NEVADA — Adamas acquires Hercules gold property

Vancouver-based newcomer Adamas Resources (AMS-V) has picked up the Hydra-Hercules gold project.

Situated southeast of Reno, in the Como mining district of the Pine Nut mountain range, the property comprises 84 unpatented claims. Gold mineralization is hosted in andesitic volcanic rocks. Shallow mineralization occurs in at least 10 en echelon zones with surface dimensions ranging from 800 to 3,000 ft. in length.

Prior work has indicated a near-surface reserve totalling 5.5 million tons grading 0.039 oz. gold and 0.29 oz. silver per ton, equivalent to 213,000 countain ounces of gold and 1.6 million of silver. The stripping ratio of the open-pit target stands at 1.9-To-1, and metallurgical tests have determined recoveries of 88% for gold and between 66% and 75% for silver using the heap-leach process.

Adamas acquired the 2.5-sq.-Mile property in return for US$40,000 cash and US$60,000 worth of shares.