Adamus Resources (ASX: ADU) is a Perth-based mineral exploration company, also listed on the TSX Venture Exchange (TSX-V) and Frankfurt Stock Exchange Open Market (FSE).
The company’s primary focus is on exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa.
Adamus Resources increases Ghana Gold landholding
Adamus Resources (ASX:ADU) has announced that the Company has secured an option to acquire up to 100% of the Kanyankaw prospecting licence (Prospecting Licence) in Ghana from Shankill Resources Limited (Shankill) (the Option). Shankill is a wholly owned subsidiary of Moydow Mines International Inc.
The Prospecting Licence, which encompasses approximately 17.5 square kilometres of prospective tenure, is located within a 30km radius of the Company’s existing Salman deposit. The Kanyankaw prospecting licence was mined underground in the early part of the 20th century via several shafts, no records from this period exist. All known mineralisation and targets are located in the southern potion of the project area. Since 1987 companies including Ghana Gold, Cyprus Amax, Glencar Mining and Moydow have explored the area by soil sampling and follow-up drilling.
Reverse circulation drilling carried out in 1992-1993 intersected several of these high grade zones within the river valleys with the best result of: 2m @ 37 g/t gold.
Results from the postulated supergene zone include: 21m @ 4.24 g/t from surface 6m @ 8.70 g/t from surface The supergene will form the initial target for Adamus as it has the potential to provide both significant oxide tonnages and ounces for the proposed Adamus mill.
Tems of Agreement
Shankill has granted Adamus the Option to acquire up to 100% of Shankill’s interest in the Prospecting Licence, as follows :
- initial option fee of US$10,000;
- at any time during the option period of 12 months, Adamus shall have the right to acquire a 75% interest in the Prospecting Licence in consideration for the payment of A$150,000 or the issue of 250,000 Adamus shares; and
- within 30 days of a decision to mine at Kanyankaw being made, Shankill may elect to transfer its remaining 25% interest to Adamus in consideration for a 2% net smelter return royalty on production from Kanyankaw.
The Directors of Adamus believe the Option over the Prospecting Licence provides an excellent opportunity for the Company to add further regional exploration upside to the broader Southern Ashanti Gold Project.
The Company’s primary focus is on exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses approximately 626km² of tenure in the Ashanti Gold Belt – host to over 100moz of gold and the Project boasts excellent access to port and road infrastructure.
