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Edgewater Exploration Ltd. (TSXV:EDW,OTCQX:EDWZF) reported that drilling continues to intersect excellent widths and grades of gold mineralization at the Corcoesto Gold Project, Northwest Spain.
As quoted in the press release:
Edgewater now has 4 diamond drill rigs conducting a program of in-fill drilling on the Corcoesto Gold Project, designed to upgrade inferred resources to a measured and indicated category as part of a Definitive Feasibility Study. Drilling continues to intersect excellent widths and grades of gold mineralization including DDH11W41 that returned 0.87g/t Au over 55.0 metres, and 1.93g/t Au over 38.7 metres and DDH11W47 returning 1.60g/t Au over 41.0 metres.
Edgewater President and CEO, George Salamis, said:
“In late 2011 we completed the Preliminary Economic Assessment on the Corcoesto Gold Project with highlight results including an NPV 5% of US$206 Million, and a 3.4 year pay back using a $1300/oz gold price. Edgewater’s current market capitalization is approximately $30 Million, valuing the Company at $22/oz in all resource categories. We believe 2012 poises to be a significant year for Edgewater as we anticipate getting exploitation development permits and advancing a full feasibility study on the project. These latest drill results from Spain are part of a 20,000 metre infill program with a mandate to convert inferred resources to measured and indicated. As we proceed with this in-fill drilling and conduct further step-out holes, we would anticipate also adding additional inferred gold resources to this highly prospective project.”
Click here to read the Edgewater Exploration Ltd. (TSXV:EDW) press release
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