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PERTH, Western Australia, July 31 /CNW/ -
Southern Ashanti Gold Project
- Expert structural review of main Salman Trend completed.
- Predicts mineralisation extends deeper than previously drilled.
- Flotation test work produces an average 30g/t sulphide concentrate.
- Targeting drilling results expected next week.
The technical team at Adamus Resources Limited (Adamus or the Company)
are excited by the early indications from its focussed work on revealing the
'bigger picture' at its Salman deposit within the Southern Ashanti Gold
Project (SAGP or the Project) in Ghana. Led by geologist and experienced mine
manager Ron Heeks since February this year the team's exploration focus has
been on targeting a large scale increase in the total resource/reserve
Testwork on the material lying underneath the existing Salman deposit and
a detailed expert structural geology review is intended to substantially
enhance the already robust project.
First drilling results from this work are currently being collated and
checked and are scheduled for release next week.
Successful testwork on Sulphides
The majority of the mineralisation in the Company's currently reported
815,000oz gold ore Reserve is contained within free milling material or
surface oxide and transitional zones due to the exclusion of nearly all of the
known refractory sulphides.
They have been excluded to date because they require a different
treatment process than the surface oxides and free milling ores included in
the current Reserve. This refractory material is to date only found in the
deeper arsenopyrite mineralisation at the Salman deposit. The Company's other
deposits are all free-milling high-recovery non-refractory material.
Current gold mineral Resources are 1.63 million ounces within Measured
and Indicated categories.
Some 466,000 ounces of Measured and Indicated resource category sulphide
mineralisation is currently within 50 metres of the base of the Salman trend
pits, which are themselves only 50 metres deep. Most Salman Trend
mineralisation is still open at depth.
Adamus has conducted initial flotation testwork on refractory material
underneath the existing Salman Ore Reserve.
Testwork currently being undertaken already indicates that a concentrate
containing up to 95% of gold mineralisation can be made from the Salman
refractory sulphide mineralisation and that this concentrate would be expected
to produce a high recovery when processed via bioleaching or pressure
leaching. A concentrate averaging approximately 30g/t gold or more than 10
times the in-ground grade tested was achieved by simple flotation. Adamus is
now looking to increase that concentration further by further optimisation
Bioleaching is a proven technology currently used at the adjacent Golden
Star Resources gold operation and extensively elsewhere in Ghana and
throughout the world. The ability to economically treat sulphide
mineralisation opens up the full potential of the project and this can
significantly increase the mineral resource and ore reserve base going
The very real opportunity to toll-treat concentrated refractory sulphide
ore at nearby Bio Oxidation facilities warrants the Company's early attention.
The detailed structural geology review has highlighted the potential for much
more of this material.
Structural Review - Focussed Targets
Adamus has recently completed a detailed structural review of the Main
Salman Trend mineralisation at the SAGP.
The structural review determined that gold mineralisation at Salman is
related to sinistral (left hand) strike slip movement of the host rocks which
has created zones of low pressure and allowed mineralising fluids to deposit
gold enriched zones. The Salman gold deposits sit along the southern extension
of the world class Ashanti-Bogoso/Prestea structural corridor.
Similar structural movement has been documented at Ashanti (33.4Moz) and
Bogoso/Prestea (3.9Moz) in Ghana and also Loulo (7.4Moz) in Mali. The Ashanti,
Bogoso and Prestea orebodies are well known for the vertical extent of their
mineralisation which in areas is known to extend to depths greater than
The detailed structural geology study was completed by Dr Greg Cameron
who has extensive Ghanaian structural geology experience gained over a period
of more than 10 years, including at Bogoso/Prestea Operation of Golden Star
Resources which has had 11 million ounces mined to date and also at the
Chirano/Akwaaba deposit of Red Back Mining. The study involved an extensive
site visit which included a reassessment of previous data, relogging of
diamond core and providing recommendations for future exploration, with
particular reference to targeting deeper mineralisation.
Dr Cameron also observed that the structures at Salman and the extent of
movement associated with deposition of mineralisation can also allow for the
formation of mineralisation at depth as displayed in the diagram above.
To date, the Salman trend, which has a current mineral resource estimate
of 17.55mt @ 1.65g/t Au for 930,000 ounces in the Measured and Indicated
category with a further 2.54mt @ 1.51g/t Au for 120,000 ounces in Inferred,
has only been drill tested to 80 metres below surface and with the results
from the structural review, several zones have been targeted at depth to test
the integrity of the new structural model.
To view Figure 1, Figure 2, Figure 3, Figure 4 and Figure 5, please
About Adamus and the SAGP
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 464km2 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 of mining 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, mining operations and project financing.
Information in this announcement pertaining to exploration results and
mineral resources 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.
Information in this announcement pertaining to ore reserves is based on
information compiled by Tamer Dincer an employee of Mining Solutions
Consultancy 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. Tamer Dincer
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.
Tamer Dincer 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 Statements.
Statements regarding Adamus' plans with respect to its mineral properties
are forward-looking statements. There can be no assurance that Adamus' plans
for development of its mineral properties will proceed as currently expected.
There can also be no assurance that Adamus will be able to confirm the
presence of additional mineral deposits, that any mineralization will prove to
be economic or that a mine will successfully be developed on any of Adamus'
mineral properties. Circumstances or management's estimates or opinions could
change. The reader is cautioned not to place undue reliance on forward-looking
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