Reconnaissance Licences Granted in Liberia
PERTH, Western Australia, April 18 /CNW/ --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
-- Adamus has been granted three Mineral Reconnaissance Licences
in the Republic of Liberia covering an area of 3,107km(2).
-- The Licences are located in a highly prospective Archaean belt
north of the capital Monrovia in western Liberia.
-- The southernmost licence is adjacent to Africa Aura's 1.5Moz Au
resource at New Liberty.
-- Adamus has members of its management team with in-country
experience and has engaged personnel who have previously worked
with the Ministry of Lands, Mines and Energy Liberia
PERTH, Western Australia, April 18 /CNW/ - Adamus Resources Limited
(TSXV: ADU) is pleased to announce the granting of three Mineral
Reconnaissance Licences in the Republic of Liberia. The licences cover
an area of 3,107km(2) within the highly prospective Archaean belts (Man Craton) in the
western half of the country.
Adamus Managing Director and CEO, Mark Connelly said, 'we are expanding
our geological base in West Africa by this entry into Liberia. Given
our success with exploration and development of the newest gold mine in
Ghana, the Nzema gold project, management's track record clearly
demonstrates the ability to successfully explore and bring projects
into production. We have scoped our initial program of work to commence
immediately and look forward to add increasing value for all
shareholders'.
Liberia is primarily known for its iron ore deposits such as Arcelor
Mittal's 1Bt Yekepa deposit and African Aura's 1.1Bt Putu deposit. BHP
also holds four Exploration Licences for iron ore in Liberia. However,
recent exploration successes by African Aura Mining at the New Liberty
project (13Mt @ 3.8g/t, 1.5Moz Au) and by Hummingbird Resources at the
Dugbe Project (21Mt @ 1.2g/t, 0.8M oz Au) has raised the profile of
Liberia's prospectivity for gold and led to a rapid increase in
interest and activity.
Adamus' three licence areas are located near the towns of Mambo, Bopolu
and Fasama in western Liberia. These areas were selected based on
several criteria :
-- Areas within the Archaean belts prospective for gold in the
west of Liberia
-- Proximity to known hard rock gold deposits and occurrences (eg
; New Liberty deposit)
-- Proximity to alluvial gold workings
-- Proximity to a mixed unit of schist, amphibolite, and quartzite
and iron formation that is prospective for gold
The Mambo Licence covers an area of 580km(2) and is located only a few kilometres south of African Aura's New
Liberty project and close to other advanced exploration prospects such
as Weaju / Mano (0.84Moz Au). Aeromagnetic images reveal E-W trending
magnetic features on Adamus' licence that are very similar to those
associated with the New Liberty deposit to the north. The western part
of the licence covers alluvial workings that coincide with a segment of
the prospective schist-amphibolite unit. No hard rock mineralisation is
recorded but the alluvial gold is likely to be derived from a proximal
hard rock source.
The Bopolu Licence covers an area of 1,190km(2) 70km ENE of the New Liberty deposit and within the same Archaean belt.
USGS geological mapping shows a unit of the prospective
schist-amphibolite coincident with a large concentration of alluvial
workings north of the town of Bopolu. The alluvial workings are located
on an interpreted offset of the schist-amphibolite unit and although no
hard rock source was mapped the alluvial working suggest a proximal
source.
The Fasama Licence covers an area of 1,368km(2 )further to the northeast within the same Archaean belt as the Mambo and
Bopolu licences. The USGS map shows a concentration of alluvial
occurrences with associated hard rock workings at Henry's Town to the
southwest of Adamus' licence.
A US Geological Survey map of the Geological, Geophysical and Mineral
Occurrences of Liberia was used to select licence areas. The map shows
a close correlation between areas of alluvial gold workings and known
hard rock mineralisation or a prospective schist-amphibolite unit.
Adamus considers the alluvial gold workings to indicate the existence
of a proximal hard rock source for the gold.
About Liberia
Liberia is located in the West Africa gold province and borders the
republics of Sierra Leone, Guinea and Cote d'Ivoire (Ivory Coast). It
is the oldest independent republic in Africa (established in 1847) and
is unique within Africa because of its long standing relationship with
United States which has provided US$230 million under the bilateral aid
assistance program during the 2010 FY. It has a hot equatorial climate.
The international community has been encouraged by Liberia's return to
democracy in 2005 which has been supported by the UN. Since the
currently elected president, Ellen Johnson Sirleaf, took power in
January 2006, Liberia has moved quickly towards rebuilding, economic
growth and normalizing international relations with the rest of the
world. The World Bank and the European Commission have agreed to
contribute to Liberia's infrastructure, reconstruction and education.
The World Bank has agreed on a US$16.5 million grant for urgent
infrastructure projects and the European Commission has given US$80
million for water and electricity projects as well as education. A
further US$15 million threshold program has been signed with Millineum
Challenge Corporation to strengthen indicators in land reform, female
education and trade.
Liberia is described as one of the last underexplored regions in the
world. The main mineral products are diamonds, gold and iron-ore with
possible offshore deposits of crude oil. International mining companies
operating in Liberia include BHP, Severstal Resources, ArcelorMittal
and China investment conglomerate China Union. The country remains
underexplored by modern means and has potential for hosting large
deposits of gold, tin, iron ore and other minerals.
For maps and figures click on this link
http://www.adamusresources.com.au/media/11-04-18%20Liberia%20Licences%20FINAL(1).pdf
'Mark Connelly'
Mark Connelly
Managing Director / CEO
About Adamus
Adamus Resources Limited is gold producer and explorer, listed on the
Australian Securities Exchange (ASX), TSX Venture Exchange (TSX-V) and
Frankfurt Stock Exchange Open Market (FSE).
The Company's primary focus is on developing and expanding the economic
potential of the Nzema Gold Project in Ghana, West Africa. The Project
encompasses approximately 665km² of tenure in the Ashanti Gold Belt -
host to over 100moz of gold and the Project boasts excellent access to
port and road infrastructure. Ghana is a stable West African country
with a long history and some of the world's largest gold mining
operations. Gold production is vital to the national economy. Members
of the Adamus Board and management team have proven records in mineral
exploration, project development and project financing.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
The information in this announcement that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by Martin Bennett, an employee of Adamus Resources Limited,
who is a Member of the Australasian Institute of Geoscientists and has
more than 5 years experience in estimation of recoverable resources in
gold deposits. He qualifies as a 'Qualified Person' under Canadian
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects. Martin Bennett has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a 'Competent
Person' as defined in the JORC Code. Martin Bennett consents to the
inclusion in the report of the matters based on this information in the
form and context in which it appears.
Caution Regarding Forward Looking Information
Certain statements included in this announcement, including information
regarding Adamus' plans with respect to its mineral properties,
constitute forward-looking information. Forward-looking information
includes, among other things, statements regarding expected operations.
Forward-looking information is based upon a number of estimates and
assumptions made by the Company in light of its experience, current
conditions and expectations of future developments, as well as other
factors that the Company believes are appropriate in the circumstances.
While these estimates and assumptions are considered reasonable by the
Company, they are inherently subject to business, economic,
competitive, political and social uncertainties and contingencies. Many
factors could cause the Company's actual results to differ materially
from those expressed or implied in any forward-looking information
provided by the Company, or on behalf of, the Company. Such factors
include, among other things, risks relating to additional funding
requirements, metal prices, exploration, development and operating
risks, competition, production risks, regulatory restrictions,
including environmental regulation and liability and potential title
disputes. Investors are cautioned that forward-looking information is
no guarantee of future performance and, accordingly, investors are
cautioned not to put undue reliance on forward-looking information due
to the inherent uncertainty therein. Forward-looking information is
made as at the date of this announcement and the Company disclaims any
intent or obligation to update publicly such forward-looking
information, whether as a result of new information, future events or
results or otherwise.
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Mark Connelly - Managing Director / CEO
+61 8 9322 5943
email: mark.connelly@adamusresources.com.au