New High-Grade Gold Zone Identified Near Overlook Gold Mine
Vancouver, British Columbia, Novemebr 28, 2017 - Adamera Minerals Corp. (TSX-V: ADZ) announces the discovery of high-grade gold in outcrop near the Overlook Gold Mine in Washigton State. Rock samples collected from the area assayed 64 g\t, 37 g\t, 30 g\t, 7.8 g/t and 2.1 g/t gold. This new prospect, called Outlook Ridge, is located on the Cooke Mountain project halfway between the historic Overlook and Key West gold mines.
Outlook Ridge and the high-grade samples are located on northeast trending linear features that pass through both the Overlook and Key West deposits. The linears are interpreted to be important mineralizing structures with +1000 metres of strike length potentially mineralized (see Figure 1 below).
To provide some context to this high-grade discovery, similar shallow clastic rocks above the Overlook and Key West mines are known to host significant gold mineralization. Such mineralization reportedly accounted for about half of the gold mined at Overlook. Both mines extend on to Adamera's property.
The high-grade gold samples are silicified and brecciated clastic sediments with quartz-sulfide veining. The samples were collected from 3 historic prospect pits within a 150 metres trend. The clastic sediments exposed in the pits are immediately below a felsic sill, a flat lying younger intrusive body that is extensive across the property. Any underlying mineralization would be concealed at surface.
"It has become clear through this years work that gold mineralization is more widespread in the Overlook-Key West area. Our drilling has identified high-grade massive sulfide hosted gold at depth and, separately, shallow clastic hosted high grade gold. Now, through detailed prospecting we have identified near-surface mineralization immediately below younger intrusive rocks. This adds another new element of prospectivity to the property and provides support for more continuous mineralization in a large and untested area between the Overlook and Key West Mines," Says Mark Kolebaba President and CEO of Adamera.
As the sill is extensive in the area, focused mapping and denser soil sampling recently completed over the immediate area of Outlook Ridge will be used to target beneath it. This will be supplemented by more detailed ground magnetic surveying. Prior to drilling, the Company is also planning an induced polorization (IP) survey, which to the Company's knowledge, has not been conducted over the property in the past. There appears to be a strong correlation between high gold grades and silica flooding in the clastics, which should manifest in an IP survey.
Historic drill holes from a portion of the Overlook Mine that extended on to Adamera's property intersected several zones of impressively mineralized clastic sediments, including a zone with 5.1 g/t gold over 45.7 metres (see news release dated January 14, 2015). Also Adamera's recent grab sample of quartz veins in similar clastic rocks in the Key West open pit mine, above the massive sulfide zone, assayed up to 43.8 g/t gold.
Adamera recently released drill intersections with 9.6g/t gold over 11 metres and 9.9g/t over 2 metres near the Overlook Mine (see news release dated October 24th, 2017). The Company has also developed several high priority drill targets near the Key West Mine that are awaiting permits from the US Forest service. These permits are expected shortly.
Martin St. Pierre P.Geoph, a Qualified Person as defined by National Instrument 43-101 has reviewed the data in this release. Gold analysis is completed by Activation Laboritories using fire assay methods. The historical drill data is from private reports and has not been verified by Mr. St. Pierre 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 late 1980s to early 1990's.
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
For additional information please contact:
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.