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Ghana Overview

Adamus has the objective to continue the organic growth of its resources and reserves following successful completion of the Nzema Gold Project process plant in January 2011.

  • Potential to develop additional satellite deposits (near-mine)
  • Highly prospective concessions (regional)
  • Sulphide mineralisation (near-mine)
  • Exploration program includes both RC (30,000m+) & Diamond (7,500m+) Drilling in 2011
  • Mineral resource upgrade targeted for mid-2011

Adamus has explored only 20% of the 665km2 project area it controls on Ghana’s Ashanti Belt, that has a an endowment of over 100M oz gold. Significant potential exists for additional free milling oxide ore near surface resource. Exploration will continue to add more reserves as mining progresses.

Location Maps

The Project is situated on the southern extension of the Ashanti Gold Belt. The tenements themselves lie just 40km south of the world class deposits of Bogosu (3.3Moz) and Prestea (10.7Moz). Adamus' area hosts both the Salman and Anwia deposits containing a resource base as detailed below.

Resources & Reserves

 

Resource
(83% Meas & Ind)
Tonnage
(Mt)
Grade
(g/t)
Contained
(oz)
Total 37.2 1.78 2,112,000

 

Resource
(80% Proven)
Tonnage
(Mt)
Grade
(g/t)
Contained
(oz)
Total 16.54 2.01 1,068,000

Historically the deposit has had no formal mining with the exception of the Salman-Akango pit chain, with non-mechanised mining conducted in the 1890's. A number of companies including BHP Billiton, Resolute Mining, Semafo, Samax and Ashanti Goldfields have all undertaken various exploration studies and work. Adamus acquired the Salman concession in 2003, the Anwia concessions in 2004 and Anwia South concession in 2006.

Site Layout

Additional Oxide Prospects (near mine)

RC drilling in January 2011 extended the mineralised zone at the Aliva prospect and identified a possible new parallel zone of mineralisation. Aliva is located 9km southeast of the Nzema process plant and just 1km from the recently constructed haul road. Twenty holes were drilled to infill and extend previous drilling. 

The mineralisation is associated with quartz veins in a sequence of shallow dipping phyllites and sandstone similar to the sequence of rocks that host the Anwia Deposit 4km to the north. The Aliva prospect is located within a soil anomaly that extends 4.5km in a NE-SW direction. To the south drilling has tested the soil anomaly to the boundary of Adamus’ licence but to the north the anomaly has only been marginally tested and the mineralisation is open.

Regional exploration has progressed in 2011 with two soil sampling teams active on the Asanta and Apa Tam licences surrounding the mine. An additional soil sampling team is scheduled to commence work soon on the Hotopo licence 35km to the southeast.

Planning for RC drilling at the Avrebo and Nfutu oxide prospects is also in progress. RC drilling at Avrebo will test a soil anomaly that extends south from the southern end of Castle Minerals Akoko South prospect.

Resource definition and resource extension drilling is also scheduled to commence at Anwia in April-May followed by drilling at Bokrobo. Reassessment of the previous drilling has highlighted targets that have the potential to increase the resources.

Sulphide Exploration & Study Continues

Resource definition drilling of the sulphide zones was commenced in August 2010 at the Teberu 04 and Nugget Hill deposits and was then extended to Salman South and Salman Central in late 2010, with drilling continuing into 2011. Excellent results were delivered from Teberu and Salman South.

Drilling at Salman South and Salman Central in early 2011 intersected extensions to the sulphide ore zones below the oxide pits. The new drilling confirmed that the sulphide ore zones extend under the entire length of the oxide pits.

Phase 1 of the drill program at Salman South, Salman Central, Teberu and Nugget Hill is now nearing completion. Drilling at Salman North will commence when access is available in a few months. Phase 2 of the drill program involves deeper drilling that will extend ore zones to a depth of 150-200m vertical.

Metallurgical Testwork undertaken in 2010 highlighted confidence in sulphide gold mineralisation. Results confirmed and improved upon earlier testwork. Testwork was undertaken by SGS Minerals Limited in Perth under the supervision of Mr Allan Brown who has over 40 years metallurgical experience, including many years operational BIOX plant experience obtained in plants in several countries

None of the Salman Trend sulphide mineral resources is contained within the current published Ore Reserve and mine plan. Accordingly, any processing of the sulphide would be additional to current reserve base.

Similarity of the Salman Trend sulphide ore to adjacent BIOXtm operations in Ghana suggests a flotation concentrate will be suitable for bacterial oxidation processing. Tests are being conducted to prove this. A Sulphide Scoping Study commenced in February 2011 with AMEC / Minproc to assess all options.

A mineral resource update is planned for mid 2011, and results from the oxide and sulphide exploration programs will be incorporated into this mineral resource update.

Adamus Nzema Project – location plan showing geological units