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Canaco Resources Inc.

Mining Companies - Gold Companies

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Canaco Resources Inc. is a junior gold exploration company focused on rapidly advancing exploration projects in Tanzania and throughout Africa. Canaco has developed a partnership with SinoTech (Hong Kong) Corporation Ltd., The parent company of SinoTech is SinoTex Mineral Exploration Co. Ltd., a major Chinese exploration and mine development company, with operations in mainland China and international operations in more than 10 countries worldwide.  Canaco is listed on the Toronto Venture Stock Exchange under the symbol (CAN.V) and Pinksheets under the symbol (CANWF.PK).  SP at .30 on 28 Oct 09.

 

Projects

The Handeni Gold District consists of numerous gold discoveries in an area of eastern Tanzania, highlighted by the Magambazi prospect, which currently hosts an active artisanal gold mining operation. Recent gold discoveries in the Handeni region have occurred on a district scale and have defined an extent of mineralization with a strike length of over 100 km. Canaco Resources' management believes these discoveries are evidence of a highly prospective emerging gold district in Tanzania and have been successful in establishing a large land position in the district.

 

The Property

 

The Handeni Gold Project consists of two contiguous claims totaling 200 km²: Magambazi 0.34 km² and Kilindi 199 km². The district is located adjacent to the town of Handeni.  Local roads access workings on all four claims. Local mining related infrastructure is non-existent as a result of the recent emergence of the region's mining potential based on discoveries made since 2003.

 

Exploration

Interpretation of the drill hole data to date reveals that the "Magambazi Mineralized Zone" is a broad, intense siliceous alteration zone with sulphide mineralization (pyrrhotite, arsenopyrite, pyrite and chalcopyrite) and frequent occurrences of trace visible gold. Contained within this broad envelope are two geologically and geochemically distinct intervals of moderate to high-grade gold mineralization (the "upper" and "lower" lodes). The Magambazi Mineralized Zone is now interpreted as a structurally controlled, steeply plunging gold-bearing shoot that is exposed at surface and increases in width down-section.

 

High grade mineralization in the Magambazi Mineralized Zone including the upper and lower lodes have been intersected in drill Hole MGZD001 as well as MGZD004, 5 and 7, (all three holes drilled on the section 80 metres south of the discovery hole -- see Table 1). Current and future drilling is planned to extend mineralization down dip (greater than 150m below surface) and down plunge.

 

Share Structure:

Shares Issued/Outstanding:                        91,419,736 *

 (* 1,522,665 of the outstanding, shares are performance escrow)

Options:                                 7,712,035

Warrants:                              30,005,100

Fully Diluted:                        129,136,871

 

 

Corporate:

Management

 Mr. Andrew Lee Smith, B.Sc., P.Geo.                                                Chairman & C.E.O.

Mr. Randy V.J. Smallwood, P.Eng                                                Independent Director

Mr. David Parsons, C.G.A.                         Director & Chairman of the Audit Committee

Mr. Brian Lock                                                                        Director

Dr. Jingbin Wang, Ph. D. Geology                                                Director

Mr. Shuixing Fu, M. Sc. Senior Geologist                                    Director

Mr. Chaoxian Zhou, M.Sc.                        Deputy General Manager, Officer

Miss Lingling Yang, M.A.                        Director of Corporate Communications, Officer

  

Board of Directors

 Mr. David W. Moore, MSc., P. Geo.

Position: Advisory Board Chairman

Ms. Joanne Freeze, B.Sc., P. Geo.

Dr. Alan Carter, B.Sc., PhD.

 

Financials

31 March 09

Cash and Cash Equivalents    29,000

Assets                                    5M

Liabilities                                739,000

Gain/Loss/Share                     (0.00)

 

News Releases

http://www.canaco.ca/s/NewsReleases.asp?ReportID=418588&_Type=News-Releases&_Title=Canacos-regional-exploration-extends-gold-trend-to-15-kilometres-discovers-...

 

 

 

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Comments (2)Add Comment
Jeff Nielson
...
written by Jeff Nielson, September 14, 2010
...he says, modestly.

Wake-up everyone. There's "gold" in them, there mining summaries!
Brian Boutilier
...
written by brian boutilier, September 14, 2010
Wow, this company is on a tear. The recent news:
http://www.canaco.ca/s/NewsRel...overs-...
This new discovering has really pushed the sp up. The sp was .30 in Oct of last year. Thankfully, I took out a small position. Sometimes things work out.

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