Edgewater Drills 1.93 g/t Gold over 38.7 m and 1.60 g/t Gold over 41 m at Corcoesto Gold Project
Vancouver, British Columbia: Edgewater Exploration Ltd. (“Edgewater” or the “Company”) is pleased to report additional drill results for the Company’s 100% owned Corcoesto Gold Project, Northwest, Spain.
Edgewater now has 4 diamond drill rigs conducting a program of in-fill drilling on the Corcoesto Gold Project, designed to upgrade inferred resources to a measured and indicated category as part of a Definitive Feasibility Study. Drilling continues to intersect excellent widths and grades of gold mineralization including DDH11W41 that returned 0.87g/t Au over 55.0 metres, and 1.93g/t Au over 38.7 metres and DDH11W47 returning 1.60g/t Au over 41.0 metres. (See Table 1 below).
George Salamis, President and CEO of Edgewater stated: “In late 2011 we completed the Preliminary Economic Assessment on the Corcoesto Gold Project with highlight results including an NPV 5% of US$206 Million, and a 3.4 year pay back using a $1300/oz gold price. Edgewater’s current market capitalization is approximately $30 Million, valuing the Company at $22/oz in all resource categories. We believe 2012 poises to be a significant year for Edgewater as we anticipate getting exploitation development permits and advancing a full feasibility study on the project. These latest drill results from Spain are part of a 20,000 metre infill program with a mandate to convert inferred resources to measured and indicated. As we proceed with this in-fill drilling and conduct further step-out holes, we would anticipate also adding additional inferred gold resources to this highly prospective project.”
|
Drill Hole
|
From
|
To
|
Length
(meters) |
Au
( g/t) |
|
|
11W41
|
71.20
|
126.20
|
55.00
|
0.87
|
|
|
11W41
|
164.30
|
203.00
|
38.70
|
1.93
|
|
|
11W41
|
incl
|
164.30
|
168.30
|
4.00
|
4.20
|
|
11W41
|
and
|
201.80
|
203.00
|
1.20
|
21.20
|
|
11W47
|
221.50
|
246.80
|
25.30
|
0.84
|
|
|
11W47
|
265.80
|
307.00
|
41.20
|
1.60
|
|
|
11W47
|
incl
|
278.20
|
279.20
|
1.00
|
10.63
|
|
11W48
|
8.75
|
22.00
|
13.25
|
1.16
|
|
|
11W48
|
128.00
|
140.30
|
12.30
|
1.38
|
|
|
11W50
|
8.50
|
14.80
|
6.30
|
2.83
|
|
|
11W51
|
197.30
|
261.00
|
63.70
|
0.94
|
|
|
11W51
|
incl
|
198.60
|
202.10
|
3.50
|
3.79
|
|
11W52
|
13.55
|
18.40
|
4.85
|
3.73
|
|
|
11W52
|
55.20
|
66.55
|
11.35
|
1.11
|
|
|
11W54
|
240.70
|
264.20
|
23.50
|
0.74
|
|
|
11W54
|
317.35
|
348.80
|
31.45
|
0.68
|
|
|
11W57
|
327.80
|
337.50
|
9.70
|
2.46
|
|
|
11W58
|
221.00
|
230.40
|
9.40
|
3.33
|
|
|
11W58
|
incl
|
225.00
|
230.40
|
5.40
|
5.10
|
|
11W62
|
268.00
|
287.70
|
19.70
|
2.86
|
|
|
11W62
|
incl
|
278.00
|
287.70
|
9.70
|
5.20
|
|
11W62
|
incl
|
282.20
|
283.40
|
1.20
|
33.30
|
Notes:
- All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
- Weighted averages calculated using uncut assays.
- See Table attached for complete results.
Edgewater has now completed 70 drill holes totaling 17,450 metres. This news release is reporting results for an additional 20 holes (5292.8m).
|
Drill Hole
|
Length
|
Azi.
|
Dip
|
Zone
|
Location
|
| Hole 11W40 |
290.15
|
180
|
-55
|
Pozo de Ingles
|
Sec 3835
|
| Hole 11W41 |
250.00
|
155
|
-60
|
Peton de Lobo
|
Sec 4400
|
| Hole 11W42 |
283.80
|
155
|
-50
|
Peton de Lobo
|
Sec 4300
|
| Hole 11W43 |
210.15
|
182
|
-50
|
Pozo de Ingles
|
Sec 3885
|
| Hole 11W47 |
376.10
|
155
|
-50
|
Peton de Lobo
|
Sec 4300
|
| Hole 11W48 |
499.50
|
183
|
-50
|
Cova Crea
|
Sec 3660
|
| Hole 11W49 |
245.05
|
183
|
-50
|
Pozo de Ingles
|
Sec 3860
|
| Hole 11W50 |
96.80
|
179
|
-44
|
Picotos
|
Sec 3700
|
| Hole 11W51 |
310.00
|
160
|
-60
|
Peton de Lobo
|
Sec 4350
|
| Hole 11W52 |
90.45
|
179
|
-45
|
Picotos
|
Sec 3650
|
| Hole 11W53 |
345.65
|
183
|
-50
|
Pozo de Ingles
|
Sec 3885
|
| Hole 11W54 |
380.00
|
156
|
-65
|
Peton de Lobo
|
Sec 4350
|
| Hole 11W55 |
96.80
|
180
|
-44
|
Picotos
|
Sec 3600
|
| Hole 11W56 |
95.40
|
180
|
-45
|
Picotos
|
Sec 3675
|
| Hole 11W57 |
446.00
|
181
|
-60
|
Pozo de Ingles
|
Sec 3660
|
| Hole 11W58 |
265.20
|
182
|
-50
|
Pozo de Ingles
|
Sec 3835
|
| Hole 11W59 |
102.00
|
180
|
-50
|
Fonterremula
|
Sec 3850
|
| Hole 11W60 |
355.00
|
159
|
-60
|
Peton de Lobo
|
Sec 4400
|
| Hole 11W61 |
101.55
|
180
|
-50
|
Fonterremula
|
Sec 3825
|
| Hole 11W62 |
453.20
|
180
|
-50
|
Pozo de Ingles
|
Sec 3835
|
| Total |
5292.80
|
On November 17, 2011 Edgewater announced the results for the Preliminary Economic Assessment (“PEA”) on the Corcoesto Gold Project. The NI 43-101 technical report for the PEA was filed with the regulatory authorities and made available on SEDAR on December 30, 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”
George Salamis,
President and CEO
For further information, please contact:
Ryan King, Vice President
rking@edgewaterx.com
www.edgewaterx.com
Telephone: (604) 628-1012
