Vancouver, BC / ACCESSWIRE / July 15, 2014 / Adamera Minerals Corp. (TSX V: ADZ) intersects a gold bearing horizon on its 100% owned Oversight Property in Washington State. This horizon is geologically similar to the ore mined at the Overlook and Key West deposits located 600 metres west and 800 metres north respectively.
A drill hole to test the most intense magnetic anomaly on the property confirmed the presence of a gold bearing magnetite / sulfide horizon. At a depth of 28.7 metres, this angled drill hole intersected a 6.8 metre zone of predominantly magnetite with a 0.3 meter zone of massive sulfides containing 2.5 g/t gold. High-grade gold at the Overlook and Key West deposits also occur in the massive sulfide portions of this magnetite / sulfide horizon.
Upon successfully identifying this horizon and determining that the gold is within the sulfide zones, Adamera is now targeting thicker massive sulfide portions using electrical geophysical techniques. Drilling is expected to resume immediately.
"This drill hole is significant for the company. We have confirmed our conceptual target by identifying a gold mineralized zone which we believe to be an extension of the adjacent Overlook Mine. Identifying a new zone of gold bearing massive sulfides with no surface exposure significantly advances the Oversight property and clearly demonstrates the exploration capabilities of Adamera," says Mark Kolebaba, President of Adamera Minerals Corp.
The Overlook deposit, reportedly contained 425,000 oz of gold at an average grade of 5g/t.
The Oversight property is located along an existing haul road 5km from the Kettle River Mill owned and operated by Kinross. This haul road was used to transport gold ore from the Overlook, Key East and Key West mines. The mill is currently used to process ore from the Buckhorn Mine which lies nearly 70 km away from the mill.
Oversight was staked in June 2013, after completing several geological and geophysical surveys the project was drilled a year later.
Jim Ebisch, P.Geol is the Qualified Person as defined by National Instrument 43-101 reviewing the data in this release.
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
Email: [email protected]
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.