Edgewater Engages CRN Engineering for an Underground Ramp Study on Its 100% Owned Corcoesto Gold Project, Spain
13 September 2011 - 12:00AM
Marketwired
Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF) -
-- Drilling continues to expand and upgrade gold resource, 3rd drill rig
added
-- Work on Scoping Study advancing on schedule
-- Engineering firm contracted to complete Underground Ramp study
Mr. George Salamis, President and CEO of Edgewater Exploration
Ltd. ("Edgewater" or the "Company") is pleased to announce the
engagement of the Spanish Engineering firm CRN SA who have been
tasked with initiating an engineering study for the future
construction of an underground ramp at the company's 100% owned
Corcoesto, gold deposit situated in Galicia, Spain.
George Salamis, President and CEO, states, "Initiating the
engineering for potential underground ramp construction to probe
the deeper depths of the Corcoesto deposit signals a key transition
of the project from mid-stage exploration to advanced exploration
and near-term development. Subject to further studies by our
various engineering consultants, future underground ramp
development could significantly enhance the economic viability of
the Corcoesto Project when viewed in parallel to open pit
mining."
The proposed development of an underground ramp will provide
access to complete underground infill drilling for the purposes of
upgrading inferred gold resources to a measured and indicated
category and also provide bulk samples for additional metallurgical
testing. In addition, the ramp could also potentially serve as
future access for underground mining and deeper drill exploration
below the currently known depths of the deposit. Meetings with the
local mining and environmental authorities and with the
municipality have been held in order to accelerate the permitting
for the start of the ramp construction. Edgewater has committed to
make every effort to employ local workers from the surrounding
municipality for its contractors and ramp construction.
On-going "Scoping Study" ("Preliminary Economic Assessment" or
"PEA") lead by Mr. Alan Noble, P.Eng., from ORE Reserves
Engineering, is progressing on schedule and is currently pending
completion of metallurgical tests. Preliminary resource modeling
analysis has been conducted, with pit shells generated at different
gold prices in parallel with the various production throughput
parameter options being considered. In addition, various plant site
layouts, tailings and waste rock storage facilities, are being
finalized as part of the study. The PEA will model the Project
using a revised and updated resource model and will include the
evaluation of both open pit and underground alternatives and
synergies. The PEA is scheduled to be completed in Q4, 2011.
The on-going infill and step-out diamond drilling program is
progressing as expected with the completion of 36 drill holes
totaling 9,761.80m. Encouraging results for the first 31 drill
holes were previously released (see News Releases dated January
31st 2011, March 17, 2011 and July 20, 2011).
The latest results from the in-fill and step-out drill programs
continue to highlight excellent results from the Pozo del Ingles
area with intercepts of:
-------------------------------------------------------
Drill Length Au
Hole From To (metres) g/t
=======================================================
11W32 121.40 128.70 7.30 2.1
11W32 and 168.00 189.00 21.00 0.7
11W33 151.50 156.10 4.60 5.7
11W33 incl 153.90 155.10 1.20 18.9
11W34 195.20 205.00 9.80 2.6
11W34 incl 195.20 196.30 1.10 11.4
11W35 176.30 186.00 9.70 1.3
11W35 197.00 222.00 25.00 0.8
-------------------------------------------------------
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.
3) See attached table for complete set of results.
Assays are pending for DDH 11W36. DDH 11W37 is currently in
progress in the Pozo del Ingles area. Both holes have intercepted
quartz veining, silica flooding and related sulphide mineralization
consistent with the projected resource model. A second rig has
recently been engaged and is currently drilling DDH 11W38 in the
Peton de Lobo area as part of the infill resource delineation drill
program.
Edgewater expects to add a third rig shortly in order to
accelerate the step-out and infill drilling to further define the
total resource potential on the project. All exploration activities
to date are progressing on budget and ahead of schedule.
For a detailed drill location map please view a Corcoesto Plan
map on the Company's website at www.edgewaterx.com.
An updated 2011 NI 43-101 compliant resource at Corcoesto was
announced on May 31, 2011 (see details in News Release dated May
31, 2011) and consists of a Measured and Indicated resource of
5,783,000 tonnes grading 1.74 g/t Au containing 325,000 ozs gold at
a 0.65 g/t Au cut-off and an Inferred resource of 20,265,000 tonnes
grading 1.76 g/t Au containing 1,149,000 ozs gold. Core recoveries
continue to be excellent and in most cases 100%. The current
12,000m drilling program is designed to expand the existing gold
resource and upgrade a portion of the resource from Inferred to
Measured and Indicated. The NI 43-101 Technical report on the
updated resource estimate was filed on July 15th, 2011.
Sample preparation and analyses are conducted using industry
standard practices. Samples are delivered to Chemex Lab in Seville,
Spain and sample analyses completed at independent commercial
facilities of ALS Romania for gold and ALS Canada (Vancouver) for
As. Both labs have the certificate of ISO/IEC 17025:2005. Sampling
and analyses include a rigorous Quality Assurance / Quality Control
(QA/QC) program consisting of the insertion of blanks, duplicate
samples, and check assays. A review of the QA/QC results shows no
significant bias and all results are considered highly
reliable.
Mr. Gregory Smith, P.Geo., 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, President and CEO
----------------------------------------------------------------------------
Drill Hole From To Length Au As Rec GxT
----------------------------------------------------------------------------
(Metres) g/t % % (g-m/t)
----------------------------------------------------------------------------
11W32 80.80 81.80 1.00 0.7 1.01 100.0 0.7
----------------------------------------------------------------------------
11W32 114.00 115.15 1.15 2.5 1.45 100.0 2.8
----------------------------------------------------------------------------
11W32 121.40 128.70 7.30 2.1 0.82 100.0 15.5
----------------------------------------------------------------------------
11W32 incl 124.00 128.70 4.70 3.0 1.03 100.0 14.1
----------------------------------------------------------------------------
11W32 incl 125.00 126.30 1.30 4.6 0.86 100.0 6.0
----------------------------------------------------------------------------
11W32 incl 127.60 128.70 1.10 3.4 1.61 100.0 3.7
----------------------------------------------------------------------------
11W32 168.00 189.00 21.00 0.7 0.45 100.0 14.5
----------------------------------------------------------------------------
11W32 incl 170.00 171.00 1.00 1.1 0.17 100.0 1.1
----------------------------------------------------------------------------
11W32 incl 172.00 173.00 1.00 2.3 1.08 100.0 2.3
----------------------------------------------------------------------------
11W32 incl 177.40 178.40 1.00 4.8 1.98 100.0 4.8
----------------------------------------------------------------------------
11W32 incl 182.40 183.50 1.10 1.9 1.85 100.0 2.1
----------------------------------------------------------------------------
11W32 195.00 197.00 2.00 0.7 0.36 100.0 1.4
----------------------------------------------------------------------------
11W33 74.60 75.60 1.00 3.3 1.23 100.0 3.3
----------------------------------------------------------------------------
11W33 144.50 146.60 2.10 0.6 0.16 100.0 1.3
----------------------------------------------------------------------------
11W33 151.50 156.10 4.60 5.7 0.78 100.0 26.2
----------------------------------------------------------------------------
11W33 incl 153.90 155.10 1.20 18.9 1.65 100.0 22.7
----------------------------------------------------------------------------
11W33 172.50 173.50 1.00 0.7 0.15 100.0 0.7
----------------------------------------------------------------------------
11W33 185.50 186.50 1.00 0.7 0.12 100.0 0.7
----------------------------------------------------------------------------
11W33 194.90 196.90 2.00 3.0 0.56 100.0 6.1
----------------------------------------------------------------------------
11W33 incl 194.90 195.90 1.00 4.4 0.60 100.0 4.4
----------------------------------------------------------------------------
11W33 209.80 215.80 6.00 1.0 0.54 100.0 6.1
----------------------------------------------------------------------------
11W33 incl 211.80 215.80 4.00 1.1 0.60 100.0 4.5
----------------------------------------------------------------------------
11W33 222.20 225.20 3.00 1.0 0.25 100.0 3.0
----------------------------------------------------------------------------
11W33 incl 222.20 223.20 1.00 1.8 0.26 100.0 1.8
----------------------------------------------------------------------------
11W33 incl 224.20 225.20 1.00 1.2 0.46 100.0 1.2
----------------------------------------------------------------------------
11W33 235.70 236.70 1.00 2.3 1.40 100.0 2.3
----------------------------------------------------------------------------
11W34 11.00 12.00 1.00 2.6 0.03 100.0 2.6
----------------------------------------------------------------------------
11W34 83.80 85.25 1.45 1.0 0.30 100.0 1.4
----------------------------------------------------------------------------
11W34 163.80 164.80 1.00 0.7 0.02 100.0 0.7
----------------------------------------------------------------------------
11W34 195.20 205.00 9.80 2.6 0.75 100.0 25.2
----------------------------------------------------------------------------
11W34 incl 195.20 202.80 7.60 3.2 0.90 100.0 24.5
----------------------------------------------------------------------------
11W34 incl 195.20 196.30 1.10 11.4 2.50 100.0 12.5
----------------------------------------------------------------------------
11W34 incl 200.70 201.80 1.10 6.9 1.14 100.0 7.6
----------------------------------------------------------------------------
11W34 222.00 223.00 1.00 0.5 0.06 100.0 0.5
----------------------------------------------------------------------------
11W34 235.10 236.10 1.00 1.3 0.13 100.0 1.3
----------------------------------------------------------------------------
11W35 61.70 62.70 1.00 1.0 0.47 100.0 1.0
----------------------------------------------------------------------------
11W35 161.45 162.70 1.25 0.6 0.15 100.0 0.8
----------------------------------------------------------------------------
11W35 166.85 169.30 2.45 0.9 1.52 100.0 2.1
----------------------------------------------------------------------------
11W35 incl 167.85 169.30 1.45 1.1 2.09 100.0 1.6
----------------------------------------------------------------------------
11W35 176.30 186.00 9.70 1.3 0.46 100.0 12.1
----------------------------------------------------------------------------
11W35 incl 176.30 177.30 1.00 3.7 0.50 100.0 3.7
----------------------------------------------------------------------------
11W35 incl 181.00 182.00 1.00 3.6 0.69 100.0 3.6
----------------------------------------------------------------------------
11W35 197.00 222.00 25.00 0.8 0.17 100.0 19.8
----------------------------------------------------------------------------
11W35 incl 197.00 198.00 1.00 8.4 0.38 100.0 8.4
----------------------------------------------------------------------------
11W35 incl 220.00 222.00 2.00 1.8 0.26 100.0 3.5
----------------------------------------------------------------------------
11W35 239.15 240.15 1.00 2.0 0.43 100.0 2.0
----------------------------------------------------------------------------
11W35 251.00 263.90 12.90 0.6 0.32 100.0 7.5
----------------------------------------------------------------------------
11W35 incl 251.00 252.00 1.00 3.8 0.77 100.0 3.8
----------------------------------------------------------------------------
11W35 incl 254.00 255.00 1.00 1.1 0.43 100.0 1.1
----------------------------------------------------------------------------
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.
Contacts: Edgewater Exploration Ltd. Ryan King Vice President
(604) 628-1012 rking@edgewaterx.com www.edgewaterx.com
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