Adamus increases resource

06 February 2006 | 05:18 Code : 7854 Geoscience events
The junior has increased the resource by 30% and grade by 5%...
GOLD explorer Adamus Resources has increased the resources at its emerging Southern Ashanti project in Ghana past the 1.5 million ounce mark as it works to finalise scoping studies.
The junior has increased the resource by 30% and grade by 5% to 22 million tonnes at 2.1 grams per tonne for 1.5 million ounces. Adamus said the upgrade follows three months of drilling targeting extensions to the Anwia and Salman deposits.The company said 90% of resources at the Salman deposit were at less than 100m in depth and 80% of the Anwia resources were at less than 150m in depth.Adamus is looking to give the go-ahead for a feasibility study early this year into a possible 100,000 ounce per annum mining operation, with possible first production previously flagged for late 2007.The company said it would continue to target extensions to the Salman and Anwia deposits and would evaluate the potential of the pending Anwia South was unable to reach Adamus managing director Hamish Halliday who is overseas.Shares in Adamus hit a 52-week high of 88c in February before slipping to a 52-week low of 34.5c in September. The stock gained 2c (2.5%) during morning trade to 82c.

tags: QAZVIN

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