Adamera Provides Exploration Update – Follow-up Drilling on High Grade Zones Scheduled
Vancouver, BC, May 15, 2018 - Adamera Minerals Corp. (TSX V: ADZ) reports on exploration of the Cooke Mountain Project in Washington State. Drilling on high-grade intercepts generated in 2017 and 2018 is scheduled to resume in June.
As a result of the 2017-2018 programs Adamera has better defined two multi-kilometre gold trends, referred to as Overlook and Lamefoot. This update describes the Overlook Trend. A description of the Lamefoot Trend will be presented in a separate press release.
Field crews are actively completing surveys including Induced Polarization (IP) and detailed ground magnetics to better define new and existing targets on the trends.
“Exploration over the past year led to the discovery of high-grade gold in a number of locations on the Overlook Trend. We identified new mineralization both adjacent and between the known mines. Our approach has been effective and should be increasingly so as we integrate the drilling results with the large database we have generated,” says Mark Kolebaba, President and CEO of Adamera Minerals.
Adamera discovered four high-grade gold occurrences along the four-kilometre Overlook Trend. The former Overlook, Key West, Key East and Belcher mines are within the trend. Of the four gold occurrences three were discovered by drilling and one by prospecting. Numerous additional targets remain to be tested.
Follow up work, including additional drill permitting is currently underway for an expected June start up. Target areas on the Overlook Trend labelled A, B and C are summarized and are shown on the accompanying Figure 1 diagram below. These are areas where Adamera has confirmed high-grade mineralization with an initial drill hole or prospecting and now require more focused delineative exploration.
A. Deep Overlook – Deep Overlook refers to the high-grade gold intercept of 9.6 g/t gold over 10.8 metres intersected below workings of the Overlook Mine. The intercept was at a depth of 209 metres (see news release dated Oct. 24, 2017). The Company is currently generating a 3D model to establish how best to test the extent of this horizon. Final hole selection and any additional drill permitting should be completed in time for a July drilling start.
B. Overlook Mine High-Grade Veins – Historic drill holes within the southern portion of the Overlook mine intersected shallow veins carrying significant mineralization, including a drill hole with 5 g/t gold over 45 metres. This style of mineralization is important as it reportedly contributed to half of the gold produced at the mine.
Adamera drilled two holes, OS17-01 and OS17-03 approximately 300 metres from the Overlook Mine. Both holes intersected similar shallow zones of high-grade gold mineralization associated with quartz and sulfide veining. Intervals of significance include 6.5 g/t gold over 3 metres (including 10.3 g/t gold over 1.2 m), 9.3 g/t gold over 1.1 metres and 15 g/t over 0.3 metres (see news release dated September 7, 2017). As the veins are not magnetic or conductive, a test IP survey was recently completed over the two drill holes. An IP anomaly exists in response to the veins and further drilling is warranted.
Prospecting for Overlook Style Veining – Anomalous gold in soils directly above the shallow vein occurrences suggests Overlook style veining is the source of such surface gold. Adamera has identified large areas devoid of magnetic or EM responses with unexplained anomalous gold in soils near the Overlook and Key West Mines. Considering our understanding now, these areas may have significant unrecognized potential for Overlook style veining and IP surveying may be the prospecting tool required to locate them. Surveying using this geophysical approach will start next week.
Outlook Ridge is an occurrence of high-grade veins that was discovered by surface prospecting. Grab samples from several locations on a 1 km transect yielded gold values ranging from 1 to 69 g/t (see news release dated Nov. 28, 2017). The planned IP survey will cover this area.
C. Key West Mine Extension – VTEM conductors extending 450 metres north of the Key West Mine were tested by two Adamera drill holes. Multiple zones of significantly anomalous gold were intersected and include 2.3 g/t gold over 4.4 metres. The highest gold values are associated with magnetite-rich material in the drill core. Several zones of high magnetics within the VTEM anomaly are untested and warrant drilling in June.
Figure 1. Target areas associated with the Overlook Trend.
Martin St. Pierre P.Geoph, is a Qualified Person as defined by National Instrument 43-101 that has reviewed data associated with the project.
Adamera Minerals Corp. is exploring for a stand-alone high-grade gold deposit within hauling distance of an existing mill near Republic Washington. This area has reportedly produced over 6 million ounces of high-grade gold. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
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.