Adamera Continues to Identify New High-Grade Gold Targets on the Oversight Property
Vancouver, BC, January 28, 2015 - Adamera Minerals Corp. announces it has received gold assays from a soil sampling program on the Oversight property in Washington State. Several areas with potential for high-grade mineralization have been identified, based on anomalous gold (up to 0.2 g/t gold) and pathfinder element geochemistry. The geochemistry of these new target areas is comparable to the soils above the adjacent Overlook gold deposit, a mine previously operated by Echo Bay Mines Ltd. The new targets appear to be untested and may represent a significant extension of the Overlook deposit. The Company is planning a low-cost drill program to test the new target areas.
The new high-grade gold targets are 650 and 750 metres to the south of the historic drill holes described below. The targets are well supported by the Company's exploration model (See model video). Based on that model, the orientation of the Overlook mineralization appears to be relatively flat-lying. The anticipated new mineralized targets at Adamera's Oversight property are estimated to be at 20 to 50 metres depth.
Eight historic drill holes located on Adamera's Oversight property intersected significant mineralization including 10.7 meters of 11 g/t gold, 45 metres of 5 g/t, 18 metres of 7.5 g/t and 2.13 metres of 43.4 g/t gold (see news release dated January 14, 2015). Soil samples over this mineralized zone contain anomalous gold, arsenic and copper values. To date, only a small number of soil samples have been analyzed for gold across the property and remaining samples will be submitted for gold analysis to help identify additional similar areas of interest.
"This is an exciting development for Adamera; we have outlined very compelling new targets that are geologically similar to the adjacent Overlook gold deposit. These targets may represent a significant extension to that deposit. Testing these targets is an immediate priority for the Company," says Mark Kolebaba, President and CEO of Adamera Minerals.
It is not known if the mineralization associated with the high-grade historic drill intersections described above has been mined. The company is currently seeking underground mining information pertaining to this area prior to drilling in 2015. The Company has staked additional claims in the region and around the Oversight property for which the company is awaiting approval.
The Kettle River Mill which is located 5 kilometres to the south, was originally built for Echo Bay Mines's Overlook mine. A well maintained haul road and power line exist between the mill and the Oversight property.
The Overlook deposit was originally reported to contain approximately 430,000 ounces gold at an approximate grade of 5 g/t. In the early 1990's Echo Bay mined 280,000 ounces at an average grade of 5.5 g/t gold, potentially leaving significant amounts of mineralization in the ground.
B. Kahlert, P.Geol a Qualified Person as defined by National Instrument 43-101 has reviewed the data in this release with the exception of any historical data. 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.
Soil samples were initially analyzed using XRF by Adamera to determine certain pathfinder element concentrations. Selected samples were submitted to Acme Analytical Laboratories Ltd for gold analysis using aqua regia digestion and ICP-MS.
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, 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.