Adamera Acquires and Advances Gold Projects near the Kinross Gold Mill in Washington State
July 11 2013 - 8:55AM
Access Wire
Vancouver, BC, July 11,
2013 - Adamera Minerals
Corp. (TSX V: ADZ) provides an update on its
high-grade gold and silver exploration activities in northeastern
Washington State. These projects can be advanced quickly at a low
cost utilizing existing infrastructure including mineral processing
facilities.
"We are building momentum in Washington State.
At Poland China we continue to return high-grade gold values; at
Empire Creek soil geochemistry appears to confirm east-west
mineralized trends; adjacent to the Golden Reward project, Kinross
Gold has recently acquired a significant land position; and, we
have acquired two new, high-interest projects less than ten
kilometres from the existing gold mill," says
Mark Kolebaba, President and CEO.
Poland China
As reported earlier,
the company has developed a comprehensive geological model for the
mineralization at the historic Poland China Mine. Several shallow
drill holes are being completed on the property to acquire
geological information to advance this model.
Gold values within a
graphitic zone range from 4 to 16 g/t gold, and a recent chip
sample collected over 0.55 metres yielded 44.2 g/t gold. This high
grade mineralization is open at depth as the chip sample terminated
at the adit floor. Based on detailed mapping and sampling of the
historic Poland China Mine workings the known high gold values
occur in the graphite-bearing silicified sediments.
A total of 812 soil
(glacial till) samples have been collected from the property this
year and analyzed for trace elements associated with gold and
silver using a portable XRF unit. Preliminary interpretation of the
soil results has identified numerous anomalous zones. Additional
VLF-EM surveying completed this year will be used in conjunction
with the soil geochemistry to further target
mineralization.
Results from
prospecting samples collected earlier this year have identified new
areas of interest on the property. One area in particular which is
located 1.58 kilometres north of the mine returned a sample with 21
g/t gold. This area is located along the same major fault as the
Poland China mine and requires further investigation.
Golden Reward
Plans for prospecting
and soil sampling along linear magnetic features identified by the
company in 2012 are being formulated on the Golden Reward
property.
Kinross Gold Corp.
has recently acquired mineral rights for land adjoining the Golden
Reward property and is currently conducting exploration for
gold.
Empire Creek
At Empire Creek, 435
soil (glacial till) samples have been collected and recently
analyzed for trace elements associated with gold and silver
mineralization using a portable XRF unit. Elements associated with
gold and silver mineralization delineate prominent east-west
anomalies confirming the possibility of mineralization along the
same trend. This data provides compelling targets that require
testing. A trenching and light weight drill program is currently
being planned.
New Property
Development
Adamera Minerals
Corp. has acquired two new gold properties in Washington State,
Flag Hill Mine property and the Oversight property. Both properties
were staked at low cost. A brief description of each property is
provided below.
Flag
Hill Mine Property
The Flag Hill Mine
Property is in the Republic Gold Mine district 1 km from the Eureka
trend where more than 2.8 million ounces of gold (average grade
20g/t) and 15.8 million ounces of silver (average grade 110 g/t)
were recovered. The Flag Hill mine lies along the Flag Hill Vein,
an easterly dipping structure that is sub-parallel to the Eureka
trend. On the property there are workings from three known mines,
Flag Hill, Opal and Iron Mask. An additional, poorly-documented
structure, the Flag Hill East structure, dips in a
westerly-direction and may intersect the easterly-dipping Flag Hill
Vein at a shallow depth. No historic drilling is known to have
tested this possible structural intercept. Preliminary grab samples
from the Flag Hill East structure contains anomalous gold from a
silicified, sulfide-bearing hydrothermal breccia.
Gold occurs at Flag
Hill in epithermal veins. The average reported gold grade at
shallow depths is 7.2 g/t. The only drill hole recorded in the area
is 1000 metres to the east and it is reported to have intersected
41 g/t gold over approximately 1 metre. The company has no other
records of drill holes testing the Flag Hill Vein.
Other exploration
activity in immediate proximity includes current drilling by the
Hecla Mining Company. Flag Hill is located only 10 kilometres from
the Kinross Kettle River Gold Mill.
Oversight
Property
The Oversight
Property which is located 5 kilometres from the Kinross Mill was
recently acquired by Adamera Minerals Corp. to cover prospective
stratigraphy and structure around and related to the
Lamefoot-Overlook- Key West gold deposits mined by Echo Bay. These
deposits are believed to be gold-bearing volcanogenic massive
sulfide deposits with minor epigenetic alteration that have yielded
approximately a million ounces of gold. Adamera's Oversight project
is located 1 kilometre from these deposits.
The mineralized
target horizon is thought to be beneath a specific limestone unit
which is exposed on the Oversight property. A ground magnetic
survey completed over the entire property by the company in 2013
has identified a 250 x 200 metre discrete magnetic high along a
prominent NW-SE magnetic feature. Recent sampling along the
northwest portion of this magnetic high has returned up to 69 g/t
gold in quartz veins apparently stratigraphically located above the
limestone unit.
About Adamera
Adamera's strategy in
Washington State is to cost effectively discover high-grade gold
mineralization within historic mining districts near established
infrastructure. Specifically, the company is targeting areas 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 2-3
years mine life remaining. Average grade of the Buckhorn mine is
11.3 g/t gold and production costs are reported to be between $400
and $500 per ounce. Adamera is determined to discover a high grade
gold deposit within shipping distance to the Kinross
Mill.
Graham Gill P.Geo and Bruce Kienlen
P.Geol are the Qualified Persons as defined by National Instrument
43-101 and are responsible for overseeing exploration activity and
reviewing data collected on 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.
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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