Sep 19, 2011
Edgewater Intersects New Bulk Gold Zone at Enchi Gold Project, Ghana Results Include 0.35g/t Gold over 200 Metres
SEWUM GOLD ZONE
SWDDH038, 0.35 g/t gold over 200.1 metres inc. 1.21 g/t gold over 7metres
SWDDH043, 0.39 g/t gold over 61 metres inc. 2.54 g/t gold over 4metres
BOIN GOLD ZONE
KBDDH016, 1.12 g/t gold over 28 metres
KBDDH022, 1.05 g/t gold over 19 metres
NYAM GOLD ZONE
NBDDH039, 5.43 g/t gold over 8 metres
NBDDH041, 1.06 g/t gold over 13 metres
NBDDH042, 0.70 g/t gold over 40 metres inc. 1.15 g/t gold over 11 metres
Vancouver, British Columbia. Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce results from the ongoing drilling programme at the Company's, Enchi Gold Project ("Enchi or the Project") in Ghana. Three diamond drilling rigs are currently on site and 17,234m (149 drill holes) of a 38,000m programme contracted for 2011 have been completed. Drilling has been focussed on three main zones of gold mineralization, Boin, Nyam and Sewum, localised along the Bibiani Fault or associated regional scale fault splays (Nyambekyere Shear and Sewum Shear). The Bibiani Fault is host to the mineralization at Kinross Gold Corporations Chirano gold mine located 70kms northeast of Enchi. Mineralization intersected during Phase I including 0.35g/t gold over 200m at the Sewum gold zone is evidence of a newly discovered gold system interpreted to be a much larger broad bulk tonnage system which is the source of the vast geochemical anomalies at the Sewum zone. Edgewater currently has assays pending for an additional 23 diamond drill holes from the Sewum zone. Phase I shallow drilling at Boin and Nyam continues to intersect near surface gold mineralization where Edgewater has focused on confirming continuity between previously drilled sections by Red Back Mining. A Phase II drilling programme has commenced at Boin and Nyam focusing on deeper plunging sections of these gold zones, which remains significantly open at depth and along strike, showing similar structural characteristics to the Chirano gold mine and Bibiani gold mine geology. Edgewater remains on track with a maiden NI 43-101 resource estimate during Q4, 2011.
George Salamis, President and CEO of Edgewater, stated "These encouraging drill results continue to highlight the vast gold resource potential at Enchi. For the first time at Enchi, Edgewater is intersecting broad zones of low grade gold mineralization, in some cases up to 200m in thickness at the Sewum Gold Zone. Sewum hosts over 5kms of the highest soil geochemical anomalies identified at Enchi and coupled with these recent diamond drill results we believe we are on the edges of a previously unidentified and large intrusive hosted gold system in the Sewum area. Elsewhere at Boin and Nyam, the predominance of several kilometres of strike length consisting of continuous gold mineralization in drill-core and trenches along several linear structures is a strong indication that we are in the presence of a very large gold mineralized system. With the Phase I program having successfully intersected shallow gold mineralization at Boin and Nyam, Phase II drilling has commenced and will be testing deeper regions of known mineralization in these areas, below depths of 200 meters from surface. At Kinross' Chirano gold deposit to the north of Enchi, deeper drilling along shoots of near surface mineralization led to the discovery of high grade gold resources at depth. As Enchi has the same geological and structural setting as the Chirano mine we view the potential for gold zone discovery and continuity at depths of below 200 metres as being excellent."
BOIN GOLD ZONE RESULTS
The Boin Gold Zone has anomalous gold intercepts over a known strike length in excess of 10 km identified by previous RC and RAB drilling. Gold mineralization at Boin is hosted in highly weathered volcanic and sedimentary rocks cut by quartz veins and localised in the hanging wall of the Bibiani Fault.
Edgewater's first phase of diamond drilling at Boin was recently completed. Thirty three holes totalling 2919m were drilled aimed at confirming results of previous RC drilling and proving continuity of the mineralised zone by twinning selected holes and infill drilling between the wider spaced lines of RC holes. The drilling confirmed a near surface, moderately dipping (~40º) zone of continuous gold mineralization >1000 m long up to 35m thick that is open along strike and down dip (See Table I). The average depth of this drilling was shallow, ranging between 50 to 75m from surface.
In early September a second phase of drilling aimed at extending the zone of continuous gold mineralization at Boin was commenced. In this second phase, Edgewater will be targeting "down-plunge" mineralization where zones of concentration are projected from near surface drilling, at depths averaging below 200m from surface. Based on the results of these drill programs an inaugural NI 43-101 resource statement for Boin is expected to be prepared by late 2011.
BOIN GOLD ZONE PREVIOUSLY UNREPORTED SIGNIFICANT DRILL INTERCEPTS FROM FIRST PHASE DIAMOND DRILL PROGRAMME
As reported in May an initial programme of 42 diamond drill holes totalling 3969m and 12 trenches totalling 394m had been completed at the Nyam Zone. All assay results for this first phase of diamond drilling have now been received (for Previously Unreported Results See Table II). Gold mineralization is hosted in altered and brecciated carbonaceous sediment and localised along a steep east dipping structure. Mineralization has now been intersected in drilling continuously over 1600m and is still open in all directions.
A second phase of drilling aimed at expanding the known resources by testing the mineralised structure along strike and at depth has been planned for the Nyam Zone. Construction of new roads to allow rig access has been completed. It is anticipated that the results of these drill programmes will allow the preparation of an NI 43-101 resource statement for Nyam in late 2011.
The Nyam Zone lies along a regional scale structure (Nyambekyere Shear Zone) that can be traced for >15kms to the south of Nyam. Numerous gold prospects lie along this structure including the Kwakyekrom Prospect where RC drilling and trenching conducted by Leo Shields in 1996 outlined a continuous zone of gold mineralisation >1500m long and included drill hole intersections up to 1.51 g/t gold over 22m. Diamond drilling has been planned for Kwakyekrom when the second phase of drilling has been completed at Boin and Nyam.
NYAM PROSPECT PREVIOUSLY UNREPORTED SIGNIFICANT RESULTS FROM FIRST PHASE DIAMOND DRILL PROGRAMME
The first phase of diamond drilling has been completed at the Sewum prospect. Seventy holes totalling 9878m were drilled. The drilling was designed to test a 7km long gold geochemical anomaly that straddles the Sewum Shear Zone. The Sewum Shear Zone consists of a series of stacked thrusts up to 3km wide and hosts numerous gold prospects along its length. The drilling showed that gold mineralization has been localised along steep to moderately dipping shears hosted in carbonaceous sediment and intrusive and also in a silicified, brecciated and stockworked contact zone of a dolerite intrusive (See Table III). Results are still pending from 23 drill holes.
Drilling confirmed the continuity of anomalous gold mineralization over more than 3000m and discontinuous mineralization over more than 5000m along the Sewum Shear Zone. Follow-up drilling is planned at Sewum to continue testing the zones of mineralization identified in the first phase of diamond drilling once all the assay results have been received.
SEWUM PROSPECT SIGNIFICANT RESULTS FROM FIRST PHASE OF
DIAMOND DRILLING (RESULTS FROM 23 DRILL HOLES STILL PENDING)
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.
President and CEO
For further information, please contact:
Ryan King, Vice President firstname.lastname@example.org
Telephone: (604) 628-1012
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