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Junior points to overlooked potential at Oversight

Adamera Minerals (TSXV: ADZ) says recent drilling that confirmed gold mineralisation, 250m east of the historic Overlook mine in Washington state, should not be ignored.
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3D modelling of drilling at Oversight and the Overlook mine

Staff reporter

The company reported 10.57m at 2.5g/t gold from 73.44m at its Oversight prospect two weeks ago, saying it confirmed a new north-northeast trending gold zone in an area previously untested by drilling.

It has since put together 3D modelling of its results and historic drilling from Overlook, saying the application showed new opportunities that may not have been recognised in the past.

"The recent drill holes with several high-grade gold intervals is not something that any company should ignore and we are currently reviewing and evaluating numerous business and exploration opportunities," president and CEO Mark Kolebaba said.

He said the area should be followed up "as soon as possible with a minimum 10 drill hole programme".

The company is aiming to find a standalone, high-grade deposit in the historic goldfield, within hauling distance of an existing mill.

Its exploration efforts were hampered 18 months ago by laboratory delays, fire restrictions and slower-than-expected permitting.

It had a working capital deficiency of about C$254,000 (US$193,000) at September 30, then raised $365,750 (US$277,685) in November through the upsized issue of 7.3 million units at 5c each.

Adamera shares were trading at 16c a year ago and were half-a-cent above a 52-week low yesterday at 2.5c, capitalising it at $3.5 million.