Edgewater Announces Updated Inferred Resource Estimate of 20.8 Mt grading 1.15 g/t Au Containing 768,000 Ounces of Gold at th...
2014年5月12日 - 10:00PM
Marketwired
Edgewater Announces Updated Inferred Resource Estimate of 20.8 Mt
grading 1.15 g/t Au Containing 768,000 Ounces of Gold at the Enchi
Project, Ghana
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) - Mr.
George Salamis, President and CEO of Edgewater Exploration Ltd.
(TSX-VENTURE:EDW) ("Edgewater" or the "Company") is pleased to
announce an updated National Instrument 43-101 Inferred Resource
Estimate at the Company's Enchi Gold Project, Ghana. The Inferred
Resource Estimated at a cut-off grade of 0.7 g/t Au is as
follows:
Enchi Gold Project, Ghana |
2014 Inferred Mineral Resource Summary |
Cut-off |
Zone |
Tonnes |
Grade |
Contained Gold |
Au (g/t) |
|
|
Au (g/t) |
(ounces) |
0.7 |
Boin |
9,551,000 |
1.20 |
368,500 |
0.7 |
Nyam |
3,716,000 |
1.13 |
135,000 |
0.7 |
Sewum |
7,549,000 |
1.09 |
264,500 |
|
TOTAL |
20,816,000 |
1.15 |
768,000 |
1. |
|
CIM
definitionstandards were followed for the resource estimate. |
2. |
|
The
2014 resourcemodels used ordinary kriging (OK) grade estimation
within athree-dimensional block model with mineralized zones
defined by wireframedsolids. |
3. |
|
A
base cut-offgrade of 0.7 g/t Au was used for reporting resources
with a capping ofgold grades at 18 g/t. |
4. |
|
A
US$1,300/ouncegold price, open pit with heap leach operation was
used to determine thecut-off grade. |
5. |
|
A
density of 2.45 g/cm3 was applied. |
6. |
|
Numbers may not addexactly due to rounding. |
7. |
|
Mineral Resourcesthat are not mineral reserves do not have economic
viability |
President and CEO, George Salamis, states; "This updated
Inferred Resource Estimate remains in line with our expectations
and continues to demonstrate significant upside potential. The
current resource is hosted at or near surface, generally to an
average vertical depth of only 75 meters and is open both along
strike and to depth. The resource, which is largely hosted within
oxidized saprolitic host rock, trends toward key targets where
significant surface gold anomalies and anomalous trench results
highlight potential strike extensions of several kilometers in
length."
The Resource Estimate was prepared by independent qualified
person Todd McCracken, P. Geo. of WSP Canada Inc. ("WSP"). The
mineral resources were estimated using a block model with parent
blocks of 10 X 10 X 10 and using ordinary Kriging methods for grade
estimation. The quantity and grade of reported inferred resources
in this estimation are uncertain in nature and there has been
insufficient exploration to define these inferred resources as an
indicated or measured mineral resource and it is uncertain if
further exploration will result in upgrading them to an indicated
or measured mineral resource category. The mineral resource
estimate is based on the combination of geological modeling,
geostatistics and conventional block modeling using the ordinary
kriging method of grade interpolation. The geological model and
corresponding sections and plans were generated by Edgewater
personnel and then audited by WSP. The QAQC protocols and
corresponding sample preparation and shipment procedures for the
Enchi Project have been reviewed by WSP.
A technical report is being prepared and will be filed in the
next 45 days.
The Resource Estimate also evaluated the Enchi Project at a
range of cut off grades between 0.3 and 2.0 g/t Au. Results are as
follows;
Cut-off |
Tonnes |
Au g/t |
Ounces |
0.3 |
72,611,000 |
0.65 |
1,526,065 |
0.4 |
53,366,000 |
0.76 |
1,304,918 |
0.5 |
37,357,000 |
0.90 |
1,078,702 |
0.7 |
20,816,000 |
1.15 |
767,988 |
0.9 |
12,993,000 |
1.36 |
569,879 |
1.0 |
10,127,000 |
1.49 |
484,388 |
1.2 |
6,446,000 |
1.70 |
352,779 |
1.5 |
3,011,000 |
2.11 |
204,549 |
1.7 |
2,041,000 |
2.36 |
154,976 |
1.9 |
1,554,000 |
2.54 |
126,727 |
2.0 |
1,174,000 |
2.73 |
102,909 |
The 2014 Mineral Resource estimate was based on 52,385 metres of
diamond and RC drilling in 646 holes as well as data from 13,799
metres in 102 surface trenches. The drilling is generally spaced at
25 to 50 metre intervals.
The Enchi Project is a 51% Edgewater and 49% Red Back Ghana
Limited ("Red Back") a wholly owned subsidiary of Kinross Gold
Corporation ("Kinross") Joint Venture (subject to a 10% carried
interest held by the Government of Ghana).
A two phase success contingent work program has been recommended
by WSP. The first phase consists of metallurgical testing, and the
completion of a preliminary economic assessment. The second phase,
contingent on the success of phase one, consists of additional
drilling, detailed metallurgical testing, further technical studies
and a pre-feasibility study.
The Enchi resource estimate data in this news release was read
and approved by Todd McCracken, P.Geo. of WSP Canada Inc., who is
independent of Edgewater and a Qualified Person ("QP") as defined
by National Instrument 43-101.
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 development and exploration company
focused on the development of precious metal properties. Edgewater
has an experienced mine building and operating team with a track
record of success. The Company is currently developing the
Corcoesto Gold Project in northwest Spain, and exploring the Enchi
Gold Project in Ghana, West Africa.
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.
Edgewater Exploration Ltd.Ryan KingVice President(604)
628-1012rking@edgewaterx.com
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