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EDWZF Edgewater Exploration Ltd (CE)

0.075
0.00 (0.00%)
14 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 Intersects New Bulk Gold Zone at Enchi Gold Project, Ghana

19/09/2011 2:30pm

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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

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