ASX and
Media Release
Drill Results at Avrebo show Additional Ounces
31 January 2008
Highlights
|
�
More
near-surface gold results from Avrebo including:
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9m @ 2.15g/t, 27m @ 2.02g/t, 11m @ 3.87g/t, 5m @ 2.89g/t
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�
Follows initial
drilling results from Avrebo announced 11 October 2007 which included:
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29m @ 3.1 g/t, 8m @2.31
g/t, 2m @15.1 g/t, 1m @ 21.4g/t, 14m @ 1.87
g/t
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�
Additional
mineral resources expected to be calculated
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�
Results to be
included in next mineral resource and ore reserve estimate upgrade scheduled
for completion in the first quarter of 2008
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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
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11m @ 3.87g/t Au
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27m @ 2.02g/t Au
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5m @ 2.89g/t Au
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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/
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Location
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|
Orientation
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Hole Depth
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Intersection (m)
|
|
Interval
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Grade
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Gram x metres
|
Hole
|
East
|
North
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Azimuth
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Dip
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(m)
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From
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To
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(m)
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(g/t Au)
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(g/t Au)
|
AVRC057
|
592389
|
544805
|
315
|
-50
|
84
|
71
|
80
|
9
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2.15
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19.3
|
AVRCD058*
|
592428
|
544767
|
315
|
-50
|
203.3
|
111
|
117
|
6
|
2.17
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13.0
|
AVRC059
|
592399
|
544738
|
315
|
-50
|
75
|
25
|
37
|
12
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1.03
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12.4
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AVRC061
|
592371
|
544652
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315
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-50
|
72
|
14
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25
|
11
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3.87
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42.6
|
|
|
|
|
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and
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55
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60
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5
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3.66
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18.3
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AVRC064
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592374
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544591
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315
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-50
|
96
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2
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19
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17
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1.28
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21.8
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AVRC065
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592383
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544639
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315
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-50
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108
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14
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41
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27
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2.02
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54.5
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AVRC066
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592356
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544667
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315
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-50
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48
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1
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26
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25
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1.17
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29.2
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AVRC067
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592409
|
544786
|
315
|
-50
|
114
|
94
|
114
|
10
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1.97
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19.7
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AVRC069
|
592387
|
544694
|
315
|
-50
|
78
|
14
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26
|
12
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1.86
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22.3
|
|
|
|
|
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and
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29
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42
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13
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1.88
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24.4
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|
|
|
|
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and
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52
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62
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10
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2.04
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20.4
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AVRCD072*
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592399
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544622
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315
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-50
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118.5
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59
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64
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5
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2.89
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14.4
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AVRCD083*
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592426
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544625
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312
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-50
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153.5
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74.3
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81.3
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7
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1.97
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13.8
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AVRCD085*
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592432
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544649
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315
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-50
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166.5
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58
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65
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7
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1.19
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8.3
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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.
***
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