Adamus Resources Limited - Mineralised Zones Extended at Teberu Pit

Highlights

  • High grade zones intersected under Teberu open pits
  • Mineralisation up to 40m wide
  • Multiple mineralised zones intersected

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

PERTH, Western Australia, Sept. 19, 2011 /CNW/ - Adamus Resources Limited (ASX and TSXV: ADU) is pleased to report that drilling carried out at its Nzema Gold Project in Ghana has uncovered high grade gold deposits under the mine's existing open pits.  Best results include :

         
SNRCD1284       17m @ 3.33g/t Au from 90m
24m @ 2.25g/t Au from 110m
SNRCD1283       5m @ 17.64g/t Au from 134m
SNDD1303       19m @ 2.66g/t Au from 157m
SNRCD1061       6m @ 3.17g/t Au from 60m
5m @ 10.51g/t Au from 69m
SNDD1109       13m @ 4.15g/t Au from 167m

The drilling was carried out along the Salman Trend, which is located at the southern end of the world class Ashanti Gold Belt and hosts significant oxide gold deposits at South, Central and North Salman, Teberu and Akango.  Although the whole 9km strike extent of the Salman Trend is mineralised, the mineralisation commonly forms distinct shoots.

Reverse circulation (RC) and diamond drilling during the first half of 2011 has targeted shoots under the Teberu 01, 02 and 04 oxide pits.  Drilling was designed on an approximate 50m by 50m grid to test the shoots to a vertical depth of 100m.  The mineralised zones dip moderately to the west and vary in width and grade along strike and down dip.  In SNRCD1284 the mineralised zone is 40m wide at an average grade of ~2.6g/t Au while in SNRCD1283 the mineralised zone is only 5m wide but with a higher grade of 17.64g/t Au.

Drilling completed in the first half of 2011 was sufficient to categorise a portion of the shoots into the Inferred Mineral Resource category.  This will be reflected in the mineral resource update planned for later in the year.  Additional drilling will be conducted on a 50m by 25m grid to convert the mineral resource from Inferred to Measured and Indicated.  Potential also exists for extending the mineral resource with SNDD1308 intersecting 9m @ 2.31g/t Au at the southern end of Teberu 04 and the intersection of 5m @ 17.64g/t Au in SNRCD1283 open at depth.

Mark Connelly, Adamus' Managing Director, commented:  "Our recent drilling program confirms the growth opportunity at Nzema for additional oxide mineralization and the sulphide project in particular."

About Adamus

Adamus Resources is a gold producer, with its key asset located in Ghana, West Africa.  The company poured its first gold in January 2011, entered commercial production three months later and is on target is to produce 100,000 ounces of gold annually from its flagship Nzema Gold Project.  The project includes open pit mining operations, a processing facility and associated infrastructure to mine and process ore.  On current estimates the project has a minimum life of 10 years.

As well as continuing with an extensive exploration program aimed at expanding its operations in Ghana, Adamus is also targeting additional discoveries from its significant landholding in Liberia.  Both countries provide a stable, mining-friendly political and economic environment for Adamus to operate.

Adamus is headquartered in Perth, Western Australia. The company is listed on the Australian Securities Exchange, TSX Venture Exchange and Frankfurt Stock Exchange Open Market.

In August 2011 the Company announced its intention to merge with Endeavour Mining Corporation.  Endeavour owns the Youga Gold Mine in Burkina Faso, West Africa as well as a pipeline of exploration and development projects in the region.  If approved by Adamus and Endeavour shareholders, the merger is likely to take place in December 2011.

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.

Information in this report pertaining to exploration results was compiled by Martin Bennett, an employee of Adamus Resources Limited, who is a Member of the Australasian 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.  Martin Bennett 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. Martin Bennett consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Information in this announcement pertaining to ore reserves was compiled by Glenn Williamson an employee of Mining Resources Pty Ltd, who is a Member of The Australasian Institute of Mining and Metallurgy.  He qualifies as a "Qualified Person" under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects.  Glenn Williamson 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.  Glenn Williamson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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 report of the matters based on this information in the form and context in which it appears.

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.

 

 

SOURCE Adamus Resources Limited

For further information:

Mark Connelly - Managing Director / CEO
+61 8 9322 5943
email: info@adamusresources.com.au

For media enquiries contact:

David Ikin - Professional Public Relations
+61 8 9388 0944
email:  david.ikin@ppr.com.au

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Adamus Resources Limited

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