Adamera Expands the Oversight Gold Property - Historic Drill Data Identifies New Opportunity
Vancouver, BC, February 24, 2015 - Adamera Minerals Corp. (TSX.V -- ADZ) announces it has significantly expanded the Oversight Property in Washington State to secure the western margin of the Overlook deposit and the possiblility of a new mineralized horizon to the north.
Claims to the north and northwest have been acquired to cover the westernmost high-grade portion of the previously mined Overlook deposit. The new claims secure land with 30 historic drill holes completed by Echo Bay Mines in the late 1980's. Adamera is reviewing that data to identify follow-up drill targets.
The new claims cover the western margins of the Overlook deposit where drill holes show significant intercepts. Mineralization, including 8 metres of 30 g/t gold was intersected and likely mined by Echo Bay. A new area of interest to Adamera is a separate cluster of drill holes to the north with modest intercepts up to 11 metres of 2.6 g/t gold including 4 metres of 4.5 g/t gold that may represent the outer margin of another mineralized zone. There is currently no evidence of historic follow-up drilling, leaving the potential for additional Overlook style mineralization to the north.
"It is important to consider that the gold price during operations at the Overlook mine was approximately $330 to $350 per ounce and the reported mining costs were around $313 per ounce. Today's economics are considerably different, to the extent that marginal grades are worthy of follow-up. This is particularly important given our geological model for the broader area," says Mark Kolebaba, President and CEO of Adamera Minerals (see model video).
A ground magnetic survey, soil sampling and mapping program will be completed on the new claims to assist in defining drill targets.
The Overlook deposit was originally reported to contain approximately 430,000 ounces of gold at an approximate grade of 5 g/t. Echo Bay Mines mined a reported 280,000 ounces of gold at an average grade of about 5.5 g/t creating the possibility that a significant amount of ore may remain at Overlook.
The operating Kettle River Mill which is located 5 kilometres to the south was originally built for the Overlook deposit. A well maintained haul road between Oversight and the mill exists which may help to minimize timelines from discovery to production.
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.
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 in the district, with a goal to become the dominant mining/exploration company in the area.
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.