Vancouver, B.C., / TheNewswire / June 9, 2021 - Adamera Minerals Corp. (“Adamera” or the “Company”) (TSX V: ADZ; OTC: DDNFF) provides an update on the 2021 drill program with joint venture partner Hochschild Mining LLC (LON: HOC) on the Cooke Mountain project near Republic Washington.
Adamera has completed five drill holes to date for approximately 1500 metres of a 3000 metre program. Drilling has tested targets on three prospects within the Goodfoot, Lamefoot South and Oversight properties. Zones with sulfides have been intercepted on all three properties. Analytical results are pending.
Below is a drill hole summary with an emphasis on visual sulfide mineralization.
Lamefoot South Property – Approximately 0.5 to 1 km south of the Lamefoot gold mine
1)HA-1: 26 metres of sheared rocks with up to 5% sulfides. The hole was drilled to a depth of 202 metres.
2)L-6: 14 metres of limestone with up to 60 % sulfides at shallow depths. This hole was drilled to a depth of 297 metres.
Goodfoot Property – Approximately 2 km from the Lamefoot gold mine
3)GF-9: 35 metre interval of altered clastic sediments with up to 2% sulfides. This hole was drilled to a depth of 316 metres.
4)GF-16: 50 metres of clastic sediments with up to 15% sulfides. The sulfides occur as veins and disseminations throughout. This hole was drilled to a depth of 349 metres.
Oversight Property – Approximately 0.5 km from Overlook gold mine
5) OVL-6: Intersected clastic rocks with up to 20% sulfides. The hole contained significant sulfides throughout. A 60 metre zone overlying a limestone unit is highlighted. Sulfides present as disseminations and veins throughout the zone. Sulfides include pyrite, pyrrhotite, chalcopyrite and sphalerite. This hole was drilled to a depth of 513 metres.
6)OVL-7: Drilling is underway.
The Oversight property surrounds the Overlook and Key West gold mines which are about one kilometre apart. Mineralization in the mines is associated with sulfides at the clastic - limestone contact. Drill hole OVL-6 was collared midway between the two deposits. The sulfide zone intersected in the drill hole is similarly at a clastic - limestone clastic contact. The target was intersected at 365.5 metres depth as predicted. A ‘mise a la masse’ geophysical survey on hole OVL-6 is to being completed to determine the geometry and continuity of the mineralized horizon.
“We have intersected several zones of mineralization that are visually encouraging. Intersecting a regional horizon between the Overlook and Key West mines would be significant for the company and lab results will certainly help confirm this concept,” says Mark Kolebaba, President and CEO of Adamera.
The past producing Lamefoot Mine was host to ~1 million ozs 8-10 g/t Au and the Overlook Mine produced ~ 450,000 ozs at 5.5 g/t Au.
The program is operated by Adamera and funded by Hochschild Mining Ltd (LON: HOC) under a joint venture (“JV”) agreement (see press release dated January 22, 2020). The 2021 exploration budget is approximately $1.0 million and includes this Phase 1 drilling program of ~ 3,000 metres testing a minimum of four targets.
The company also announces 6,875,000 warrants granted on June 22, 2020, with the exercise price of $0.10 and original expiry date of June 22, 2021, and 4,525,000 warrants with an exercise price of $0.10 granted on July 2, 2020, with an expiry date of July 2, 2021 will be extended for a period of 6 months to a date of December 22, 2021 and January 2, 2022.
Jim Ebisch P.Geo, a Qualified Person as defined by National Instrument 43-101, has reviewed data associated with the project.
Adamera Minerals Corp. is exploring for high-grade gold deposits 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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