Nov 28, 2011
Edgewater Intersects Broad Zones of Gold Mineralisation Including 0.53 g/t Gold Over 81.0 Metres at Enchi Gold Project
SWDDH051, 0.53 g/t gold over 81.0 metres inc. 1.15 g/t gold over 9.0 metres
SWDDH061, 0.67 g/t gold over 32.0 metres inc. 1.10 g/t gold over 8.0 metres
SWDDH062, 0.65 g/t gold over 27.0 metres inc. 2.05 g/t gold over 8.0 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. Phase I drilling at the Boin, Sewum and Nyam projects have been completed and confirmed the continuity of mineralization between previous drill holes. Phase II drilling has commenced at Boin and Nyam and is focused on increasing the size of the known gold zones by testing the mineralized zones at depth and along strike. Highlights from the Phase I drilling at Sewum gold zone include: 0.53 g/t gold over 81.0 metres, including 1.15 g/t gold over 9.0 metres (SWDDH051), 0.67 g/t gold over 32 metres, including 1.10 g/t gold over 8.0 metres (SWDDH061) and 0.65 g/t gold over 27.0 metres, including 2.05 g/t gold over 8.0 metres (SWDDH062)
George Salamis, President and CEO of Edgewater, stated, "Phase I diamond drilling at the Sewum zone continues to define broad zones of near surface low grade gold mineralization which correlate with an intrusive contact that has been traced for more than 6.0 km of cumulative strike length and remains open for expansion in all directions. A 5.0 km2 gold-in-soil anomaly overlaps the Sewum zone of which less than half has been drill tested and only at very shallow depths. We now have a very good interpretation of the different gold zones at Enchi and our Phase II drilling is currently concentrating on defining gold zone extension continuity both along strike and down dip. We are on track to produce our maiden Enchi gold resource in Q1, 2011."
SEWUM GOLD ZONE
The Phase I drill programme consisted of seventy holes totalling 9878m and initially targeted steeply dipping shears hosted in carbonaceous sediments at the southern end of the Sewum Shear Zone. The latter part of Phase I drilling was focused on a 500m wide 3km long steeply dipping dolerite intrusive located within the 7.0 km x l.5km Sewum gold-in-soil anomaly. Drilling showed that the intrusive has a complex irregular contact composed of mineralized breccia, shears and stockworks developed both within the intrusive and the adjacent host sediments. Phase I drilling identified three consistently mineralized gold zones that partially overlap.
Follow-up Phase II drilling is planned at Sewum to continue testing the zones of mineralization once the assay results for the final 10 holes have been received. Based on the open ended nature of the intercepts to date, the interpretation of the orientation of the zone, as well as additional geological, geochemical and geophysical data Edgewater's geologist consider the Phase II drilling to have an excellent chance at increasing the size of the known gold zones at Sewum.
BOIN GOLD ZONE PHASE II DRILLING
The Boin Gold Zone is host to gold intercepts over a known strike length in excess of 10 km identified by previous RC and RAB drilling. Gold mineralization at Boin is localised in the hanging wall of a west dipping thrust fault that branches off the prolific Bibiani Shear Zone.
Phase I drilling at Boin was focused on shallow (<75m vertical depth) drilling focused at confirming continuity between pre-existing drilling completed by previous operators. Edgewater succeeded in Phase I drilling, highlight drilling results included; 1.72 g/t gold over 24m, (see news release April 12, 2011)1.58 g/t gold over 24m, 1.41 g/t over 34m, 1.42g/t gold over 24m and 1.39g/t gold over 22m, (news release May 04, 2011).
In September Phase II deeper drilling commenced and 25 holes totalling 4115m have been completed to date. The drilling is aimed at extending the zone of continuous gold mineralization at Boin by testing "down-plunge" gold mineralized shoots projected from better grade zones drilled near surface as well as testing the mineralized zone along strike. Significant widths of quartz veining that typically host the gold mineralisation at Boin have been logged in most drill core collected to date from the deep drilling. Assays for holes drilled during Phase II have not yet been received. Based on the results of these drill programs a maiden NI 43-101 resource statement for Boin is expected to be prepared by early 2012.
NYAM GOLD ZONE
A second phase of combined diamond and RC drilling aimed at expanding the known resources by testing the mineralised structure along strike and at depth has commenced at the Nyam Gold Zone. Holes drilled 400m SW and along strike of Phase I drilling have intersected broad zones of altered and brecciated sediment typical of the mineralisation found at Nyam extending the known length of the Nyam zone to a cumulative length of over 2.0 km. It is anticipated that the results of these drill programmes will allow the preparation of an NI 43-101 resource statement for Nyam early 2012.
The Nyam Zone lies along a regional scale structure (Nyambekyere Shear Zone) that can be traced for >15.0 kms to the south of Nyam. Numerous gold prospects lie along this structure including the Kwakyekrom gold zone.
In October a RC drill rig replaced one of the three diamond rigs on site at Enchi to speed up the drill programme and minimize costs. To date 23,462m (195 drill holes) of a 38,000m programme contracted for 2011 have been completed
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., 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
Telephone: (604) 628-1012
"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.
SEWUM WEST CONTACT ZONE
TABEL 1 "CONT" SEWUM RIDGE TOP SHEARS AND EAST CONTACT ZONE
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