New Gold Discovery at Edgewater's Enchi Gold Project
June 01 2011 - 9:00AM
Marketwired
Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF) -
-- SWDDH001, 2.01 g/t gold over 29 metres
-- SWDDH003, 1.59 g/t gold over 17 metres
-- SWDDH004, 1.15 g/t gold over 26 metres
-- Assays results from 21 additional diamond drill holes are pending
Edgewater Exploration Ltd. ("Edgewater" or the "Company") is
pleased to announce results from the first four diamond holes
drilled on the Company's Sewum South gold prospect, Enchi Gold
Project ("Enchi" or "the Project") in Ghana. These first drill
holes represent the start of a major (10,000m) drill programme
designed to test a 7km long gold geochemical anomaly outlined by
soil and trench sampling that straddles the largely untested Sewum
Shear Zone. The area containing this new gold discovery hosts one
of the highest intensity gold-in-soil geochemical anomalies on the
Project. The Sewum Shear Zone represents a major splay off the
regional scale Bibiani Fault which is similar to Kinross Gold's
Chirano Gold mine (5 million oz) located on the Chirano Shear Zone
another splay off the Bibiani Fault located 70kms northeast of the
Project.
George Salamis, CEO, comments: "These are very exciting results
obtained from an underexplored region of the Project, situated
almost two kilometres away from the closest known drill hole. The
significance of this new gold discovery at Sewum South cannot be
underestimated, given the intensity of shearing, brecciation and
related gold mineralization intersected at shallow depths in the
first 4 holes in this new gold prospect. A further 21 holes have
been drilled but remain unassayed each of which intersected the
same style of intense brecciation and disseminated sulphide
mineralization. These recent drill results confirm our strong
belief that Enchi is host to several zones of significant gold
mineralization with high potential for further discoveries, within
one of the largest single exploration concessions covering
favorable geology in Western Ghana."
The Sewum Shear Zone consists of a series of stacked thrusts up
to three kilometres wide and hosts numerous gold prospects along
its length with the Sewum South and Sewum Central and Sewum North
gold prospects marked by the largest (7km x 2km) and highest grade
(up to 13,610 ppb) gold-in-soil anomaly on the Enchi Project.
On April 10th drilling by Edgewater commenced at the Sewum South
gold prospect situated two kilometres south of the Sewum Gold Zone.
To date 25 holes totalling 3,426m have been completed by Edgewater.
All drill holes have intersected a broad zone of intense shearing
and brecciation often between 50 and 100m true width interpreted to
be the main Sewum Shear Zone. This zone of intense shearing has
been intersected by drilling in a shallow (50m vertical) and
consistent manner over a strike length almost one kilometre. The
gold mineralization in the first four diamond holes was continued
within this shear zone (Table 1). Host rocks to the shear are
composed of carbonaceous interbedded siltstone and sandstone and
phyllite. The shear breccia is composed of intensely deformed
lenticular clasts of the host sedimentary rocks and quartz vein
material (30-50%). The breccia matrix is composed of varying
amounts of quartz, carbonaceous material, pyrite and minor
arsenopyrite. Multiple episodes of pre, syn and post shearing
quartz veins and alteration events are evident from the drill core
from all 25 drill holes.
Geological interpretation of the drill core recovered to date
suggests the mineralized shear zone can be correlated to anomalous
historical drill results at the Sewum Central Gold Zone located two
kilometres north. Drilling is continuing and the assay results of
several other drill holes are pending.
TABLE 1 SIGNIFICANT DRILL INTERCEPTS FROM CURRENT DRILL PROGRAMME AT THE
SEWUM SOUTH GOLD DISCOVERY
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Hole No Type Section From To Interval Au g/t
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SWDDH001 Diamond Drill Hole 17800N 57 86 29 2.01
----------------------------------------------------------------------------
SWDDH002 Diamond Drill Hole 17800N 110 127 17 0.53
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SWDDH002 Diamond Drill Hole inc 120 125 5 1.27
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SWDDH003 Diamond Drill Hole 17900N 101 118 17 1.59
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SWDDH004 Diamond Drill Hole 17900N 47 73 26 1.15
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Notes: 1) All reported intercepts are core lengths and true widths are
estimated at 80-85 per cent of core lengths
2) Weighted averages calculated using uncut assays.
Contracts for over 30,000 metres of drilling at Enchi have been
signed for 2011. To date, a total of 121 holes have been drilled
for 8,762m. A third rig has arrived in Enchi to complement the two
rigs currently drilling at Boin and Sewum.
Drill rig access into the Eradi Prospect is currently under
construction. 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 five kilometres 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, but like Sewum South until recently, has never been
drilled.
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@edge-water.com www.edge-water.com
Edgewater Exploration (CE) (USOTC:EDWZF)
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