Adamera Acquires and Advances Gold Projects near the Kinross Gold Mill in Washington State
Vancouver, BC, July 11, 2013 - Adamera Minerals Corp. (TSX V: ADZ) provides an update on its high-grade gold and silver exploration activities in northeastern Washington State. These projects can be advanced quickly at a low cost utilizing existing infrastructure including mineral processing facilities.
"We are building momentum in Washington State. At Poland China we continue to return high-grade gold values; at Empire Creek soil geochemistry appears to confirm east-west mineralized trends; adjacent to the Golden Reward project, Kinross Gold has recently acquired a significant land position; and, we have acquired two new, high-interest projects less than ten kilometres from the existing gold mill," says Mark Kolebaba, President and CEO.
As reported earlier, the company has developed a comprehensive geological model for the mineralization at the historic Poland China Mine. Several shallow drill holes are being completed on the property to acquire geological information to advance this model.
Gold values within a graphitic zone range from 4 to 16 g/t gold, and a recent chip sample collected over 0.55 metres yielded 44.2 g/t gold. This high grade mineralization is open at depth as the chip sample terminated at the adit floor. Based on detailed mapping and sampling of the historic Poland China Mine workings the known high gold values occur in the graphite-bearing silicified sediments.
A total of 812 soil (glacial till) samples have been collected from the property this year and analyzed for trace elements associated with gold and silver using a portable XRF unit. Preliminary interpretation of the soil results has identified numerous anomalous zones. Additional VLF-EM surveying completed this year will be used in conjunction with the soil geochemistry to further target mineralization.
Results from prospecting samples collected earlier this year have identified new areas of interest on the property. One area in particular which is located 1.58 kilometres north of the mine returned a sample with 21 g/t gold. This area is located along the same major fault as the Poland China mine and requires further investigation.
Plans for prospecting and soil sampling along linear magnetic features identified by the company in 2012 are being formulated on the Golden Reward property.
Kinross Gold Corp. has recently acquired mineral rights for land adjoining the Golden Reward property and is currently conducting exploration for gold.
At Empire Creek, 435 soil (glacial till) samples have been collected and recently analyzed for trace elements associated with gold and silver mineralization using a portable XRF unit. Elements associated with gold and silver mineralization delineate prominent east-west anomalies confirming the possibility of mineralization along the same trend. This data provides compelling targets that require testing. A trenching and light weight drill program is currently being planned.
New Property Development
Adamera Minerals Corp. has acquired two new gold properties in Washington State, Flag Hill Mine property and the Oversight property. Both properties were staked at low cost. A brief description of each property is provided below.
Flag Hill Mine Property
The Flag Hill Mine Property is in the Republic Gold Mine district 1 km from the Eureka trend where more than 2.8 million ounces of gold (average grade 20g/t) and 15.8 million ounces of silver (average grade 110 g/t) were recovered. The Flag Hill mine lies along the Flag Hill Vein, an easterly dipping structure that is sub-parallel to the Eureka trend. On the property there are workings from three known mines, Flag Hill, Opal and Iron Mask. An additional, poorly-documented structure, the Flag Hill East structure, dips in a westerly-direction and may intersect the easterly-dipping Flag Hill Vein at a shallow depth. No historic drilling is known to have tested this possible structural intercept. Preliminary grab samples from the Flag Hill East structure contains anomalous gold from a silicified, sulfide-bearing hydrothermal breccia.
Gold occurs at Flag Hill in epithermal veins. The average reported gold grade at shallow depths is 7.2 g/t. The only drill hole recorded in the area is 1000 metres to the east and it is reported to have intersected 41 g/t gold over approximately 1 metre. The company has no other records of drill holes testing the Flag Hill Vein.
Other exploration activity in immediate proximity includes current drilling by the Hecla Mining Company. Flag Hill is located only 10 kilometres from the Kinross Kettle River Gold Mill.
The Oversight Property which is located 5 kilometres from the Kinross Mill was recently acquired by Adamera Minerals Corp. to cover prospective stratigraphy and structure around and related to the Lamefoot-Overlook- Key West gold deposits mined by Echo Bay. These deposits are believed to be gold-bearing volcanogenic massive sulfide deposits with minor epigenetic alteration that have yielded approximately a million ounces of gold. Adamera's Oversight project is located 1 kilometre from these deposits.
The mineralized target horizon is thought to be beneath a specific limestone unit which is exposed on the Oversight property. A ground magnetic survey completed over the entire property by the company in 2013 has identified a 250 x 200 metre discrete magnetic high along a prominent NW-SE magnetic feature. Recent sampling along the northwest portion of this magnetic high has returned up to 69 g/t gold in quartz veins apparently stratigraphically located above the limestone unit.
Adamera's strategy in Washington State is to cost effectively discover high-grade gold mineralization within historic mining districts near established infrastructure. Specifically, the company is targeting areas near the Kinross Kettle River Mill. The Kinross mill is reported to be operating at half capacity with ore shipped 70 kilometres from the 1.3 million ounce Buckhorn mine. The Buckhorn mine has only 2-3 years mine life remaining. Average grade of the Buckhorn mine is 11.3 g/t gold and production costs are reported to be between $400 and $500 per ounce. Adamera is determined to discover a high grade gold deposit within shipping distance to the Kinross Mill.
Graham Gill P.Geo and Bruce Kienlen P.Geol are the Qualified Persons as defined by National Instrument 43-101 and are responsible for overseeing exploration activity and reviewing data collected on the project. The historical data is from private reports and has not been verified by the Company, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Manager, Corporate Communications
Tel: (604) 689-2010
Fax: (604) 484-7143
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.