Edgewater appoints engineering firm for underground ramp study at Corcoesto

Edgewater Exploration (CVE:EDW) reported on Monday that it has hired Spanish engineering firm CRN SA to carry-out an engineering study for the construction of an underground ramp at its wholly owned Corcoesto gold deposit in Galicia, Spain.
The proposed underground ramp will provide access to finish underground infill drilling, designed to upgrade gold resources in the measured and indicated categories and give bulk samples for metallurgical testing.
Edgewater said the ramp could serve to access future underground mining and drill exploration below the deposit's currently known depth.
The mineral explorer said it has held meetings with the local mining and environmental authorities to quicken the permitting for ramp construction.
In a statement, Edgewater’s CEO, George Salamis, said: "Initiating the engineering for underground ramp construction to probe the deeper depths of the Corcoesto deposit signals a key transition of the project from mid-stage exploration to advanced exploration and near-term development."
Separately, the on-going scoping study is on schedule and is awaiting the completion of metallurgical tests. Initial resource modelling analysis has been conducted, with pit shells generated at different gold prices in parallel with the various production throughput parameter options being considered.
Additionally, many plant site layouts, tailings and waste rock storage facilities are being finalized as part of the study.
The scoping study intends to model the project using an updated resource model, and will include the evaluation of both open pit and underground alternatives. The study is expected to be completed sometime in the fourth-quarter.
Furthermore, the on-going infill and step-out drilling program has so far seen the completion of 36 drill holes totalling 9,761 meters, and is progressing on schedule.
The latest results from the program continue to highlight the Pozo del Ingles area, with intercepts of 18.9 grams per tonne (g/t) of gold and 11.4 g/t of gold.
A second rig has recently been mobilized, and is currently drilling hole 11W38 in the Peton de Lobo area as part of the infill resource delineation drill program.
Edgewater expects to add a third rig shortly to speed-up the step-out and infill drilling to further define the total resource potential of the project. It also said all exploration activities are on budget and ahead of schedule.
The company is a gold-focused Canada-based exploration and development company. Currently, it is developing the Enchi gold project in Ghana, West Africa and the Corcoesto gold project in Northwest Spain.
The Vancouver-based mineral explorer’s stock jumped 40 cents, or 5.71%, to 74 cents as of Monday late afternoon on the TSX Venture Exchange.