Adamus Resources Limited - Additional oxide ounces confirmed
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PERTH, Western Australia, Oct. 7, 2011 /CNW/ - Adamus Resources Limited
is pleased to announce positive results from resource definition drilling at the Nfutu prospect where the mineral resource remains open along strike.Adamus CEO Mark Connelly said: 'This program supports Adamus' strategy of exploring satellite deposits and identifying a resource pipeline'.
The Nfutu prospect is located 6km west of the Nzema plant and just 700m from the Anwia Bokazo deposit haul road.
In July 2011, 47 holes were drilled for 3935.7m to infill previous drilling to 25m and to convert the mineral resource from the Inferred category to Measured and Indicated. The drilling has confirmed the continuity of gold mineralisation within two distinct mineralised zones that are located on a north-westerly trend that extends for over 400m. The mineralisation is associated with quartz veins within phyllite and greywacke and is similar in appearance to the Anwia Bokazo deposit located 2.5km to the west.
Best results from the latest drilling programme include the following intersections :
_________________________________
|BKRC101|11m @ 4.31g/t Au from 79m|
|_______|_________________________|
|BKRC062|8m @ 2.39g/t Au from 27m |
| |3m @ 4.58g/t Au from 43m |
|_______|_________________________|
|BKRC104| 9m @ 2.09g/t Au from 1m |
|_______|_________________________|
|BKRC091|10m @ 1.25g/t Au from 19m|
| |7m @ 1.33g/t Au from 39m |
|_______|_________________________|
The results are significant because they show the mineralised zones are still open to the northwest and southeast. BKRC091 and BKRC090 both intersected mineralisation that has not been adequately closed off to the south. Similarly, hole BKRC101 located at the northwest end of the prospect intersected mineralisation that provides encouragement for extensions either along strike or to the northwest within a plunging shoot. Additional reverse circulation drilling is planned.
The current mineral resource estimate for Nfutu (calculated in June 2008) is 282,450t @ 1.28g/t Au for 11,624oz Au (Measured and Indicated) and 753,313t @ 1.49g/t Au for 36,187oz Au (Inferred), at a 0.6g/t Au cut-off. The latest drilling program is expected to result in an increase to the existing mineral resource. A mineral resource update will be available in Q4 2011.
About Adamus
Adamus Resources is a gold producer, with its key asset located in Ghana, West Africa. The company poured its first gold in January 2011, entered commercial production three months later and is on target is to produce 100,000 ounces of gold annually from its flagship Nzema Gold Project. The project includes open pit mining operations, a processing facility and associated infrastructure to mine and process ore. On current estimates the project has a minimum life of 10 years.
As well as continuing with an extensive exploration program aimed at expanding its operations in Ghana, Adamus is also targeting additional discoveries from its significant landholding in Liberia. Both countries provide a stable, mining-friendly political and economic environment for Adamus to operate.
Adamus is headquartered in Perth, Western Australia. The company is listed on the Australian Securities Exchange, TSX Venture Exchange and Frankfurt Stock Exchange Open Market.
In August 2011 the Company announced its intention to merge with Endeavour Mining Corporation. Endeavour owns the Youga Gold Mine in Burkina Faso, West Africa as well as a pipeline of exploration and development projects in the region. If approved by Adamus and Endeavour shareholders, the merger is likely to take place in December 2011.
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.
Information in this announcement pertaining to ore reserves was compiled by Glenn Williamson an employee of Mining Resources Pty Ltd, who is a Member of The Australasian Institute of Mining and Metallurgy. He qualifies as a 'Qualified Person' under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Glenn Williamson 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. Glenn Williamson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Information in this announcement pertaining to mineral resources was compiled by Nic Johnson, an employee of Hellman & Schofield Pty Ltd, who is a Member of The Australian 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. Nic Johnson 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. Nic Johnson 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.
Adamus Resources Limited
CONTACT: Mark Connelly - Managing Director / CEO
61 8 9322 5943
email: info@adamusresources.com.au
For media enquiries contact:
David Ikin - Professional Public Relations
61 8 9388 0944
email: david.ikin@ppr.com.au
