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PERTH, Western Australia, Aug. 5 /CNW/ - Gold developer Adamus Resources
Limited (ASX & TSXV: ADU) has secured an opportunity to significantly expand
its prospective landholding in Ghana, with the option to acquire nearby
tenements from Newmont Ghana Gold Limited.
The options involve 100% of the Edum Banso and Hotopo prospecting
licences from Newmont Ghana Gold, a subsidiary of Newmont Mining Corporation
(NYSE & ASX: NEM; TSX: NMC) for shares in Adamus and an underlying royalty
Acquisition of the prospective licenses will boost Adamus' landholding in
the renowned Ashanti Trend in Ghana by 35%. The tenements will complement the
Company's Southern Ashanti Gold Project, where Adamus has established a gold
mineral resource of 1,630,000 ounces at 1.78g/t (Measured and Indicated) and
340,000 ounces at 1.64g/t (Inferred) and is progressing mine and plant
The Prospecting Licences, which encompass over 162 square kilometres of
prospective tenure, are located within a 50km radius of the Company's existing
Salman deposit. This would increase Adamus' existing focussed regional tenure
from approximately 464km(2) to 626km(2).
The Banso prospecting licence covers an area of approximately 13 square
kilometres, 40 kilometres north east of the proposed plant site for the
Southern Ashanti Gold Project.
Newmont completed two phases of geochemistry. The first was a regional
stream sediment sampling programme and the results from this warranted a
secondary 400m by 50m grid based soil geochemistry programme. This programme
defined two discrete soil anomalous zones: the first, in the southern tenement
area and the second in the far north of the tenement.
The southern anomaly, which is the most consistent, contains a broad
north north-west striking anomaly over an area 1.8km long and 1km wide with
the central portion of the anomaly exceeding 120ppb. The northern anomaly is
narrower but shows higher tenor than the southern anomaly.
These results are consistent with having identified economic
mineralisation in similar, adjacent terrains. As part of its technical
assessment of the property, Adamus plans to infill the Newmont geochemistry
lines to further define the anomaly, undertake detailed surface mapping and
then proceed to drill testing.
The Hotopo Prospecting Licence covers an area of approximately 150 square
kilometres, 30 kilometres south east of the proposed plant site for the
Southern Ashanti Gold Project.
Newmont focused on a 2.5km wide by 5km long area of the Hotopo
prospecting licence. That has been the target of detailed soil geochemistry
and resistivity and chargeability geophysics. Several discrete coincident
anomalies were obtained from this work and follow-up drilling was recommended
and subsequently undertaken. A total of 47 RC holes were drilled to test the
anomalies down to 100 metres. The drilling results revealed broad, low grade
zones of mineralisation with narrow high grade zones.
Some of the drilling intersected wide zones of anomalous mineralisation
in the 0.1 to 0.4g/t range that may suggest the holes were proximal to higher
grade mineralisation, and this would need to be followed up. Adamus' technical
team believes good potential exists to identify supergene enriched deposits
close to the broad zones identified near the surface. These may be associated
with the deeper high grade zones that may be feeding the supergene horizon.
Figure 1 - follow the link below
TERMS OF OPTION AGREEMENT
Newmont has granted Adamus a 180 day Option to acquire 100% of Newmont's
interest in the Prospecting Licences, in consideration for:
- upon receipt of requisite regulatory approvals, the issue of
100,000 fully paid ordinary shares in Adamus (Shares) to Newmont; and
- in the event that Adamus elects to exercise the Option:
- the issue of a further 150,000 Shares to Newmont; and
- the future payment to Newmont of a 1% gross royalty on any
manganese produced from the Prospecting Licences, capped at a
maximum royalty payment of US$500,000 per Prospecting License.
The Option period will commence upon receipt of the requisite regulatory
approvals, including approval of the Ghanaian Minister of Mines.
The Directors of Adamus believe the Option over the Prospecting Licences
provides an excellent opportunity for the Company to add significant 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 464km(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.
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.
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: email@example.com; Mark Connelly - Executive
Director/COO, +61 8 9322 5943, email: firstname.lastname@example.org