Edgewater Exploration (CVE:EDW) announced Wednesday it continues to intersect high grade gold mineralization from its on-going diamond drill program at its Corcoesto gold project in Galicia, Spain.
The program, which, including the 12 holes reported today, has drilled a total of 33 holes, or over 8,900 metres of the total 12,000 metre project, is intended to expand existing gold resources and upgrade the current resource estimate.
Highlights include 6.2 g/t gold and 0.51% arsenic over 4.7 metres in hole 11W27, and 1.8 g/t gold and 0.43% arsenic over 16.7 metres in hole 11W30, including 1.46% arsenic and 11.5 g/t gold over 1.4 metres.
Other notable results include 4.2 g/t gold and 1.35% arsenic over 6.75 metres in hole 11W25, including 8.9 g/t gold and 3.01% arsenic over two metres, and in hole 11W22, 6.5 metres grading 2.3 g/t gold and 0.62% arsenic.
The Corcoesto property is located in northeastern Spain, and sits on the north end of the Malpic-Tuy gold belt.
"These drill results continue to intersect gold mineralization and further demonstrate the potential for an economically viable gold project in Galicia," said president and CEO, George Salamis.
"Edgewater is currently reviewing a number of development scenarios in our Scoping Study which is on budget and schedule for early Q4, 2011."
The current resource estimate consists of a measured and indicated resource of 5.78 million tonnes grading 1.74 g/t gold, containing 325,000 ounces of gold, and an inferred resource of 20.27 million tonnes grading 1.76 g/t gold, containing 1.15 million ounces of gold.