Adamera and Hochschild Drilling Hits Shallow High-Grade Gold Zone on the Lamefoot South Property
November 09 2021 - 9:15AM
Adamera Minerals Corp. (TSX V: ADZ; OTC: DDNFF) announces the
discovery of high-grade gold on the Lamefoot South property in
Washington State. This past season as part of a larger drill
program, one hole was drilled on this property, DDH PL-6 (“PL-6”).
It intersected a shallow zone yielding 4.7 g/t gold over 2.7
metres, including 0.76 metres at 10.7 g/t gold (see table below).
The Lamefoot South gold property forms part of Adamera’s Cooke
Mountain venture with Hochschild Mining Corp (LON: HOC). The
property is located approximately 1,300 metres south of the
Lamefoot Mine reported to contain nearly one million ounces of gold
at a grade of 8 to 10 g/t.
The high-grade gold interval in PL-6 occurs in limestone from
24.08 to 26.78 metres depth and coincides with a limestone-clastic
contact. That position is interpreted to be the same contact as the
Lamefoot Mine to the north. A second zone from 17.23 to 19.8 metres
reports elevated gold, including a section from 17.8 to 18.5 metres
that assayed 1.6 g/t gold (see table below).
Hole |
From (m) |
To (m) |
Interval |
Au (g/t) |
PL-6 |
17.23 |
19.83 |
2.6 |
0.63 |
incl. |
17.84 |
18.45 |
0.61 |
1.6 |
PL-6 |
24.08 |
26.78 |
2.7 |
4.7 |
incl. |
24.08 |
24.84 |
0.76 |
10.7 |
PL-6 was drilled to test a strong induced polarization (IP)
anomaly coincident with soil geochemistry. It is apparent that the
gold intersection is coincident with a more subtle IP anomaly
situated immediately west of the stronger IP anomaly targeted by
the drill hole. This more subtle anomaly extends south along a
limestone-clastic contact for approximately 700 metres. It is in
part coincident with VLF-EM, soil geochemistry and ground magnetic
anomalies (see attached map). At the Lamefoot Gold Mine the
limestone-clastic contact is considered an important mineralizing
control.
“This intercept is very meaningful given that it coincides with
what is considered a key ore control at the nearby Lamefoot Mine. A
single hole drilled into a target several hundred metres long
requires significant follow up. This gold intercept confirms our
targeting methodology and validates other untested targets on the
property,” says Mark Kolebaba, President and CEO of Adamera.
An elevated magnetic response is closely associated with the
high-grade gold mineralization intersected in PL-6. This discrete
magnetic anomaly extends to the north and south supporting
additional drill targeting along strike. In addition, other similar
magnetic features exist elsewhere along the contact in areas not
yet tested. The inversion of the magnetic data suggests potential
for a significant down dip extent.
A photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1150977-3a18-4f20-96c9-d40739286f92
Plans for follow up drilling at PL-6 will be discussed with
partner Hochschild Mining. Results from approximately 700 samples
are pending.
A photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d23e73f-1dcd-4b8f-b96e-af2b304b05b6
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$10.5 million) 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 outlined in the January 22
release.
Martin St. Pierre P. Geoph., a Qualified Person as defined by
National Instrument 43-101, has reviewed the techinical information
contained in this news release.
About Adamera
Adamera Minerals Corp. is exploring for high-grade gold deposits
near Republic Washington. This area has reportedly produced 8
million ounces of gold. Adamera’s Buckhorn 2.0 Gold Property
surrounds the Kinross’ Buckhorn Gold Mine that was closed in 2017.
The mine produced approximately 1.3 million ounces of gold at an
average grade of about 12 g/t. Adamera is the dominant regional
explorer in the area.
On behalf of the Board of Directors,Mark KolebabaPresident &
CEO
For additional information please contact:Email:
info@Adamera.comWebsite: www.Adamera.com
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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