Adamera Identifies New Targets Assaying up to 12.5 g/t Gold on Flag Hill Property
February 12 2014 - 8:45AM
Access Wire
Vancouver, BC, February 12, 2014 -
Adamera Minerals Corp. (TSX V:
ADZ) -
announces that several important new gold-bearing targets
have been defined on the northern part of the 100% owned Flag Hill
Property located near Republic, Washington State. Surface grab
samples from several recently mapped vein sets have yielded gold
results as high as 9.5 and 12.5 g/t gold. The definition of these
additional targets has significantly enhanced the potential of the
Flag Hill Property.
Six veins or
vein systems were identified on the property by geological mapping
and prospecting in 2013. Four new exploration targets
on the property are summarized below. These targets are in addition
to the Flag Hill Vein that is exposed on the southern part of the
property (see news release
dated January 29, 2014).
Target 1
Numerous poorly-exposed
northeasterly trending epithermal veins that commonly contain 2-3
g/t gold in grab samples occur within a 100 meter wide
northeasterly trending linear topographic depression or corridor
likely caused by a shear zone or faulting. Although bedrock
exposure in the corridor is quite poor due to the subdued
topography, it was noted that some samples contained disseminated
sulfide mineralization which also extended into the wall rock
adjacent to the veins. A ground magnetic survey completed by
Adamera indicates that this corridor extends northeast towards the
Quilp Mine and to the southwest towards the Morning Glory Mine. The
Quilp Mine was documented to have an average grade of about 13 g/t
gold and 170 g/t silver from a silica vein averaging 2.3 meters
width. Historic production from the Morning Glory Mine is not well
known. No evidence of previous drilling or historic production
along this corridor has been identified on the Adamera
property.
Target 2
The northern margin of the
above mentioned corridor is flanked by a historically mined vein
system. Preliminary surface rock samples taken from this vein
system assayed between 0.38 and 9.52 g/t gold. With the exception
of the old mine workings, there is no evidence of drilling or
modern exploration along this vein, making it an excellent
exploration target. No historic production has been documented on
this target.
Target 3
Thirty metres north of the
vein corridor is a northwesterly trending vein or vein set which is
exposed intermittently for about 50 metres. Three grab samples
collected along this vein yielded 12.5, 5.9 and 2.2 g/t gold. This
vein represents a new target on the property. Of particular
interest is the portion of this vein that intersects the corridor
where there is no bedrock exposure. No evidence of previous
drilling along this vein has been identified. No historic
production has been documented on this target.
Target 4
A north trending vein set in
the northern part of the property is roughly parallel to the Flag
Hill Vein. Surface grab samples from this vein commonly contain
2-3 g/t gold. Washington State geologists reported
about 4 g/t gold and 4 g/t silver over about a 2.5 metre width at
surface from this vein. A poorly-documented drill hole completed in
the 1980s reportedly intercepted about one meter of about 8 g/t
gold at shallow depth. Recent cross-sections created by Adamera
suggest the Flag Hill Mine workings ended about 30 meters short of
the down-dip projection of this vein, roughly 100 meters down-dip
from the surface. The southern extension of this vein is considered
a high priority target, especially where it intercepts the corridor
described above. No historic production has been
documented on this target.
The company is currently
planning an exploration program for the Flag Hill Property which
will include drill testing these northern targets. Most of the new
targets defined at Flag Hill are underexplored compared to most
parts the Republic Mining District. In addition to the 4 targets
described above, plans to test other veins such as the
Flag Hill vein and its projected intersection with the corridor are
also being considered. (See news release dated January 29,
2014)
"The textures we see in the
northern veins are similar to those of the Flag Hill Vein and are
typical of the uppermost parts of an epithermal vein system. Work
completed so far indicates that the gold grades increase with depth
on the Flag Hill Vein. We hope to see the same trend on the
newly-defined targets. The new targets are of particular interest
because we are already seeing up to 12.5g/t gold at the surface,
not the approximate average of 0.25 g/t gold that we see on surface
exposures of the Flag Hill Vein" says Mark Kolebaba president and
CEO
The Republic gold district
produced about 3 million ounces of gold at an average grade of 20
g/t and 15 million ounces of silver at an average grade of 110 g/t.
Mining operations in the Republic District ceased in
1996.
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 reviewing
the data in this release. The 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. All 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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