Perth, Feb 11, 2009 (ABN Newswire) - The Directors of Adamus Resources Limited (ASX:ADU) (the Company) are pleased to announce that the Company has secured an option to acquire up to 100% of the Kanyankaw prospecting licence (Prospecting Licence) in Ghana from Shankill Resources Limited (Shankill) (the Option). Shankill is a wholly owned subsidiary of Moydow Mines International Inc.
Highlights:
- Increases Ghana exploration tenure by 17.5 square kilometres
- Within trucking distance from the Southern Ashanti Gold Project
- Good road access
- Surface mineralization already evident
KANYANKAW PROSPECTING LICENCE
The Prospecting Licence, which encompasses approximately 17.5 square kilometres of prospective tenure, is located within a 30km radius of the Company's existing Salman deposit.
The Kanyankaw prospecting licence was mined underground in the early part of the 20th century via several shafts, no records from this period exist. All known mineralisation and targets are located in the southern potion of the project area. Since 1987 companies including Ghana Gold, Cyprus Amax, Glencar Mining and Moydow have explored the area by soil sampling and follow-up drilling.
The area can be broken to down into two types of mineralisation, narrow high grade mineralisation and broad lower grade supergene enriched mineralisation. The narrow high grade quartz reefs have been historically underground mined and have since been mined by Galamsay miners. These reefs, that can run to several ounces in grade are exposed in the deeply incised river valleys that dissect the property.
Reverse circulation drilling carried out in 1992-1993 intersected several of these high grade zones within the river valleys with the best result of:
2m @ 37 g/t gold
The veins are considered of interest in their own right but more so for forming the second style of mineralisation present on the tenement. This being supergene mineralisation formed over the upper, oxide portion of the quartz vein area. Soil geochemistry and the results from several holes drilled by Mowdow in 2004 suggest the presence of a broad supergene horizon that has formed on the plateaux area adjacent to the incised river valleys. Results from the postulated supergene zone include:
21m @ 4.24 g/t from surface
6m @ 8.70 g/t from surface
The supergene will form the initial target for Adamus as it has the potential to provide both significant oxide tonnages and ounces for the proposed Adamus mill.
Highlights:
- Increases Ghana exploration tenure by 17.5 square kilometres
- Within trucking distance from the Southern Ashanti Gold Project
- Good road access
- Surface mineralization already evident
KANYANKAW PROSPECTING LICENCE
The Prospecting Licence, which encompasses approximately 17.5 square kilometres of prospective tenure, is located within a 30km radius of the Company's existing Salman deposit.
The Kanyankaw prospecting licence was mined underground in the early part of the 20th century via several shafts, no records from this period exist. All known mineralisation and targets are located in the southern potion of the project area. Since 1987 companies including Ghana Gold, Cyprus Amax, Glencar Mining and Moydow have explored the area by soil sampling and follow-up drilling.
The area can be broken to down into two types of mineralisation, narrow high grade mineralisation and broad lower grade supergene enriched mineralisation. The narrow high grade quartz reefs have been historically underground mined and have since been mined by Galamsay miners. These reefs, that can run to several ounces in grade are exposed in the deeply incised river valleys that dissect the property.
Reverse circulation drilling carried out in 1992-1993 intersected several of these high grade zones within the river valleys with the best result of:
2m @ 37 g/t gold
The veins are considered of interest in their own right but more so for forming the second style of mineralisation present on the tenement. This being supergene mineralisation formed over the upper, oxide portion of the quartz vein area. Soil geochemistry and the results from several holes drilled by Mowdow in 2004 suggest the presence of a broad supergene horizon that has formed on the plateaux area adjacent to the incised river valleys. Results from the postulated supergene zone include:
21m @ 4.24 g/t from surface
6m @ 8.70 g/t from surface
The supergene will form the initial target for Adamus as it has the potential to provide both significant oxide tonnages and ounces for the proposed Adamus mill.
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About Adamus Resources Limited
Adamus Resources Limited is a Perth-based mineral exploration company, listed on Australian Securities Exchange (ASX), TSX Venture Exchange (TSX-V) and Frankfurt Stock Exchange Open Market (FSE).
The Company's primary focus is on exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses approximately 500km2 of tenure in the Ashanti Gold Belt - host to over 100moz of gold and the Project boasts excellent access to port and road infrastructure. Ghana is a stable West African country with a long history of mining and some of the world's largest gold mining operations. Gold production is vital to the national economy. Members of the Adamus Board and management team have proven records in mineral exploration, project development, mining operations and project financing.
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