Edgewater Drills 1.14 g/t Gold Over 68 Metres at a New Gold Zone on the Enchi Gold Project
24 Enero 2012 - 8:30AM
Marketwired
Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) -
KOJINA HILL GOLD ZONE (New Gold Zone)
KJRC003, 1.14 g/t gold over 68 metres
Edgewater Exploration Ltd. ("Edgewater" or the "Company") is
pleased to announce the latest results from the 2011 drilling
program recently completed at the Company's, Enchi Gold Project
("Enchi or the Project") in Ghana. December 2011 drilling was
conducted at two prospects previously untested by Edgewater known
as Kojina Hill and Kwakyekrom. Highlights from this drilling
include: 1.14 g/t gold over 68 metres (KJRC003), and 1.04 g/t gold
over 10 metres (KJRC001) from the Konjina Hill prospect, and 0.71
g/t over 20 metres, including 2.18 g/t over 4 metres (KKRC006) from
the Kwakyekrom target. The results of the initial drilling at
Kojina Hill are significant and Edgewater is confident that further
drilling has the potential to define a new gold resource.
George Salamis, President and CEO, stated, "Edgewater's first
major drill intercepts reported from Kojina Hill are extremely
encouraging. These latest results are from areas that were
previously untested or only sparsely tested by shallow drilling,
and demonstrate the excellent gold potential of the project. At
Kojina Hill one of our first 3 holes, KJRC003 drilled on the
northeast fringe of the zone, produced the best intercept to date
at Kojina highlighting a gold mineralized zone with an apparent
width of almost 80 metres. Our 2012 drill program will recommence
shortly, following up on these prospects and other high priority
targets. There are several opportunities for expansion on known
gold zones and new gold discoveries on three different trends
within the boundaries of the 568 square kilometre Enchi
Project."
KOJINA HILL NEW GOLD ZONE
Kojina Hill is situated 15 kilometres north of Sewum and 5
kilometres southwest of Nyam (see plan map here). A new zone of
gold mineralization has been identified through drilling at Kojina
Hill. Three RC holes and one diamond hole totaling 422.5 metres
were drilled to test a strong gold-in-soil anomaly and irregular
gold intersections from sparse historical trenching and RC
drilling. A steeply dipping, northeast striking zone 100 metres
long and up to 30 metres wide was defined by Edgewater's drilling.
The mineralized zone remains open in all directions. Significant
intersections include: 1.14 g/t gold over 68 metres (KJRC003) and
1.04 g/t gold over 10 metres (KJRC001). Mineralization is related
to variable quartz veining hosted in sheared carbonaceous sediment
similar to the Boin Gold Zone located approximately 15 kilometres
southwest of Kojina Hill. Following up on these excellent new
results, further drilling is planned at Kojina Hill in the first
quarter of 2012 once all assays have been received from the first
phase of drilling. Assays for one drill hole at Kojina Hill are
pending.
KWAKYEKROM GOLD ZONE
The Kwakyekrom Zone occurs along the same regional-scale
structure as the Nyam Zone (Nyambekyere Shear Zone) that can be
traced for greater than 15 kilometres to the south of Nyam.
Numerous gold prospects lie along this structure including the
Kwakyekrom Zone (five kilometres south of Nyam) where RC drilling
and trenching conducted by Leo Shields in 1996 outlined a
continuous zone of gold mineralization greater than 1500 metres
long and included drill hole intersections of up to 1.51 g/t gold
over 22 metres.
In November, sixteen RC holes totaling 1656 metres and one
diamond hole (100.5m) were drilled at the Kwakyekrom prospect. The
drilling was designed to test gold zones intersected in historical
trenching and drilling. Mineralization at Kwakyekrom consists of
irregular quartz veining developed within steeply dipping, sheared,
carbonaceous sediment similar to Nyam, Boin and Eradi. Highlights
from the drilling include: 1.08 g/t gold over 19 metres (KKDDH001),
0.71 g/t gold over 20 metres including 2.18 g/t gold over 4 metres
(KKRC006). Follow-up drilling is expected to be completed once all
assays from the 2011 drilling have been received.
ERADI GOLD PROSPECT
Ten shallow drill holes totaling 1063.5 metres were drilled at
the Eradi Prospect. The Eradi Prospect lies at the convergence of
two of the main regional scale structures, the Bibiani and
Nyambekyere shear zones, situated at the northern end of the Enchi
licenses. To date preliminary work has tested 1500 metres of a
gold-in-soil anomaly in excess of five kilometres in length at
Eradi. Work has included nine trenches that returned gold intervals
of 1.47 g/t over 36.9 metres (ERTR001) and 0.86 g/t over 10 metres
(ERTR007).
The ten holes tested a 1400 metres strike length of the Eradi
mineralized zone. Mineralization consisted of variable
concentrations of quartz veins hosted in sheared carbonaceous
siltstone and sandstone. Significant gold values were intercepted
in six holes (Table IV). Assays for ERDDH009 have not yet been
received. Further drilling is warranted to close-up the drill
spacing and confirm continuity between drill sections.
TABLE IV
ERADI GOLD PROSPECT SIGNIFICANT DRILL INTERCEPTS FROM 2011 DIAMOND DRILL
PROGRAM
FROM TO INTERVAL ASSAY
HOLE NO TYPE SECTION (m) (m) (m) (Au g/t)
---------------------------------------------------------------------------
ERDDH001 Diamond Drillhole 50400N 21 23 2 0.62
ERDDH001 Diamond Drillhole 50400N 28 30 2 3.51
ERDDH001 Diamond Drillhole 50400N 98 102 4 1.62
ERDDH002 Diamond Drillhole 50400N 0 9 9 0.29
ERDDH002 Diamond Drillhole 50400N 25 52 27 0.60
ERDDH002 Diamond Drillhole inc 42 52 10 1.30
ERDDH003 Diamond Drillhole 50230N 58 68 10 1.15
ERDDH004 Diamond Drillhole 50600N no sig results
ERDDH005 Diamond Drillhole 49720N no sig results
ERDDH006 Diamond Drillhole 49600N 5 22 17 0.60
ERDDH006 Diamond Drillhole inc 6 13 7 1.03
ERDDH007 Diamond Drillhole 49600N 39 48 9 1.01
ERDDH007 Diamond Drillhole inc 45 48 3 2.48
ERDDH007 Diamond Drillhole 49600N 60 64 4 2.93
ERDDH008 Diamond Drillhole 49480N no sig results
ERDDH009 Diamond Drillhole 49220N results pending
ERDDH010 Diamond Drillhole 49220N 50 51 1 0.35
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.
Sample analyses have been conducted at independent commercial
facilities SGS and Intertek 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
604-628-1012rking@edgewaterx.com www.edgewaterx.com
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