Adamus Resources Ltd

Published : January 31st, 2008

Drill Results at Avrebo show Additional Ounces

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ASX and Media ReleaseText Box: STOCK
EXCHANGE
CODES

ASX: ADU
TSXV: ADU
FSE: AXM



SHARE
INFORMATION

ASX Share
Price: A$0.64

Issued Shares:
134.2M

Market Cap:
A$87.2M

Unlisted
Options:
5.8M



RESOURCES

Measured:
0.86Mozs
12Mt
2.3g/t

Indicated:
0.31Moz
5.0Mt
1.9g/t

Inferred:
0.39Mozs
6.3Mt
1.9g/t

MARKET
CAP/OZ
A$56

 

Drill Results at Avrebo show Additional Ounces

 

31 January 2008

 

Highlights

                                     More near-surface gold results from Avrebo including:

            9m @ 2.15g/t,  27m @ 2.02g/t,  11m @ 3.87g/t,  5m @ 2.89g/t

                                     Follows initial drilling results from Avrebo announced 11 October 2007 which included:

            29m @ 3.1 g/t,  8m @2.31 g/t,  2m @15.1 g/t,  1m @ 21.4g/t,  14m @ 1.87 g/t

                                     Additional mineral resources expected to be calculated

                                     Results to be included in next mineral resource and ore reserve estimate upgrade scheduled for completion in the first quarter of 2008

 

Emerging gold producer Adamus Resources Limited (ASX:ADU) is pleased to announce further ongoing exploration success in its Ghana gold project, with additional positive results from drilling at its Avrebo prospect revealing more high grade gold mineralisation at shallow depths.

 

Results included intercepts of:

 

9m @ 2.15g/t Au

11m @ 3.87g/t Au

27m @ 2.02g/t Au

5m @ 2.89g/t Au

 

In conjunction with previous drilling and trenching, the new results indicate potentially economic gold mineralisation at shallow depths and from surface over a 150-200m strike length.   A program of RC drilling was completed in November and December to infill the central 380 metre strike of the deposit to nominal 20m x 20m spacing to provide sufficient assay data to calculate a reliable mineral resource estimate.  RC drilling totalled 2,114 metres in 31 holes (including precollars to diamond core holes).  Fourteen holes were extended with HQ core tails, testing mineralisation to 100-150 meters depth over the central 120 metres of strike.  Core drilling totalled 1,553 metres.

 

The lightly explored Avrebo prospect is part of the Company’s flagship Southern Ashanti Gold Project in Ghana, where Adamus has an existing gold mineral 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).

 

The Company’s mineral resource and ore reserve base is currently being re-calculated in light of current economic parameters and the previously announced results of the Company’s drilling program over the past nine months.  The updated mineral resource and ore reserve estimates are scheduled for completion in the first quarter of 2008.

 

         

� ����������������������Avrebo Drilling – Location Plan

 

 

Avrebo Drilling – Cross Section

 


 

Southern Ashanti Gold Project

Avrebo RC Drilling

Summary of Drill Intersections >10g/t metres Au

 

Prospect/

Location

 

Orientation

 

Hole Depth

Intersection (m)

 

Interval

Grade

Gram x metres

Hole

East

North

Azimuth

Dip

(m)

From

To

(m)

(g/t Au)

(g/t Au)

AVRC057

592389

544805

315

-50

84

71

80

9

2.15

19.3

AVRCD058*

592428

544767

315

-50

203.3

111

117

6

2.17

13.0

AVRC059

592399

544738

315

-50

75

25

37

12

1.03

12.4

AVRC061

592371

544652

315

-50

72

14

25

11

3.87

42.6

 

 

 

 

 

and

55

60

5

3.66

18.3

AVRC064

592374

544591

315

-50

96

2

19

17

1.28

21.8

AVRC065

592383

544639

315

-50

108

14

41

27

2.02

54.5

AVRC066

592356

544667

315

-50

48

1

26

25

1.17

29.2

AVRC067

592409

544786

315

-50

114

94

114

10

1.97

19.7

AVRC069

592387

544694

315

-50

78

14

26

12

1.86

22.3

 

 

 

 

 

and

29

42

13

1.88

24.4

 

 

 

 

 

and

52

62

10

2.04

20.4

AVRCD072*

592399

544622

315

-50

118.5

59

64

5

2.89

14.4

AVRCD083*

592426

544625

312

-50

153.5

74.3

81.3

7

1.97

13.8

AVRCD085*

592432

544649

315

-50

166.5

58

65

7

1.19

8.3

 

 

Notes

1)  ** indicates pre-collar to diamond core hole, mineralisation not expected.

2)  * indicates intercept in diamond core

3)  RC samples collected in 1m intervals and riffle split.  Half sawn HQ diamond core submitted for assay.

4)  Assaying conducted by Transworld Laboratories, Tarkwa, Ghana using industry standard 50g lead collection fire assay with AAS finish.

5)  Reference standards, field duplicates and blank samples are routinely inserted at 1:20 and assays of quality control samples are routinely monitored.

6)  Assays are reported to 3 significant figures within the limits of 0.01g/t analytical precision.

7)  Lower intersection cut-off grade 0.5g/t Au, no assay exceeds 20g/t.

8)  Maximum included internal dilution 4m.

9)  NSI indicates no significant intercept.

9)  NSI indicates no significant intercept.

 

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 exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa.  The Project encompasses approximately 500km� 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

 

Kind regards.

 

 

Mark Bojanjac

Managing Director/CEO

 

 

 

Information in this announcement pertaining to exploration results and mineral resources was compiled by Gary Brabham, a consultant to  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.

 

 

 

 

 ***

The new Spam Act commenced on 10 April 2004. This Act is aimed at reducing the amount of unauthorised emails you receive.  You have been receiving e-mails containing information and news releases from us on behalf of our clients because you are an important contact of Purple Communications, a boutique stakeholder communications consultancy.   If you do not wish to receive such emails from Purple, please click mailto: purple@purplecom.com.au subject=UNSUBSCRIBE or reply to this email and put UNSUBSCRIBE in the subject line and we will not email you again.

 If you do not reply, we will continue sending you relevant news and information via email. However, all future emails will allow you to unsubscribe.

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 

 

Adamus Resources Ltd

PRODUCER
CODE : ADU.AX
ISIN : AU000000ADU5
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Adamus Resources is a gold producing company based in Australia.

Adamus Resources holds various exploration projects in Australia.

Its main asset in production is NZEMA in Ghana, its main asset in development is SOUTHERN ASHANTI GOLD PROJECT in Ghana and its main exploration properties are ALIVA in Ghana and SERPENTINE RIDGE PROJECT and BOLLINGER DIAMOND PROJECT in Australia.

Adamus Resources is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is AU$ 320.3 millions as of today (US$ 330.5 millions, € 260.7 millions).

Its stock quote reached its lowest recent point on October 05, 2001 at AU$ 0.05, and its highest recent level on January 16, 2004 at AU$ 1.59.

Adamus Resources has 447 904 191 shares outstanding.

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Annual reports of Adamus Resources Ltd
Annual Report 2007
Nominations of Adamus Resources Ltd
8/21/2009Appointement Project managers FINAL
Project news of Adamus Resources Ltd
12/19/2011Endeavour Mining And Adamus Resources Complete Merger
12/6/2011ADU - Endeavour merger with Adamus Resources has become effe...
12/5/2011Endeavour Mining Merger with Adamus Resources has Become Eff...
9/21/2011ADU - Endeavour CEO Neil Woodyer discusses benefits of merge...
8/22/2011ADU - Merger of Equals of Adamus Resources and Endeavour Min...
7/28/2011ADU - Adamus Delivers Above Forecast Gold Production
4/19/2011ADU - Hon Joel Fitzgibbon applauds Adamus Resources
3/1/2011(Aliva) - Aliva Dilling Extends Main Oxide Zone
1/14/2010(Southern Ashanti Gold Project)Construction progress - Southern Ashanti Gold Project
8/10/2009(Southern Ashanti Gold Project)A$40M Placement for Project Development
7/24/2008(Southern Ashanti Gold Project) New Discovery at Bokrobo
8/2/2007(Southern Ashanti Gold Project)Drill rigs secured for Ghana expansion
7/24/2007(Southern Ashanti Gold Project)Drilling Hits Target : 14m @ 11.5g/t
7/5/2007(Southern Ashanti Gold Project)New drilling program targets more ounces
6/14/2007Advances - Positive Feasibility Study
Corporate news of Adamus Resources Ltd
11/28/2011ADU - Adamus Shareholders Support Merger with Endeavour Mini...
8/24/2011Financial Post-Endeavour to merge with Adamus
8/21/2011Endeavour Mining and Adamus Resources to Merge and Create a ...
7/15/2011ADU - MD/CEO Mark Connelly discusses Adamus' operations and ...
6/9/2011ADU - Adamus Resources reaffirms full year gold production g...
12/21/2009CREDIT-APPROVED FINANCE PACKAGE
12/16/2008EPA GIVES GREEN LIGHT FOR MINING AT GHANA GOLD PROJECT
1/31/2008Drill Results at Avrebo show Additional Ounces
11/27/2007ADDING OUNCES AT ANWIA
10/11/2007POSITIVE DRILL RESULTS AT AVREBO POINT TO NEW RESOURCE
8/21/2007 New Gold Disccovered at "Abosso"
7/3/2007raises $7.7 million at 64 cents to further develop flagship ...
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