Adamus Resources Limited - High grade gold intersections at Kanyankaw
01 Dicembre 2011 - 7:31PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ Highlights -- RC drilling
intersects high-grade gold mineralisation -- Best results include
1m at 108g/t Au -- New mineralised trends identified -- Potential
for shallow open pit mineral resources PERTH, Western Australia,
Dec. 1, 2011 /CNW/ - Adamus Resources Limited is pleased to
announce that its ongoing exploration program has returned
positive results from the recent RC drilling program at its
Kanyankaw project (22km east of the Nzema Gold Project), located
between Tarkwa and the port town of Takoradi. This work, which has
revealed high-grade gold intersections, continues to reinforce
Adamus' strategy of developing regional exploration targets to
provide additional oxide mineral resources that can be delivered to
the Nzema processing plant by road transport. Best intersections
include :
______________________________________________________________
|KNRC005|2m @ 13.24g/t Au from 72m |
|_______|______________________________________________________|
|KNRC018|2m @ 9.98g/t Au from 27m |
|_______|______________________________________________________|
|KNRC008|6m @ 18.65g/t Au from 61m (Includes 1m @ 108g/t Au) |
|_______|______________________________________________________|
|KNRC004|2m @ 30.21g/t Au from 22m (Includes 1m @ 59g/t Au) |
|_______|______________________________________________________|
|KNRC006|2m @ 19.32g/t Au from 76m (Includes 1m @ 37.92g/t Au) | |
|2m @ 16.05g/t Au from 111m (Includes 1m @ 31.12g/t Au)|
|_______|______________________________________________________|
Adamus Managing Director Mark Connelly said: "This is very
significant as it indicates there may be potential for us to extend
the project's current 10 year mine life. We are continuing to
run an aggressive exploration program on near-mine targets as a key
component of our strategy to increase the Nzema Gold Project's
mineral resource base." In July 2011, Adamus drilled 25 RC holes at
Kanyankaw for a total of 2806m to in-fill drill coverage along the
Tribute Vein, and to test an area of quartz veining with small
scale mining to the southeast. Gold mineralisation is associated
with numerous narrow quartz veins that strike northeast and dip
moderately steeply to the northwest. The veins are
hosted by a thick sequence of mafic volcanic rocks that has been
deeply weathered to a depth of 80-100m. The laterite profile
has been eroded by streams leaving flat topped hills surrounded by
rugged terrain with deeply incised valleys where the laterite has
been largely removed. Although narrow, the quartz veins commonly
contain very high grades with carbonate-pyrite alteration extending
into the sheared mafic wallrocks. At the Tribute Vein the
quartz vein sets show continuity over ~800m in a zone 50 to 100m
wide. In-fill drilling confirmed previous results but also
intersected several new parallel zones providing encouragement for
further discoveries in the area. KNRC008 located just southeast of
the Tribute Vein intersected two narrow high-grade veins containing
1m @ 19.82g/t Au from 19m and 1m @ 108g/t Au from 63m. RC
drilling also intersected high-grade quartz veins at the second
target area to the southeast where there is abundant evidence of
mining over an extended period including a two compartment
shaft. KNRC004 intersected 1m @ 59g/t Au from 24m and KNRC006
intersected 1m @ 37.92g/t from 77m and 1m @ 31.12g/t Au from 111m.
Additional RC drilling is planned to determine the strike
continuity of the high-grade veins and their lateral spacing at
both the Tribute Vein and several new targets to the
southeast. Although narrow, the high grade of the
mineralisation highlights the potential for open pit mineral
resources. History There has been a long history of gold mining at
Kanyankaw with the first documented production by the Portuguese in
the 16(th) century. Between 1904 and 1953 gold was produced
by colonial companies from small shafts and adits. Modern
exploration commenced in the mid-1980s with systematic soil
sampling, mapping and drilling resulting in the discovery of the
Tribute Vein, a northeast trending vein set. The best drill
intersection from the Tribute Vein is 6m @ 9.54g/t Au.
Reconnaissance work led to a second area of quartz veining 750m to
the southeast. Sampling of road cuttings near this area
returned results of 24m @ 1.45g/t Au and 18m @ 1.48g/t Au. ADAMUS
RESOURCES LIMITED (signed) Mark Connelly Managing Director/CEO
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. 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 expectation 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.
Adamus Resources Limited CONTACT: Mr Ian Cunningham -
Company Secretaryon +61 8 9322 5943
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