| February 18, 2010 Canaco Drills 30 Metres Grading 3.46 Grams Gold Per Tonne at Magambazi North 800 Metres North of Magambazi Main Zone | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vancouver February 18, 2010 -- Canaco Resources Inc. (TSX-V: CAN) today announces significant diamond drill results at the new Magambazi North discovery (refer to our press release dated January 27, 2010). The discovery is 800 metres northwest from Magambazi on the 100% owned Kilindi license at the Company's Handeni Gold Project, located in the Handeni region of the United Republic of Tanzania. The latest drill hole results highlight continuity of grade and thickness of gold mineralization, in an extensive sheet-like gold system. New results from Magambazi North include:
TABLE 1 -- Magambazi North Drill Results To Date (New Results are MGZD023 to MGZD0027) (1)
1. Drill intercept lengths are down-hole lengths reflecting apparent widths of mineralization with true widths ranging between 60% - 100% of the reported down-hole lengths. 2. The calculation of drill intercept employs a 0.3 gAu/t cut-off and no cutting grade for high gold values 3. A drill collar location map can be found on the company's website, www.canaco.ca The Magambazi North prospect is part of a 1.4 kilometre long trend of gold mineralization defined by bedrock gold occurrences, artisanal mine workings and soil geochemical anomalies. This 1.4 kilometre trend includes the Magambazi, Magambazi Central and Magambazi North targets (collectively known as the "Magambazi prospects") and represents the southernmost segment of the 11 kilometre Handeni Gold Trend contained within the Company's Handeni property. The drilling operation has been re-established at Magambazi to drill several holes into the down plunge extension of the Magambazi mineralized system where previous drilling returned a best intercept of 56.2m @ 6.34 g/t Au. Other holes will be drilled to test several areas where mineralization remains open down plunge, down dip or along strike. Once these are completed and assay results are received for the remainder of holes drilled at Magambazi North, the drill rig will return to Magambazi North to continue drilling the system where it remains open to the south, east and west. The planning, execution and monitoring of quality control programs at the Handeni project are under the supervision of Andrew Lee Smith, P.Geo, Canaco's CEO and Dr. David Groves, Canaco's Director of Project Development, Tanzania. Mr. Smith and Dr. Groves are qualified persons as defined by National Instrument 43-101. Canaco utilizes an industry standard QA/QC protocol with respect to sampling procedures. Blanks, and certified reference standards are inserted into the sample stream to monitor laboratory performance and duplicates of pulps and bulk rejects are also used to monitor laboratory performance. Additional information and public documents about Canaco Resources, including images of 2009 exploration activities, can be viewed at the Company's website www.canaco.ca or at www.sedar.com. Canaco Resources Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Tanzanian gold prospects. Andrew Lee Smith, P.Geo, CEO Canaco Resources Dr. Jingbin Wang, Chairman Canaco Resources For further information, contact: Nick Watters, Investor Relations Telephone: 604-488-0822 or 1-866-488-0822 Visit our website: www.canaco.ca Email: investor@canaco.ca The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. The Company relies on litigation protection for "forward-looking" statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
You can view the Next News Releases item: Mon Mar 8, 2010, Canaco Drills 16 Metres Grading 5.45 Grams Gold Per Tonne and 48 Metres Grading 2.71 Grams Gold Per Tonne, Extending the Strike of Magambazi Mineralization You can view the Previous News Releases item: Wed Jan 27, 2010, Canaco Discovers New Gold Zone At Handeni - Drills 18 Metres Grading 3.3 Grams Gold Per Tonne At Magambazi North You can return to the main News Releases page, or press the Back button on your browser. |
