Perth, Aug 5, 2008 AEST (ABN Newswire) - Gold developer Adamus Resources Limited (ASX:ADU)(CVE:ADU)(PINK:ARLTF) has secured an opportunity to significantly expand its prospective landholding in Ghana, with the option to acquire nearby tenements from Newmont Ghana Gold Limited.
The options involve 100% of the Edum Banso and Hotopo prospecting licences from Newmont Ghana Gold, a subsidiary of Newmont Mining Corporation (NYSE:NEM)(ASX:NEM)(TSX:NMC) for shares in Adamus and an underlying royalty (the Option).
Acquisition of the prospective licenses will boost Adamus' landholding in the renowned Ashanti Trend in Ghana by 35%. The tenements will complement the Company's Southern Ashanti Gold Project, where Adamus has established a gold mineral resource of 1,630,000 ounces @ 1.78g/t (Measured and Indicated) and 340,000 ounces @ 1.64g/t (Inferred) and is progressing mine and plant development.
PROSPECTING LICENCES
The Prospecting Licences encompass more than 162 square kilometres of prospective tenure, and are located within a 50km radius of the Company's existing Salman deposit. This would increase Adamus' existing focussed regional tenure from approximately 464km2 to 626km2.
Banso
The Banso prospecting licence covers an area of approximately 13 square kilometres, 40 kilometres north east of the proposed plant site for the Southern Ashanti Gold Project.
Newmont completed two phases of geochemistry. The first was a regional stream sediment sampling programme, results from which warranted a secondary 400m by 50m grid based soil geochemistry programme. This programme defined two discrete soil anomalous zones: the first, in the southern tenement area and the second in the far north of the tenement.
The southern anomaly, which is the most consistent, contains a broad north north-west striking anomaly over an area 1.8km long and 1km wide with the central portion of the anomaly exceeding 120ppb. The northern anomaly is narrower but shows higher tenor than the southern anomaly.
These results are consistent with having identified economic mineralisation in similar, adjacent terrains. As part of its technical assessment of the property, Adamus plans to infill the Newmont geochemistry lines to further define the anomaly, undertake detailed surface mapping and then proceed to drill testing.
Hotopo
The Hotopo Prospecting Licence covers an area of approximately 150 square kilometres, 30 kilometres south east of the proposed plant site for the Southern Ashanti Gold Project.
Newmont focused on a 2.5km wide by 5km long area of the Hotopo prospecting licence. That has been the target of detailed soil geochemistry and resistivity and chargeability geophysics. Several discrete coincident anomalies were obtained from this work and follow-up drilling was recommended and subsequently undertaken. A total of 47 RC holes were drilled to test the anomalies down to 100 metres. The drilling results revealed broad, low grade zones of mineralisation with narrow high grade zones. Some of the drilling intersected wide zones of anomalous mineralisation in the 0.1 to 0.4g/t range that may suggest the holes were proximal to higher grade mineralisation, and this would need to be followed up. Adamus' technical team believes good potential exists to identify supergene enriched deposits close to the broad zones identified near the surface. These may be associated with the deeper high grade zones that may be feeding the supergene horizon.
TERMS OF OPTION AGREEMENT
Newmont has granted Adamus a 180 day Option to acquire 100% of Newmont's interest in the Prospecting Licences, in consideration for:
- upon receipt of requisite regulatory approvals, the issue of 100,000 fully paid ordinary shares in Adamus (Shares) to Newmont; and
- in the event that Adamus elects to exercise the Option:
a. the issue of a further 150,000 Shares to Newmont; and
b. the future payment to Newmont of a 1% gross royalty on any manganese produced from the Prospecting
Licences, capped at a maximum royalty payment of US$500,000 per Prospecting License.
The Option period will commence upon receipt of the requisite regulatory approvals, including approval of the Ghanaian Minister of Mines.
The Directors of Adamus believe the Option over the Prospecting Licences provides an excellent opportunity for the Company to add significant regional exploration upside to the broader Southern Ashanti Gold Project.
Contact
Mark Bojanjac - Managing Director/CEO
TEL: +61 8 9322 5943
Mark Connelly - Executive Director/COO
TEL: +61 8 9322 5943
| ||
|
