The theoretical “difficulty in separating association strength from [semantic] feature overlap” has resulted in inconsistent findings of either the presence or absence of “pure” associative priming in recent literature (Hutchison, 2003, Psychonomic Bulletin & Review, 10(4), p. 787). The present study used co-occurrence statistics of words in sentences to provide a full factorial manipulation of direct association (strong/no) and the number of common associates (many/no) of the prime and target words. These common associates were proposed to serve as semantic features for a recent interactive activation model of semantic processing (i.e., the associative read-out model; Hofmann & Jacobs, 2014). With stimulus onset asynchrony (SOA) as an additional factor, our findings indicate that associative and semantic priming are indeed dissociable. Moreover, the effect of direct association was strongest at a long SOA (1,000 ms), while many common associates facilitated lexical decisions primarily at a short SOA (200 ms). This response pattern is consistent with previous performance-based accounts and suggests that associative and semantic priming can be evoked by computationally determined direct and common associations.