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January 20, 2022 - Adamera Minerals Corp. (TSXV:ADZ) (OTC:DDNFF)provides a summary of its 2021 exploration activities on its Washington State properties. Last year was a significant year for the Company. Our focus was on the Cooke Mountain and Buckhorn 2.0 gold projects. Minor care and maintenance work was also done on our 100 % owned projects including Talisman and Empire Creek.
Exploration at Cooke Mountain started in March with drilling on multiple targets. The program was successful in discovering shallow, high-grade gold mineralization that was followed up by additional geophysics and drilling in December of 2021. Assays from that drilling are pending. Some $1.8 million was spent on exploration, including drilling, with 70% of that expenditure provided by our Cooke Mountain agreement partner Hochschild Mining PLC (LON:HOC).
Adamera continued to advance exploration on the Buckhorn 2.0 project. Our knowledge of the property was significantly advanced through an agreement with Kinross Gold Corp to acquire a substantial dataset from their work in the area as well as work completed directly by Adamera. Highlights of our work and our first review of the Kinross data are provided below. We look forward to drilling in 2022.
Performing exploration, especially field activities during the year was challenging due toCOVID-19, a major labour shortage, prolonged assay delays and extreme heat and fire conditions. We are grateful for the efforts of our team and partners for successfully advancing our projects under such conditions. With a healthy treasury of $1.7 million and well-defined exploration targets, we are optimistic that 2022 will be our year for a discovery that takes Adamera to the next level.
Cooke Mountain Gold Project
The Cooke Mountain project encompasses several properties including the Lamefoot South, Goodfoot and Oversight properties which surround former producing mines Lamefoot and Overlook, all of which fall under a farmout agreement with Hochschild Mining PLC. In 2021, 8 initial holes for just under 3000 metres were drilled. Four holes were drilled on the western trend near the Lamefoot Mine and 4 holes on the eastern trend near the Overlook Mine.
Approximately 1400 core sample results have been received with 400 results still pending.
On November 9, 2021 Adamera announced a new high-grade mineralized zone identified in drill hole PL-6 at Lamefoot South. This zone was intersected from 24.08 to 26.78 metres depth and yielded 2.7 metres grading at 4.7 g/t Au, including a 0.76 metre zone with 10.7 g/t Au. This site is situated ~1000 metres south of the former Lamefoot Gold mine operated by Kinross Gold Corp.
In December, 3 follow up holes were drilled to the north of PL-6, using easily accessible/permitted sites. Results for this drilling are pending. Drilling this target to the south is topographically more challenging and will require additional permitting. Sites to test the southern extent are currently being selected.
Geophysical surveying immediately to the south is being conducted using electromagnetic (EM) and self potential (SP) methods. To date only a few lines of SP have been completed. That data shows a strong signature to the south. EM is planned for late January.
During the summer a magnetic survey and stream sampling program was completed on the Iron Mountain property, also on the Cooke Mountain project.
Buckhorn 2.0 Gold Project
The Buckhorn 2.0 property comprises 3600 hectares of land surrounding the former high-grade underground Buckhorn (formerly Crown Jewel) gold mine. The mine area continues to be held by Kinross Gold.
Advancements on Buckhorn 2.0 property are noteworthy. A data transfer agreement with Kinross was signed in the first part of September. Up until that time there was no certainty that an agreement would be reached during the 2021 field season. To avoid the loss of field time, Adamera had begun to perform field work that included geological mapping, collecting stream and panned stream samples, ground magnetic surveys and VLF-EM surveys.
Based on our experience in this district, detailed ground magnetic surveying is an essential exploration tool. More than 1141 line kilometres was surveyed, much of which was in rugged terrain. This survey provided a high level of detail and is being used to identify targets and structures. Importantly, the field crew recognized and recorded the location of more than 135 historic mine workings on the property to integrate into the geochemical and geophysical data base.
Adamera performed 50 line kilometres of VLF-EM surveying with plans in place to cover the remaining portion of the property. The VLF-EM was conducted on select parts of the property to identify potentially mineralized structures. To that end, there appears to be a high correlation with high gold in soil anomalies on some interpreted structures.
In mid September, Adamera started receiving Kinross data including drill hole results, soil and rock geochemistry and Lidar maps. The acquisition of this data triggered an enormous data review that is continuing at this time.
Of primary interest is the results for 281 drill holes that are providing incredible insight into the underlying geology and controls on mineralization. Clearly Adamera is very interested in drill holes that intersected high-grade gold mineralization. In particular how do those drill holes relate to the entire Buckhorn 2.0 dataset, emphasizing the structural and geophysical information at hand. From a purely geophysical outlook there are drill holes that have missed what we would consider to be priority exploration targets.
Some 15,000 soil and +1200 rock samples across the property have been received under the data transfer agreement. Two very simple observations were made immediately upon plotting of the data. 1) soil sampling appears to be working as multiple samples with elevated to high gold values form clusters associated with known mineralization, and 2) there are significant gaps in the data where samples do not exist. Sampling crews were immediately mobilized to infill unsampled areas.
The 135 known historic mine workings located by Adamera’s ground geophysical crew were modelled using Kinross LIDAR data, a remote sensing mapping tool. Several hundred additional similar features were identified in the process. More than 120 of the workings have been investigated on the ground and sampled by a geologist. Results are pending.
In November, data for a property wide airborne VTEM (electromagnetic) survey was received under the data transfer agreement. This data is currently being evaluated. Preliminary work has identified approximately 20 priority conductors that appear not to have been tested on the property.
This above summary captures how advanced the project will be once the data sets are compiled and interpreted. Two sites were previously submitted for approval in mid 2021 based on Adamera’s data collection. Several additional sites will be submitted shortly. As a new project for Adamera, the timing for drill permits is not yet known and while permitting will be an ongoing process we are confident we will have permits by mid 2022. Investors can expect much more news on these developments.
Talisman Copper-Silver Property
The Talisman project straddles the USA-Canada border near Laurier, Washington and comprises adjoining claims in both Canada and USA. The project is about 90 km by highway from the smelter in Trail BC. The claims cover the Talisman Mine, a copper skarn deposit mined at a relatively small scale up until the 1950’s. The mine grade was reported to be approximately 5% copper with an unknown amount of tungsten. The property has been held by Adamera under care and maintenance by Adamera since 2013.
Adamera has deemed this project to be a strategic exploration opportunity. The current strength of silver and base metal prices, along with proximity to the Teck smelter in Trail BC, has prompted the Company to consider advancing the project through a partnership with a strong base metal focused company.
Mineralization on the property is extensive. Adamera has mapped the intermittently exposed mineralized zones over an area that extends for more than 800 metres to the northwest and is believed to continue extending west beneath unmineralized rocks.
Empire Creek Gold Project
This epithermal style gold-silver project has been held on care and maintenance for the past several years. It is located along the western margin of the Republic Gold Graben approximately 6 km south of Kinross’ past producing K2 Mine now called the Curlew Basin project. Kinross has recently reported a new discovery on that project and is executing on a substantial exploration/development budget.
Previous surface rock and drilling samples on the property by Adamera has identified a number of high-grade gold and silver targets. For example, a drill hole with 10.5 g/t gold and 183.3 g/t silver over 15.2 metres proved to be of limited scope but does highlight the opportunity for follow up exploration.
In 2021, the Company completed a VLF-EM survey over the northern part of the property to test a concept related to a structural control on mineralization. The outcome of this survey will be released as results are finalised.
Flag Hill Property Gold Project
Flag Hill is an epithermal style gold property in the heart of the Republic gold district. It is on care and maintenance at present. Depending on Adamera priorities, drill permits may be submitted in 2022 to test existing targets.
In conclusion , we are excited about rapidly advancing our high potential targets in 2022. With a healthy treasury and two strategic projects investors can expect strong continuous news flow. Which 2022 drill hole will be the “game changer” for Adamera is yet to be determined. However given that we have discovery stage projects in the USA, it has been said that Adamera will gain a lot of industry attention when our breakthrough is achieved.
On behalf of the Board of Directors, I sincerely thank our team, contractors and partners for the dedication and hard work to make 2021 a success. We look forward to a strong commodities market and a more favourable working environment in the year ahead.
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.
Martin St. Pierre P.Geoph, and James Ebisch P.Geo, are Qualified Persons as defined by National Instrument 43-101 and have reviewed data associated with these projects.
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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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