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Significant new drill intercepts from two holes completed at Magambazi

posted on Mar 09, 2010 08:21PM
March 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
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2010) - Canaco Resources Inc. (TSX VENTURE:CAN) is pleased to announce additional diamond drill results from Magambazi and Magambazi North prospects located at the Company's Handeni Gold Project in the Handeni region of the United Republic of Tanzania. 

Significant new drill intercepts from two holes completed at Magambazi
include:

--  48.0m @ 2.71g/t Au, including 7m @ 6.21 g/t Au and 13.6m @ 4.54g/t Au
    (MGZD0036); and 
--  16.0m @ 5.45g/t Au, including 9.4m @ 8.59 g/t Au (MGZD0035).
The high-grade gold lodes remain open along strike and down plunge to the north.

Interpretation of the structure and new gold results at Magambazi North highlight a 40 degree east-dipping zone of near-surface (all intercepts less than 80m below surface) gold mineralization (Main Zone) which includes new intercepts of 15.4m @ 1.85g/t Au (MGZD0034) and previously reported intercepts (refer to our press release of February 18, 2010) of 18m @ 3.3 g/t Au (MGZD0019), 30.3m @ 3.46 g/t Au (MGZD0023), 12m @ 2.65 g/t Au (MGZD0025), 8m @ 3.25 g/t Au and 8m @ 1.73 g/t Au (MGZD0026).

"Canaco is highly encouraged by the recent results and advances in understanding the gold ore system as a whole", said Andrew Lee Smith, Canaco's President and CEO.

MAGAMBAZI

To date, twenty one diamond drill holes (MGZ001 to MGZ017 & MGZ035 to MGZ038), totaling 5,634 metres, have been drilled to evaluate the Magambazi prospect. New results (see Table 1 below) include intercepts from holes 35 and 36 which were drilled to extend the zone of high-grade gold mineralization to the north and down plunge (i.e. 40m north of hole 12 and 80m north of the Big Pit). Drilling intersected both the Upper and Lower lodes in both holes with excellent widths and grades. Interpretation of the drill results highlights a north plunge of 30 - 50 degrees to the high-grade shoot and mineralization remains open to the north and at depth.

TABLE 1 - Magambazi Drill Results (1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                           Interval                         
Drill                    From       To        (1)   Au Grade(2)             
Hole (3)             (metres) (metres)   (metres) (grams/tonne)  Dip/Azimuth
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                               -55.6 degrees
MGZD035  UPPER LODE     166.0    176.5       10.5         2.40  /060 degrees
                                                                            
          Including     168.1    174.4        6.3         3.12             
         --------------------------------------------------------           
         LOWER LODE     201.0    217.0       16.0         5.45             
          Including     206.7    103.0        9.4         8.59             
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                -63 degrees/
MGZD036  UPPPER LODE    202.0    207.4        5.4          5.1   060 degrees
         --------------------------------------------------------           
         LOWER LODE     219.0    267.0       48.0         2.71             
          Including     224.0    231.0        7.0         6.21             
          and           240.4    254.0       13.6         4.54             
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Drill intercept lengths are down-hole lengths reflecting apparent widths
    of mineralization with true widths ranging between 80% - 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,      
    

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  target="_blank">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                         Dr. Jingbin Wang,          
CEO, Canaco Resources                           Chairman, Canaco Resources
2 Recommendations
Re: Significant new drill intercepts from two holes completed at Magambazi
3
rockstar
Mar 09, 2010 10:05PM
Re: Significant new drill intercepts from two holes completed at Magambazi
2
donypee
Mar 31, 2010 01:01PM
Re: Canico is poised to go up Very Soon
2
rockstar
Apr 22, 2010 09:21AM
Re: Canico is poised to go up Very Soon
1
donypee
Apr 27, 2010 11:02AM
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