Adamera Acquires Historic Drill Data with High-Grade Intersections on Oversight Gold Property
Vancouver, BC, January 14, 2015 - Adamera Minerals Corp. announces that the Company has recently acquired detailed data indicating the adjacent Overlook gold deposit mined by Echo Bay Mines extends on to Adamera's Oversight property by at least 100 metres. Eight of nine holes on Adamera ground intersected significant gold mineralization including: 10.7 metres of 11 g/t, 45 metres of 5.1 g/t and 18 metres of 7.5 g/t. (Table summarizes gold intercepts for 8 drill holes).
|Hole ID||From (m)||To (m)||Interval (m)||Au (g/t)|
|OLC 1 *||131.1||149.4||18.3||3.7|
*On Oversight property near unsurveyed boundary
All holes are vertical except OLC 6
“The Oversight property has essentially become a brownfields exploration opportunity wherein Adamera is seeking both unmined gold mineralization and extensions to such mineralization. With a mill only 5 km away, these are the grades and widths we are looking for. This new information provides the Company with a strong understanding of the property’s potential and how to explore it,” says Mark Kolebaba, President and CEO of Adamera Minerals.
The data package includes information for numerous drill holes completed by Echo Bay Mines in the late 1980s and early 1990s to define the Overlook deposit. The data supports the large-scale fold model proposed by the Company in late 2014. This model accounts for an upper gold bearing zone at the base of a limestone unit (1470 metres elevation), and a lower similar gold bearing zone with up to 43.4 g/t gold over 2.13 metres at the top of a lower limestone unit (1285 metres elevation). This historic data confirms that the Overlook deposit extends into the Oversight property at depth, and that the Adamera drill holes penetrated down to an elevation of 1442 metres, approximately 100 metres short of the mineralized depth. (See diagram below for location of historic drill holes.)
The past producing Overlook deposit was originally reported to contain approximately 430,000 ounces of gold at approximately 5 g/t. In the early 1990’s Echo Bay mined 280,000 ounces at an average grade of 5.5 g/t gold, leaving approximately 150,000 ozs of gold unaccounted for.
The Overlook deposit has a central portion with grades as high as 24 to 30 g/t over approximately 10 metres. More modest grades such as 5 g/t over 45 metres and 10 g/t over 11 metres occur above and on the flanks of the high-grade zone.
“What we do not yet know is what ore was mined and what was left behind. At a $350 gold price at the time, we assume that Echo Bay mined the high-grade in the central zone. With the Overlook deposit extending onto our property it is possible that some of the intersections quoted have been mined. However,as much of the Overlook deposit was not mined, we can assume the potential remains to locate both unmined mineralization and extensions to that mineralization. This new information along with our current established targets increases the potential of the Oversight property considerably,” says Mark Kolebaba, President and CEO of Adamera Minerals.
The company is planning an initial 5 hole drill program to test for additional high-grade mineralization at depth on Oversight. Over the coming months the company will further evaluate this drill data.
The Kettle River Mill which is located 5 kilometres to the south was originally built for the Overlook deposit. A high quality haul road between Oversight and the mill exists.
- Kahlert, P.Geol a Qualified Person as defined by National Instrument 43-101 has reviewed the data in this release. The historical data is from private reports and has not been verified by Mr. Kahlert or the Company, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality. Drilling was completed by Echo Bay Mines in the early 1990's. Claims were staked by the Adamera using current master title plat information and best staking practices to locate claim boundaries. The claim boundaries have not been surveyed for accuracy.
Adamera Minerals Corp. is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. The company’s strategy is to fast-track the discovery to production process by exploring close to a mill in need of ore. Adamera is exploring several projects with a goal to become the dominant mining/exploration company in the area through discovery.
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, incl. 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.