Oct 21 2010
Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX VENTURE:EDW) has announced that the Company has commenced exploration activities on the 100% owned Corcoesto Gold Project in Spain.
The exploration and drilling program is directed at expanding the existing gold resource and providing sufficient data for the completion of an updated resource estimate and subsequently the commencement of a Preliminary Assessment (Scoping Study) in H1 2011.
Two diamond drill rigs have been mobilized to site and a third is scheduled to be mobilized shortly. Drilling activities have begun with the current program consisting of 12,000 metres which will continue to test the gold deposits both near surface and to depth.
Previous work has consisted of geological mapping, geophysical surveying, and soil and rock geochemistry including trenching and 42,326.2 m of diamond and RC drilling in 436 holes. This work has resulted in the estimation of a NI 43-101 compliant resource at Corcoesto consisting of a Measured and Indicated resource of 5,657,000 tonnes grading 1.73 g/t Au containing 315,000 ozs gold at a 0.65 g/t Au cut-off and an Inferred resource of 16,542,000 tonnes grading 1.66 g/t Au containing 885,000 ozs gold – see details in News Release dated September 21st 2010.
The drilling is being directed at high priority targets, specifically strike and dip extensions of open ended mineralization within the Pozo de Ingles, Peton de Lobo, and Cova Crea structures as well as others. The main focus of the step-out drilling are areas with the potential for wider widths and higher gold grades which have been shown to be related to flexures in the mineralized structures and controlled by a distinct plunge to the mineralization evident from previous drilling such as recognized in drill hole #5400 that returned 1.31 g/t over 96.0m, (including 2.24 g/t over 10.0 m and 2.53 g/t over 8.0m and 6.15g/t over 4.0m) and drill hole COR170 which assayed 11.98 g/t over 10.0m).
Permitting for the current exploration work was accomplished quicker than initially anticipated and local and regional authorities continue to be decidedly positive and encouraging with regards to the Company's plans for the continued exploration and advancement of the Corcoesto Gold Project.
George Salamis, President and CEO, states, "With the recent conclusion of the acquisition of Corcoesto, in September of this year, we are pleased that we have moved to the initiation of a significant drilling campaign this quickly. This is a testament to the efficiency of our in-country management and field crews on the ground in Galicia, Spain. We are excited by the expansion potential of the gold resource at Corcoesto."
Details of the Corcoesto Project are available in the technical report entitled "Technical Report on the Corcoesto Gold Project, Galicia, Spain" date August 4, 2010 authored by Alan C. Noble, PE. of Ore Reserves Engineering filed on SEDAR.
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.
Source: Edgewater Exploration Ltd.