Adamera Fully Funded - Cooke Mountain Exploration Program Initiated
Vancouver, British Columbia, May 4, 2017 - Adamera Minerals Corp. (TSX-V: ADZ; OTC: DDNFF) announces that it has initiated its 2017 Cooke Mountain exploration program in Washington State. Highlights of the program will include:
- Diamond (core) drilling - 3000 metres (phase 1)
- Soil Surveys - 8000 samples
- Ground magnetic surveying
- Induced Polarization (IP) surveying
- Geological mapping and prospecting
Adamera's cash position as of May 1, 2017 was $1.5 M, giving the company the flexibility to expand the program without additional financing. The budget for the Phase 1 drilling program is estimated at $500,000. A drill contractor has been selected with drilling to start during the last week of May. Mobilization of a LF 90 track mounted core drill is scheduled for mid-month.
Adamera's primary exploration target in the Cooke Mountain area is a blind or buried high-grade gold deposit similar to the Lamefoot, Overlook and Key deposits that were mined in the 1990s. A variety of target styles defined on the basis of geological, geophysical and or geochemical data will be tested. Targets are still being ranked and permitted. Adamera expects to drill five to ten targets during Phase I, Additional targets generated by the current program can be addressed in a Phase II program later in the field season.
"We have a good treasury to fund this ambitious program. We have used multiple data sets in our targeting, a fact that gives the Company confidence that we can convert targets into new discoveries. Our shareholders have shown us tremendous support and with me, are anxious to begin our drilling program," says Mark Kolebaba, President and CEO of Adamera Minerals Corp.
This year the Company is planning to collect some 8000 soil samples, of which 500 have been collected to date. This program will cover new areas in addition to in-filling specific sites from last season. Samples will be analysed for pH, multi-elements by XRF and gold analysis by fire assay.
Ground magnetic surveying is being employed to better resolve structures and to identify potential mineralization associated with magnetite. Some 50 line kilometres of ground magnetic surveying over the Big Banana property has been completed to date and is currently being interpreted.
Induced polarization (IP) is planned for several areas with geochemical soil anomalies that lack electromagnetic or magnetic anomalies.
Geological mapping is progressing on about 5000 acres of land in the Cooke Mountain project area. Key structures and favourable stratigraphy are primary controls over mineralization. The mapping will include detailed prospecting over geochemical and geophysical anomalies.
Adamera Minerals Corp. is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. While the existing third-party mill and superior logistics allow a smaller resource to be potentially economic, Adamera's primary goal is the discovery of a large stand-alone high grade gold deposit. Adamera is the dominant regional exploration company in the area.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Tel: (604) 689-2010
Fax: (604) 484-7143
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.