September 21, 2005 "Adamus Resources Gets Better By The Day, But Will It Mine, Or Will It Sell?"
"...the Adamus team have been a busy little beavers since acquiring the Salman leases just three years ago and the neighbouring Anwia deposit early last year. In February this year, the company was sitting on 18 million tonnes of material averaging 2 grams a tonne for that 1.2 million ounces of gold. An upgrade on that figure cannot be far away given all the recent drilling. More important than the resource estimate is the success which Adamus continues to enjoy with one of the latest holes returning 35metres at 13.7g/t. Early work on the Salman Trend, which is essentially a large shear zone slicing through Ghana and down into the Atlantic Ocean, included hits such as 89metres at 2.28g/t, 31metres at 9.41g/t and 17metres at 5.15g/t.
In terms of a regional setting, Adamus has the southern most section of the Salman which features some of the world’s best gold deposits. To the north lie the massive Prestea gold deposit (10.7 million ounces), Bogosu (3.3m/oz) and in the distance, the 42m/oz of the mighty Obuasi mine. If hunting for the correct address, Adamus has it. In terms of infrastructure there is also everything a miner in Africa dreams about, bitumen-sealed roads, nearby power supply, and even a new mobile phone tower that provides coverage across the entire Adamus lease area.
Halliday’s sales pitch, if being made to the Explorer’s Club, was compulsive listening. He has countless drilling targets to test as he builds “a big resource” for future mining. Officially, there are three areas he is focusing on: drill testing extensions of known mineralisation at Salman and Anwia, drill testing high priority soil anomalies throughout the lease area, and utilising fresh data to “generate new regional targets”.
No-one can question the earnestness of this approach, or the fact that gold discovered so far has been at an attractively low cost of between US$6-and-US$8 an ounce, or that there are known resources of 40 million ounces within a 50km radius of the ground held by Adamus. But, it is reasonable now, and will become more reasonable as the months slide by, to ask when will development plans replace the thrill of exploration?
Comment from UK: Not all exploration companies have the expertise to develop mines cf Glencar Mining and its Wassa mine, also in Ghana. Adamus may be building the resource to sell to an existing producer."
Full article at: http://www.minesite.com/storyFull5.php?storySeq=2991
ADU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
