Adamera Identifies Potential for Multiple Ore Horizons at Oversight
Vancouver, BC, October 9, 2014 - Adamera Minerals Corp. (TSX V: ADZ) has received drill results from the Oversight gold property in Washington State. The shallow drilling returned elevated gold, copper and/or zinc values, with gold assays in the 9 hole program ranging from < 0.25 - 2.5 g/t. A high-grade gold zone has not yet been delineated, although the results clearly confirm the prospectivity of the property. Additional drilling with a deeper penetrating drill is planned to test for high-grade zones at depth.
Originally, the target was thought to be a single horizon represented by a 200x200 metre magnetic anomaly. The drilling results combined with newly acquired geochemical and geophysical data now suggests multiple mineralized horizons extending well beyond the original target.
At the adjacent Overlook Mine, gold occurs in two ore zones: a massive magnetite/sulfide zone and a stockwork zone. Adamera's drill program demonstrates that both zones also exist on Oversight.
"We have determined Oversight to be part of a very significant gold bearing system that has hosted 4 gold mines. Our geological interpretation indicates that mineralization occurs along multiple horizons, of which only the upper most horizon have been tested at Oversight. A more extensive drilling program with a deeper penetrating drill is required," says Mark Kolebaba, President of Adamera Minerals.
Further disclosure of the new targeting data will be announced later this month.
The Overlook deposit, located within 100 metres to the west boundary of Oversight, reportedly produced 280,000 ounces at 5.5 g/t gold.
The Oversight property straddles the existing haul road to the Kettle River Mill which was used to transport gold ore from the Overlook, Key East and Key West gold mines. The Oversight Property is 5km from the mill.
Bernard Kahlert, P.Geol is the Qualified Person as defined by National Instrument 43-101 reviewing the data used in this release.
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 1 years mine life remaining. Adamera is currently exploring projects with high-grade gold potential within hauling distance of the Mill.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Manager, Corporate Communications
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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.