Canaco Resources (CAN.TSXV) announced the remaining outstanding delineation drill results for the purposes of calculating an initial mineral resource estimate at its Magambazi gold project in Tanzania, Africa. The results include 117 new holes and updates to three previously reported holes.
All drill results related to the upcoming initial mineral resource estimate have now been released. The initial mineral resource estimate in on schedule for completion by May 15th and will include approximately 400 holes totalling 100,000 meters.
* 10.5 meters at 7.83 grams per tonne (g/t) of gold at Magambazi Main Lode
* 3.5 meters at 7.3 g/t of gold at Western Lode
* 3.5 meters at 22.05 g/t of gold at Magambazi North Lode
Andrew Lee Smith, President & CEO of Canaco Resources:
“We are embarking on the most ambitious growth program in the Company’s history. As we advance the Magambazi discovery area toward an initial resource estimate and PEA this year, the Company is transforming from grass roots exploration into advanced exploration and development…We have the financial strength to advance the project for long-term value creation.”