Adamera Minerals (ADZ-V)
www.adamera.com
33.4 million o/s
$0.6 million cash (as of June 30, 2013)
ADZ is currently in talks to sell its Nunavut-based uranium projects for cash and a small royalty. Continue to raise money on a per-program basis, so we can keep an eye on our dilution.
Key people
Mark Kolebab - President, Director & CEO
Mr. Mark Kolebaba, has been instrumental in major discoveries since the 1980's and has experience with diamond, gold, silver and base metals. This experience ranges from early to advanced exploration, feasibility studies, and working in an operating mine. Mr. Kolebaba has held positions with BHP Billiton, Cominco Ltd. and the Northgate Group of companies. Mr. Kolebaba was part of the team that discovered the first 120 kimberlites at the Ekati Diamond Mine and was responsible for the initial discovery of the Hope Bay Gold deposit in Nunavut. Mr. Kolebaba served as President and CEO of Diamonds North Resources and Uranium North Resources where he and the exploration team acquired one of Canada's largest land positions. This work resulted in the discovery of the Amaruk project a diamondiferous kimberlite field and the advancement of a historic 6.7 M lb U308 deposit to the NI 43-101, 20 M lb U308 Amer lake Deposit. Mr. Kolebaba's strengths lie in project generation, project acquisition and new business development. His aggressive management style will be a significant advantage to the future development of Adamera Minerals.
Yale Simpson, B.A. Sc - Director
Yale Simpson is the Executive Chairman of Exeter and the Co-Chairman of Extorre Gold Mines. He has a Bachelor of Applied Science (Geological Engineering) from the University of British Columbia, Canada and is a professional geologist. Yale has more than 30 years' experience as a senior geologist, exploration manager and CEO of companies involved in precious metals projects in Australia, Africa, Eastern Europe and Argentina. Those companies included Pennzoil Company, Chevron Exploration, Australmin Holdings, Black Swan Gold Mines Ltd. and Argosy Minerals Inc. Importantly, he and his exploration teams are credited with the exploration and development of several gold mines. His particular expertise is in strategic resource planning and corporate communications.
Terry Lyons - Advisor
Mr. Lyons brings to Adamera Minerals over 30 years of business experience in natural resources, merchant banking and corporate restructuring activities. He holds a B.Sc. in Civil Engineering from the University of British Columbia and an MBA from the University of Western Ontario. Mr. Lyons is currently the Chairman of the Board of Northgate Minerals Corporation. Mr. Lyons is a director and officer of several public corporations including BC Pacific Capital Corporation, and Canaccord Capital Inc. Mr. Lyons also served as the Chairman of the Board of Westmin Resources Ltd. and was a director of the Battle Mountain Gold Company.
Company presentation
adamera.com
______________________________________________________________________________________
Oct 22, 2013 - News Release
Adamera Minerals Corp. has identified a second high-priority gold target area on the Poland China property in Washington. This second area, located 1.5 kilometres north of the historic Poland China mine, is marked by extensive historic placer mine workings that extend for about 500 metres. Recent work completed by Adamera suggests that gold found in soil in this new area may not be part of an actual placer deposit and may be residual gold derived from shallow, underlying weathered bedrock. The original nearby Poland China mine was discovered over 100 years ago by farmers who accidently found gold in the roots of grass.
Coarse gold grains up to two millimetres in size were recovered from soil in this area by hand panning. The gold grains examined under binocular microscope exhibit primary textures; this suggests a nearby bedrock source. These textures include sharp angularity of gold grains and the presence of gold grains with quartz still attached to them. Washington Department of Natural Resources geologists documented similar observations.
Placer gold occurrences typically form in river or stream sediments, where the gold has been concentrated by moving water. In this new area, gold occurs in a silty soil that has apparently not undergone a concentrating process. For historic mining of this gold-bearing soil to have been economically viable, the gold content of underlying bedrock must have been significant.
The presence of pathfinder elements associated with gold on the property also supports the existence of a nearby bedrock source. These pathfinder elements are found in sulphide minerals that typically deteriorate as they travel farther from their source. In this new target area, the preservation of pathfinder elements has been interpreted to reflect underlying bedrock mineralization.
"Almost every significant gold deposit in the Cordilleran has an associated nearby placer component. The placer gold occurrence at the Poland China property has been previously overlooked with regards to originating from a nearby bedrock source, and we now recognize it as being far more important than initially thought. It is unusual to find this high concentration of coarse local gold in unsorted soil. This, along with the Poland China mine, and the many other showings and anomalies found elsewhere, demonstrates how widespread gold mineralization is on the property," said Mark Kolebaba, president and chief executive officer of the company. "This second gold occurrence is well suited to excavator trenching due to the shallow depth to bedrock in much of the area and the private land status."
Jim Ebisch, PGeol, is a qualified person, as defined by National Instrument 43-101, reviewing the data in this release. Gold grain review under binocular microscope and hand-held X-ray fluorescence analysis of soil samples were conducted by the company.
Adamera's strategy in Washington is to discover high-grade gold mineralization near established infrastructure. Specifically, the company is targeting areas near the Kinross Kettle River mill. The Kinross mill is reported to be operating at half capacity with ore shipped 70 kilometres from the 1.3-million-ounce Buckhorn mine, which has only two years mine life remaining. Average grade of the Buckhorn mine is 11.3 grams per tonne gold, and production costs are reported to be between $420 and $500 per ounce. The Poland China property is only 80 kilometres by road to the Kinross mill. |
