Adamera Advances Model for Multiple Ore Horizons at Oversight Gold Project, Washington State
Vancouver, BC, December 3, 2014 -- Adamera Minerals Corp. (TSX V: ADZ) is continuing to document support for its October 9, 2014 news release identifying the potential for multiple high- grade ore horizons at its Oversight gold project in Washington State. Work by Adamera and recently received historic drill data indicate the ore horizon at the former Overlook Gold Mine may extend under the adjacent Oversight property. This concept is untested and supports drilling up to five holes to depths of 200 to 300 metres to verify the target.
Since the last news release the Company has integrated and interpreted historical drill hole data and assays from the former Overlook Mine that provides direct support for the concept. This drill data is currently in review and will be released upon further due diligence being completed.
"Geologically linking our Oversight property to the old Echo Bay Mines Overlook deposit would be a real game changer for the Company. No other company has recognized this relationship in the past, putting Adamera in a position to not only extend the Overlook Mine mineralization on to its land but to apply that exploration model regionally," says Mark Kolebaba, President of Adamera Minerals Corp.
The Conceptual Model
Based on the Oversight dataset, the rocks in the Oversight-Overlook area have undergone large-scale folding. The shallow mineralization intersected at Oversight by Adamera represents an upper fold limb, while the Overlook Mine mineralization represents a lower (overturned, flat-lying) fold limb. The lower Overlook Mine fold limb extends on to the Oversight property, underlying the Oversight fold limb drilled by Adamera this past summer. (see figure 1) The conceptual model is built on the following:
- On the Oversight property, Adamera drilling intersected a gold bearing massive sulfide / magnetite zone at the base of a limestone unit at 1470 metres elevation.
- At the Overlook Mine, a gold bearing massive sulfide / magnetite deposit occurs at the top of a limestone unit at approximately 1280 metres elevation, nearly 200 metres lower than at Oversight.
- At the Overlook Mine, it is geologically well established that the sedimentary rocks are overturned. At the Oversight property however, Adamera's consultants have determined the stratigraphy is upright.
This model provides the opportunity for multiple ore horizons at different depths on the Oversight property:
- The upper Oversight fold limb at 30 to 60 metres depth
- The lower Overlook Mine fold limb at 200 to 300 metres depth
- Possible fold hinges with high grade gold between 30 and 300 metres depth
To illustrate this conceptual model Adamera has provided a narrated presentation (click here) on its website.
To provide geological perspective, ore at the Overlook Mine comprised two types: (1) massive sulfide / magnetite ore at a limestone-clastic sediment contact and (2) overlying sulfide stockwork ore in the clastic sediments. The Overlook deposit was originally reported to contain approximately 425,000 ounces gold at a grade of 5.13 g/t. Echo Bay Mines mined 280,000 ounces at an average grade of about 5.5 g/t in the early 1990's when gold was priced at around $350/oz. The operating Kettle River Mill which is located 5 kilometres to the south was originally built for the Overlook Mine. A high quality haul road between Oversight and the mill exists today.
B. Kahlert, P.ENG (Geol) a Qualified Person as defined by National Instrument 43-101 has reviewed the data in this release with the exception of any historical data. 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.
Adamera Minerals Corp. is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. The company's strategy is to fast-track the discovery to production process by exploring close to a mill in need of ore. Adamera is exploring several projects with a goal to become the dominant mining/exploration company in the area through discovery.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Manager, Corporate Communications
Tel: (604) 484-7120
Fax: (604) 484-7143
Email: [email protected]
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.