Adamera Minerals Corp. Plans to Drill Possible Extension of Overlook Gold Mine
Vancouver, May 24, 2017 - Adamera Minerals Corp. (TSX-V: ADZ, OTC: DDNFF) reports on modelling of two new VTEM electromagnetic targets on the Cooke Mountain Project in Washington State. The new targets include a possible extension to the past producing Overlook gold mine, and an adjacent anomaly referred to as the Oversight target. Both targets are permitted for drilling. Adamera has defined 10 VTEM targets and one soil geochemical anomaly that warrant exploration drilling in the upcoming drill program. Data interpretation has now shifted to subtler VTEM and magnetic features with supportive soil geochemistry.
Mark Kolebaba President and CEO of Adamera Minerals Corp. states "There is little exploration drilling around the periphery Overlook gold mine. The VTEM and soil data have defined clear targets adjacent to the mine, targets that could represent extensions to the known mineralization."
Overlook Mine Extension Target is a modelled 900m x 140m conductor at a depth of about 200 metres that is spatially associated with the past producing Overlook Gold Mine. The deposit was mined from 1991 to 1996 by Echo Bay Mines and was reported to contain 425,000 ounces of gold at a grade of about 5.5 g/t.
The VTEM conductor is significantly larger than the Overlook deposit, which appears to extend for about 300 metres. The deposit is located on the western end of the conductor with the eastern part remaining untested (See the "Overlook Extension Target" in Figure 1). As this target also has magnetic and geochemical support it is a high priority.
Oversight Target is a shallower conductor identified by the VTEM survey and is well supported by soil geochemistry. It is modelled as a 200m x 50m flat lying body at a depth of 55 to 70 metres that is located directly above the eastern end of the Overlook Mine Extension anomaly described above.
In 2014, Adamera drilled 9 shallow holes to test an adjacent magnetic anomaly. Drill hole DDH- 8, intersected about 20 metres of highly altered rock with gold values ranging from 0.2 g/t to 1 g/t near the Oversight VTEM target. (See Figure 2).
A third target, referred to as the Overeasy Target is an isolated copper-arsenic-gold soil anomaly along a preferred structure within an area of low conductivity. Adamera interprets this data as possible mineralization associated with flat lying sheeted silica veins, as observed in the upper levels of the Overlook mine, 600 metres to the north. Based on topography and the known depths of the sheeted veins at Overlook, the target is estimated at 70 metres depth.
A modelled plan view and interpreted cross-section of the Overlook and Oversight VTEM anomalies is shown below.
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Figure 2. Interpretive cross section showing relative locations of EM anomalies, Overlook deposit and DDH-8
Figure 1. Plan View of EM targets and modelled plates and the location of the Overlook Mine. Note DDH-8 location
Martin St. Pierre P.Geoph, a Qualified Person as defined by National Instrument 43-101 is interpreting the geophysical data from Geotech Ltd. Christine Johnson P.Geol, a Qualified Person as defined by National Instrument 43-101 is interpreting geological and geochemical data on the project.
About Adamera
Adamera Minerals Corp. is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. While management feels the existing third-party mill and superior logistics allow a smaller resource to be potentially economic, Adamera's primary goal is the discovery of a large stand-alone high grade gold resource. Adamera is the dominant regional exploration company in the area.
On behalf of the Board of Directors
Mark Kolebaba
President & CEO
For additional information please contact:
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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