Edgewater Exploration Ltd.
TSX VENTURE : EDW
OTCQX : EDWZF

Edgewater Exploration Ltd.

March 10, 2011 09:31 ET

Edgewater Announces Drill and Trench Results from the Enchi Gold Project, Ghana

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2011) - Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to announce initial diamond drill hole assays and additional trench results from the Company's on-going multi-rig, 12,000m drill program on the Enchi Gold Project ("Enchi or the Project") in Ghana. The first phase of drilling is targeting near-surface gold mineralization, with average drill intercepts being 50-75m from surface. The targets for this phase of drilling are three of the 16 known gold zones at Enchi including the Nyamebekyere, Boin, and Sewum gold systems. 

Initial near surface diamond drill intercepts continue to be consistent with results from previous operator Red Back Mining ("Red Back") including 2.74g/t gold over 9.0m from drill hole KBDD002 located on the southwest portion of the Boin Gold Zone ("Boin"). The Boin gold system has a known strike length of over 10km identified by soil geochemistry. Edgewater currently has one drill operating on Boin with plans to add additional rigs. Drill hole NBDD001 located on the Nyamebekyere Gold Zone ("Nyam") intercepted 1.25g/t gold over 8.0m including 1.13g/t gold over 15.0m. Nyam has been traced over 1600m and is part of a continuous 15km strike length of gold prospects on the Project from Nyamebekyere southwest through Kojina Hill to Sewum Hill in the south. To date, a total of 29 holes have been drilled and 15 trenches completed with assays from 9 drill holes and 11 trenches at Enchi. (See Drill Location Map Here)

Trench results conducted on the Nyambekere Gold Zone, also successfully encountered consistent widths of gold mineralization, including 1.17g/t gold over 20.0m from NBTR004 and 1.14g/t gold over 10.0m including 1.48g/t gold over 8.0m from trench NBTR005.

George Salamis, President and CEO stated: "The fact that we are consistently intersecting shallow zones of mostly oxidized gold mineralization over several hundred meters of strike length supports our view that the gold systems on the Enchi project are laterally extensive with tens of kilometres of gold-in-soil anomalies and gold-bearing structures to be explored. These new results are showing remarkable consistency in relation to zones previously identified by Red Back Mining. In fact, the evolution of Red Back's Chirano and what Chirano looked like in its early stages of exploration, is remarkably similar to what we are seeing at Enchi in terms of geology, grades and gold mineralized thicknesses in host rock." Mr. Salamis adds: "These recent results give us added confidence that we will be able to end our drill program later this year with Enchi's first resource estimate in-hand." 

In this first phase of drilling, Edgewater's drill program consists of 2 drill rigs operating on a 24/7 basis. The phase one program is designed to define and expand multiple zones of gold mineralization which were identified by the previous operator Red Back. A total of 42,000m of drilling was conducted previously by Red Back on Enchi, which is comprised of eight licenses totalling 568km2.

As planned, Edgewater's drilling program is beginning to define the extents of the company's Enchi Gold Project, specifically on the three main gold zones Boin, Nyambekeyere, and Sewum.

Boin Gold Zone

717m of HQ diamond drilling has been completed in 8 holes covering <10% of the known strike length of the Boin gold zone as previously defined by Red Back. These initial results are consistent with previous intercepts which demonstrated consistent widths of mineralization over a continuous 10km strike length. We are beginning to get a better understanding of the structural controls and distribution of gold mineralization at Boin. Results received to date for Edgewater drilling and trenching include:

Table 1 – Boin Drill Results
Hole No Section From To Interval Au g/t
KBDDH002 4050N 32.0 41.0 9.0 2.74
KBDDH002 4050N 55.0 59.0 4.0 1.9
KBDDH002 4050N 62.0 67.0 5.0 0.85
 
Table 2 – Boin Trench Results
Trench No Section From To Interval Au g/t
KBTR028 4100N 18.0 22.0 4.0 1.69
KBTR028 4100N 38.0 42.0 4.0 0.87
KBTR029 4250N 2.0 13.4 11.4 0.7
KBTR029 4250N 16.0 33.0 17.0 1.07
KBTR031 4050N 0.0 18.0 18.0 0.81
  Inc 12.0 18.0 6.0 1.67
KBTR032 4000N 26.0 34.0 8.0 1.23
KBTR033 3950N 28.0 45.0 17.0 0.62
KBTR034 3850N 14.0 32.0 18.0 1.41

Nyambekeyere Gold Zone

1879m of shallow diamond drilling has been completed in 21 holes covering 35% of the known 1600m strike length identified by Red Back in their past exploration work. Results received to date for Edgewater drilling and trenching include:

Table 3 – Nyambekeyere Drill Results
Hole No Section From To Interval Au g/t
NBDDH001 15280N 35.0 43.0 8.0 1.25
NBDDH001 15280N 47.0 61.0 14.0 1.13
NBDDH002 15320N 11.0 15.0 4.0 0.94
NBDDH002 15320N 30.0 36.0 6.0 0.57
NBDDH003 15200N 32.0 39.0 7.0 0.78
NBDDH003 15200N 55.0 62.0 7.0 1.68
NBDDH004 15160N 19.0 22.0 3.0 1.11
NBDDH004 15160N 25.0 37.0 12.0 0.65
NBDDH004 inc. 26.0 29.0 3.0 1.26
NBDDH004 15160N 47.0 52.0 5.0 0.90
NBDDH007 15400N 33.0 39.0 6.0 1.76
NBDDH007 15400N 43.0 47.0 4.0 0.71
NBDDH008 15500N 35.0 42.0 7.0 1.10
NBDDH008 15500N 46.0 56.0 10.0 0.84
 
Table 4 – Nyambekeyere Trench Results
Trench No Section From To Interval Au g/t
NBTR002 15160N 20.0 26.5 6.5 1.26
NBTR003 15240N 5.0 9.0 4.0 0.87
NBTR003 15240N 12.0 22.0 10.0 2.34
NBTR004 15320N 26.0 46.0 20.0 1.17
NBTR005 15600N 2.0 10.0 8.0 1.48
NBTR005 15600N 14.0 24.0 10.0 1.14

Sewum Gold Zone

Sewum is host to three separately defined gold mineralized structures, each in excess of one kilometre in length. All three of these highly prospective areas are hosted along a key sedimentary-volcanic contact, and host similar geology to Kinross Gold Corporations Chirano Gold mine (5 million oz) located along the Bibiani Shear Zone 70km northeast of the Project.

Sewum South, over a kilometre in length, has been defined by extensive trenching with trench assays of up to 1.14g/t over 24.2m (SWTR038) and 2.35 g/t over 11m (SWTR045). The zone has not been drilled and remains open on strike.

Sewum Central, again over a kilometre in length, has also been trenched in the past with trench assays showing impressive widths of up to 221m @ 0.70g/t. This zone has been tested by wide spaced, shallow drill holes with the best previous drill intercepts assaying 17m @ 1.06g/t gold (SWRC016).

Sewum North: This zone has only been trenched and drilled sporadically over a + 1km strike length, with the best trenches assaying 50m @ 0.88g/t (SWTR001) and 7m @ 4.65g/t (SWTR008) and the best drill intercepts returning 17m @ 1.86g/t (SWRC027).

These zones have not been followed up with drilling since 2006. Edgewater is planning 3000m of drilling to be conducted in the Sewum area, and is currently preparing for mobilization with road and access upgrading.

Sample analyses have been conducted at independent commercial facilities SGS Labs in Tarkwa Ghana. All sample analyses was completed using industry standard geochemical and fire assay practices and included a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of standards, blanks and duplicate samples randomly into the sample stream. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.

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 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 

Hole No Section Type Zone From To Interval Au g/t
NBDDH001 15280N drill hole Nyam 35.0 43.0 8.0 1.25
NBDDH001 15280N drill hole Nyam 47.0 61.0 14.0 1.13
NBDDH002 15320N drill hole Nyam 11.0 15.0 4.0 0.94
NBDDH002 15320N drill hole Nyam 30.0 36.0 6.0 0.57
NBDDH003 15200N drill hole Nyam 32.0 39.0 7.0 0.78
NBDDH003 15200N drill hole Nyam 48.0 49.0 1.0 2.17
NBDDH003 15200N drill hole Nyam 55.0 62.0 7.0 1.68
NBDDH004 15160N drill hole Nyam 19.0 22.0 3.0 1.11
NBDDH004 15160N drill hole Nyam 25.0 35.0 10.0 0.72
NBDDH004 15160N drill hole Nyam 47.0 52.0 5.0 0.90
NBDDH005 15000N drill hole Nyam 70.0 71.0 1.0 0.68
NBDDH006 14960N drill hole Nyam 61.0 62.0 1.0 0.89
NBDDH006 14960N drill hole Nyam 77.0 79.0 2.0 0.97
NBDDH007 15400N drill hole Nyam 33.0 39.0 6.0 1.76
NBDDH007 15400N drill hole Nyam 43.0 47.0 4.0 0.71
NBDDH008 15500N drill hole Nyam 35.0 42.0 7.0 1.10
NBDDH008 15500N drill hole Nyam 46.0 56.0 10.0 0.84
KBDDH002 4050N drill hole Boin 32 41 9 2.74
KBDDH002 4050N drill hole Boin 55 59 4 1.9
KBDDH002 4050N drill hole Boin 62 67 5 0.85
               
Trench No Section Type Zone From To Interval Au g/t
KBTR028 4100N Trench Boin 18.0 22.0 4.0 1.69
KBTR028 4100N Trench Boin 38.0 42.0 4.0 0.87
KBTR029 4250N Trench Boin 2.0 13.4 11.4 0.70
KBTR029 4250N Trench Boin 16.0 33.0 17.0 1.07
KBTR029 4250N Trench Boin 37.0 41.0 4.0 0.78
KBTR030 4150N Trench Boin 20.0 22.0 2.0 0.75
KBTR031 4050N Trench Boin 0.0 18.0 18.0 0.81
KBTR031 4050N Trench Boin 26.0 28.0 2.0 2.63
KBTR031 4050N Trench Boin 40.0 42.0 2.0 0.65
KBTR032 4000N Trench Boin 26.0 34.0 8.0 1.23
KBTR033 3950N Trench Boin 8.0 10.0 2.0 0.83
KBTR033 3950N Trench Boin 28.0 45.0 17.0 0.62
KBTR034 3850N Trench Boin 2.0 6.0 4.0 0.61
KBTR034 3850N Trench Boin 14.0 32.0 18.0 1.41
NBTR002 15160N Trench Nyam 20.0 26.5 6.5 1.26
NBTR003 15240N Trench Nyam 5.0 9.0 4.0 0.87
NBTR003 15240N Trench Nyam 12.0 22.0 10.0 2.34
NBTR004 15320N Trench Nyam 26.0 46.0 20.0 1.17
NBTR005 15600N Trench Nyam 2.0 10.0 8.0 1.48
NBTR005 15600N Trench Nyam 14.0 24.0 10.0 1.14

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.

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