Edgewater Exploration Ltd.

Edgewater Exploration Ltd.

May 04, 2011 09:30 ET

Edgewater Intersects 1.58 g/t Gold Over 24m and 1.41 g/t Gold Over 34m on the Company's Enchi Gold Project in Ghana

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) -Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE:EDW)(OTCQX:EDWZF) is pleased to announce further significant drill hole and trench results on the Company's Enchi Gold Project ("Enchi or the Project") in Ghana (See Tables 1 and 2). Significant diamond drilling results from the Boin Gold Zone include: 1.58 g/t Au over 24 metres, 2.91 g/t Au over 12 metres, 1.41 g/t Au over 34 metres, 1.42 g/t Au over 24 metres and 1.39 g/t Au over 22 metres. Results continue to confirm and expand the near surface gold zones at Boin and Nyam (see a plan map here). The first phase of diamond drilling and trenching at Nyam has included 42 holes, and 12 trenches. Follow-up drilling is planned once all assays have been received and the results compiled. The first phase drilling at Boin continues. Based on the results of these drill programs inaugural NI 43-101 resource statements for the Boin and Nyam Gold Zones are expected to be prepared in 2011.

George Salamis, President and CEO stated: "This series of gold intercepts represent the best results completed by Edgewater on the Enchi Project. We continue to intersect significant widths of gold mineralization on the Boin and Nyam structures, representing only 2 of the known 16 gold prospects on the Enchi Gold Project. Both gold zones are showing good continuity following the Bibiani Fault that hosts the Chirano Gold Mine 70km North-east of Enchi."

# Type Zone Section From(m) To(m) Interval(m) Au g/t
KBDDH008 Drill Hole Boin 4250N 83 87 4 1.70
KBDDH009 Drill Hole Boin 4250N 41 65 24 1.58
KBDDH009 Drill Hole Boin inc 48 57 9 2.71
KBDDH010 Drill Hole Boin 4250N 15 27 12 2.91
KBDDH011 Drill Hole Boin 3950N 45 79 34 1.41
KBDDH011 Drill Hole Boin inc 47 57 10 2.36
KBDDH013 Drill Hole Boin 3950N 10 34 24 1.42
KBDDH014 Drill Hole Boin 4000N 39 61 22 1.39
NBDDH023 Drill Hole Nyam 16070N 64 66 2 1.02
NBDDH025 Drill Hole Nyam 16110N 22 24 2 1.96
NBDDH028 Drill Hole Nyam 16230N 86 89 3 1.61
NBDDH035 Drill Hole Nyam 15075N 51 54 3 2.26
NBTR012 Trench Nyam 15900N 24 30 6 2.33
Notes: 1) All reported intercepts are core lengths and true widths are estimated at 80-85 per cent of core lengths.
2) Weighted averages calculated using uncut assays.
3) See attached table for complete set of results.


The Boin Gold Zone has anomalous gold intercepts over a known strike length in excess of 10 km identified by RC and RAB drilling. Gold mineralization at Boin is hosted in highly weathered volcanic and sedimentary rocks cut by quartz veins and localised in the hanging wall of a regional scale thrust fault (Bibiani Fault). The Bibiani Fault is host to the mineralization at Kinross Gold Corporations Chirano Gold mine (5 million oz) located 70kms northeast of the Boin Project.

Recent diamond drilling by Edgewater at Boin has successfully confirmed the continuity and grade of the gold mineralized zone previously intersected in wider spaced RC and RAB drilling. Upon receipt of all assays from the completed diamond drilling in May, additional drilling will be initiated aiming to expand the known gold zone by stepping out at regular intervals along strike and down dip of the host structure (Bibiani Fault).


An initial programme of 42 diamond drill holes totalling 3969m and 12 trenches totaling 394m has been completed at the Nyam Gold Zone. Gold mineralization is hosted in altered and brecciated carbonaceous sediment and localised along a steep east dipping structure. Mineralization has been traced continuously over 1600 m and is still open in all directions. Construction of new roads to allow rig access to drill along strike and depth extensions of the Nyam project is expected to be completed in May.

A continuous zone of gold prospects and gold-in-soil anomalies extends for 15 km from Nyam southwest through to the Sewum Gold Zone. Many of these prospects and anomalies remain to be drill tested.


As additional results are received and interpreted from the completed drilling at Nyam the drill rig has been moved to the Sewum Gold Zone. A minimum programme of at least 3000m has been planned at Sewum aimed at drill testing a 1200m zone of continuous gold mineralization outlined by surface trenching. Results of up to 24.2m grading 1.14 g/t gold were obtained from the trenches. Broad zones of quartz breccia in excess of 50m true width have been intersected in the first drill holes. Assays are pending.


Construction of drill rig access into the Eradi Gold Prospect will commence in early May. The Eradi Prospect is located at the convergence of two of the main regional scale structures, the Bibiani and Nyambekyere shear zones, located at the northern end of the Enchi licenses. A gold-in-soil anomaly in excess of 5kms in length at Eradi has been previously tested by two trenches that returned gold intervals of 1.47 g/t over 36.9m and 0.63 g/t over 5m.

Contracts for over 30,000 metres of drilling at Enchi have been signed for 2011. To date, a total of 69 holes have been drilled for 6517m. In May a third rig will arrive in Enchi to complement the two rigs currently drilling at Boin and Sewum.

The detailed soil sampling programme that covered extensions of the three main mineralized trends, namely Boin, Sewum and Nyambekyere has been competed and all assays received. A total of 7559 samples were collected along lines spaced 200m to 800m apart covering an area of 140 square km. Numerous significant anomalies, including individual samples of up to 8750ppb have been generated along the mineralized trends that require further follow-up by trenching and drilling.

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 Zone Section From(m) To(m) Interval(m) Au g/t
NBDDH023 Nyam 16070N 64 66 2 1.02
NBDDH023 Nyam 16070N 69 73 4 0.82
NBDDH024 Nyam 16110N 0 1 1 0.72
NBDDH024 Nyam 16110N 65 68 3 0.65
NBDDH025 Nyam 16110N 22 24 2 1.96
NBDDH025 Nyam 16110N 31 32 1 0.96
NBDDH026 Nyam 16150N 70 71 1 0.59
NBDDH026 Nyam 16150N 78 79 1 0.77
NBDDH028 Nyam 16230N 86 89 3 1.61
NBDDH028 Nyam 16230N 93 96 3 0.32
NBDDH029 Nyam 16270N 81 83 2 0.44
NBDDH030 Nyam 16270N 45 53 8 0.76
NBDDH031 Nyam 16350N 48 65 17 0.57
NBDDH032 Nyam 15470N 76 86 10 0.45
NBDDH035 Nyam 15075N 51 54 3 2.26
NBDDH035 Nyam 15075N 62 65 3 0.85
NBDDH035 Nyam 15075N 69 72 3 0.92
NBDDH035 Nyam 15075N 75 83 8 0.45
Trench No Zone Section From(m) To(m) Interval(m) Au g/t
NBTR010 Nyam 16070N 8 10 2 0.57
NBTR010 Nyam 16070N 42 44 2 0.47
NBTR011 Nyam 16070N 14 30 16 0.71
NBTR012 Nyam 15900N 24 30 6 2.33
Hole No Zone Section From(m) To(m) Interval(m) Au g/t
KBDDH008 Boin 4250N 43 46 3 1.45
KBDDH008 Boin 4250N 49 50 1 0.68
KBDDH008 Boin 4250N 54 55 1 0.71
KBDDH008 Boin 4250N 60 64 4 0.49
KBDDH008 Boin 4250N 73 74 1 0.75
KBDDH008 Boin 4250N 83 87 4 1.70
KBDDH009 Boin 4250N 7 12 5 0.93
KBDDH009 Boin 4250N 29 30 1 0.85
KBDDH009 Boin 4250N 41 65 24 1.58
KBDDH009 Boin inc 48 57 9 2.71
KBDDH010 Boin 4250N 32 35 3 1.42
KBDDH010 Boin 4250N 15 27 12 2.91
KBDDH011 Boin 3950N 45 79 34 1.41
KBDDH011 Boin inc 47 57 10 2.36
KBDDH013 Boin 3950N 10 34 24 1.42
KBDDH014 Boin 4000N 39 61 22 1.39

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