Adamera Defines High Priority Target Near Overlook Deposit
Vancouver, BC, June 9, 2016 - Adamera Minerals Corp. (TSX V: ADZ) announces it has defined a high priority drill target on its Oversight property in Washington State. Drilling plans are underway.
A recent airborne geophysical survey conducted on Adamera's Oversight property identified a high priority anomaly partially coincident with a previously identified significant soil geochemical anomaly. A similar distinctive geophysical anomaly was also identified over the previously mined Overlook gold deposit. That anomaly extends well on to Adamera's Oversight property.
Adamera's new high priority drill target is located approximately 100 metres south of the Overlook mine and is coincident with a strong gold, copper and arsenic soil geochemical anomaly, much like the geochemistry of soil samples near the known Overlook deposit. The new anomalous area may therefore represent similar mineralization. This new target does not appear to have been drilled in the past.
The Stargate II geophysical survey system which utilizes airborne audio magnetotelluric (AMT) technology was deployed by Earth Science Services Corporation of Oshawa, Ontario. Simplified geophysical anomaly locations were supplied by Glenn Galata of Earth Science Services. The Stargate II, system is in developmental / pre-commercial stage and was deployed on the property at no cost to Adamera.
Mark Kolebaba President and CEO of Adamera states "The effectiveness of this survey is yet to be determined by the Company. However, the fact that it appears to have detected the known Overlook gold deposit and a second anomaly over our most significant soil anomaly on the property is very compelling." Kolebaba further states "Adamera did not provide Earth Science Services any geological or geochemical location data. Thus the anomaly appears to be a discrete, independently identified target, and we are excited to explore it further."
Oversight Property Background
The Oversight property is 100% owned by Adamera and is located within the Cooke Mountain Mining District of Washington State. Mining in the area in the 1990's by Echo Bay produced approximately 1 million ounces of gold at average grades reported to be 5.5 to 7.5 g/t. Oversight is located on an existing haul road, 5 kilometres from the operating Kettle River Mill.
Adamera's claims surround the past producer, Overlook deposit, where historic drilling on Adamera's current claims reported potentially ore grade results, including 7.6 metres grading 18.7 g/t gold (Hole 6) and 6.1 metres grading 24.2 g/t gold (Hole 2) - see Adamera's news release of May 20th, 2015 for more details. Adamera assumes the areas represented by these drill holes were likely mined by Echo Bay but considers them to be indicative of the tenor of potential mineralization.
Adamera has carried out several phases of work at its Cooke Mountain holdings in the past two years including soil geochemistry, ground geophysics, shallow small diameter core drilling and detailed geological mapping in select areas. This work led the Company to reinterpret the gold deposit model for the area. The new model is based on striking similarities between the Cooke Mountain region and known gold deposit trends in Nevada. Further afield in China, the model accounts for multiple gold resources up to three million ounces.
B. Kahlert, P.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 or data from the Stargate II geophysical system. 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 exploration company in the area.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Tel: (604) 689-2010
Fax: (604) 484-7143
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.