Adamera to Drill Regional Gold-Bearing Horizon on Oversight Property
01 March 2014 - 1:35AM
Access Wire
Vancouver, BC / February 28, 2014 /
ACCESSWIRE / Adamera
Minerals Corp. (TSX V:ADZ) - has recognized the
presence of a mineralized horizon on its Oversight Property in
Washington State that appears to be part of the same suite of rocks
which host the ore zones of the nearby Lamefoot and Overlook mines.
These two mines produced over one million ounces of gold combined.
The Oversight property is located at an elevation of approximately
1500 metres. Drilling with a lightweight rig is expected to begin
around mid-May.
The upper part of this
mineralized horizon is characterized by a sulfide-rich sharpstone
conglomerate unit, black shales and andesite-basalt intrusive
rocks. At the Lamefoot and Overlook mines, a massive
magnetite/sulfide/gold ore zone occurs stratigraphically beneath a
similar sequence. The ore zone at the Lamefoot and Overlook mines
is reportedly 3 to 40 metres thick, averaging 6.2 g/t to 7 g/t gold
content.
Features of the mineralized
horizon that are common to Oversight, the Lamefoot Mine and the
Overlook Mine include:
-Similar textures including sulfide clasts in sharpstone
conglomerate
-Significant sulfide content with local high-grade gold
mineralization
-Strong magnetic signature
-Presence of an overlying
thick limestone unit that is unique in the regional
stratigraphy
Grab samples collected from
this poorly-exposed mineralized horizon on the Oversight property
returned assays ranging from less than 1 g/t to 69.1 g/t gold. A
strong magnetic anomaly modeled to lie at a depth of 25 metres
extends beyond the mineralized horizon suggesting that
mineralization extends laterally under the overlying
limestone.
"This is a very significant change to our
conceptual model on Oversight, it puts the target in context with
the nearby mines," says Mark Kolebaba president and
CEO of Adamera. "Our
exploration data supports the possibility of a high-grade ore zone
underlying the sharpstone conglomerate on the property. This ore
zone, if it exists on the property, may have a significant down-dip
extension below the overlying limestone increasing the potential
target size."
The magnetic anomaly is
interpreted to be a response to sulfides and or magnetite at a
shallow depth, and could represent a gold-rich ore zone at the base
of the mineralized horizon similar to that mined at the Lamefoot
and Overlook mines. This is our primary target on the property. A
secondary target on the property is the veins yielding sample
results of 16 g/t and 69 g/t gold.
The Oversight Property is well
situated along an existing haul road 5 kilometres from the Kinross
Mill. It is approximately 2 kilometres northeast of the Overlook
Mine, 7 kilometres southeast of the Lamefoot Mine, and 2 kilometres
southwest of the Key East and Key West
mines. Adamera owns 100% of the mineral rights on the Oversight
Property with no underlying royalty.
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.
Jim Ebisch, P.Geol is the
Qualified Person as defined by National Instrument 43-101
responsible for the re-assessment of Oversight property data in
this release. Any historical information in this release 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.
Samples taken by Adamera and reported in this news release are grab
samples which were analyzed by Acme Analytical Laboratories Ltd.
Samples were partially digested using an aqua regia solution and
analyzed for gold using ICP-MS.
On
behalf of the Board of Directors,
Mark Kolebaba
President & CEO
For additional information please
contact:
Heather Kays
Manager, Corporate Communications
Tel: (604) 689-2010
Fax: (604) 484-7143
Email: info@Adamera.com
Website: www.Adamera.com
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.
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