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Thanks MiningNews.net

Adamus nails first resource

Michael Quinn


Monday, July 26, 2004
ADAMUS Resources has come out with its maiden resource calculation for the Southern Ashanti gold project in Ghana, and claims the project will ultimately prove a company maker.

The project contains an indicated and inferred 10 million tonnes grading 2.2gpt for 720,000 ounces, with the resource split between the Salman and Anwia deposits.

Speaking at Diggers and Dealers, Adamus managing director Hamish Halliday said most of the focus to date had been on the oxide resources at both projects, with around 80% of the contained metal within the top 100m of the deposits.

However according to Halliday there is also significant potential at depth, particularly at Anwia. Intersections at Anwia (at depth) have included 43m at 3.8 grams per tonne and 37m at 4.48gpt.

In response to a question, Halliday said previous work had shown recoveries of around 96% from testwork on the oxide and primary mineralisation at Anwia, with the work having been carried out by previous owner SEMAFO.

The question was framed in relation to there being some question marks over the refractory nature of mineralisation in this part of the Ashanti belt.

Halliday said Adamus would study the metallurgy at Salman over the next 6-12 months.

Shares in Adamus had lost 8c to 84c in late trade, giving back some of the gains made on Friday. Adamus said at the time that it has listed on the TSX Venture exchange in Canada.