Jan 20, 2012


Edgewater Drills 2.65 g/t Gold Over 35.0 Metres Boin Gold Zone On The Enchi Project Extended For Over 900 Metres

BOIN GOLD ZONE
KBDDH035, 1.44 g/t gold over 17 metres
KBDDH045, 2.65 g/t gold over 35 metres
KBDDH055, 2.04 g/t gold over 12 metres

Vancouver, British Columbia: Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce the latest results from the 2011 drilling programme recently completed at the Company's, Enchi Gold Project ("Enchi or the Project") in Ghana. In 2011 three rigs completed 223 drill holes totaling 26,911m. Drilling was focused on three main zones of gold mineralization, Boin, Nyam and Sewum, located 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.

Recently completed Phase II drilling at Boin and Nyam successfully increased the size of the known gold zones by testing the mineralized zones at depth and along strike. Significant intersections include: 2.65 g/t gold over 35 metres (KBDDH045), 1.44 g/t gold over 17 metres (KBDDH035), 2.04 g/t gold over 12 metres (KBDDH055) from Boin and 0.63 g/t gold over 33 metres, including 1.58 g/t gold over 7 metres (NBDDH44) from Nyam. Assay results for five drill holes from Boin and four drill holes from Nyam are pending.

George Salamis, President and CEO of Edgewater, stated "We are very pleased to confirm the mineralized extension of the Boin Gold Zone. These latest drilling results are from areas that were previously untested or only sparsely tested, and continue to demonstrate the excellent upside gold potential of the Project. At the Boin Zone, drill hole KBDDH035 (1.44 g/t Au over 17 metres) has extended the known gold mineralization by at least 900 metres along strike leaving the entire northern extension of Boin open for further resource potential. Diamond drilling has now traced the Boin gold mineralization over a strike length of more than 1,200 metres but only to an average depth of 75 metres, further highlighting the tremendous potential at Boin. Our 2012 drill program will recommence shortly, following up on these targets and other areas as we move Enchi forward towards a maiden resource estimate during the first half of 2012."

BOIN GOLD ZONE PHASE II DRILLING RESULTS

Historical lines of RC and RAB holes drilled across the Boin Gold Zone have intersected anomalous gold mineralization over a strike length in excess of 10 kilometres. Gold mineralization at Boin is hosted in sheared volcaniclastic and carbonaceous sedimentary rocks cut by quartz veins localized in the hanging wall of the Boin Fault.

Edgewater's first phase of diamond drilling at Boin confirmed a near surface, moderately dipping (~40º) zone of continuous gold mineralization over a distance of more than 1000 metres long up to 35 metres thick was and is open along strike and down dip. The average depth of this drilling was shallow, ranging between 50 to 75 metres from surface. In the last quarter of 2011 Phase II drilling targeting down dip and strike extensions to mineralization at Boin was completed. The programme consisted of 36 holes totaling 5148 metres, intersecting mineralization to a depth of 200 metres below surface and successfully extended the main zone of continuous gold mineralization to >1200m in length (Table I). Assays for five holes drilled at Boin are pending.

Hole KBDDH035 drilled across the Boin Fault, 900 metres north of the main zone of mineralization intersected 1.44 g/t gold over 17 metres and is interpreted to be related to a new zone that warrants further drilling. Based on the results of these drill programs a maiden NI 43-101 resource statement for Boin is expected to be prepared in the first half of 2012.

TABLE I
BOIN GOLD ZONE DRILL INTERCEPTS FROM PHASE II DRILL PROGRAMME

HOLE NO

TYPE

SECTION

FROM(m)

TO(m)

INTERVAL

Au Grade(g/t)

KBDDH035

Diamond Drillhole

6100N

97

114

17

1.44

KBDDH037

Diamond Drillhole

4200N

125

137

12

0.76

KBDDH038

Diamond Drillhole

6100N

117

127

10

0.61

KBDDH038

Diamond Drillhole

6100N

134

135

1

1.50

KBDDH038

Diamond Drillhole

6100N

145

146

1

1.21

KBDDH041A

Diamond Drillhole

6000N

107

108

1

1.11

KBDDH042

Diamond Drillhole

3900N

92

96

4

1.40

KBDDH043

Diamond Drillhole

6000N

0

38

38

0.44

KBDDH043

Diamond Drillhole

inc

17

27

10

1.03

KBDDH044

Diamond Drillhole

4400N

157

177

20

0.42

KBDDH045

Diamond Drillhole

4350N

6

41

35

2.65

KBDDH046

Diamond Drillhole

5900N

126

127

1

1.84

KBDDH047

Diamond Drillhole

4350N

91

92

1

2.48

KBDDH049

Diamond Drillhole

4450N

9

16

7

1.22

KBDDH050A

Diamond Drillhole

4500N

18

49

31

0.54

KBDDH050A

Diamond Drillhole

inc

29

38

9

1.15

KBDDH050A

Diamond Drillhole

4500N

56

63

7

1.20

KBDDH050A

Diamond Drillhole

4500N

72

73

1

1.32

KBDDH055

Diamond Drillhole

4700N

83

95

12

2.04

KBDDH057

Diamond Drillhole

4900N

8

17

9

0.50

KBDDH057

Diamond Drillhole

4900N

32

36

4

1.08

KBDDH058

Diamond Drillhole

4900N

99

101

2

1.50

Notes:
1. All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
2. Weighted averages calculated using uncut assays.


NYAM GOLD ZONE RESULTS

In December 2011 Phase II drilling at the Nyam Zone was completed. Five deep diamond holes totaling 1164 metres targeted the down plunge extensions of gold mineralization identified in Phase I drilling and six RC holes totaling 662 metres were drilled to test the southern extension of the mineralized zone. All five diamond holes intersected broad zones of veined and brecciated carbonaceous siltstone that typically hosts the gold mineralization from between 80 and 175m depth below surface. Hole NBDDH044 intersected 0.67 g/t gold over 33 metres from 116m depth, including 1.58 g/t gold over 7 metres. Results for the other four deep diamond holes are still pending.

Six RC drill holes tested the Nyam mineralized structure between 400m and 1000m south of the Phase I diamond drilling. All RC holes intersected veining and alteration typical of the Nyam mineralization. NBRC001 and NBRC006 returned anomalous gold intercepts (See Table II). Further drilling of the Nyam structure along strike north and south of the main mineralized zone is warranted, and preparations are being made to re-enter the area with two drill rigs in 2012. It is anticipated that the results of these drill programs will allow the preparation of a NI 43-101 resource statement for Nyam in the first half of 2012.

TABLE II
NYAM PROSPECT RESULTS FROM THE PHASE II DRILL PROGRAMME

HOLE NO

TYPE

SECTION

FROM(m)

TO(m)

INTERVAL

Au Grade(g/t)

NBDDH043

Diamond Drillhole

15200N

Pending

 

 

 

NBDDH044

Diamond Drillhole

15280N

116

149

33

0.63

NBDDH044

Diamond Drillhole

inc

132

149

17

0.94

NBDDH044

Diamond Drillhole

inc

132

139

7

1.58

NBDDH045

Diamond Drillhole

15360N

Pending

 

 

 

NBDDH046

Diamond Drillhole

15805N

Pending

 

 

 

NBDDH047

Diamond Drillhole

15950N

Pending

 

 

 

NBRC001

Diamond Drillhole

14370N

42

43

1

16.58

NBRC001

Diamond Drillhole

14370N

111

112

1

0.70

NBRC002

Diamond Drillhole

14140N

no sig. intercepts

 

 

 

NBRC003

Diamond Drillhole

14140N

no sig. intercepts

 

 

 

NBRC004

Diamond Drillhole

13950N

no sig. intercepts

 

 

 

NBRC005

Diamond Drillhole

13860N

no sig. intercepts

 

 

 

NBRC006

Diamond Drillhole

13680N

72

82

10

0.59

Notes:
1. All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
2. Weighted averages calculated using uncut assays.


SEWUM GOLD ZONE

All assays for the 70 diamond holes drilled at the Sewum Prospect have now been received (Table III). Latest results continue to show that gold mineralization has been localized along steep to moderately dipping shear zones hosted in carbonaceous sedimentary and intrusive rocks and also in silicified and brecciated contact zones of a dolerite intrusive. The dolerite intrusive is steeply dipping, 500 metres wide and 3000 metres long. The mineralization is hosted within and around the intrusive remains open ended in all directions.

Follow-up drilling to expand the gold resources at Sewum is planned to commence in February 2012.

TABLE III
SEWUM PROSPECT PREVIOUSLY UNREPORTED DRILL INTERCEPTS FROM FIRST
PHASE OF DIAMOND DRILL PROGRAMME

HOLE NO

TYPE

SECTION

FROM(m)

TO(m)

INTERVAL

Au Grade(g/t)

SWDDH059

Diamond Drill Hole

21000N

18

62

44

0.65

SWDDH059

Diamond Drill Hole

INC

39

53

14

1.14

SWDDH069

Diamond Drill Hole

20900N

37

72

35

0.31

SWDDH069

Diamond Drill Hole

INC

58

62

4

0.93

Notes:
1. All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
2. Weighted averages calculated using uncut assays.


Sample analyses have been conducted at independent commercial facilities SGS and Intertek 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.

"George Salamis"
George Salamis, President and CEO

For further information, please contact:
Ryan King, Vice President rking@edgewaterx.com
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.
 
 

You can view the Next News Releases item: Tue Jan 24, 2012, Edgewater Drills 1.14 G/T Gold Over 68 Metres at a New Gold Zone on the Enchi Gold Project

You can view the Previous News Releases item: Tue Jan 10, 2012, Edgewater Drills 1.93g/t Gold over 38.7m and 1.60g/t Gold over 41.0m on the Corcoesto Gold Project

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