Company attempts to channel Aurelian's success in Ekwadore...
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Channel Intersects 65.5 metres 1.6 g/t Gold at El Mozo Property, South Central Ecuador
Kelowna, BC -- Sept. 28, 2006) - Channel Resources Ltd. CHU/TSXV is pleased to announce the completion of the 2,850 metre second phase diamond drilling program at the El Mozo Project in the Province of Azuay in South Central Ecuador. This program follows up the positive results achieved in Phase 1 drilling at the property earlier in the year. Results of the drilling are summarized in the tables below.
At the Freddy Zone, two drill holes, MDH-89 and 90, encountered 4.38 g/t Au over 10.67 m and 1.09 g/t Au over 16.89 m respectively.
A hole previously un-assayed, MDH-81 was analyzed during this phase of drilling and resulted in 2.26 g/t Au over 30.48 m.
In the Indira Zone, MDH-98 encountered 1.19 g/t Au over 21.33 m, and MDH-104 encountered 1.0 g/t Au over 41.85 m. In the central part of Indira, hole MDH-109 intercepted 1.59 g/t Au over 65.54 m. In total, at Indira, eleven holes yielded intersections with mineralization in excess of one gram per tonne.
Drilling in the Indira zone has confirmed the strike length of the known continuous mineralization to over 1200 metres with possible extensions to the east and west. Mineralization has been encountered to depth of 170 metres.
One drill hole was drilled in the Monica Zone, MDH-110 which cut 2.32 g/t Au over 9.14 m.
Several drill holes were drilled in outlying areas to test stratigraphy and geochemical anomalies. Currently, geologic mapping and evaluation of the Mozo prospect continues in these areas which remain prospective.
Additional concessions have been acquired which more than double the original concession area. Geochemical sampling of rocks and soils is in progress to evaluate numerous untested geochemical and geophysical areas which exist within the total land package.
An overall review of the results to date is underway and the Phase III drilling program is being planned. The Company is also currently reviewing other potential exploration opportunities in Ecuador particularly in the south central sector.
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