Adamus Resources Limited - New Sulphide Ore Zones Intersected below the Nugget Hill Pits
October 21 2010 - 9:22PM
PR Newswire (Canada)
PERTH, Western Australia, Oct. 22 /CNW/ -- /NOT FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES/ PERTH, Western Australia, Oct. 22 /CNW/ - RC drilling below
the Nugget Hill oxide pits at the Nzema Gold Project has
intersected new zones of sulphide ore. Nugget Hill is one of the
planned pits along the 9km long Salman trend that is prospective
for deep sulphide ore below the known oxide ore reserves.
Exploration drilling commenced in August 2010 with the aim of
converting the existing sulphide mineral resource to the Measured
and Indicated category and ultimately into an ore reserve estimate.
The first phase of the program comprises approximately 50 RC and
diamond holes on traverses spaced 50m apart targeting selected
sulphide ore zones to a depth of 100m. Subject to results, the
second phase of drilling will test the ore zones to a vertical
depth of 200m. A number of operations on the Ashanti Trend have
successfully exploited sulphide ore at depth both by open pit and
underground. Significant intersections from the first RC holes
include : -----------------------------------------------------
Hole ID Section From To Interval Grade (UTM N55) (m) (m) (m) (g/t)
----------------------------------------------------- SNRC918 2875
23 37 14 1.94 -----------------------------------------------------
SNRC928 3125 43 56 13 1.68
----------------------------------------------------- SNRC938 3225
42 50 8 2.25 -----------------------------------------------------
SNRC957 3375 24 35 11 2.57
----------------------------------------------------- SNRC961 3400
39 49 10 1.86 -----------------------------------------------------
SNRC962 3425 48 59 11 3.73
----------------------------------------------------- SNRC967 3425
36 46 10 3.87 -----------------------------------------------------
SNRC969 3450 39 48 9 2.06
----------------------------------------------------- (i) Assaying
conducted by Intertek Laboratories, Tarkwa, Ghana using industry
standard 50g lead collection fire assays with AAS finish. (ii)
Reference standards, field duplicates and blank samples are
routinely inserted at 1:20 and assays of quality control samples
are routinely monitored. (iii) Assays are reported within the
limits of o.01g/t analytical precision. These results are
encouraging because they confirm the continuity of the ore zones
from the oxide zone through the transitional zone into the sulphide
zone. The results also confirm that ore grade intersections within
the oxide are repeated in the sulphide zone. NEXT STEPS RC and
diamond drilling is now in progress on the Salman sulphide mineral
resource with drilling scheduled to continue for the rest of the
year and into 2011. Results from this program will be incorporated
into an update of the sulphide mineral resource estimate planned
for 2011. Selection of an external consulting group to conduct a
scoping study on the sulphide project is in progress. Preliminary
work on the process route envisages the creation of a sulphide
concentrate on site, followed by treatment of the concentrate at an
existing nearby BIOX facility or investigate other options for
value creation. (signed) Mark Connelly Managing Director/CEO About
Adamus Adamus Resources Limited is an explorer and mine developer,
listed on the Australian Securities Exchange (ASX), TSX Venture
Exchange (TSX-V) and Frankfurt Stock Exchange Open Market (FSE).
The Company's primary focus is on exploring, realising and
expanding the economic potential of the Southern Ashanti Gold
Project in Ghana, West Africa. The Project encompasses
approximately 665km² of tenure in the Ashanti Gold Belt - host to
over 100moz of gold and the Project boasts excellent access to port
and road infrastructure. Ghana is a stable West African country
with a long history and some of the world's largest gold mining
operations. Gold production is vital to the national economy.
Members of the Adamus Board and management team have proven records
in mineral exploration, project development and project financing.
Neither 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. Information in this report pertaining to exploration
results was compiled by Martin Bennett, an employee of Adamus
Resources Limited, who is a Member of the Australasian Institute of
Geoscientists and has more than 5 years experience in estimation of
recoverable resources in gold deposits. He qualifies as a
"Qualified Person" under Canadian National Instrument 43-101 -
Standards of Disclosure for Mineral Projects. Martin Bennett has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a "Competent Person"
as defined in the JORC Code. Martin Bennett consents to the
inclusion in the report of the matters based on this information in
the form and context in which it appears. Caution Regarding Forward
Looking Information. Certain statements included in this
announcement, including information regarding Adamus' plans with
respect to its mineral properties, constitute forward-looking
information. Forward-looking information includes, among other
things, statements regarding expected operations. Forward-looking
information is based upon a number of estimates and assumptions
made by the Company in light of its experience, current conditions
and expectations of future developments, as well as other factors
that the Company believes are appropriate in the circumstances.
While these estimates and assumptions are considered reasonable by
the Company, they are inherently subject to business, economic,
competitive, political and social uncertainties and contingencies.
Many factors could cause the Company's actual results to differ
materially from those expressed or implied in any forward-looking
information provided by the Company, or on behalf of, the Company.
Such factors include, among other things, risks relating to
additional funding requirements, metal prices, exploration,
development and operating risks, competition, production risks,
regulatory restrictions, including environmental regulation and
liability and potential title disputes. Investors are cautioned
that forward-looking information is no guarantee of future
performance and, accordingly, investors are cautioned not to put
undue reliance on forward-looking information due to the inherent
uncertainty therein. Forward-looking information is made as at the
date of this announcement and the Company disclaims any intent or
obligation to update publicly such forward-looking information,
whether as a result of new information, future events or results or
otherwise. Mark Connelly, Managing Director, CEO, +61 8 9322 5943,
email: mark.connelly@adamusresources.com.au; For media enquiries
contact: Brian Thornton, Farrington National, +61 2 9332 4448,
email: bt@farrington.com.au
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