Vancouver, B.C. - TheNewswire - February 11, 2021 - Adamera Minerals Corp. (TSXV:ADZ) (OTC:DDNFF) announces the completion of target development on the Goodfoot gold property, a part of the Cooke Mountain project in Washington State. Goodfoot is located approximately 2000 metres south of the high grade Lamefoot gold deposit mined by Kinross Gold.
A total of five targets on the Goodfoot property have been identified as candidates for drilling in 2021. Exploration is being funded by Hochschild Mining Ltd (HOC: LON) under a joint venture (“JV”) agreement (See press release January 22, 2020). Hochschild and Adamera are preparing 2021 drill targets on three Cooke Mountain areas, namely the Goodfoot, Lamefoot South and Oversight properties. Discussions with Hochschild to determine the final budget and a drilling commencement date are planned for February.
In 2020 the JV completed deep penetrating Induced Polarization (IP) surveys at Goodfoot resulting in five significant targets being resolved, GF-T1 to GF-T5. The survey was designed to enable target modelling to a depth of approximately 225 metres. Previous geophysics had only had the capability to model targets to a depth of 70 metres.
“The relationship between geology, geochemistry, geophysics and proximity to the past producing Lamefoot gold mine makes the Goodfoot targets very compelling. The increased target size demonstrated by the 2020 IP survey is particularly significant. The targets are now fully developed with permitting in place for drilling," says Mark Kolebaba, President and CEO of Adamera Minerals.
The Goodfoot survey was conducted over the entire property on 200 metre line spacings with 50 metre dipoles and N =1 to 8 array in order to penetrate to approximately 225 metres. The data was subsequently modelled with inversion software. The original IP survey in 2018 was conducted on lines 50 and 100 metres apart with 25 metre dipoles and N =1 to 5 array. This provided high resolution information to a depth of approximately 75 metres that covered a limited portion of the GF-T1 target.
Target GF-T1 is the highest priority target based on the extent of the IP anomaly and the presence of gold in soil samples above the anomaly. The target appears to expand at depth. GF-T1 strike length is approximately 300 metres north-south at 70 metres depth and expands to 850 metres at a depth of 130 metres. It remains open beyond the maximum depth penetration of the survey.
Targets GF-T2 and GF-T3 are also supported by gold in soils. The targets are north and south extensions of the GF-T1 target respectively. GF-T4 is approximately 1 km to the east of GF-T1 and is supported by a single gold in soil sample with 469 ppb gold. GF-T5 is located immediately east of GF-T1 and is coincident with a zone of high resistivity with significant gold anomalies in soil ranging from 30 ppb to 1090 ppb.
The Lamefoot Gold Mine to the north contained nearly a million ounces of gold at a reported grade of 8 to 10 g/t. The deposit was not exposed at surface and occurred at and near a limestone – clastic contact. The GF-T1, GF-T2 and GF-T3 targets at Goodfoot are adjacent to a similar limestone – clastic contact and are supported by gold values ranging from 30 to 700 ppb in soil samples flanking the east and west margins of the IP anomaly projected to surface.
Martin St. Pierre P.Geoph, is a Qualified Person as defined by National Instrument 43-101 has reviewed data associated with the project and provided quality control for the IP survey completed in 2020.
Adamera Minerals Corp. is exploring for a high-grade gold deposit near Republic Washington. This area has reportedly produced 8 million ounces of gold. Adamera is the dominant regional explorer in the area.
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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