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Canaco Resources Inc. reported reverse circulation (RC) drill results at the Company's Handeni gold project in Tanzania.
Drilling at the Kwadijava area (formerly known as Semwaliko North), 6.25 kilometres NW of Magambazi, has intersected near-surface gold mineralization over a 240 metre strike length, including: • 37 metres at 1.02 grams per tonne gold (hole MGZC054, from 5 metres), including 5 metres at 3.05 grams per tonne gold; • 25 metres at 1.21 grams per tonne gold (hole MGZD049, from 9 metres) including 6 metres at 2.12 grams per tonne gold (from 28 metres), and • 11 metres at 1.96 grams per tonne gold (hole MGZD050, from 6 metres), including 3 metres at 5.73 grams per tonne gold Gold mineralization at Kwadijava was intersected on six sections of drilling at 40-metre centres to a maximum depth of 45 metres below surface, and is open for several hundred metres to the north and south. Drilling north and south of the zone of gold mineralization will be conducted in the near future. Drilling was targeted on a near-surface magnetic anomaly defined during a detailed aeromagnetic survey conducted late in 2010, in the vicinity of significant artisanal bedrock workings (up to 450 metres long, 30 metres wide and several metres deep), and strong soil gold anomalism. Several similar magnetic anomalies are present elsewhere along the Majiri-Kwadijava Trend. Canaco President and CEO Andrew Lee Smith said: "These results give us confidence that the robust mineralization at Magambazi continues along the MK Trend, and confirm the regional nature of the mineralization at the Handeni project. While additional drilling is required, these results substantially broaden the potential for economic deposits on the property." The gold mineralization is hosted mainly within an amphibolite unit at the intersection of a steeply dipping NNE (190 degree)-trending shear/fault structure: However, there are several intercepts present in the footwall gneiss indicating persistence of the veins and mineralizing structures into footwall stratigraphy. The mineralization is characterized by quartz-veined silica-garnet altered amphibolite with pyrite, arsenopyrite and lesser chalcopyrite and graphite. The intersection of the fault and stratigraphy create a shallowly plunging body of gold mineralization. The mineralization is very similar in character to the Magambazi North area at Magambazi Hill, approximately 6.25 kilometres SSE. The successful RC drilling campaign at Kwadijava has highlighted potential for satellite bodies of gold mineralization in the area surrounding Magambazi and has provided impetus for Canaco to continue the regional exploration campaign of drilling priority targets. More information, click here. |
