14m @ 11.5g/t –
DRILLING HITS TARGET
24 July 2007
Highlights
14m @ 11.5g/t, including 4m @
26.5g/t, Gold under Anwia
On track to increase gold resource
base to 2 million ounces
Adamus Resources (ASX:ADU) is excited to announce further excellent
results from the ongoing targeted drill program on its Southern Ashanti Gold
Project (SAGP) in Ghana.
The intercept 14m @ 11.5g/t gold,
including 4m @ 26.5g/t, lies 110
metres vertically below surface and 30 metres from the current Anwia open pit
design limit. In conjunction with intercepts in holes on adjacent drill
sections it clearly indicates potential for the pit to extend to depth and to
the east.
Adamus’ Managing Director Mark Bojanjac said the result strongly
endorses the potential of the holdings, and the imminent opportunity to grow
its gold resource base to over 2 million ounces.
"With these drilling results and our further explorative work, we
expect to be able to significantly increase our resource base."
"We have done the hard yards infill drilling and de-risking the
resource, and now we are expecting to reap the benefit of the accretive drilling
program. We have approximately 500 square kilometres of ground holdings, much
of which has been only lightly explored, so the new management team is highly
encouraged by these results."
"As a result of our previous work we have enough critical mass to
develop. We now have immediate potential to boost estimated returns by adding
reserves. The Company’s recently announced feasibility study shows additional
mineable ounces add significantly to the economics of the SAGP," Mr
Bojanjac said.
About Adamus
Adamus Resources Limited is a Perth-based mineral exploration
company, listed on Australian Stock Exchange (ASX), Toronto Stock Exchange
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 500km² of granted 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 director 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.
Appendix 1
Southern Ashanti Gold Project
Anwia Diamond
Drilling
Summary of Drill Intersections
>10 gram metres Au
Notes
1) HQ core holes with RC
pre-collars. * indicates intercept in RC portion.
2) RC samples collected in 1m
intervals and riffle split. Sawn half core submitted for assay, normally in one
metre intervals.
3) Assaying conducted by Transworld
Laboratories, Tarkwa, Ghana using industry standard 50g lead collection fire
assay with AAS
finish.
4) Reference standards, field
duplicates and blank samples are routinely inserted at 1:20 and assays of
quality control samples are
routinely monitored.
5) Assays are reported to 3
significant figures within the limits of 0.01g/t analytical precision.
6) Lower intersection cut-off grade
1g/t Au.
7) Minimum intersection width 2m;
maximum included internal dilution 4m.
8) Cut grades calculated with 25g/t
top cut.
9) NSI indicates no significant intercept.
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