Vancouver,
BC, January 14, 2014 - Adamera Minerals Corp. (TSX V:
ADZ) presents a detailed progress
report outlining its advancements in exploration, strategy
development, corporate awareness and cost reduction for the year
2013. It is these achievements that have now put Adamera in a
position to test five high-priority, high-grade gold targets in
Washington State.
While a very high percentage
of junior exploration companies were inactive waiting for better
economic times, Adamera adopted a low-cost exploration approach
which enabled the company to expand and advance its properties
through detailed geological, geochemical, geophysical and drilling
activities.
All Adamera projects are in
established mining districts, current or historic and are within
hauling distance of an operating, under-utilized mill. Throughout
2013, Adamera focused on developing drill targets with high-grade
gold potential. As a result all projects are drill ready with
existing proof of concept. Adamera is now positioned for discovery,
with plans to drill test high-grade targets on all five
projects.
CORPORATE
STRATEGY - Discover
high-grade deposits within hauling distance to a mill
Adamera continued to
streamline its strategy of low-cost exploration for high-grade
underground mineable gold and silver resources in NE Washington
State. Washington is known for hosting high- grade gold deposits
such as the Buckhorn deposit which is currently being
mined.
The Buckhorn mine is owned
and operated by Kinross Gold Corp. Kinross hauls the Buckhorn ore
to their Kettle River Mill 70 km to the southeast. The 11.3 g/t
gold Buckhorn deposit is one of Kinross's lowest cost producers
with reported costs of less than $500/oz. The mine has only two
years of mine life remaining, at which point the Kettle River mill
will require ore. Adamera's strategy is to discover a high-grade
deposit within hauling distance of the Kinross Mill.
"Working
in an area with a well-developed network of roads and an
underutilized mill is highly advantageous for any company. While
our main target is a 1M oz- 5g/t gold deposit, we have the luxury
of having a minimum target of 200,000 oz at 6 g/t gold. This is
essentially a unique brown field exploration opportunity for
us," Says Mark Kolebaba, President
and CEO of Adamera Minerals.
PROJECT
AREA
Adamera has significantly
advanced and expanded its property holdings in Washington State.
Following on the Company's land acquisition strategy, data was
reviewed on hundreds of projects including dozens of site visits
over the last couple of years. Five high-interest properties were
acquired based on high-grade gold historic data. Combining current
geological models with historic geological information
has given the company opportunity to evaluate the
properties in a new manner. The effectiveness of these contemporary
models is evident in the dramatic advancement of these
projects.
Geologically, Adamera is
targeting areas within and around the Republic and Toroda
Grabens in northeastern
Washington. The Republic Gold District produced over 3M oz of gold
averaging 20g/t and 15M ounces of
silver averaging 110g/t. The company recently expanded its land
position into this district through the acquisition of the Flag
Hill Property.
PROJECT
OVERVIEWS
Flag Hill Property - 12 km
from Mill
The Flag hill property is located on BLM
land within the largest gold producing area in Washington State,
the Republic Gold District. This property was acquired in 2013.
Considered a high priority property at the time of staking, the
company quickly completed property wide mapping, sampling and
geophysical surveying. The company is currently reviewing the Flag
Hill data and will release the results of the work shortly. A
Notice of Intent for drilling at Flag Hill has been filed with the
Bureau of Land Management.
Oversight Property - 5 km
from Mill
The Oversight property is located on BLM
land along an existing haul road to the Kinross Mill. This property
is near the eastern margin of the Republic Graben where over a
million ounces of gold have been mined from past producers such as
Lamefoot, Overlook, Key East and Key West mines.
The past producers in this area are believed
to be synergetic in origin with gold occurring in a magnetite -
pyrrhotite horizon which stratigraphically underlies a limestone
unit. A ground magnetic survey completed by the company has
identified a strong magnetic anomaly predicted to lie at an
estimated depth of 25 metres. The anomaly is likely caused by
magnetite which may be associated with gold. At the surface along
the projected margins of the magnetic anomaly are gently dipping
0.2 metre thick veins that contain high gold values including 16
and 69 g/t gold.
The high-grade veins are considered the
primary target on this property; rather they are perhaps
indications of a larger, gold bearing magnetic target that lies at
a depth of approximately 25 metres.
The magnetic target is circular and
approximately 250 metres in diameter. Immediate plans for this
property include detailed magnetic surveying over the target area
to provide best drilling locations for two to three holes. A Notice
of Intent for drilling at Oversight has been filed with the Bureau
of Land Management
Poland China Property - 80
km from Mill
The project is located 10 kilometres from
the Buckhorn mine within similar geology. The Poland China mine was
considered a vein type deposit, however, based on recent work the
company believes gold at Poland China occurs within an extensive
shallow dipping, 30-40 metre thick, graphitic shear zone. Zones of
high-grade gold ranging from 3 g/t to 44 g/t have been identified
in areas with intense silica alteration.
The company also identified two additional
exploration targets 2 kilometres north of the mine. Associated with
soil geochemical and magnetic anomalies is an area with quartz
veins that have yielded 56 g/t as well as an area with "placer"
gold in soil.
In 2014, the company is planning to drill
test the extent of the mineralized zone encountered in DDH-10 that
intersected the margin of an interpreted resistive anomaly yielding
a highly silica enriched zone with 29 g/t over 0.4 metres within a
~4 metre zone containing ~5 g/t gold. A down dip extension
predicted by structural interpretation and the gradient array data
will be targeted with an initial 2 to 3 hole step-out drill
program. If the high-grade zone is intersected down dip, a much
more extensive drill program will be required.
Empire Creek Property - 32
km from Mill
The Empire Creek property straddles the
western margin of the Republic Graben and lies along the same
structure as the K2 mine located 6 kilometres to the north. The K2
mine is an epithermal gold vein system that was previously mined by
Echo Bay Mines and is currently being explored by Kinross.
Until recently, mineralization at Empire
Creek was assumed to be horizontal strataform replacement style
mineralization. Several high-grade intersections were encountered
in numerous historical drill holes, including a zone of 9 g/t gold
and 154 g/t silver over 18.3 metres, however, the majority of the
drill holes were vertical and demonstrating continuity of this
mineralization was a challenge.
Based on work completed in 2013, the company
believes the mineralization at Empire Creek is epithermal in origin
rather than replacement style. High-grade gold and silver
mineralization encountered at surface and in drill core is located
along vertical structures that were not previously recognized.
Prominent alteration/geochemical halos associated with the
mineralization, regional stratigraphy, and along with the proximity
to the K2 Mine and the graben margin further suggests epithermal
origin.
In 2014, at least 2 to 3 angled drill holes
are planned to test these vertical structures.
Golden Reward Property -
60 km from Mill
The Golden Reward property is located on the
eastern side of the Toroda Graben. The property is on private land
that hosts part of an epithermal gold-bearing vein system. The vein
system trends across the property onto the adjoining land which was
recently acquired by Kinross Gold Corp.
The company has identified favourable
structures and significant gold mineralization on the property.
Alteration, geochemistry and silica textures at surface suggest
that the exposed part of the system is at a high level. Typically,
mineralization within these systems can be wider and higher grade
at depth.
This property has never been tested at
depth. The company has identified at least three target locations
that require drill testing at a depth of 100 to 300 metres.
MARKETING
As a new company exploring for high-grade
gold and silver in Washington State, Adamera has initiated investor
awareness in the USA as well as Canada.
Over the past year the
company has exhibited at and attended specific US investor
conferences. This presence introduced the company to many retail
and institutional investors interested in US projects. Industry
conferences have also afforded a means of establishing
relationships with well-known and respected newsletter
writers. Generous mentions to speaking
audiences by writers such as Lawrence Roulston and John Kaiser have
brought significant awareness and interest to Adamera.
The company has also been working closely
with popular media host Al Korelin to promote awareness in the
United States. Conducting frequent interviews on the 'Korelin
Economics Report' has provided exposure to a broad investor
audience in the United States. Other media interviews include the
'Junior Mining Network' and the 'SNN' network. In late 2013,
Adamera was published in the 'Northern Miner', and 'Resource World'
publications. These publications are far reaching with regards to
company and project recognition.
As a new member of the
Northwest Mining Association (NWMA), Adamera was pleased to attend
the Reno and Spokane conferences. Adamera had the honour of being
invited to present its exploration activities at the Growth Company
Panel at the 2013 NWMA conference which generated an overwhelmingly
positive response both at the presentation and afterwards at our
Core Shack booth.
In 2014, Adamera has been invited to display
in the Core Shack at the AMEBC Round Up in Vancouver. These
invitations are perhaps an indication of growing industry awareness
of our activities and subsequent peer recommendations.
Measuring effective marketing
is generally difficult; however, as a result of our low-cost
marketing efforts, our trading volume has increased 50% from June
to December. Frequent interviewing on the 'Korelin Economics
Report' was highly effective, as indicated by increased volume
after interviews and by the fact that the Korelin Report website is
the #2 referral website to our company website.
Being located near the project area (6.5
hour drive from Vancouver Office) and having excellent road access,
site visits are a low cost and effective means of project
marketing. Adamera conducted numerous site visits with various
geological consultants, media representatives, shareholders and
potential major investors in 2013. Now with projects at a more
advanced stage, site visits for the investor community will play a
larger role in marketing for Adamera.
COMMUNITY RELATIONS
As a new company to
Washington State it is also important to gain community awareness.
With a very small community relations budget our approach at this
stage is to have a presence in the community and increase
visibility of the corporate name and activity. As a new corporate
member of the community we have adopted a section of highway
leading into the town of Republic, sponsor community events, hire
locally whenever possible and maintain membership in the local
Chamber of Commerce and other associations to increase company
awareness in the community. Adamera's exploration crew live in the
town and participate in many local activities.
There are many differences between working
in Canada and the USA with regards to permitting and operating
procedures. The company has been actively building relationships
with government representatives in three counties as well as with
environmental and other groups representing the Washington area.
Tours of the Buckhorn mine and Kettle River Mill have been very
informative in this regard. Adamera's low impact exploration
philosophy has been helpful in attaining permits for
exploration.
COST
CUTTING AND COST ALIGNMENT
Adamera has been complimented for its
effective shift from the expensive short seasons of Canada`s north
to Washington State where the company can operate all year at costs
that are 90 % less than northern costs. Adamera has continued to
advance its projects through tough economic times while many other
companies have become virtually inactive.
Not knowing when the markets will improve,
it is important for resource companies to align costs with economic
conditions and work towards low cost discovery of mineral wealth.
Significant reduction of corporate and exploration costs ensures
maximum exploration value on the company's prospects. Cost cutting
measures by Adamera have included staff reduction, wage cuts and
streamlined in-house use of company owned or rented equipment. As a
result, Adamera's geophysical, geochemical and drilling costs are a
fraction of the cost for most companies working in similar regions.
Most importantly, a higher percentage of cash goes into the
ground.
FINANCING
The company continues its efforts to sell
its many northern projects. The KAM and Hawk uranium properties are
currently under a letter agreement to be sold. Such transactions
are essentially non-dilutive financings that will be used to
advance the Washington properties. In addition, the company will
announce a private placement prior to starting any work programs on
the properties in 2014.
CONCLUSION
A strong United States focus
is essential to Adamera's exploration strategy as many believe
parts of the US have been under-explored over the past 20 years,
over which time deposit models have significantly evolved providing
new and innovative exploration ideas. Continuous reports from the
USA state the importance of domestic sources of resources to ensure
a stable manufacturing industry and create jobs in economically
depressed, resource-rich regions of the country. As a safe, stable,
low-risk business environment, Adamera believes that the USA will
be one of the next frontiers for mining and exploration.
Jim Ebisch, P.Geol is the Qualified
Person as defined by National Instrument 43-101 reviewing the data
in this release.
For more information on our
projects, media reports and interviews, please visit our website
at www.adamera.com. Also
follow us on Twitter @ ADZ_adamera and on our Facebook page
'Adamera Minerals'.
Heather Kays
Manager, Corporate Communications
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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