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EDWZF Edgewater Exploration Ltd (CE)

0.075
0.00 (0.00%)
18 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Edgewater Exploration Ltd (CE) USOTC:EDWZF OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.075 0.00 01:00:00

Edgewater Engages CRN Engineering for an Underground Ramp Study on Its 100% Owned Corcoesto Gold Project, Spain

12/09/2011 3:00pm

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Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF) -


--  Drilling continues to expand and upgrade gold resource, 3rd drill rig
    added
--  Work on Scoping Study advancing on schedule
--  Engineering firm contracted to complete Underground Ramp study

Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce the engagement of the Spanish Engineering firm CRN SA who have been tasked with initiating an engineering study for the future construction of an underground ramp at the company's 100% owned Corcoesto, gold deposit situated in Galicia, Spain.

George Salamis, President and CEO, states, "Initiating the engineering for potential underground ramp construction to probe the deeper depths of the Corcoesto deposit signals a key transition of the project from mid-stage exploration to advanced exploration and near-term development. Subject to further studies by our various engineering consultants, future underground ramp development could significantly enhance the economic viability of the Corcoesto Project when viewed in parallel to open pit mining."

The proposed development of an underground ramp will provide access to complete underground infill drilling for the purposes of upgrading inferred gold resources to a measured and indicated category and also provide bulk samples for additional metallurgical testing. In addition, the ramp could also potentially serve as future access for underground mining and deeper drill exploration below the currently known depths of the deposit. Meetings with the local mining and environmental authorities and with the municipality have been held in order to accelerate the permitting for the start of the ramp construction. Edgewater has committed to make every effort to employ local workers from the surrounding municipality for its contractors and ramp construction.

On-going "Scoping Study" ("Preliminary Economic Assessment" or "PEA") lead by Mr. Alan Noble, P.Eng., from ORE Reserves Engineering, is progressing on schedule and is currently pending completion of metallurgical tests. Preliminary resource modeling analysis has been conducted, with pit shells generated at different gold prices in parallel with the various production throughput parameter options being considered. In addition, various plant site layouts, tailings and waste rock storage facilities, are being finalized as part of the study. The PEA will model the Project using a revised and updated resource model and will include the evaluation of both open pit and underground alternatives and synergies. The PEA is scheduled to be completed in Q4, 2011.

The on-going infill and step-out diamond drilling program is progressing as expected with the completion of 36 drill holes totaling 9,761.80m. Encouraging results for the first 31 drill holes were previously released (see News Releases dated January 31st 2011, March 17, 2011 and July 20, 2011).

The latest results from the in-fill and step-out drill programs continue to highlight excellent results from the Pozo del Ingles area with intercepts of:


-------------------------------------------------------
Drill                                  Length        Au
Hole               From         To    (metres)      g/t
=======================================================
11W32            121.40     128.70       7.30       2.1
11W32  and       168.00     189.00      21.00       0.7
11W33            151.50     156.10       4.60       5.7
11W33  incl      153.90     155.10       1.20      18.9
11W34            195.20     205.00       9.80       2.6
11W34  incl      195.20     196.30       1.10      11.4
11W35            176.30     186.00       9.70       1.3
11W35            197.00     222.00      25.00       0.8
-------------------------------------------------------

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 attached table for complete set of results.

Assays are pending for DDH 11W36. DDH 11W37 is currently in progress in the Pozo del Ingles area. Both holes have intercepted quartz veining, silica flooding and related sulphide mineralization consistent with the projected resource model. A second rig has recently been engaged and is currently drilling DDH 11W38 in the Peton de Lobo area as part of the infill resource delineation drill program.

Edgewater expects to add a third rig shortly in order to accelerate the step-out and infill drilling to further define the total resource potential on the project. All exploration activities to date are progressing on budget and ahead of schedule.

For a detailed drill location map please view a Corcoesto Plan map on the Company's website at www.edgewaterx.com.

An updated 2011 NI 43-101 compliant resource at Corcoesto was announced on May 31, 2011 (see details in News Release dated May 31, 2011) and consists of a Measured and Indicated resource of 5,783,000 tonnes grading 1.74 g/t Au containing 325,000 ozs gold at a 0.65 g/t Au cut-off and an Inferred resource of 20,265,000 tonnes grading 1.76 g/t Au containing 1,149,000 ozs gold. Core recoveries continue to be excellent and in most cases 100%. The current 12,000m drilling program is designed to expand the existing gold resource and upgrade a portion of the resource from Inferred to Measured and Indicated. The NI 43-101 Technical report on the updated resource estimate was filed on July 15th, 2011.

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 gold 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 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


----------------------------------------------------------------------------
Drill Hole         From        To    Length     Au      As     Rec      GxT
----------------------------------------------------------------------------
                                    (Metres)   g/t       %       %   (g-m/t)
----------------------------------------------------------------------------
11W32             80.80     81.80      1.00    0.7    1.01   100.0      0.7
----------------------------------------------------------------------------
11W32            114.00    115.15      1.15    2.5    1.45   100.0      2.8
----------------------------------------------------------------------------
11W32            121.40    128.70      7.30    2.1    0.82   100.0     15.5
----------------------------------------------------------------------------
11W32     incl   124.00    128.70      4.70    3.0    1.03   100.0     14.1
----------------------------------------------------------------------------
11W32     incl   125.00    126.30      1.30    4.6    0.86   100.0      6.0
----------------------------------------------------------------------------
11W32     incl   127.60    128.70      1.10    3.4    1.61   100.0      3.7
----------------------------------------------------------------------------
11W32            168.00    189.00     21.00    0.7    0.45   100.0     14.5
----------------------------------------------------------------------------
11W32     incl   170.00    171.00      1.00    1.1    0.17   100.0      1.1
----------------------------------------------------------------------------
11W32     incl   172.00    173.00      1.00    2.3    1.08   100.0      2.3
----------------------------------------------------------------------------
11W32     incl   177.40    178.40      1.00    4.8    1.98   100.0      4.8
----------------------------------------------------------------------------
11W32     incl   182.40    183.50      1.10    1.9    1.85   100.0      2.1
----------------------------------------------------------------------------
11W32            195.00    197.00      2.00    0.7    0.36   100.0      1.4
----------------------------------------------------------------------------
11W33             74.60     75.60      1.00    3.3    1.23   100.0      3.3
----------------------------------------------------------------------------
11W33            144.50    146.60      2.10    0.6    0.16   100.0      1.3
----------------------------------------------------------------------------
11W33            151.50    156.10      4.60    5.7    0.78   100.0     26.2
----------------------------------------------------------------------------
11W33     incl   153.90    155.10      1.20   18.9    1.65   100.0     22.7
----------------------------------------------------------------------------
11W33            172.50    173.50      1.00    0.7    0.15   100.0      0.7
----------------------------------------------------------------------------
11W33            185.50    186.50      1.00    0.7    0.12   100.0      0.7
----------------------------------------------------------------------------
11W33            194.90    196.90      2.00    3.0    0.56   100.0      6.1
----------------------------------------------------------------------------
11W33     incl   194.90    195.90      1.00    4.4    0.60   100.0      4.4
----------------------------------------------------------------------------
11W33            209.80    215.80      6.00    1.0    0.54   100.0      6.1
----------------------------------------------------------------------------
11W33     incl   211.80    215.80      4.00    1.1    0.60   100.0      4.5
----------------------------------------------------------------------------
11W33            222.20    225.20      3.00    1.0    0.25   100.0      3.0
----------------------------------------------------------------------------
11W33     incl   222.20    223.20      1.00    1.8    0.26   100.0      1.8
----------------------------------------------------------------------------
11W33     incl   224.20    225.20      1.00    1.2    0.46   100.0      1.2
----------------------------------------------------------------------------
11W33            235.70    236.70      1.00    2.3    1.40   100.0      2.3
----------------------------------------------------------------------------
11W34             11.00     12.00      1.00    2.6    0.03   100.0      2.6
----------------------------------------------------------------------------
11W34             83.80     85.25      1.45    1.0    0.30   100.0      1.4
----------------------------------------------------------------------------
11W34            163.80    164.80      1.00    0.7    0.02   100.0      0.7
----------------------------------------------------------------------------
11W34            195.20    205.00      9.80    2.6    0.75   100.0     25.2
----------------------------------------------------------------------------
11W34     incl   195.20    202.80      7.60    3.2    0.90   100.0     24.5
----------------------------------------------------------------------------
11W34     incl   195.20    196.30      1.10   11.4    2.50   100.0     12.5
----------------------------------------------------------------------------
11W34     incl   200.70    201.80      1.10    6.9    1.14   100.0      7.6
----------------------------------------------------------------------------
11W34            222.00    223.00      1.00    0.5    0.06   100.0      0.5
----------------------------------------------------------------------------
11W34            235.10    236.10      1.00    1.3    0.13   100.0      1.3
----------------------------------------------------------------------------
11W35             61.70     62.70      1.00    1.0    0.47   100.0      1.0
----------------------------------------------------------------------------
11W35            161.45    162.70      1.25    0.6    0.15   100.0      0.8
----------------------------------------------------------------------------
11W35            166.85    169.30      2.45    0.9    1.52   100.0      2.1
----------------------------------------------------------------------------
11W35     incl   167.85    169.30      1.45    1.1    2.09   100.0      1.6
----------------------------------------------------------------------------
11W35            176.30    186.00      9.70    1.3    0.46   100.0     12.1
----------------------------------------------------------------------------
11W35     incl   176.30    177.30      1.00    3.7    0.50   100.0      3.7
----------------------------------------------------------------------------
11W35     incl   181.00    182.00      1.00    3.6    0.69   100.0      3.6
----------------------------------------------------------------------------
11W35            197.00    222.00     25.00    0.8    0.17   100.0     19.8
----------------------------------------------------------------------------
11W35     incl   197.00    198.00      1.00    8.4    0.38   100.0      8.4
----------------------------------------------------------------------------
11W35     incl   220.00    222.00      2.00    1.8    0.26   100.0      3.5
----------------------------------------------------------------------------
11W35            239.15    240.15      1.00    2.0    0.43   100.0      2.0
----------------------------------------------------------------------------
11W35            251.00    263.90     12.90    0.6    0.32   100.0      7.5
----------------------------------------------------------------------------
11W35     incl   251.00    252.00      1.00    3.8    0.77   100.0      3.8
----------------------------------------------------------------------------
11W35     incl   254.00    255.00      1.00    1.1    0.43   100.0      1.1
----------------------------------------------------------------------------

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 www.edgewaterx.com

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