New drilling program targets more ounces
ASX and Media Release
5 July 2007
Highlights
22,000 metres of
exploration drilling scheduled for the next six months.
Targeting highly
prospective Anwia & Bokrobo deposits.
Long-term agreement signed
with drilling contractors to secure rigs.
Pursing potential
acquisition opportunities to add additional ounces.
Emerging gold producer Adamus Resources Limited (ASX: ADU - Adamus
or the Company) has commenced an extensive drilling program on highly
prospective targets at its Southern Ashanti Gold Project (SAGP) in Ghana, with
a view to increasing its resource base within the next six months. Work has
already commenced.
Following the recent release of the feasibility study, and whilst
undergoing various permitting procedures Adamus is focused on further improving
economics with the addition of further ounces to its projected mineable gold
reserve.
Adamus Managing Director Mark Bojanjac said the extensive drilling
program was underway, with 22,000 metres of drilling scheduled for the next six
months.
“The feasibility study established that we have critical mass for the
SAGP. Additional mineable reserves will substantially improve the future
profitability of the Project,” Mr.
Bojanjac said.
"It shows that every mineable ounce we now find will generate more
than US$300 profit per ounce, at current gold prices".
“We have been highly encouraged by the prospectivity of our ground
holding, particularly the depth potential at Anwia and the potential for
further high-grade discoveries at Bokrobo. Having dedicated the bulk of our
time and effort during the past twelve months to confirmatory drilling and
other work necessary for the feasibility study, we are now firmly focused on
accretive exploration.”
"Adamus is also pursing some potential acquisition opportunities
that could also add ounces within trucking distance to the Salman deposit"
Mr. Bojanjac said.
Anwia
Diamond drilling at Anwia from November 2006 through April 2007
targeted and delivered extensions to open pit mineralization. The deposit has
only been drilled to 140 metres depth. This is the first program to
specifically target extensions deeper than that.
A new program of diamond drilling started in June. Ten holes,
ranging in depth from 250 to 550 metres, will test target mineralization
between 200 and 400 metres below surface. The program totals 800 metres in RC
pre-collars and 2,500 metres of core drilling and should be completed by early
August.
Bokrobo
Assay results are currently coming in for samples from recent
diamond drilling at Bokrobo prospect (Anwia South). Several holes intersected
unexpected alteration, quartz veining and disseminated pyrite mineralization in
a granitic dyke and adjacent metasediments to the west of the main Bokrobo
lode. Results are expected shortly. Drilling to date has only been to
approximately 100 metres depth.
Geological and structural interpretations are underway to guide
further drilling.
Akanko
Infill RC drilling at Akanko North is ongoing in a 5,000 metre
program designed to define shallow gold resources over the 800 metres of strike
that has previously only been scout drilled. We are currently drilling in wet
weather.
Akanko North is presently only drilled on 200m spaced traverses
and has not yet been included in resource estimates. This program is aimed at
converting it to a mineable reserve.
Conversion to reserves
The total measured, indicated and inferred gold resource of the
Salman and Anwia deposits (using a 1g/t lower cut grade) has increased to
1,600,000 ounces with over 73% now in the
Measured and Indicated category.
Some of the estimated resource has yet to be drilled to reserve
status. The Company’s exploration and development activities will complete this
drilling, to prove up additional mineable reserves.
Specific conversion activities for the next six months include:
Conversion of inferred resources
inside current pit designs to ore reserves.
Calculation
of open pit ore from the Bokrobo prospect at Anwia South.
Modest
depth extensions demonstrated by recent diamond
drilling at Anwia.
This work will bring additional ounces into reserve from known
prospects in order to confirm a move from Base Case to
Expected Case.
Other targets identified after a target ranking exercise from SAGP
tenements, to be drilled during the second half of 2007
include:
Akropon
Avrebo
Anwia North
Bernard
Resource and reserve
updates will be undertaken as information is collated from these drilling
campaigns in the next six months.
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
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.
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