Adamera Defines High-Grade Gold Target on Oversight Property
November 19 2013 - 8:40AM
Access Wire
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.
About Adamera
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,
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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