Tickers: XTSX:ADZ, PINX:DDNFF
Vancouver, B.C. - TheNewswire - June 8, 2020 - Adamera Minerals Corp. (TSXV:ADZ); (OTC:DDNFF) and Hochschild Mining PLC (LON:HOC) are pleased to announce they have initiated the 2020 exploration program in Washington State. The program is being performed in 3 phases in response to the easing of restrictions related to COVID-19.
The phases include:
Phase 1. Mapping, prospecting and geochemical sampling of the new claims (2600 acres) at Cooke Mountain (see news release dated March 11, 2020).
Phase 2. Deeper penetrating geophysical survey using induced polarization (IP) over areas of previously drilled gold mineralizaion at Cooke Mountain.
Phase 3. Drilling reprioritized targets on the Cooke Mountain project.
Earlier in the year, under the terms of the Hochschild earn-in agreement, Hochschild and Adamera expanded the Cooke Mountain project by staking the new claims. These claims cover an additional 10 kilometres of the interpreted Overlook Trend.
Mapping, prospecting and lithogeochemical sampling of the new claims is underway. To date, numerous gold prospects have been identified and sampled. That work is showing prospective rocks and structures similar to the previously mined Overlook deposit within the Cooke Mountain project area. This initial phase is expected to be completed within 2 weeks. Planning of detailed geophysical and soil surveys to develop follow-up exploration targets is underway.
"Years of targeting for high-grade gold on the Cooke Mountain project are now paying off. After COVID-19 related delays, we are more than ready to drill the targets defined to date. The recent work on the new claims confirms our geological interpretations and provides an additional opportunity for us," says Mark Kolebaba President and CEO of Adamera Minerals Corp.
To prepare for Phase 2, Adamera has assembled an exploration crew so that the IP surveying can begin in mid-June. Previous IP surveying by Adamera over the Goodfoot, Lamefoot South and Oversight properties identified well defined anomalies open at depth. Hochschild proposed deeper penetrating IP to determine the depth extent and structural controls of those targets in advance of drilling. On completion of the IP survey all Cooke Mountain targets will be prioritized for the 2020 drilling program.
The Earn-in agreement between Adamera and Hochschild was announced on January 22, 2020. Under the terms of the agreement, Hochschild can earn a 60% interest in the projects by spending US$8 million (approximately CAN$ 10.5million) on the project over 5 years. Hochschild can opt to earn an additional 15% of the project by sole funding a feasibility study over an additional 3 years subject to various conditions further outlined in the release.
Martin St. Pierre P.Geoph, and Jim Ebisch P. Geo, Qualified Persons as defined by National Instrument 43-101, have reviewed certain data associated with the project.
Adamera Minerals Corp. is exploring for a high-grade gold deposit near Republic Washington. This area has reportedly produced over 7 million ounces of high-grade gold. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
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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