Adamus Resources Limited - Ghana Exploration Update
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PERTH, Western Australia, April 14 /CNW/ - Adamus Resources Limited (TSXV: ADU) is pleased to announce the expansion of the Company's field exploration team as part of the Company's ongoing objective to grow current mineral resources and ore reserves, following successful commissioning of the Nzema Gold Project process plant in January 2011.
Adamus Resources MD and CEO Mr Mark Connelly said "given success with soil sampling pinpointing many of the existing Nzema prospects, we have decided to complete a reconnaissance level geochemical coverage program over our entire tenement package to augment current exploration targets".
Soil Sampling - Apa Tam, Asanta and Hotopo Prospecting Licences
The large soil sampling program on the Hotopo, Asanta and Apa Tam licences has commenced with two field teams comprising of 1 geologist, 5 technicians and fifteen locally employed staff with recruitment of additional personnel currently in progress. Sampling has been conducted on a 400m x 50m grid that will ultimately be closed in to 200m x 50m. Results from the first phase of the program have been received and will be reported over the current quarter.
Infill RC drilling planned for Nfutu
Access is currently being prepared for a reverse circulation (RC) drilling program at the Nfutu prospect located 2.5km east of Anwia and just 700m from the new haul road. Previous drilling at Nfutu intersected shallow, oxide mineralisation including:
|BKRC005||21m @ 3.38g/t Au from surface, including 2m @ 20.25g/t Au|
|BKRC023||10m @ 3.29g/t Au from 32m|
Previous drilling failed to determine the structural controls and trend of the mineralisation but there are similarities with the nearby Aliva prospect. Closer spaced drill traverses will assist with the geological interpretation and will form the basis of a new resource estimate.
Bokrobo Drilling Planned
A review and interpretation of previous work at Bokrobo has revealed several high priority drill targets. Bokrobo is included in the current ore reserve estimate and contains 113koz Au at a grade of 3.16g/t Au. The ore is contained in a moderately dipping structure adjacent to a granitic intrusive that is also mineralised. The vein contains spectacularly high grade intersections including 2m @ 434g/t Au from 52m in RCNB008, including 1m @ 658g/t Au. Additional drilling is planned at depth to fully evaluate the extent of the mineralised structure. Drilling will also target the fractured and veined granite intrusive that could have a significant impact on the resource tonnage and the economics of an open pit.
Anwia Drilling Program
Resource definition and resource extension drilling planned for Anwia will commence in May 2011.
New Ore Zone at Aliva
As previously announced, RC drilling has confirmed the existence of multiple shallow dipping ore zones at the Aliva prospect. Drilling in February 2011 intersected shallow mineralisation at the top of hole ALRC106 (5m @ 3.09g/t Au) and it was speculated that this may relate to a new ore zone. Field mapping has now confirmed this with the discovery of a line of shallow workings extending to the NE from the hole collar. This is significant because two parallel ore zones will improve the economics of an open pit operation. Additional drilling is continuing to establish the extent of the new ore satellite zone.
Oxide Resource Extension Drilling
RC drilling has continued near Teberu and Nugget Hill with the aim of extending the ore zones beyond the boundaries of the currently optimised open pit shells. Extensions to the ore zones between the Teberu and Nugget Hill pits and between the Teberu and Salman North pits may allow the pit shells to be amalgamated, improving the strip ratio, ore tonnages and ounces in the pit.
Sulphide Resource Extension Drilling
Three deep diamond holes have been completed below the Salman South, Salman Central and Teberu open pits. These holes were targeted to test for extensions to the ore zones 100m down dip of any previous drilling. All three holes have intersected sulphidic ore zones, some in excess of 10m true width. Results will be reported over the coming quarter.
Mr Bill Yeo has been appointed to the position of Geology Manager at the Nzema Mine. Mr Yeo has over 20 years experience working in a variety of production geology and exploration roles in Africa, Australia and New Zealand. He has strong technical skills and experience in grade control modelling software that has recently been installed on site.
Adamus Resources Limited is an explorer and mine developer, listed on the Australian Securities Exchange (ASX), TSX Venture Exchange (TSX-V) and Frankfurt Stock Exchange Open Market (FSE).
The Company's primary focus is on exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses approximately 665km² of tenure in the Ashanti Gold Belt - host to over 100moz of gold and the Project boasts excellent access to port and road infrastructure. Ghana is a stable West African country with a long history and some of the world's largest gold mining operations. Gold production is vital to the national economy. Members of the Adamus Board and management team have proven records in mineral exploration, project development and project financing.
ADAMUS RESOURCES LIMITED
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information.
Certain statements included in this announcement, including information regarding Adamus' plans with respect to its mineral properties, constitute forward-looking information. Forward-looking information includes, among other things, statements regarding expected operations. Forward-looking information is based upon a number of estimates and assumptions made by the Company in light of its experience, current conditions and expectations of future developments, as well as other factors that the Company believes are appropriate in the circumstances. While these estimates and assumptions are considered reasonable by the Company, they are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Investors are cautioned that forward-looking information is no guarantee of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking information due to the inherent uncertainty therein. Forward-looking information is made as at the date of this announcement and the Company disclaims any intent or obligation to update publicly such forward-looking information, whether as a result of new information, future events or results or otherwise.
please see our website: www.adamusresources.com.au or contact:
Mark Connelly - Managing Director/CEO
+61 8 9322 5943