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PERTH, Western Australia, June 23 /CNW/ -
- Increases Ghana exploration tenure by 24 square kilometres
- Within trucking distance from the Southern Ashanti Gold Project
- Good road access
- Surface mineralisation already evident with results of up to:
- 9m @ 11 g/t; and
- 12m @ 12.08 g/t Au
- Excellent potential to boost existing mineral resource base
The Directors of Adamus Resources Limited (ASX:ADU, Adamus) are pleased
to announce that the company has secured an option to acquire up to 100% of
the Asheba prospecting licence (Prospecting Licence) in Ghana from Antubia
Resources Limited (Antubia). Antubia is a wholly owned subsidiary of
Dublin-based gold company Glencar Mining Plc (collectively Glencar).
Commenting on the deal, Adamus' Managing Director Mr Mark Bojanjac said,
"If exercised, the option will extend the Southern Ashanti Gold Project (SAGP)
tenure to approximately 665km(2). Given that high grade gold mineralisation
has already been identified on the new licence, there is excellent potential
to add to the SAGP's existing mineral resource base of 30.2Mt @ 1.8g/t for
1,750,000 oz (Measured and Indicated) together with 6.98Mt @ 1.62g/t for
362,000 oz (Inferred)."
"With all permits required for mining in place, optimised feasibility
study complete and project financing nearing completion, the SAGP remains on
track for first production within 20 months of completing project finance."
ASHEBA PROSPECTING LICENCE
The Prospecting Licence, which encompasses approximately 24 square
kilometres of prospective tenure, is located within a 30km radius of the
Company's existing Salman deposit.
The Asheba prospecting licence has had exploration work undertaken by
several companies up until 2004, including Moydow Mines International Ltd,
Antubia Resources and later under a Joint Venture with Cyprus- Amax Minerals.
The majority of the work undertaken was pre 2004. After this period, Glencar
reduced its exploration within Ghana.
The exploration undertaken by these parties included detailed soil
geochemistry, trenching, geophysics including magnetic and IP surveys and
various phases of auger, RC and diamond drilling. A detailed soil geochemical
programme identified several anomalous zones with a broad, 3km long soil
anomaly being identified in the south of the project area and smaller discrete
anomalies in the north.
Trenching of one of these anomalies near Cheriaman produced the following
21m @ 2.67g/t Au
92m @ 1.10g/t Au
Further south at Atinasi RC drilling produced numerous broad low grade
intersections such as email@example.com/t Au and 18m @ 0.48g/t Au, with the best
3m @ 23.50g/t Au
27m @ 1.28g/t Au
Follow-up drilling of these results included:
9m @ 11g/t Au
12m @ 12.08g/t Au
The results indicate that the project area has the potential to produce
broad zones of significant mineralisation.
The tenement is located within Birimian Trend that has produced numerous
world class deposits in Ghana. The majority of the significant results are
contained within shear hosted, quartz-carbonate stockworks that are associated
with deep zones of oxidation. Within the nearby Adamus tenements and other
properties within the region, quartz-carbonate altered stockworks are known to
contain extensive supergene mineralised zones overlying deeper, narrow high
Adamus will continue to undertake infill drilling within the previously
defined areas of the tenement with the aim of providing further oxide feed for
its SAGP mill. Adamus will also continue regional exploration to further
define other undrilled geochemical anomalies within the Asheba project area.
TERMS OF OPTION AGREEMENT
Glencar has granted Adamus the Option to acquire up to 100% of Glencar's
interest in the Prospecting Licence, as follows:
- initial option fee comprising the issue of 100,000 fully paid
ordinary shares in Adamus (Shares) to Glencar;
- at any time during the first option period of 9 months, Adamus shall
have the right to acquire a 70% interest in the Prospecting Licence
in consideration for the issue of a further 1,000,000 Shares to
- at any time during the second option period of 2 years (which will
commence on the date of exercise of the First Option) Adamus shall
have the right to acquire the remaining 30% interest in the
Prospecting Licence in consideration for
- the issue of a further 2,000,000 Shares to Glencar; and
- the future payment to Glencar of a 2% net smelter return royalty
on any production from the Prospecting Licence.
The Directors of Adamus believe the Option over the Prospecting Licence
provides an excellent opportunity for the Company to add further regional
exploration upside to the broader Southern Ashanti Gold Project.
Adamus Resources Limited is a Perth-based mineral exploration company,
listed on 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 665km(2) 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. For further information please contact:
Information in this announcement pertaining to mineral resources was
compiled by Nic Johnson, an employee of Hellman & Schofield Pty Ltd, who is a
Member of The Australian Institute of Geoscientists and has more than 5 years
experience in estimation of recoverable resources in gold deposits. He
qualifies as a "Qualified Person" under Canadian National Instrument 43-101 -
Standards of Disclosure for Mineral Projects. Nic Johnson has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to
qualify as a "Competent Person" as defined in the JORC Code. Nic Johnson
consents to the inclusion in the announcement of the matters based on this
information in the form and context in which it appears.
Information in this announcement pertaining to exploration results was
compiled by Ron Heeks, an employee of Adamus Resources Limited, who is a
Member of The Australasian Institute of Mining and Metallurgy and has more
than 5 years experience in estimation of recoverable resources in gold
deposits. He qualifies as a "Qualified Person" under Canadian National
Instrument 43-101 - Standards of Disclosure for Mineral Projects. Ron Heeks
has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a "Competent Person" as defined in the JORC Code.
Ron Heeks consents to the inclusion in the announcement of the matters based
on this information in the form and context in which it appears.
The TSX-V and ASX do not accept responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the information
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.
For further information:
For further information: Mark Bojanjac, Managing Director, CEO, +61 8
9322 5943, email: firstname.lastname@example.org; Mark Connelly, Executive
Director, COO, +61 8 9322 5943, email: email@example.com;
For media enquiries contact: Brian Thornton, Farrington National, +61 2 9332
4448, email: firstname.lastname@example.org