Vancouver, BC / ACCESSWIRE / June 16, 2014 / Adamera Minerals Corp. (TSX V: ADZ) announces the expansion of the Empire Creek property in Washington State. The company has signed a lease agreement to acquire 100% interest in mineral claims adjacent to the southern boundary of the Adamera Empire Creek property where the company is drilling.
Historical work on the property is minimal. Five rotary reverse circulation drill holes drilled from two sites located 180 metres apart were completed in 2003 to test a possible precious metal skarn target. One of the five holes intersected a 17 metre zone with 1.35 g/t gold, including 6 metres of 3 g/t gold which includes 1.5 metres of 7.5 g/t gold.
Immediate work plans for the property include magnetic surveying and soil sampling to evaluate the possibility for vertical mineralized structures similar to those being tested on the northern Empire Creek property.
Terms of the Agreement
On signing the agreement and subject to approval by the TSX Venture Exchange Adamera will issue 10,000 shares and pay $1,000 to the claim owners to conduct due diligence on the property for three months. During the due diligence period, Adamera will evaluate existing data and perform low impact work such as geochemical sampling, mapping and or ground geophysics to evaluate the potential for gold mineralization.
At any time during the due diligence period, Adamera may initiate the lease by paying an additional $1,000 and issuing an additional 10,000 shares of Adamera stock. Adamera may maintain the lease with the following lease payments:
1)20,000 shares of Adamera stock issued on the 2nd and 3rd anniversary of the agreement;
2)50,000 shares of Adamera stock or $15,000 cash at the discretion of Adamera on the 4th and 5th anniversary of the agreement and
3)100,000 shares of Adamera stock or $20,000 cash at Adamera's sole discretion on each anniversary thereafter until termination of the agreement or a royalty payment in made.
Adamera shall reserve a 2.0% net smelter royalty on any mineral products mined from the property. The entire royalty may be purchased by Adamera for $2,000,000. Any lease payments will be considered advanced royalty payments and will be deducted appropriately.
Jim Ebisch P.Geol is the Qualified Person responsible for reviewing historical data for the project. 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 is exploring for high-grade gold near an operating mill in Washington State owned by Kinross Gold Corp. The mill is reported to be operating at half capacity with ore shipped 70 kilometres from the 1.3 million ounce Buckhorn mine. The Buckhorn mine is a high grade, low-cost producer with only 2 years mine life remaining. Adamera is currently exploring five projects with high-grade gold potential within hauling distance of the Mill.
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.
SOURCE: Adamera Minerals Corp.
Leave a comment...