RobertJames
12 years ago
VANCOUVER, BRITISH COLUMBIA--(Marketwire -06/07/12)- Edgewater Exploration Ltd. ("Edgewater" or the "Company") (EDW.V)(EDWZF) is pleased to report additional drill results from the on-going in-fill diamond drilling program on the Company's 100% owned Corcoesto Gold Project, Galicia, Northwest Spain.
Edgewater now has five diamond drill rigs conducting a program of infill drilling on the Corcoesto Gold Project. Drilling continues to intersect excellent widths and grades of gold mineralization including DDH12W135 that returned 57.8 metres grading 1.09g/t Au DDH12W129 with 13.6 metres at 2.57g/t Au and DDH12W107 with 18.0 metres of 2.27g/t Au.
Table 1 Corcoesto Highlight of Recent Drill Results
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Drill From To Length Au
Hole m m (Meters) g/t
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12W135 295.4 353.2 57.8 1.09
12W135 incl 338.5 352.1 13.6 2.57
12W129 175.8 192.0 16.2 1.77
12W103 189.6 237.0 47.4 1.29
12W158 68.50 87.90 19.4 1.65
12W107 246.4 290.1 43.7 1.05
12W140 214.5 271.8 57.3 0.80
12W107 174.9 192.9 18.0 2.27
12W135 192.4 244.9 52.5 0.71
12W140 302.6 354.2 51.6 0.72
12W112 21.2 23.2 2.0 44.38
12W124 36.0 45.9 9.9 3.00
12W116 145.5 151.6 6.1 4.72
12W109 205.1 212.1 7.0 4.11
12W111 205.4 228.5 23.1 1.18
12W130 54.0 95.0 41.0 0.66
12W105 59.4 82.9 23.5 1.12
12W115 7.3 22.3 15.0 1.74
12W107 128.3 142.8 14.5 1.77
12W137 226.8 237.2 10.4 2.27
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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.
3) See Table attached for complete results.
Edgewater has now completed 180 drill holes totaling 37,000 metres. This news release is reporting results for a total of 59 previously un-released holes (9086.8 metres).
---------------------------------------------------------------------------
Drill Azi- Sect- Drill Azi- Sect-
hole Length muth Dip Zone ion hole Length muth Dip Zone ion
---------------------------------------------------------------------------
---------------------------------------------------------------------------
12W101 199.10 180 -50 Pozo 3960 12W132 85.20 156 -55 Peton 4650
del de Lobo
Ingles
12W103 310.00 157 -50 Peton 4375 12W133 266.40 158 -50 Peton 4425
de Lobo de Lobo
12W104 97.35 180 -45 Picotos 3775 12W134 130.45 180 -45 Picotos 3700
12W105 185.50 155 -50 Peton 4425 12W135 359.10 156 -60 Peton 4325
de Lobo de Lobo
12W106 155.05 180 -50 Pozo 4010 12W136 339.80 184 -49 Pozo 3835
del del
Ingles Ingles
12W107 344.00 156 -50 Peton 4375 12W137 239.00 156 -50 Peton 4450
de Lobo de Lobo
12W108 115.50 180 -45 Picotos 3750 12W138 69.70 156 -60 Peton 4675
de Lobo
12W109 265.40 155 -50 Peton 4425 12W139 110.10 180 -50 Picotos 4000
de Lobo
12W110 105.00 180 -55 Pozo 3985 12W140 400.00 156 -50 Peton 4300
del de Lobo
Inlgles
12W111 371.30 156 -50 Peton 4375 12W141 80.00 155 -50 Peton 4575
de Lobo de Lobo
12W112 55.00 180 -45 Picotos 3825 12W142 55.35 156 -60 Peton 4700
de Lobo
12W113 80.50 155 -50 Peton 4425 12W143 112.65 180 -42 Picotos 3975
de Lobo
12W114 125.20 180 -45 Picotos 3775 12W144 75.20 156 -50 Peton 4600
de Lobo
12W115 105.30 155 -55 Peton 4425 12W145 60.50 156 -60 Peton 4500
de Lobo de Lobo
12W116 205.10 179 -50 Pozo 3910 12W146 101.40 156 -70 Peton 4600
del de Lobo
Ingles
12W117 56.00 156 -50 Peton 4475 12W147 50.25 154 -59 Peton 4575
de Lobo de Lobo
12W118 90.60 155 -55 Peton 4450 12W148 101.40 156 -50 Peton 4525
de Lobo de Lobo
12W119 86.55 182 -50 Picotos 3825 12W149 70.00 156 -45 Peton 4600
de Lobo
12W120 185.10 156 -50 Peton 4475 12W150 75.60 180 -50 Picotos 4000
de Lobo
12W121 165.30 155 -50 Peton 4450 12W151 350.00 156 -55 Peton 4275
de Lobo de Lobo
12W122 51.40 180 -45 Picotos 3950 12W152 115.10 155 -55 Peton 4525
de Lobo
12W123 140.00 156 -50 Peton 4475 12W153 81.00 156 -45 Peton 4550
de Lobo de Lobo
12W124 125.20 155 -50 Peton 4500 12W154 260.20 180 -55 Pozo 3785
de Lobo del
Ingles
12W125 81.25 180 -45 Picotos 3975 12W155 224.80 157 -48 Peton 4475
de Lobo
12W126 100.60 155 -50 Peton 4475 12W156 59.80 180 -45 Picotos 4050
de Lobo
12W127 106.70 180 -45 Picotos 3950 12W157 110.30 156 -50 Peton 4550
de Lobo
12W128 277.50 182 -53 Pozo 3910 12W158 220.00 156 -52 Peton 4200
del de Lobo
Ingles
12W129 275.20 156 -60 Peton 4325 12W159 115.00 146 -50 Peton 4550
de Lobo de Lobo
12W130 175.40 155 -50 Peton 4425 12W160 91.85 180 -45 Picotos 4025
de Lobo
-------------------------------------
12W131 40.55 156 -55 Peton 4450 Total m 9086.8 59
de Lobo
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On March 7th, 2012 Edgewater announced that Tetra Tech had been engaged to complete a NI43-101 compliant Feasibility Study on the Corcoesto Gold Project. Initial Feasibility planning meetings as well as site visits by Tetra Tech personnel have now been completed. Additional work on-going in support of the Feasibility Study includes detailed metallurgical testing and geotechnical studies.
Sample preparation and analyses are conducted using industry standard practices. Samples are delivered to Chemex Lab in Seville, Spain and sample analyses completed at independent commercial facilities of ALS Romania for Au and ALS Canada (Vancouver) for As. Both labs have the certificate of ISO/IEC 17025:2005. Sampling and analyses include a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of blanks, duplicate samples, and check assays. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.
Mr. Gregory Smith, P.Geo., 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 development and exploration company focused on advancement and development of precious metal properties. Edgewater has an experienced mine building and operating team with a track record of success. The Company is currently developing the Corcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, West Africa.
On behalf of the board of EDGEWATER EXPLORATION LTD.
George Salamis, President and CEO
RobertJames
13 years ago
Edgewater Announces Inferred Resource Estimate of 20.6 Mt grading 1.13 g/t Au Containing 749,000 Ounces of Gold at the Enchi Project, Ghana
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) - Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to announce a National Instrument 43-101 Inferred Resource Estimate at the Company's Enchi Gold Project, Ghana. The Inferred Resource Estimated at a cut off grade of 0.7 g/t Au is as follows:
Enchi Gold Project, Ghana
2012 Inferred Mineral Resource Summary
Cutoff
(Au g/t)
Zone
Tonnes
Grade
(Au g/t)
Contained Gold (ounces)
0.70
Boin
9,551,000
1.20
369,600
0.70
Nyam
3,633,000
1.06
123,700
0.70
Sewum
7,443,000
1.07
255,750
Total
20,627,000
1.13
749,000
1.CIM definition standards were followed for the resource estimate.
2.The 2012 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
3.A base cutoff grade of 0.7 g/t Au was used for reporting resources with a capping of gold grades at 18 g/t.
4.A density of 2.45 g/cm3 was applied.
5.Numbers may not add exactly due to rounding.
6.Mineral Resources that are not mineral reserves do not have economic viability.
President and CEO, George Salamis, states; "The initial Inferred Resource Estimate exceeded our expectations and is a significant step in the advancement of the Enchi Project. The current resource is hosted at or near surface, generally to an average vertical depth of only 75 meters and is open in all directions both along strike and to depth. We are extremely encouraged with the potential to expand the resource with further drilling. The resource, which is largely hosted within oxidized saprolitic host rock, trends toward key targets where significant surface gold anomalies and anomalous trench results highlight potential strike extensions of several kilometers in length. As such, we look forward to the potential of significantly expanding these resources in the near future." Mr. Salamis adds, "At a cut-off of 0.3 to 0.5 g/t, which is the norm for near surface oxide resources being reported in other parts of West Africa the resource at Enchi contains over 1 M ounces of near surface gold. That said, our future drilling campaigns will be targeting zones of higher grade mineralization, above our highlighted 0.7 g/t cut-off, both at surface and to depth where we believe better grade material exists."
The Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of Tetra Tech. The mineral resources were estimated using a block model with parent blocks of 10 X 10 X 10 and using ordinary Kriging methods for grade estimation. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the ordinary kriging method of grade interpolation. The geological model and corresponding sections and plans were generated by Edgewater personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures for the Enchi Project have been reviewed by Tetra Tech.
A technical report is being prepared and will be filed in the next 45 days.
The Resource Estimate also evaluated the Enchi Project at a range of cut off grades between 0.2 and 1.5 g/t Au. Results are as follows;
Cut Off
Au g/t
Tonnes
Grade Au g/t
Contained
Gold (ozs)
0.20
94,796,000
0.55
1,678,129
0.30
71,241,000
0.65
1,489,295
0.40
51,633,000
0.76
1,269,739
0.50
37,278,000
0.89
1,063,868
0.60
27,538,000
1.01
892,682
0.70
20,627,000
1.13
749,081
0.80
15,887,000
1.24
635,200
0.90
12,644,000
1.35
546,878
1.00
10,155,000
1.44
470,963
1.10
8,092,000
1.54
401,214
1.20
6,185,000
1.66
330,792
1.30
4,868,000
1.78
278,018
1.40
3,841,000
1.89
233,426
1.50
2,943,000
2.03
191,659
The 2012 Mineral Resource estimate was based on 16,402 metres of diamond and RC drilling in 359 holes as well as data from 3000 metres in 77 surface trenches. The drilling is generally spaced at 25 to 50 metre intervals.
Exploration and drilling are on-going on the Project. The current work program includes line cutting, geological mapping, geochemical sampling and trenching as well as a 10,000 metre drilling program currently underway with one RC drill rig. Drilling is focused on delineating extensions to three known gold targets (Boin, Nyam, and Sewum) and includes drilling along strike and down dip of the currently outlined gold zones. Additional exploration on the Project includes target definition and follow-up on priority areas generated from the airborne geophysical survey completed in 2011.
The Enchi Project is a 51% Edgewater and 49% Kinross Joint Venture (subject to a 10% carried interest held by the Government of Ghana) with the two companies sharing all future exploration and development expenditures pro-rata. Kinross and Edgewater have approved a $3.0 million exploration budget for the first six months of 2012.
The Enchi resource estimate data in this news release was read and approved by Todd McCracken, P.Geo. of Tetra Tech., who is independent of Edgewater and a Qualified Person ("QP") as defined by National Instrument 43-101.
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 development and exploration company focused on the development of precious metal properties. Edgewater has an experienced mine building and operating team with a track record of success. The Company is currently developing the Corcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, West Africa.
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
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Renee
8 years ago
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