-99x Anomalous
BM-100x Anomalous
BM-98x 1.672 g/t Au 2m 34m-36m
1.579 g/t Au 2m 44m-46m
BM-101x 0.527 g/t Au 22m 28m-50m
BM-102x 1.220 g/t Au 2m 56m-58m
BM-97x 0.772 g/t Au 72m 0m-72m
including
1.196 g/t Au 16m 46m-62m
BM-95x 1.000 g/t Au 40m 0m-40m
BM-94x 0.826 g/t Au 96m 0m-96m
including
2.753 g/t Au 8m 6m-14m
and
1.173 g/t Au 38m 50m-88m
BM-96x 0.607 g/t Au 14m 46m-60m
including
1.330 g/t Au 4m 46m-50m
BM-83x Anomalous
BM-82x 0.952 g/t Au 36m 0m-36m
BM-80x 2.908 g/t Au 66m 16m-82m
including
7.993 g/t Au 20m 40m-60m
BM-93x 1.228 g/t Au 90m 0m-90m
including
2.012 g/t Au 48m 42m-90m
BM-81x 0.686 g/t Au 14m 38m-52m
BM-84x 0.710 g/t Au 16m 2m-18m
BM-85x 5.075 g/t Au 2m 40m-42m
BM-122 0.526 g/t Au 6m 10m-16m
1.243 g/t Au 6m 52m-58m
BM-123 Anomalous
BM-103x 0.541 g/t Au 22m 8m-30m
BM-104 0.518 g/t Au 6m 24m-30m
0.646 g/t Au 6m 66m-72m
1.868 g/t Au 2m 96m-98m
BM-124 Barren
BM-105 1.009 g/t Au 48m 0m-48m
including
1.467 g/t Au 20m 28m-48m
BM-106 0.570 g/t Au 42m 42m-84m
BM-107 0.915 g/t Au 14m 2m-16m
BM-117 Barren
BM-118 Anomalous
BM-108 0.668 g/t Au 4m 48m-52m
BM-109 0.545 g/t Au 18m 2m-20m
BM-110 Anomalous
BM-115 1.020 g/t Au 2m 18m-20m
BM-114 Anomalous
BM-111 0.567 g/t Au 4m 54m-58m
BM-112 Anomalous
BM-113 Anomalous
/T/
The mineralization is associated with strongly altered (sericitic,
chloritic) schists, gabbro, quartz feldspar porphyry dykes and a
large quartz stringer system. Drilling to date demonstrates a
minimal 1200m strike extension.
/T/
Sector Km 2 and 3 (Maga Prospect)
Hole Grade Width Interval
BM-58 0.835 g/t Au 4m 32m-36m
3.570 g/t Au 2m 60m-62m
BM-134 Barren
BM-133 Barren
BM-59x 0.837 g/t Au 12m 34m-46m
including
1.028 g/t Au 6m 36m-46m
BM-60x 0.517 g/t Au 32m 10m-42m
BM-129 Barren
BM-128 1.314 g/t Au 4m 0m-4m
BM-130 0.943 g/t Au 36m 40m-76m
including
1.205 g/t Au 26m 40m-66m
BM-132 2.063 g/t Au 58m 0m-58m
BM-131 1.126 g/t Au 6m 24m-30m
2.823 g/t Au 2m 58m-60m
BM-88x 0.596 g/t Au 6m 50m-56m
BM-89x Anomalous
BM-61x 1.732 g/t Au 14m 12m-26m
BM-75x 0.884 g/t Au 20m 42m-62m
including
1.288 g/t Au 10m 52m-62m
BM-63x 1.104 g/t Au 96m 0m-96m
including
2.468 g/t Au 26m 8m-34m
and
1.874 g/t Au 12m 84m-96m
BM-76x 0.639 g/t Au 42m 22m-64m
including
1.223 g/t Au 6m 22m-28m
and
1.836 g/t Au 6m 38m-44m
0.799 g/t Au 6m 78m-84m
BM-62x 0.527 g/t Au 30m 14m-44m
BM-87x 0.577 g/t Au 4m 28m-32m
BM-92x 1.809 g/t Au 14m 34m-48m
BM-90x 0.658 g/t Au 12m 26m-38m
0.841 g/t Au 4m 60m-64m
BM-91x 0.549 g/t Au 22m 30m-52m
including
1.263 g/t Au 6m 44m-50m
BM-135 Anomalous
BM-136 0.618 g/t Au 14m 2m-16m
1.104 g/t Au 6m 38m-44m
BM-137 Anomalous
BM-138 Anomalous
/T/
The mineralization is associated with strongly altered (sericitic,
chloritic) schists, andesite, gabbro and diorite. Drilling to date
demonstrates a minimal 800m continuity along strike.
/T/
Sector Km 7 and 8 (P8 / P9 Prospects)
Hole Grade Width Interval
BM-66 Barren
BM-67 Anomalous
BM-68 0.728 g/t Au 12m 68m-80m
BM-73 1.534 g/t Au 2m 22m-24m
BM-69 0.690 g/t Au 4m 4m-8m
4.435 g/t Au 2m 68m-70m
BM-70x 0.736 g/t Au 52m 8m-60m
including
1.090 g/t Au 20m 22m-42m
BM-71x 0.561 g/t Au 8m 38m-46m
0.742 g/t Au 22m 64m-86m
BM-72x 1.319 g/t Au 10m 14m-24m
BM-74 0.599 g/t Au 6m 32m-38m
0.543 g/t Au 26m 54m-80m
BM-77 1.037 g/t Au 2m 24m-26m
Sector Km 4 (Colline de Fusille and Nopsin Prospects)
Hole Grade Width Interval
BM-127 5.097 g/t Au 2m 58m-60m
BM-125 0.947 g/t Au 4m 24m-28m
BM-65x 0.626 g/t Au 44m 0m-44m
BM-64x 0.565 g/t Au 50m 26m-76m
including
1.718 g/t Au 8m 60m-68m
BM-126 1.022 g/t Au 6m 26m-32m
/T/
A preliminary geological resource inventory is presently underway
for the following sectors: Siga, Maga, P8 / P9, P16 and P17. For
this purpose, 57 reverse circulation holes drilled in 1994 and
1995 totalling 5937m were relogged. This resource inventory will
be used to guide the 6000m phase 2 drilling program that will
start in early May. Interpretation to date shows that the defined
mineralized areas are open for further extension. In addition,
other several significant exploration targets within the 14 km
long "Bombore First Target" remain totally untested. Channel's
objectives are to define several large shallow open pit oxide
deposits.
Channel has a 90 percent interest in the Bombore Permit and is
operator. Solomon has the option to earn a 45 percent interest by
funding $2.5 million in exploration expenditures up to December
31, 1997.
Channel has established a very large and highly prospective land
position in Burkina Faso (10 permits totalling 9,092 square km)
and a strong exploration team using the leading edge of
exploration techniques.
NOTE: Location map available from the Company at the phone number
listed below.
-30-
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