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ADU 71.5¢

A final gift from Chuck

  1. Chuck

    11,784 posts.
    Folks, some may have noticed my absence these past few weeks...but then perhaps not. This site has become little more than a place of empty vessels making a lot of noise and I tend not to visit much anymore.

    To show that there are no hard feelings and because I want to ramp this stock I'm posting their release which came out today. You may find it worth putting in your little black book. It is quite close to RBK property (I recall suggesting to HC members at least a year ago that RBK was a stock to watch though I notice others claiming credit) and, on the surface of it looks just as promising.

    Also note that there are only 20 million odd shares so that while liquidity may be a problem, when it moves, it will move fast.

    So far, not much action but definitely worth watching.

    I hold...

    ChuckADU : Acquisition -Salman Gold Project - Ashanti Trend Ghana
    ASX Report
    13:03:0244 1/07/2002 Issuer: ADU
    ADAMUS RESOURCES LIMITED 2002-07-01 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    The Directors of Adamus Resources are pleased to announce that the
    Company has executed agreements whereby Adamus Resources will acquire
    90% of the Salman Gold Project, an advanced and highly prospective
    exploration gold project located in Ghana, West Africa.

    The project contains substantial mineralization and excellent
    exploration potential as well as a number of other important
    attributes including:

    * Located in Ghana, West Africa, the World's 10th largest and
    Africa's 2nd largest gold producer by country (2.5M oz/year)

    * Situated on the Ashanti Shear Zone - host to over 60 million ounces
    of gold.

    * Well-defined, high order of magnitude soil anomaly (+200ppb) that
    extends for over 4,000 metres along-strike.

    * Preliminary trench sampling results have identified a number of
    substantial zones of near surface mineralization including: l00m @
    6.lg/t gold.

    * Initial Reverse Circulation drilling results include (see table and
    sections for details):

    SRC 17, 73m @ 2.8g/t gold from surface
    Inc, 21m @ 8g/t gold
    SRC 18, 42m @ 3.2g/t gold from surface
    SRC 82, 85m @ 2.2g/t gold from 20m

    * Both the style of mineralization and geological setting are
    comparable to the Bogosu gold mine (40km along-strike to the north)
    which has successfully mined oxide ore for over 10 years.

    * Excellent proximity to infrastructure with the project located less
    than 50km by road from the port city of Takoradi and less than 15km
    from the town of Axim.

    Independent experts, Resource Services Group conclude "Highly likely
    a significant oxide and primary resource will be identified at
    Salman".

    Proposed transactions under the agreements are summarised as
    follows:

    Adamus is to acquire 100% of both the Afrowest Gold Limited and
    Hightime Investments Enterprises Pty Ltd interests together
    comprising the Salman Gold Project, in consideration for the issue of
    a total of approximately 10.1 million ordinary shares in Adamus.

    * Adamus will also acquire in-country exploration equipment and will
    have direct access to existing expertise.

    * Following the acquisition Adamus will own 90% of the Salman Project
    with the remaining 10% controlled by the Ghanaian government.

    * The acquisition is subject to Adamus shareholder approval.

    PROJECT LOCATION AND PREVIOUS EXPLORATION

    The Salman Gold Project is located in southern Ghana, West Africa,
    situated on the southern extension of the Ashanti Shear Zone. The
    project consists of a number of tenements covering a total area of 84
    square kilometres, with access gained via 50km of good quality roads
    from the port city of Takoradi, some 300 km of sealed roads from
    capital city, Accra.

    The majority of exploration completed within the project area was
    conducted by BHP in the mid 1990's. In total BHP completed 71 Reverse
    Circulation drill holes for a total of 6,961 metres and four Diamond
    holes for a total of 571 metres. Results from the drilling confirmed
    mineralization extended over a strike length of 4,000 metres. As the
    drilling was completed on very broad spaced lines (300-500 metres
    apart), a meaningful resource was never calculated.

    Subsequent exploration has focused on further delineating
    mineralisation within the main identified zone and on delineating new
    targets through closer-spaced, surface sampling techniques.

    GEOLOGICAL SETTING AND EXPLORATION POTENTIAL

    Geology within the tenements is dominated by a sequence of NNE
    trending, sheared and folded interbedded greywackes and carbonaceous
    phyllites. Regionally these Proterozoic rocks are part of the Upper
    Birimian unit, which typically hosts significant mineralisation as it
    comes into contact with the Ashanti Shear Zone. Mineralization within
    the Stillman Project is no exception, with gold occurring in
    sulphides within quartz/carbonate veining hosted in fractured and
    brecciated tuffaceous greywackes.

    Exploration completed within the Salman Project to date has
    identified several zones of substantial mineralisation located over
    several kilometres of strike. The Company believes there is potential
    to identify a significant resource within the existing zone of
    mineralisation and there is also potential for further mineralisation
    associated with parallel structures.

    TABLE 1: SUMMARY OF BHP DRILL INTERSECTIONS WHICH CONTAINED GOLD
    INTERSECTIONS GREATER THAN 10 GRAM METRES.

    HOLE AZIMUTH DIP BOH FROM TO INTERVAL AU METRE/GRAMS
    M M M M G/T

    SDDH003 300 -45 159.2 14.2 23.2 9 3.39 30.55
    91.2 101.2 10 6.64 66.44
    85.2 101.2 16 4.49 71.90
    SDDH004 120 -44 101.2 33.7 35.2 1.5 15.75 23.62
    SRCH008 300 -45 100 19 28 9 1.70 15.26
    41 49 8 2.31 18.51
    SRCH017 300 -45 100 2 75 73 2.78 202.94
    Includes 2 23 21 7.95 166.93
    87 100 13 3.00 39.00
    SRCH018 300 -45 100 2 44 42 3.21 134.85
    SRCH028 300 -45 80 6 17 11 2.53 27.86
    SRCH040 300 -45 100 44 50 6 6.15 36.91
    SRCH042 300 -45 86 20 27 7 5.92 41.44
    SRCH081 300 -45 90 56 71 15 1.30 19.53
    SRCH082 300 -45 105 20 105 85 2.20 187.00
    includes 34 45 11 7.54 82.94
    SRCH090 300 -45 117 0 3 3 18.20 54.60
    34 42 8 1.36 10.89
    50 57 7 2.98 20.85
    69 86 17 1.30 22.04
    111 115 4 5.05 20.21
    SRCH094 300 -45 99 22 26 4 3.54 14.15

    * All Samples were taken in 1m intervals and fire assayed
    * Intersections are down-hole width and may not present the true
    width of mineralisation

    COMPANY FOCUS

    Following shareholder approval relating to the acquisition of the
    Salman Gold Project the Company intends initiating an exploration
    program designed to both determine the precise geometry and nature of
    the mineralisation as well as provide data for a future resource
    calculation.

    Adamus will continue to advance its existing Australian projects with
    its available cash resources.

    The Company is currently completing a Notice Of Meeting ("NOM") which
    will detail the various resolutions proposed by the Company relating
    to the acquisition of the Salman Project. Included in the NOM will be
    an Independent Geological Report and a Valuation of the Salman Gold
    Project. These documents will be included in the NOM to provide
    shareholders with independent and detailed geological information
    relating to all aspects of the Salman Gold Project.

    Following careful consideration and due diligence, the Directors of
    Adamus believe that the acquisition and exploration of the Salman
    Gold Project will provide shareholders with valuable exposure to a
    quality project in a rising gold market.


    H Halliday
    MANAGING DIRECTOR



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