Geophysical Survey Completed at Oversight, Targets Defined, Drilling Resumes
Vancouver, BC, July 23, 2014 - Adamera Minerals Corp. (TSX V: ADZ) has completed a spontaneous potential (SP) and gradient array survey over part of its 100% owned Oversight Property in Washington State to target gold bearing massive sulfide units associated with magnetite. This survey was conducted in response to Adamera intersecting a gold bearing magnetite / sulfide horizon. (See news release July 15, 2014).The survey defines several high-priority targets interpreted to be sulfide-rich horizons. Drilling has resumed today to test these targets.
"This survey has identified a series of targets that are interpreted to be sulfide zones with significant strike and width. We are excited by the potential on Oversight because this type of mineralized horizon has been discovered historically in three locations in the area and all occurrences have been mined," says Mark Kolebaba, President of Adamera Minerals.
The Overlook deposit, located approximately 600 metres to the west of Oversight, reportedly contained 425,000 oz of gold at an average grade of 5g/t in massive sulfide portions of the magnetite / sulfide horizon.
The Oversight property straddles the existing haul road which was used to transport gold ore from the Overlook, Key East and Key West mines to the mill which is currently owned by Kinross Gold. The mill is used primarily to process ore from the Buckhorn Mine which lies nearly 70 km away from the mill. Those three mines produced a total of over one million ounces of gold over the last quarter century. The Oversight Property lies about 5km from the mill.
Jim Ebisch, P.Geol is the Qualified Person as defined by National Instrument 43-101 reviewing the data 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 2 years mine life remaining. Adamera is currently exploring five 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
Tel: (604) 689-2010
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.