ASX & Media Release
27 November 2007
Adamus
adding ounces at Anwia
Emerging
gold producer Adamus Resources (ASX:ADU) is pleased
to announce further exploration success at its Ghana based gold project,
identifying gold mineralisation at its Anwia tenement within close proximity to its planned pit.
The
drilling results, part of an ongoing and widespread exploration program at Adamus’ Southern Ashanti Gold
Project (SAGP) in Ghana, have delineated a broad zone of moderate grade mineralisation over 200 metres
strike with indications of improving grade at depth.
Seven
core holes were completed at Anwia to depths of
between 250 and 350 metres, aimed at mineralisation centred north-west of the
planned open pit and at 150-200
metres depth below surface.
Results
include intersections of:
12.3m @ 2.35g/t
3m @ 8.80g/t
14m @ 2.06g/t
18m @ 2.11g/t Au
Three
core holes targeted the postulated down-plunge extension of the main Anwia mineralisation at depths of
between 250 metres and 400 metres
below surface. AWRCD126 and 127 intersected broad zones of low-grade mineralisation (eg, 24m @
0.83g/t Au in AWRCD126) with occasional higher-grade intervals (eg, 1m @ 10.7g/t Au, also in AWRCD126).
The
continuation of strong hydrothermal alteration to depth is encouraging.
AWRCD128 was abandoned before reaching target depth because of excessive
deviation.
Adamus Managing Director Mark Bojanjac said the extension would be the target of more
detailed exploration.
“Our
technical team considers any high-grade structure in close proximity to the pit
would be readily accessible for underground mining by declining from the pit.
The results of these holes, along with the impact of the higher gold prices on
the proposed Anwia pit design, will be assessed prior
to further drilling,” Mr Bojanjac
said.
“These
are further encouraging results, following recent drilling success at the Avrebo and Akropon deposits, as we aim to extend the resource base and extend
mine life at the SAGP,” Mr Bojanjac
said.
The
recently increased gold price also serves to materially increase the projected
returns.
Adamus is fast-tracking its flagship SAGP, where
it currently has identified a growing resource of 17Mt @ 2.2g/t for 1,200,000 oz (Measured
and Indicated) together with 6.3Mt @ 1.9g/t for 390,000 oz (Inferred).
An updated
resource/reserve is scheduled for release in the next quarter.
About Adamus
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 realising the economic
potential of the Southern Ashanti Gold Project in Ghana,
West Africa.
The
Project encompasses approximately 500km² of tenure in the Ashanti Gold Belt –
host to over 60moz 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:
Mark Bojanjac – Managing Director/CEO
+61 8 9322 5943
email: mark@adamusresources.com.au
Mark Connelly –
Executive Director/COO
+61 8 9322 5943
email: mark.connelly@adamusresources.com.au
Information
in this announcement pertaining to exploration results and mineral resources
was compiled by Gary Brabham, an employee of Adamus, who is a Member of The Australasian Institute of Mining and Metallurgy and 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. Gary Brabham 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.
Gary Brabham 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 does 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 contained herein.
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
statements.
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