Adamera to Drill Regional Gold-Bearing Horizon on Oversight Property
Vancouver, BC, February 27, 2014 - Adamera Minerals Corp. (TSX V:ADZ) - has recognized the presence of a mineralized horizon on its Oversight Property in Washington State that appears to be part of the same suite of rocks which host the ore zones of the nearby Lamefoot and Overlook mines. These two mines produced over one million ounces of gold combined. The Oversight property is located at an elevation of approximately 1500 metres. Drilling with a lightweight rig is expected to begin around mid-May.
The upper part of this mineralized horizon is characterized by a sulfide-rich sharpstone conglomerate unit, black shales and andesite-basalt intrusive rocks. At the Lamefoot and Overlook mines, a massive magnetite/sulfide/gold ore zone occurs stratigraphically beneath a similar sequence. The ore zone at the Lamefoot and Overlook mines is reportedly 3 to 40 metres thick, averaging 6.2 g/t to 7 g/t gold content.
Features of the mineralized horizon that are common to Oversight, the Lamefoot Mine and the Overlook Mine include:
- Similar textures including sulfide clasts in sharpstone conglomerate
- Significant sulfide content with local high-grade gold mineralization
- Strong magnetic signature
- Presence of an overlying thick limestone unit that is unique in the regional stratigraphy
Grab samples collected from this poorly-exposed mineralized horizon on the Oversight property returned assays ranging from less than 1 g/t to 69.1 g/t gold. A strong magnetic anomaly modeled to lie at a depth of 25 metres extends beyond the mineralized horizon suggesting that mineralization extends laterally under the overlying limestone.
"This is a very significant change to our conceptual model on Oversight, it puts the target in context with the nearby mines," says Mark Kolebaba president and CEO of Adamera. "Our exploration data supports the possibility of a high-grade ore zone underlying the sharpstone conglomerate on the property. This ore zone, if it exists on the property, may have a significant down-dip extension below the overlying limestone increasing the potential target size."
The magnetic anomaly is interpreted to be a response to sulfides and or magnetite at a shallow depth, and could represent a gold-rich ore zone at the base of the mineralized horizon similar to that mined at the Lamefoot and Overlook mines. This is our primary target on the property. A secondary target on the property is the veins yielding sample results of 16 g/t and 69 g/t gold.
The Oversight Property is well situated along an existing haul road 5 kilometres from the Kinross Mill. It is approximately 2 kilometres northeast of the Overlook Mine, 7 kilometres southeast of the Lamefoot Mine, and 2 kilometres southwest of the Key East and Key West mines. Adamera owns 100% of the mineral rights on the Oversight Property with no underlying royalty.
Adamera is exploring for high-grade gold near an operating mill in Washington State owned by Kinross Gold Corp. The 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 is a high-grade, low cost producer with only 2 years mine life remaining. Adamera is currently exploring five projects with high-grade gold potential within hauling distance of the Mill.
Jim Ebisch, P.Geol is the Qualified Person as defined by National Instrument 43-101 responsible for the re-assessment of Oversight property data in this release. Any historical information in this release 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. Samples taken by Adamera and reported in this news release are grab samples which were analyzed by Acme Analytical Laboratories Ltd. Samples were partially digested using an aqua regia solution and analyzed for gold using ICP-MS.
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.