Perth-based mineral explorer Adamus Resources Ltd has acquired Nkroful Mining Ltd for US$750,000.
Perth-based mineral explorer Adamus Resources Ltd has acquired Nkroful Mining Ltd for US$750,000.
The acquisition gives Adamus 100 per cent ownership of the Anwia South gold project located in Ghana, West Africa.
Adamus believe the Anwia South acquisition provides an excellent opportunity to add significant economic value to its Southern Ashanti gold project.
Below is the edited announcement:
The Directors of Adamus Resources are pleased to announce that the company has agreed, subject to conditions precedent, to acquire 100 per cent of the Anwia South gold project through the acquisition of Nkroful Mining Limited.
Adamus believes the acquisition has the potential to add significant high grade resource ounces to the Company's current resource base of 18Mt @ 2.0g/t for 1,200,000 oz gold at its Southern Ashanti Gold Project, Ghana, West Africa.
The Anwia South (formerly Nkroful) Project is contiguous to Adamus' Anwia Deposit, contains consistent high grade gold mineralisation, is significantly under-explored and encompasses over 80 square kilometres of highly prospective tenure.
The Anwia South project consists of a granted prospecting license covering 80 square kilometres, bordering both the southern and western boundaries of Adamus' Anwia project.
The project contains high grade mineralisation including drill intersections of 6m @ 148g/t, 5m @ 71.7g/t and 14m @ 10.1g/t gold extending over 350m of strike (see attached Plans) with mineralization remaining open both along strike and down dip.
Gold mineralization often occurs as free gold in quartz veins with historic cyanide leach tests on RC chips returning 94% recovery.
The project is extremely well located with the Atom prospect situated only 3km south of the Anwia Deposit and 10km southwest of the Salman Deposit.
Previous diamond and RC drilling has already defined multiple west-dipping lodes (see attached Plans) at the Atom prospect and highlighting the potential for additional discoveries throughout the broader project:
Adamus will acquire 100% of the issued capital in Nkroful Mining, including all rights, licenses and interests in the Anwia South Project, in consideration for:
a cash payment of US$750,000, to be paid as follows:
- US$375,000 on the earlier of signing a formal acquisition agreement and 14 March 2006; and
- US$375,000 after all conditions precedent have been satisfied ("Completion"), including due diligence, final board approval and receipt of all necessary regulatory approvals.
- the issue, at Completion, of 3,665,000 fully paid ordinary shares in Adamus, 50% of which will be held in escrow for four months and the remaining 50% subject to an eight month escrow period.
Due diligence enquiries have commenced and the Company anticipates completing this process by the end of February 2006.
Following Completion, Adamus will commence a comprehensive drill program involving both infill and extensional drilling at the Atom prospect as well as exploration drilling targeting a number of other prospects.
The Directors of Adamus believe the Anwia South acquisition provides an excellent opportunity for the Company to add significant economic value to the broader Southern Ashanti Gold Project.
In addition to the new acquisition the Company recently re-commenced drilling at the Southern Ashanti Gold Project, targeting a number of prospects within the both the Anwia and Salman Domains.
Results from the program will be made available to shareholders at the earliest opportunity.
