Adamera Defines High-Grade Gold Target on Oversight Propertyadmin
Vancouver, BC, November 19, 2013 – Adamera Minerals Corp. (TSX V: ADZ) reports high grade gold mineralization along the margins of an intense, circular ground magnetic anomaly on its 100% owned Oversight property in Washington State. Grab samples of quartz veins at surface yielded assays of 69.1 and 16.4 g/t gold while a grab sample of massive magnetite at surface yielded an assay of 3.2 g/t gold.
The main exploration target on the property is the magnetic anomaly which is modeled as a magnetic source estimated to lie at a depth of 25 metres below outcropping limestone. The anomaly is about 200 metres in diameter and appears to straddle a less intense northwest southeast trending magnetic high. The high-grade veins, which are 0.20 to 0.30 metres wide, may be an indicator of more significant gold mineralization at depth.
"We are amazed to have identified an untested target of this quality within a known mining district and so close to an operating mill, this is essentially brown-fields exploration," says Mark Kolebaba President and CEO of Adamera.
The Oversight property is located roughly 5 kilometres by road from the Kettle River Mill currently operated by Kinross Gold Corporation. About one million ounces of gold has been documented from several geologically similar high-grade deposits in the immediate area, including Lamefoot about 10 kilometres to the west and Overlook about 3 kilometres to the north. These deposits are highly magnetic due to the association of gold mineralization with magnetite and pyrrhotite.
Current plans for the property include more detailed magnetic surveying over the magnetic anomaly followed by an initial 2-3 drill hole program using Adamera’s lightweight drill.
Jim Ebisch, P.Geol is the Qualified Person as defined by National Instrument 43-101 reviewing the data in this release.
Adamera’s strategy in Washington State is to discover high-grade gold mineralization near the Kinross Kettle River Mill. The Kinross 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 has only 2 years mine life remaining. Average grade of the Buckhorn mine is 11.3 g/t gold and production costs are reported to be between $420 and $500 per ounce. Adamera is currently exploring five projects with high-grade gold potential within hauling distance of the Kinross 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.
Posted: November 19th, 2013 under ACCESSWIRE.