Edgewater Announces Updated Inferred Resource Estimate of 20.8 Mt grading 1.15 g/t Au Containing 768,000 Ounces of Gold at th...
12 Mai 2014 - 3:00PM
Marketwired Canada
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Edgewater Exploration Ltd.
Ryan King
Vice President
(604) 628-1012
rking@edgewaterx.com
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