Edgewater Intersects New Bulk Gold Zone at Enchi Gold Project, Ghana
September 19 2011 - 8:30AM
Marketwired
Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX
VENTURE: EDW)(OTCQX: EDWZF) is pleased to announce results from the
ongoing drilling programme at the Company's, Enchi Gold Project
("Enchi or the Project") in Ghana. Three diamond drilling rigs are
currently on site and 17,234m (149 drill holes) of a 38,000m
programme contracted for 2011 have been completed. Drilling has
been focussed on three main zones of gold mineralization, Boin,
Nyam and Sewum, localised along the Bibiani Fault or associated
regional scale fault splays (Nyambekyere Shear and Sewum Shear).
The Bibiani Fault is host to the mineralization at Kinross Gold
Corporation's Chirano gold mine located 70kms northeast of Enchi.
Mineralization intersected during Phase I including 0.35 g/t gold
over 200m at the Sewum gold zone is evidence of a newly discovered
gold system interpreted to be a much larger broad bulk tonnage
system which is the source of the vast geochemical anomalies at the
Sewum zone. Edgewater currently has assays pending for an
additional 23 diamond drill holes from the Sewum zone. Phase I
shallow drilling at Boin and Nyam continues to intersect near
surface gold mineralization where Edgewater has focused on
confirming continuity between previously drilled sections by Red
Back Mining. A Phase II drilling programme has commenced at Boin
and Nyam focusing on deeper plunging sections of these gold zones,
which remains significantly open at depth and along strike, showing
similar structural characteristics to the Chirano gold mine and
Bibiani gold mine geology. Edgewater remains on track with a maiden
NI 43-101 resource estimate during Q4, 2011.
George Salamis, President and CEO of Edgewater, stated "These
encouraging drill results continue to highlight the vast gold
resource potential at Enchi. For the first time at Enchi, Edgewater
is intersecting broad zones of low grade gold mineralization, in
some cases up to 200m in thickness at the Sewum Gold Zone. Sewum
hosts over 5kms of the highest soil geochemical anomalies
identified at Enchi and coupled with these recent diamond drill
results we believe we are on the edges of a previously unidentified
and large intrusive hosted gold system in the Sewum area. Elsewhere
at Boin and Nyam, the predominance of several kilometres of strike
length consisting of continuous gold mineralization in drill-core
and trenches along several linear structures is a strong indication
that we are in the presence of a very large gold mineralized
system. With the Phase I program having successfully intersected
shallow gold mineralization at Boin and Nyam, Phase II drilling has
commenced and will be testing deeper regions of known
mineralization in these areas, below depths of 200 meters from
surface. At Kinross' Chirano gold deposit to the north of Enchi,
deeper drilling along shoots of near surface mineralization led to
the discovery of high grade gold resources at depth. As Enchi has
the same geological and structural setting as the Chirano mine we
view the potential for gold zone discovery and continuity at depths
of below 200 metres as being excellent."
BOIN GOLD ZONE RESULTS
The Boin Gold Zone has anomalous gold intercepts over a known
strike length in excess of 10 km identified by previous RC and RAB
drilling. Gold mineralization at Boin is hosted in highly weathered
volcanic and sedimentary rocks cut by quartz veins and localised in
the hanging wall of the Bibiani Fault.
Edgewater's first phase of diamond drilling at Boin was recently
completed. Thirty three holes totalling 2919m were drilled aimed at
confirming results of previous RC drilling and proving continuity
of the mineralised zone by twinning selected holes and infill
drilling between the wider spaced lines of RC holes. The drilling
confirmed a near surface, moderately dipping (approx. 40 degrees )
zone of continuous gold mineralization greater than 1000 m long up
to 35m thick that is open along strike and down dip (See Table I).
The average depth of this drilling was shallow, ranging between 50
to 75m from surface.
In early September a second phase of drilling aimed at extending
the zone of continuous gold mineralization at Boin was commenced.
In this second phase, Edgewater will be targeting "down-plunge"
mineralization where zones of concentration are projected from near
surface drilling, at depths averaging below 200m from surface.
Based on the results of these drill programs an inaugural NI 43-101
resource statement for Boin is expected to be prepared by late
2011.
TABLE I
BOIN GOLD ZONE PREVIOUSLY UNREPORTED SIGNIFICANT DRILL INTERCEPTS FROM FIRST
PHASE DIAMOND DRILL PROGRAMME
----------------------------------------------------------------------------
HOLE NO TYPE SECTION FROM TO INTERVAL ASSAY
----------------------------------------------------------------------------
KBDDH016 Diamond Drillhole 3850N 29 37 8 1.11
----------------------------------------------------------------------------
KBDDH016 Diamond Drillhole 3850N 47 48 1 2.92
----------------------------------------------------------------------------
KBDDH016 Diamond Drillhole 3850N 47 75 28 1.12
----------------------------------------------------------------------------
KBDDH016 Diamond Drillhole inc 52 61 9 1.80
----------------------------------------------------------------------------
KBDDH016 Diamond Drillhole 3850N 88 94 6 1.72
----------------------------------------------------------------------------
KBDDH017 Diamond Drillhole 3850N 0 4 4 2.26
----------------------------------------------------------------------------
KBDDH021 Diamond Drillhole 3750N 6 7 1 1.32
----------------------------------------------------------------------------
KBDDH021 Diamond Drillhole 3750N 17 18 1 1.21
----------------------------------------------------------------------------
KBDDH021 Diamond Drillhole 3750N 28 34 6 0.79
----------------------------------------------------------------------------
KBDDH022 Diamond Drillhole 3350N 69 75 6 0.89
----------------------------------------------------------------------------
KBDDH022 Diamond Drillhole 3350N 84 103 19 1.05
----------------------------------------------------------------------------
KBDDH023 Diamond Drillhole 3350N 77 79 2 0.73
----------------------------------------------------------------------------
KBDDH028 Diamond Drillhole 3450N 28 32 4 1.47
----------------------------------------------------------------------------
KBDDH028 Diamond Drillhole 3450N 36 45 9 1.07
----------------------------------------------------------------------------
KBDDH029 Diamond Drillhole 3800N 32 33 1 3.09
----------------------------------------------------------------------------
KBDDH029 Diamond Drillhole 3800N 41 46 5 1.44
----------------------------------------------------------------------------
KBDDH029 Diamond Drillhole 3800N 49 53 4 1.00
----------------------------------------------------------------------------
KBDDH030 Diamond Drillhole 4200N 31 42 11 0.90
----------------------------------------------------------------------------
KBDDH030 Diamond Drillhole inc 31 34 3 1.91
----------------------------------------------------------------------------
KBDDH030 Diamond Drillhole 4200N 39 42 3 1.13
----------------------------------------------------------------------------
KBDDH031 Diamond Drillhole 5150N 3 4 1 0.49
----------------------------------------------------------------------------
KBDDH032 Diamond Drillhole 5150N 145 147 2 1.33
----------------------------------------------------------------------------
Notes: 1) All reported intercepts are core lengths and true widths are
estimated at 80 per cent of core lengths
2) Weighted averages calculated using uncut assays.
NYAM GOLD ZONE RESULTS
As reported in May an initial programme of 42 diamond drill
holes totalling 3969m and 12 trenches totalling 394m had been
completed at the Nyam Zone. All assay results for this first phase
of diamond drilling have now been received (for Previously
Unreported Results See Table II). Gold mineralization is hosted in
altered and brecciated carbonaceous sediment and localised along a
steep east dipping structure. Mineralisation has now been
intersected in drilling continuously over 1600m and is still open
in all directions.
A second phase of drilling aimed at expanding the known
resources by testing the mineralised structure along strike and at
depth has been planned for the Nyam Zone. Construction of new roads
to allow rig access has been completed. It is anticipated that the
results of these drill programmes will allow the preparation of an
NI 43-101 resource statement for Nyam in late 2011.
The Nyam Zone lies along a regional scale structure (Nyambekyere
Shear Zone) that can be traced for greater than 15kms to the south
of Nyam. Numerous gold prospects lie along this structure including
the Kwakyekrom Prospect where RC drilling and trenching conducted
by Leo Shields in 1996 outlined a continuous zone of gold
mineralisation greater than 1500m long and included drill hole
intersections up to 1.51 g/t gold over 22m. Diamond drilling has
been planned for Kwakyekrom when the second phase of drilling has
been completed at Boin and Nyam.
TABLE II
NYAM PROSPECT PREVIOUSLY UNREPORTED SIGNIFICANT RESULTS FROM FIRST PHASE
DIAMOND DRILL PROGRAMME
----------------------------------------------------------------------------
HOLE NO TYPE SECTION FROM TO INTERVAL ASSAY
----------------------------------------------------------------------------
NBDDH036 Diamond Drillhole 14740N 24 26 2 1.41
----------------------------------------------------------------------------
NBDDH036 Diamond Drillhole 14740N 33 61 28 0.43
----------------------------------------------------------------------------
NBDDH036 Diamond Drillhole inc. 58 61 3 1.47
----------------------------------------------------------------------------
NBDDH036 Diamond Drillhole 14740N 72 81 9 0.88
----------------------------------------------------------------------------
NBDDH037 Diamond Drillhole 14740N 1 3 2 1.61
----------------------------------------------------------------------------
NBDDH037 Diamond Drillhole 14740N 21 22 1 2.10
----------------------------------------------------------------------------
NBDDH037 Diamond Drillhole 14740N 42 45 3 0.87
----------------------------------------------------------------------------
NBDDH038 Diamond Drillhole 14820N 4 7 3 2.73
----------------------------------------------------------------------------
NBDDH038 Diamond Drillhole 14820N 19 20 1 0.56
----------------------------------------------------------------------------
NBDDH038 Diamond Drillhole 14820N 41 45 4 0.85
----------------------------------------------------------------------------
NBDDH039 Diamond Drillhole 14820N 3 11 8 5.43
----------------------------------------------------------------------------
NBDDH039 Diamond Drillhole 14820N 37 38 1 7.05
----------------------------------------------------------------------------
NBDDH040 Diamond Drillhole 14900N 73 81 8 0.81
----------------------------------------------------------------------------
NBDDH041 Diamond Drillhole 14900N 37 73 36 0.60
----------------------------------------------------------------------------
NBDDH041 Diamond Drillhole inc 5 12 7 0.49
----------------------------------------------------------------------------
NBDDH041 Diamond Drillhole inc 37 50 13 1.06
----------------------------------------------------------------------------
NBDDH042 Diamond Drillhole 14900N 8 48 40 0.70
----------------------------------------------------------------------------
NBDDH042 Diamond Drillhole inc 27 38 11 1.15
----------------------------------------------------------------------------
Notes: 1) All reported intercepts are core lengths and true widths are
estimated at 80 per cent of core lengths
2) Weighted averages calculated using uncut assays.
SEWUM GOLD ZONE
The first phase of diamond drilling has been completed at the
Sewum prospect. Seventy holes totalling 9878m were drilled. The
drilling was designed to test a 7km long gold geochemical anomaly
that straddles the Sewum Shear Zone. The Sewum Shear Zone consists
of a series of stacked thrusts up to 3km wide and hosts numerous
gold prospects along its length. The drilling showed that gold
mineralization has been localised along steep to moderately dipping
shears hosted in carbonaceous sediment and intrusive and also in a
silicified, brecciated and stockworked contact zone of a dolerite
intrusive (See Table III). Results are still pending from 23 drill
holes.
Drilling confirmed the continuity of anomalous gold
mineralization over more than 3000m and discontinuous
mineralization over more than 5000m along the Sewum Shear Zone.
Follow-up drilling is planned at Sewum to continue testing the
zones of mineralization identified in the first phase of diamond
drilling once all the assay results have been received.
TABLE III
SEWUM PROSPECT SIGNIFICANT RESULTS FROM FIRST PHASE OF
DIAMOND DRILLING (RESULTS FROM 23 DRILL HOLES STILL PENDING)
----------------------------------------------------------------------------
HOLE NO TYPE SECTION FROM TO INTERVAL ASSAY
----------------------------------------------------------------------------
SWDDH005 Diamond Drill Hole 17700N 98 99 1 1.38
----------------------------------------------------------------------------
SWDDH013 Diamond Drill Hole 17100N 88 89 1 1.96
----------------------------------------------------------------------------
SWDDH018 Diamond Drill Hole 18100N 88 89 1 5.44
----------------------------------------------------------------------------
SWDDH019A Diamond Drill Hole 17350N 0 2 2 3.01
----------------------------------------------------------------------------
SWDDH034 Diamond Drill Hole 18500N 119 120 1 1.4
----------------------------------------------------------------------------
SWDDH038 Diamond Drill Hole 19600N 1 200.1 200.1 0.35
----------------------------------------------------------------------------
SWDDH038 Diamond Drill Hole inc 11 18 7 1.21
----------------------------------------------------------------------------
SWDDH038 Diamond Drill Hole inc 116 124 8 1.07
----------------------------------------------------------------------------
SWDDH039 Diamond Drill Hole 19600N 17 18 1 1.74
----------------------------------------------------------------------------
SWDDH040 Diamond Drill Hole 19650N 84 125 41 0.44
----------------------------------------------------------------------------
SWDDH040 Diamond Drill Hole inc 85 93 8 0.97
----------------------------------------------------------------------------
SWDDH041 Diamond Drill Hole 19650N 23 97 74 0.30
----------------------------------------------------------------------------
SWDDH041 Diamond Drill Hole inc 24 46 22 0.57
----------------------------------------------------------------------------
SWDDH041 Diamond Drill Hole inc 30 36 6 1.02
----------------------------------------------------------------------------
SWDDH041 Diamond Drill Hole 19650N 90 97 7 0.86
----------------------------------------------------------------------------
SWDDH043 Diamond Drill Hole 19700N 96 97 1 1.12
----------------------------------------------------------------------------
SWDDH043 Diamond Drill Hole 19700N 121 182 61 0.39
----------------------------------------------------------------------------
SWDDH043 Diamond Drill Hole inc 125 129 4 1.02
----------------------------------------------------------------------------
SWDDH043 Diamond Drill Hole inc 166 182 16 0.95
----------------------------------------------------------------------------
SWDDH043 Diamond Drill Hole inc 166 170 4 2.54
----------------------------------------------------------------------------
SWDDH056 Diamond Drill Hole 21250N 36 42 6 1.19
----------------------------------------------------------------------------
SWDDH056 Diamond Drill Hole 21250N 76 91 15 0.55
----------------------------------------------------------------------------
SWDDH057 Diamond Drill Hole 21200N 54 81 27 0.43
----------------------------------------------------------------------------
Notes: 1) All reported intercepts are core lengths and true widths are
estimated at 80 per cent of core lengths
2) Weighted averages calculated using uncut assays.
Drilling has commenced at the Eradi Prospect. The Eradi Prospect
is located at the convergence of two of the main regional scale
structures, the Bibiani and Nyambekyere shear zones, located at the
northern end of the Enchi licenses. A gold-in-soil anomaly in
excess of 5kms in length at Eradi has been previously tested by two
trenches that returned gold intervals of 1.47 g/t over 36.9m and
0.63 g/t over 5m.
Sample analyses have been conducted at independent commercial
facilities SGS Labs in Tarkwa Ghana. All sample analyses was
completed using industry standard geochemical and fire assay
practices and included a rigorous Quality Assurance / Quality
Control (QA/QC) program consisting of the insertion of standards,
blanks and duplicate samples randomly into the sample stream. A
review of the QA/QC results shows no significant bias and all
results are considered highly reliable.
Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of
the Company, is the Qualified Person as defined by NI 43-101, and
is responsible for the accuracy of the technical data and
information contained in this news release.
About Edgewater Exploration Ltd.
Edgewater is a mineral exploration company focused principally
on acquisitions, advancement and development of precious metal
properties. Edgewater is currently developing the Enchi Gold
Project in Ghana, West Africa and the Corcoesto Gold Project in
northwest Spain.
On behalf of the board of EDGEWATER EXPLORATION LTD.
George Salamis, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Edgewater Exploration Ltd. Ryan King Vice President
(604) 628-1012 rking@edgewaterx.com
Edgewater Exploration (CE) (USOTC:EDWZF)
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