Edgewater Drills 1.93g/t Gold Over 38.7m and 1.60g/t Gold Over 41.0m on the Corcoesto Gold Project
January 10 2012 - 9:00AM
Marketwired
Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX
VENTURE:EDW)(OTCQX:EDWZF) is pleased to report additional drill
results for the Company's 100% owned Corcoesto Gold Project,
Northwest Spain.
Edgewater now has 4 diamond drill rigs conducting a program of
in-fill drilling on the Corcoesto Gold Project, designed to upgrade
inferred resources to a measured and indicated category as part of
a Definitive Feasibility Study. Drilling continues to intersect
excellent widths and grades of gold mineralization including
DDH11W41 that returned 0.87g/t Au over 55.0 metres, and 1.93g/t Au
over 38.7 metres and DDH11W47 returning 1.60g/t Au over 41.0
metres. (See Table 1 below).
George Salamis, President and CEO of Edgewater stated: "In late
2011 we completed the Preliminary Economic Assessment on the
Corcoesto Gold Project with highlight results including an NPV 5%
of US$206 Million, and a 3.4 year pay back using a $1300/oz gold
price. Edgewater's current market capitalization is approximately
$30 Million, valuing the Company at $22/oz in all resource
categories. We believe 2012 poises to be a significant year for
Edgewater as we anticipate getting exploitation development permits
and advancing a full feasibility study on the project. These latest
drill results from Spain are part of a 20,000 metre infill program
with a mandate to convert inferred resources to measured and
indicated. As we proceed with this in-fill drilling and conduct
further step-out holes, we would anticipate also adding additional
inferred gold resources to this highly prospective project."
Table 1 Corcoesto Highlight of Recent Drill Results
------------------------------------------------------
Drill Length Au
Hole From To (meters) (g/t)
------------------------------------------------------
------------------------------------------------------
11W41 71.20 126.20 55.00 0.87
11W41 164.30 203.00 38.70 1.93
11W41 incl 164.30 168.30 4.00 4.20
11W41 and 201.80 203.00 1.20 21.20
11W47 221.50 246.80 25.30 0.84
11W47 265.80 307.00 41.20 1.60
11W47 incl 278.20 279.20 1.00 10.63
11W48 8.75 22.00 13.25 1.16
11W48 128.00 140.30 12.30 1.38
11W50 8.50 14.80 6.30 2.83
11W51 197.30 261.00 63.70 0.94
11W51 incl 198.60 202.10 3.50 3.79
11W52 13.55 18.40 4.85 3.73
11W52 55.20 66.55 11.35 1.11
11W54 240.70 264.20 23.50 0.74
11W54 317.35 348.80 31.45 0.68
11W57 327.80 337.50 9.70 2.46
11W58 221.00 230.40 9.40 3.33
11W58 incl 225.00 230.40 5.40 5.10
11W62 268.00 287.70 19.70 2.86
11W62 incl 278.00 287.70 9.70 5.20
11W62 incl 282.20 283.40 1.20 33.30
------------------------------------------------------
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 Table attached for complete results.
Edgewater has now completed 70 drill holes totaling 17,450
metres. This news release is reporting results for an additional 20
holes (5292.8m).
------------------------------------------------------------
Drill Hole Length Azi. Dip Zone Location
------------------------------------------------------------
------------------------------------------------------------
Hole 11W40 290.15 180 -55 Pozo de Ingles Sec 3835
Hole 11W41 250.00 155 -60 Peton de Lobo Sec 4400
Hole 11W42 283.80 155 -50 Peton de Lobo Sec 4300
Hole 11W43 210.15 182 -50 Pozo de Ingles Sec 3885
Hole 11W47 376.10 155 -50 Peton de Lobo Sec 4300
Hole 11W48 499.50 183 -50 Cova Crea Sec 3660
Hole 11W49 245.05 183 -50 Pozo de Ingles Sec 3860
Hole 11W50 96.80 179 -44 Picotos Sec 3700
Hole 11W51 310.00 160 -60 Peton de Lobo Sec 4350
Hole 11W52 90.45 179 -45 Picotos Sec 3650
Hole 11W53 345.65 183 -50 Pozo de Ingles Sec 3885
Hole 11W54 380.00 156 -65 Peton de Lobo Sec 4350
Hole 11W55 96.80 180 -44 Picotos Sec 3600
Hole 11W56 95.40 180 -45 Picotos Sec 3675
Hole 11W57 446.00 181 -60 Pozo de Ingles Sec 3660
Hole 11W58 265.20 182 -50 Pozo de Ingles Sec 3835
Hole 11W59 102.00 180 -50 Fonterremula Sec 3850
Hole 11W60 355.00 159 -60 Peton de Lobo Sec 4400
Hole 11W61 101.55 180 -50 Fonterremula Sec 3825
Hole 11W62 453.20 180 -50 Pozo de Ingles Sec 3835
------------------------------------------------------------
Total 5292.80
On November 17, 2011 Edgewater announced the results for the
Preliminary Economic Assessment ("PEA") on the Corcoesto Gold
Project. The NI 43-101 technical report for the PEA was filed with
the regulatory authorities and made available on SEDAR on December
30, 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
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Drill Length Au As Rec. Au GxT
Hole From To (Meters) (g/t) % % (g-m/t)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
11W40 25.25 26.25 1.00 0.55 1.00 100.00 0.55
11W40 31.50 32.50 1.00 0.57 0.24 100.00 0.57
11W40 163.50 164.50 1.00 0.61 0.99 100.00 0.61
11W40 167.10 177.50 10.40 0.56 0.57 100.00 5.82
11W40 incl 176.50 177.50 1.00 3.21 1.33 100.00 3.21
11W40 186.30 187.70 1.40 6.90 0.72 100.00 9.66
11W40 220.80 231.65 10.85 0.95 0.26 100.00 10.31
11W40 incl 221.80 222.90 1.10 1.38 0.43 100.00 1.52
11W40 and 230.50 231.65 1.15 6.53 0.77 100.00 7.51
11W40 240.80 258.80 18.00 0.62 0.34 99.07 11.16
11W40 incl 240.80 242.75 1.95 1.40 0.42 92.31 2.73
11W40 and 255.00 258.80 3.80 1.41 0.65 100.00 5.36
11W40 282.70 286.00 3.30 1.62 0.51 100.00 5.35
11W40 incl 285.00 286.00 1.00 3.45 0.22 100.00 3.45
11W41 17.70 19.70 2.00 2.44 0.47 95.00 4.88
11W41 incl 18.70 19.70 1.00 4.42 0.77 100.00 4.42
11W41 56.00 65.20 9.20 1.14 0.87 100.00 10.49
11W41 incl 61.00 62.00 1.00 7.05 2.03 100.00 7.05
11W41 71.20 126.20 55.00 0.87 0.35 100.00 47.85
11W41 incl 76.00 82.50 6.50 1.23 0.35 100.00 8.00
11W41 136.00 149.60 13.60 0.83 0.23 100.00 11.29
11W41 incl 136.00 137.00 1.00 2.51 0.43 100.00 2.51
11W41 164.30 203.00 38.70 1.93 0.41 99.45 74.69
11W41 incl 164.30 168.30 4.00 4.20 0.41 100.00 16.80
11W41 and 179.20 180.20 1.00 9.62 0.51 100.00 9.62
11W41 and 201.80 203.00 1.20 21.20 0.26 100.00 25.44
11W41 211.00 212.00 1.00 0.79 0.26 100.00 0.79
11W41 242.60 243.60 1.00 1.98 2.77 100.00 1.98
11W42 84.00 85.00 1.00 0.49 0.92 100.00 0.49
11W42 117.80 122.00 4.20 0.60 1.24 100.00 2.52
11W42 160.00 161.10 1.10 0.71 0.26 100.00 0.78
11W42 188.20 192.20 4.00 0.65 0.82 100.00 2.60
11W42 216.40 217.50 1.10 0.62 0.76 100.00 0.68
11W42 264.35 265.35 1.00 0.94 0.25 100.00 0.94
11W42 270.20 271.20 1.00 0.77 0.20 100.00 0.77
11W43 82.00 83.00 1.00 0.59 0.14 100.00 0.59
11W43 108.30 109.30 1.00 2.23 0.50 100.00 2.23
11W43 124.80 131.00 6.20 0.61 0.52 100.00 3.78
11W43 141.00 142.00 1.00 2.07 1.53 100.00 2.07
11W43 157.50 160.00 2.50 2.50 0.73 100.00 6.25
11W43 incl 159.00 160.00 1.00 4.09 0.97 100.00 4.09
11W43 193.00 196.30 3.30 1.66 0.61 100.00 5.48
11W43 incl 193.00 194.00 1.00 4.18 1.42 100.00 4.18
11W47 198.00 199.00 1.00 1.85 0.20 100.00 1.85
11W47 203.50 205.00 1.50 0.78 0.64 100.00 1.17
11W47 206.50 207.50 1.00 0.61 0.46 100.00 0.61
11W47 221.50 246.80 25.30 0.84 0.27 99.33 21.25
11W47 incl 221.50 223.50 2.00 4.85 0.62 100.00 9.70
11W47 256.00 257.00 1.00 0.56 0.16 100.00 0.56
11W47 265.80 307.00 41.20 1.60 0.30 99.20 65.92
11W47 incl 272.40 273.40 1.00 5.27 0.38 100.00 5.27
11W47 and 278.20 279.20 1.00 10.63 1.02 100.00 10.63
11W47 and 284.20 295.90 11.70 2.06 0.30 100.00 24.10
11W47 and 299.00 300.00 1.00 9.55 0.29 100.00 9.55
11W47 324.80 327.40 2.60 4.96 1.63 100.00 12.90
11W47 356.50 358.50 2.00 0.61 0.37 100.00 1.22
11W48 8.75 22.00 13.25 1.16 0.47 91.28 15.37
11W48 incl 8.75 10.35 1.60 4.24 1.13 100.00 6.78
11W48 54.00 55.00 1.00 7.05 0.20 100.00 7.05
11W48 71.00 72.00 1.00 2.39 0.99 100.00 2.39
11W48 100.00 101.00 1.00 1.06 0.80 100.00 1.06
11W48 104.00 105.00 1.00 0.68 0.09 100.00 0.68
11W48 109.00 110.00 1.00 1.16 0.71 100.00 1.16
11W48 114.60 115.60 1.00 2.62 0.42 100.00 2.62
11W48 128.00 140.30 12.30 1.38 0.29 100.00 16.97
11W48 incl 135.00 136.00 1.00 8.30 0.67 100.00 8.30
11W48 and 139.30 140.30 1.00 5.89 0.70 100.00 5.89
11W48 147.20 148.20 1.00 0.88 0.36 100.00 0.88
11W48 158.00 159.00 1.00 0.59 0.59 100.00 0.59
11W48 169.50 173.10 3.60 1.15 0.43 100.00 4.14
11W48 245.50 246.50 1.00 1.03 0.31 100.00 1.03
11W48 264.10 265.20 1.10 0.58 0.52 100.00 0.64
11W48 416.70 418.80 2.10 5.43 1.71 100.00 11.40
11W48 incl 417.80 418.80 1.00 8.87 1.30 100.00 8.87
11W48 440.40 441.40 1.00 0.62 0.38 100.00 0.62
11W49 70.30 71.30 1.00 2.73 1.23 100.00 2.73
11W49 119.50 120.50 1.00 1.25 0.75 100.00 1.25
11W49 149.00 150.10 1.10 0.49 0.06 100.00 0.54
11W49 170.50 172.50 2.00 0.64 0.58 100.00 1.28
11W49 199.50 212.60 13.10 0.74 0.42 100.00 9.69
11W49 227.50 228.50 1.00 0.79 0.59 100.00 0.79
11W50 8.50 14.80 6.30 2.83 0.11 55.97 17.83
11W50 36.30 37.40 1.10 1.71 1.18 100.00 1.88
11W50 54.50 59.00 4.50 0.50 0.26 100.00 2.25
11W50 77.00 79.00 2.00 0.49 0.16 100.00 0.98
11W51 84.90 85.90 1.00 5.26 2.02 100.00 5.26
11W51 137.50 150.50 13.00 0.74 0.20 100.00 9.62
11W51 incl 137.50 138.50 1.00 4.46 0.27 100.00 4.46
11W51 167.50 175.80 8.30 0.50 0.26 100.00 4.15
11W51 incl 174.80 175.80 1.00 1.93 0.55 100.00 1.93
11W51 197.30 261.00 63.70 0.94 0.58 100.00 59.88
11W51 incl 198.60 202.10 3.50 3.79 3.04 100.00 13.27
11W51 and 233.60 234.80 1.20 3.42 0.67 100.00 4.10
11W51 and 238.20 239.20 1.00 5.42 0.65 100.00 5.42
11W51 and 254.50 256.50 2.00 3.49 2.10 100.00 6.98
11W52 13.55 18.40 4.85 3.73 0.28 27.73 18.09
11W52 incl 13.55 15.75 2.20 6.48 0.10 6.22 14.26
11W52 44.20 45.20 1.00 0.59 0.04 100.00 0.59
11W52 55.20 66.55 11.35 1.11 0.31 100.00 12.60
11W52 incl 55.20 56.20 1.00 3.28 0.64 100.00 3.28
11W52 and 65.40 66.55 1.15 3.56 0.35 100.00 4.09
11W52 70.55 71.55 1.00 0.95 0.16 100.00 0.95
11W52 75.55 76.75 1.20 2.43 0.48 100.00 2.92
11W53 45.30 46.50 1.20 1.50 0.71 100.00 1.80
11W53 116.00 117.30 1.30 1.69 0.90 100.00 2.20
11W53 149.30 150.30 1.00 1.51 0.45 100.00 1.51
11W53 166.70 167.70 1.00 2.72 0.77 100.00 2.72
11W53 176.70 177.70 1.00 0.53 1.38 100.00 0.53
11W53 202.00 204.00 2.00 2.44 0.85 100.00 4.88
11W53 incl 202.00 203.00 1.00 3.95 1.34 100.00 3.95
11W53 219.00 221.30 2.30 2.07 0.93 100.00 4.76
11W53 incl 219.00 220.00 1.00 4.18 1.26 100.00 4.18
11W53 226.90 227.90 1.00 0.58 0.64 100.00 0.58
11W53 237.70 238.70 1.00 0.64 0.60 100.00 0.64
11W54 171.40 173.40 2.00 1.00 0.98 100.00 2.00
11W54 213.00 219.20 6.20 1.15 0.36 100.00 7.13
11W54 incl 218.20 219.20 1.00 4.16 0.56 100.00 4.16
11W54 235.50 236.50 1.00 2.70 0.27 100.00 2.70
11W54 240.70 264.20 23.50 0.74 0.54 100.00 17.39
11W54 incl 260.00 261.00 1.00 3.59 0.70 100.00 3.59
11W54 280.00 288.20 8.20 0.53 0.27 100.00 4.35
11W54 incl 281.00 282.00 1.00 1.03 0.46 100.00 1.03
11W54 317.35 348.80 31.45 0.68 0.28 100.00 21.39
11W54 incl 319.90 321.55 1.65 2.27 0.43 100.00 3.75
11W54 and 346.20 348.80 2.60 3.21 0.39 100.00 8.35
11W55 71.00 72.00 1.00 0.72 0.19 100.00 0.72
11W56 35.10 36.10 1.00 3.81 0.44 100.00 3.81
11W56 49.60 50.60 1.00 1.40 0.42 100.00 1.40
11W56 57.60 58.60 1.00 1.07 0.12 100.00 1.07
11W56 80.70 81.70 1.00 0.50 0.22 100.00 0.50
11W57 76.20 79.20 3.00 2.65 0.54 100.00 7.95
11W57 incl 76.20 77.20 1.00 1.16 0.80 100.00 1.16
11W57 incl 78.20 79.20 1.00 6.74 0.79 100.00 6.74
11W57 121.00 122.00 1.00 2.15 0.09 100.00 2.15
11W57 182.00 183.00 1.00 1.48 1.51 100.00 1.48
11W57 242.40 243.40 1.00 0.82 0.72 100.00 0.82
11W57 315.00 320.00 5.00 0.87 0.35 100.00 4.35
11W57 incl 315.00 316.00 1.00 2.44 0.96 100.00 2.44
11W57 327.80 337.50 9.70 2.46 1.21 100.00 23.86
11W57 377.00 378.20 1.20 0.77 0.85 100.00 0.92
11W57 422.30 423.30 1.00 0.93 0.49 100.00 0.93
11W57 431.60 432.60 1.00 2.54 1.24 100.00 2.54
11W58 55.00 56.00 1.00 0.81 0.15 100.00 0.81
11W58 159.00 160.00 1.00 1.38 0.34 100.00 1.38
11W58 167.80 169.80 2.00 0.74 0.32 100.00 1.48
11W58 221.00 230.40 9.40 3.33 1.13 100.00 31.30
11W58 incl 225.00 230.40 5.40 5.10 1.26 100.00 27.54
11W58 incl 229.40 230.40 1.00 14.50 1.45 100.00 14.50
11W58 250.00 251.00 1.00 2.64 1.47 100.00 2.64
11W59 48.35 54.20 5.85 1.21 0.52 96.26 7.08
11W59 incl 53.00 54.20 1.20 3.42 1.28 100.00 4.10
11W59 60.80 70.45 9.65 1.32 0.31 98.05 12.74
11W59 incl 60.80 61.80 1.00 5.59 0.49 93.00 5.59
11W59 77.00 78.10 1.10 1.26 0.98 10.00 1.39
11W60 92.70 93.70 1.00 0.72 0.58 100.00 0.72
11W60 124.50 128.50 4.00 0.59 1.06 100.00 2.36
11W60 134.70 135.80 1.10 1.53 0.57 100.00 1.68
11W60 154.60 155.60 1.00 1.23 0.50 100.00 1.23
11W60 192.30 193.30 1.00 0.55 0.92 100.00 0.55
11W60 204.30 217.30 13.00 0.98 0.55 100.00 12.74
11W60 incl 205.50 206.50 1.00 5.92 1.79 100.00 5.92
11W60 227.50 228.50 1.00 0.63 0.27 100.00 0.63
11W60 239.00 248.50 9.50 0.99 0.18 100.00 9.41
11W60 incl 239.00 240.00 1.00 2.54 0.30 100.00 2.54
11W60 and 242.80 244.00 1.20 3.28 0.13 100.00 3.94
11W60 and 246.50 247.50 1.00 1.73 0.40 100.00 1.73
11W60 260.80 272.40 11.60 1.21 0.15 100.00 14.04
11W60 incl 267.40 268.40 1.00 4.35 0.15 100.00 4.35
11W60 and 271.40 272.40 1.00 4.42 0.15 100.00 4.42
11W60 278.40 279.70 1.30 0.81 0.14 100.00 1.05
11W60 281.70 282.70 1.00 0.75 0.28 100.00 0.75
11W60 305.50 306.50 1.00 0.51 0.35 100.00 0.51
11W60 326.70 335.50 8.80 0.50 0.22 100.00 4.40
11W60 incl 333.40 334.50 1.10 1.01 0.22 100.00 1.11
11W61 30.50 31.50 1.00 0.82 0.33 100.00 0.82
11W61 59.40 60.60 1.20 2.96 3.19 83.33 3.55
11W61 74.00 75.00 1.00 4.09 0.06 100.00 4.09
11W61 88.60 89.60 1.00 3.41 0.61 100.00 3.41
11W62 130.50 131.50 1.00 0.94 0.16 100.00 0.94
11W62 268.00 287.70 19.70 2.86 0.54 100.00 56.34
11W62 incl 278.00 287.70 9.70 5.20 0.80 100.00 50.44
11W62 and 279.00 286.70 7.70 6.37 0.96 100.00 49.05
11W62 and 281.00 283.40 2.40 18.84 1.39 100.00 45.22
11W62 incl 282.20 283.40 1.20 33.30 1.66 100.00 39.96
11W62 299.30 300.40 1.10 0.86 0.33 100.00 0.95
11W62 339.00 340.00 1.00 1.68 2.28 100.00 1.68
11W62 351.00 353.00 2.00 2.30 0.93 100.00 4.60
11W62 370.50 375.60 5.10 3.41 1.01 100.00 17.39
11W62 incl 372.30 375.60 3.30 4.15 1.20 100.00 13.70
11W62 416.00 427.60 11.60 0.63 0.52 100.00 7.31
11W62 incl 419.00 420.10 1.10 1.40 0.50 100.00 1.54
11W62 incl 426.50 427.60 1.10 1.76 2.05 100.00 1.94
11W62 443.50 444.50 1.00 0.97 0.43 100.00 0.97
11W62 447.00 448.00 1.00 1.23 0.24 100.00 1.23
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"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.comwww.edgewaterx.com
Edgewater Exploration (CE) (USOTC:EDWZF)
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