May 04, 2011
Edgewater Intersects 1.58 g/t Gold over 24m and 1.41 g/t Gold over 34m on the Company's Enchi Gold Project in Ghana
Vancouver, British Columbia. Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce further significant drill hole and trench results on the Company's Enchi Gold Project ("Enchi or the Project") in Ghana (See Tables 1 and 2). Significant diamond drilling results from the Boin Gold Zone include: 1.58 g/t Au over 24 metres, 2.91 g/t Au over 12 metres, 1.41 g/t Au over 34 metres, 1.42 g/t Au over 24 metres and 1.39 g/t Au over 22 metres. Results continue to confirm and expand the near surface gold zones at Boin and Nyam (see a plan map here). The first phase of diamond drilling and trenching at Nyam has included 42 holes, and 12 trenches. Follow-up drilling is planned once all assays have been received and the results compiled. The first phase drilling at Boin continues. Based on the results of these drill programs inaugural NI 43-101 resource statements for the Boin and Nyam Gold Zones are expected to be prepared in 2011.
George Salamis, President and CEO stated: "This series of gold intercepts represent the best results completed by Edgewater on the Enchi Project. We continue to intersect significant widths of gold mineralization on the Boin and Nyam structures, representing only 2 of the known 16 gold prospects on the Enchi Gold Project. Both gold zones are showing good continuity following the Bibiani Fault that hosts the Chirano Gold Mine 70km North-east of Enchi."
The Boin Gold Zone has anomalous gold intercepts over a known strike length in excess of 10 km identified by 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 a regional scale thrust fault (Bibiani Fault). The Bibiani Fault is host to the mineralization at Kinross Gold Corporations Chirano Gold mine (5 million oz) located 70kms northeast of the Boin Project.
Recent diamond drilling by Edgewater at Boin has successfully confirmed the continuity and grade of the gold mineralized zone previously intersected in wider spaced RC and RAB drilling. Upon receipt of all assays from the completed diamond drilling in May, additional drilling will be initiated aiming to expand the known gold zone by stepping out at regular intervals along strike and down dip of the host structure (Bibiani Fault).
NYAM GOLD ZONE
An initial programme of 42 diamond drill holes totalling 3969m and 12 trenches totaling 394m has been completed at the Nyam Gold Zone. Gold mineralization is hosted in altered and brecciated carbonaceous sediment and localised along a steep east dipping structure. Mineralization has been traced continuously over 1600 m and is still open in all directions. Construction of new roads to allow rig access to drill along strike and depth extensions of the Nyam project is expected to be completed in May.
A continuous zone of gold prospects and gold-in-soil anomalies extends for 15 km from Nyam southwest through to the Sewum Gold Zone. Many of these prospects and anomalies remain to be drill tested.
SEWUM GOLD ZONE
As additional results are received and interpreted from the completed drilling at Nyam the drill rig has been moved to the Sewum Gold Zone. A minimum programme of at least 3000m has been planned at Sewum aimed at drill testing a 1200m zone of continuous gold mineralization outlined by surface trenching. Results of up to 24.2m grading 1.14 g/t gold were obtained from the trenches. Broad zones of quartz breccia in excess of 50m true width have been intersected in the first drill holes. Assays are pending.
ERADI GOLD PROSPECT
Construction of drill rig access into the Eradi Gold Prospect will commence in early May. The Eradi Prospect is located at the convergence of two of the main regional scale structures, the Bibiani and Nyambekyere shear zones, located at the northern end of the Enchi licenses. A gold-in-soil anomaly in excess of 5kms in length at Eradi has been previously tested by two trenches that returned gold intervals of 1.47 g/t over 36.9m and 0.63 g/t over 5m.
Contracts for over 30,000 metres of drilling at Enchi have been signed for 2011. To date, a total of 69 holes have been drilled for 6517m. In May a third rig will arrive in Enchi to complement the two rigs currently drilling at Boin and Sewum.
The detailed soil sampling programme that covered extensions of the three main mineralized trends, namely Boin, Sewum and Nyambekyere has been competed and all assays received. A total of 7559 samples were collected along lines spaced 200m to 800m apart covering an area of 140 square km. Numerous significant anomalies, including individual samples of up to 8750ppb have been generated along the mineralized trends that require further follow-up by trenching and drilling.
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:
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Telephone: (604) 628-1012
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You can view the Next News Releases item: Tue May 17, 2011, Edgewater Initiates Major Airborne Geophysical Survey of its Enchi Gold Project, Ghana, West Africa
You can view the Previous News Releases item: Tue Apr 12, 2011, Edgewater Intersects 1.72 g/t Gold over 24 m on Boin Gold Zone and 4.75 g/t Gold over 11 m on Nyam Gold Zone At Enchi Project, Ghana
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