Drill hole BM22-02, an angled hole drilled from west to east, intersected shallow gold zones on each side of a massive magnetite skarn. The upper western zone returned 3.8 g/t gold over 1.2 metres from 12.8 metres to 14 metres down hole. The lower eastern zone yielded 4.0 g/t gold over 1.6 metres from 22.8 metres to 24.4 metres depth. The magnetite unit itself has elevated gold values.
“I certainly don’t underestimate the significance of this new mineralization. BM22-02 intersected gold zones very close to surface, leaving a significant strike length for follow-up drilling. VTEM-1 will be ranked with other targets as we design our follow-up program,” said Mark Kolebaba, president and CEO of Adamera Minerals.
In the upper zone, gold is associated with brecciated skarn containing silica, sulphide and magnetite infill. Both zones appear to have undergone late-stage gold enrichment. Significantly, the BM22-02 intersections fall within a well-defined magnetic target associated with VTEM-1. The magnetic anomaly is traceable for several hundred metres and is well defined for follow-up drilling.
Geophysical modelling of data associated with VTEM-1 generated a conductive, steeply-dipping, tabular zone, suggestive of sulphides within a magnetite skarn. The Buckhorn gold mine, located 700 metres from VTEM-1, is a gold-rich skarn with magnetite and sulphides that has a comparable geophysical signature.
The mined-out Buckhorn mine produced 1.3 million ounces of gold at a grade of 13 g/t. The nearby Kettle River gold mill is currently on care and maintenance.
Trace element geochemistry is pending for drill hole BM22-02. The company has received results for other targets and is currently reviewing the data. Drilling at Lamefoot South is currently under way.
Adamera Minerals is exploring for a high-grade gold deposit near Republic, Washington. The Adamera projects are located in a prolific gold district that has reportedly produced over 17 million ounces of high-grade gold. Adamera is the dominant regional explorer in the area.