Adamera Receives Permits from US Forest Service to Drill Outlook Ridge High-Grade Gold Target
Vancouver, BC, July 17, 2019- Adamera Minerals Corp. (TSX V: ADZ) announces drill permits have been granted by the US Forest Service for the Outlook Ridge target on the Cooke Mountain Project in Washington State.
The Outlook Ridge drill permits are in addition to permits recently granted on the Oversight, Lamefoot South, and Goodfoot properties which provides more than 50 drill sites for testing. As Adamera advances its exploration efforts on these targets in preparation for drilling, it is also considering potential partnership opportunities on various projects. Adamera is in discussions with multiple companies that are reviewing data and conducting site visits under confidentiality agreement.
The Outlook Ridge prospect is located halfway between the Overlook and Key West mines, which are one kilometre apart. The area is intruded by overlying intrusive rocks hindering possible discovery by historical prospecting.
The gold mineralization style targeted at Outlook Ridge is associated with vein-type “stockwork” in clastic rocks. Stockwork related gold mineralization is a significant exploration target in this region as it accounts for approximately 50% of the gold mined at the adjacent Overlook Mine and approximately 90% of the gold mined at the nearby Lamefoot Mine. This mineralization is not magnetic and appears to have been discovered accidentally while testing nearby magnetic anomalies.
“Located between two past producing mines, the IP and high-grade gold anomalies at Outlook Ridge form a high priority drill target,” says Mark Kolebaba, President and CEO of Adamera Minerals Corp. “Outlook Ridge is a non-magnetic target covered by thin intrusive rocks, therefore, it is safe to assume that previous explorers relying on magnetics and prospecting may have missed such mineralized zones. Our current targeting methodology exposes Adamera to new and significantly larger discovery opportunities.”
Grab samples of silica / sulfide stockwork in clastic rocks collected at the Outlook Ridge target by Adamera yielded assays ranging from 2 to 64 g/t gold. (see figure below and news release dated November 28, 2017).
The Outlook Ridge induced polarization (IP) anomaly, which extends for more than 500 metres, is characterised by moderate chargeability and moderate to low resistivity, corroborating the presence of a zone with gold-rich sulfide bearing quartz veins and silica alteration. Based on the IP data, this zone is interpreted to be subvertical and approximately 15 metres wide near surface. Increasing chargeability with depth may suggest increased sulfide content and/or widening at depth. The IP anomaly at Outlook Ridge extends to the north and south for several hundred metres.
Martin St. Pierre P. Geophysics, a Qualified Person as defined by National Instrument 43-101 has reviewed the data associated with the projects.
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,
President & CEO
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.