Edgewater Exploration has announced the additional results from the current in-fill diamond drill program conducted at the Corcoesto gold project in northwestern Spain.
Currently, the company has four diamond drilling rigs that are performing infill drilling at the project. Mineralized gold of excellent grades and thickness is continuously intersected through drilling. The company encountered 12W96 g/t gold over 1.10 m and 2.00 g/t gold over 66.5 m in DDH12W96 and 0.73 g/t gold over 119.8 m in DDH12W86, 17.18 g/t gold over 1.05 m and 10.58 g/t gold over 2.00 m in DDH11W69.
According to George Salamis, Edgewater’s CEO and President, the infill drilling at the project validates the continuity of gold mineralization. The ongoing drilling phase will conclude in an updated resource calculation in the third quarter of 2012 that will become an essential portion of the Tetra Tech’s current definitive feasibility study. The company has discussed with many financial organizations for the primary project development capital. The required capital will depend on the feasibility study completion, he stated.
The company has drilled 27,019.25 m, totaling 118 drill holes. Tetra Tech was appointed by the company to finish a NI 43-101 compliant feasibility study on the project.
Edgewater sent the samples to Spain-based Chemex Laboratory. It completed sample analyses at commercial facilities of ALS Canada for arsenic and ALS Romania for gold.