Adamera Minerals Corp (TSX-Venture:ADZ) hoped for better things in terms of its stock price when it released information Tuesday about the fate of its latest mine results.
The Vancouver-based Adamera reported laboratory results for drill hole OS18-02B at the Oversight Project in Washington State. The hole is a redrill of drill hole OS18-02 announced last September. A number of lower grade gold intercepts were returned. Results from OS18-04 drilled further to the north are pending.
The company said magnetite intersected in drill hole OS18-02B contains 4.5 times more gold on average than the magnetite zone in OS17-03 and OS17-01 to the south. At the Overlook Mine, a general increase in gold content of the magnetite typically occurs immediately adjacent to and often contributes to the high-grade zones.
Results for one drill hole on the Lamefoot South prospect were also reported and the gold finds there were, at best, disappointing
That letdown could have been reflected in the bidding down of the company’s shares; Adamera shares faded three cents, or 46.2%, noon hour Tuesday, to 3.5 cents, on 2.6 million shares
