Adamera Intersects More Gold Mineralization at Overlook
Vancouver, British Columbia, November 22, 2017 - Adamera Minerals Corp. (TSX-V: ADZ) announces that drill hole OS17-07 has intersected two mineralized zones west of the Overlook Gold Mine in Washington State. Drill hole OS17-07 highlights an upper zone that assayed 2.9 g/t gold over 2 metres and a lower zone of 2.4 g/t over 5.7 metres including a 5.84 g/t interval (See Table below). These intersections are approximately 35 metres northeast of drill hole OS17-06 which intersected upper and lower mineralized zones assaying 9.9 g/t gold over 2 metres and 9.6 g/t over 10.9 metres, respectively (See News Release dated October 24, 2017).
|Drill hole||From (m)||To (m)||Interval (m)||Gold (g/t)|
The hole was drilled at an angle of -83o True widths are not yet determined.
The lithologies intersected in drill hole OS17-07 correlate well with lithologies encountered in drill hole OS17-06. Voids and fragmented rock encountered immediately above the upper mineralized zone in both drill holes may be related to past mining activity. More importantly, the high-grade “Deep Overlook” zone, which is separated from the upper zone, by unmineralized limestone shows no evidence of previous mining and lies below the level of most of the Overlook Mine workings. Deep Overlook may represent a completely new zone of high-grade gold mineralization that is essentially unexplored, notwithstanding its proximity to the old Overlook Mine.
Adamera has identified additional drill hole locations to extend the Deep Overlook mineralized zone and is currently seeking clarification on the precise location of the Overlook mine workings to minimize the difficulties of drilling though old workings when targeting the Deep Overlook zone below. In addition to these upcoming holes to expand Deep Overlook, the Company is also planning to drill the SE-01 and Key West North targets once permits are granted. These permits are expected shortly. Not withstanding periodic snowfalls, drilling can be conducted year round in this area. Separate news releases detailing the drill targeting for SE-01 and Key West North will be issued in the coming weeks.
The combination of new gold intercepts from drill holes OS17-06 and OS17-07 related to the VTEM conductor at depth and the shallow silica altered high-grade gold intercepts from drill holes OS17-01 and OS17-03 (see news release dated September 7, 2017), suggest significant new targets at Overlook. The shallow and deep targets present separate and distinct styles of gold mineralization and both appear to have good scale potential based on Adamera’s recent work. An extensive drill program to test both deep and shallow forms of mineralization is being planned.
“ This is the second intersection of gold mineralization west of the Overlook Mine in association with the VTEM conductor. While hole OS17-07 intersected less gold than OS17-06, the difference certainly falls within the variability range of this type of deposit. More importantly, this hole confirms the existence of the new Deep Overlook zone of mineralization that is undefined and unmined. This is early days for Deep Overlook and an intercept of 9.6 g/t gold over 10.9 metres from drill hole OS17-06 has given us a great deal of optimism for this new zone. The VTEM anomaly that we believe represents Overlook extends 300 metres in both the northwest and southeast directions from the Overlook Mine workings and is an obvious priority target for continued drilling, ” states Mark Kolebaba President and CEO of Adamera.
Results from additional holes drilled by the Company in 2017 are pending.
Martin St. Pierre P.Geoph, a Qualified Person as defined by National Instrument 43-101 has reviewed the data in this release.
Adamera Minerals Corp. is exploring for high-grade gold within hauling distance of the operating Kettle River Mill in Northeastern Washington State. While the existing third-party mill and superior logistics allow a smaller resource to be potentially economic, Adamera’s primary goal is the discovery of a large stand-alone high grade gold deposit. Adamera is the dominant regional exploration company in the area.
On behalf of the Board of Directors,
President & CEO
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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.