Canaco Resources announced assay results from surface channel sampling at Magambazi North prospect at the Company's Handeni Gold project, located in the Handeni region of the United Republic of Tanzania. Highlights include an interval of 9.0 meters grading 2.99 g/t gold, including 4.95 g/t gold over 5.0 meters.
Reported the project was the subject of limited exploration activity. With the onset of the rainy season and limited capability to access short-term financing a decision was made to place the project on care and maintenance.
September 3, 2008
Reported that recent prospecting, trenching and soil geochemistry has resulted in the discovery of a new area of gold mineralization known as the Majiri Bomba prospect. Results have defined a strong soil anomaly at Majili Bomba, over 1.3km strike with a peak value of 765ppb Au (0.77g/t Au). Mapping at the Majili workings on the eastern extent of the anomaly, has defined a 30 degree south dipping shear zone which contains sheeted quartz veining, the subject of bedrock and significant alluvial artisanal workings.
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