Cooke Mountain Project

Cooke Mountian Overview

Adamera Minerals holds a broad land position in the Cooke Mountain area in Washington State. The land surrounds or encompasses part of 5 past producing mines including Overlook, Lamefoot, Key West, Key East and Belcher. The Kettle River Gold Mill which is currently on care and maintenance is central to Adamera’s Cooke Mountain project. Approximately 3M oz. of gold has been processed at the mill since 1990.

The Cooke Mountain project includes the Goodfoot, Lamefoot Sounth , Overlook, Oversight, Lambert Creek and the HLK claims. Ground magnetics, detailed soil sampling, geological mapping and IP (Induced Polarization) has defined numerous high priority targets which have been drilled.  Drill results have confirmed high-grade gold mineralization on the Overlook/Oversight and Key West projects in 2017-2018. 

 

Adamera / Hochschild Mining JV agreement 

In January 2020, Adamera was successful in arranging an option-joint venture earn in agreement with Hochschild Mining on the Cooke Mountain project. The agreement is in two phases as follows:

Phase 1 - Hochschild can earn a 60% interest in the project by incurring US$8,000,000 (~CAN $10,500,000) in exploration expenditures over 5 years.

Year 1 -required expenditure -minimum of US$500,000

Year 2 –required expenditure minimum of US$500,000

Year 3,4, 5 required expenditure no less than US$1,000,000. Adamera will be the operator of the project during the initial part of the earn-in period.

Phase 2 - Hochschild can earn an additional 15% interest in the project by sole funding a feasibility study within a further 3 years. During this option phase, Hochschild has the right to extend the earn-in period by up to three additional years by paying Adamera US$200,000, US$300,000 and US$500,000 for the first, second and third extended years respectively.

 

**On July 18, 2022, Hochschild Mining provided notice of termination of the Cooke Mountain Option Agreement. Hochschild’s $1.8 million expenditure significantly advanced the project through geophysical surveys and drilling. Adamera now holds an unconditional 100% interest in the Cooke Mountain Project.

 

Adamera has drilled numerous high-grade targets and has over 50 permitted sites.

Cooke Mountain Trends - Overlook Trend and Lamefoot Trend

As a result of an aggressive 2017-2018 exploration program and interpretation of associated data and results, Adamera has defined two significant gold producing multi-kilometre trends within the Cooke Mountain Project. The two trends include the Overlook Gold Trend on the east side of the project and the Lamefoot Gold Trend on the west side. Both trends contain numerous untested and or drill confirmed targets.

Hochschild funded a 2021 drill program on three Cooke Mountain areas, namely the Goodfoot, Lamefoot South and Oversight properties.

Lamefoot Trend

The Lamefoot Trend is located 6 kilometres west of the Overlook Trend. The trend extends for 7 kilometres, with the historic Lamefoot gold deposit near its northern limit.

Adamera has identified two high priority areas on the trend that contain a number of compelling drill targets. These areas include the Lamefoot South and Goodfoot properties. The targets are based on a multi-discipline database compiled over the past several months.

Detailed work in 2020-2021 completed by Adamera includes: ground magnetics, electromagnetics to detect massive sulfides, induced polarization (IP) to detect sulfide veining and silica, and gold plus pathfinder element geochemistry.

LAMEFOOT SOUTH - Lamefoot South is located south of and contiguous with the Lamefoot Mine property. Numerous targets with coincident magnetic, IP and soils gold anomalies have been identified on a limestone contact within a structural corridor on strike from the Lamefoot Mine. 

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.

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.

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.

Maps show IP anomalies in relation to drill hole PL-6. The 700+ metre long target follows the limestone-clastic contact. PL-6 essentially collared in the IP anomaly and intersected gold values at 15m depth. The figure on the right shows the IP data with gold in soil values ( ppb). Note coincidence between elevated and anomalous gold in soil values with the IP anomaly along the limestone-clastic

 

LAMEFOOT SOUTH 2022

On July 18, 2022, Hochschild Mining provided notice of termination of the Cooke Mountain Option Agreement. Hochschild’s $1.8 million expenditure significantly advanced the project through geophysical surveys and drilling. Adamera now holds an unconditional 100% interest in the Cooke Mountain Project.

The Company made a decision to drill follow up holes on the Lamefoot South area of the Cooke Mountain project. A series of drill holes were planned to follow-up a gold occurrence discovered in drill hole PL-6 in 2021. PL-6 intercepted 4.7 g/t gold over 2.7 metres including 0.76 metres at 10.7 g/t gold at a depth of 24 metres.

The Company was targeting multiple pods of mineralization along a limestone-clastic contact, analogousto the past producing Lamefoot Gold Mine 1 km to the north. The Lamefoot Mine contained nearly a million ounces of gold grading at 8 to 10 g/t. The mine reportedly developed 7 pods of ore. The first target was within a visually recognizable envelope of lower grade semi-massive sulfides near the favourable limestone-clastic contact. Based on previous drilling, the zone was expected to form a pod plunging steeply to the northwest. The surface expression of the target has coincident soil geochemistry with coincident magnetic and self-potential anomalies. Depending on the results of a planned follow-updrill program, other similar features would be tested.

Currently two follow-up drill holes on the Lamefoot South intersected sulphide mineralization. LS22-01 intersected a 7.5 metre zone with intermittent sulphides up to 30%. The second hole, LS22-02, intersected 13.5 metres of intermittent sulphides, including intervals with massive sulphides. The drill core for the two holes is being prepared for shipping to the analytical laboratory.

Adamera identified at least eight other geophysical/geochemical anomalies trending north-south on the Lamefoot South property. This is of particular interest because the Lamefoot mine reportedly developedore from seven pods or shoots along a north-south trend. The Lamefoot South project is easily drilled year round. Planning is under way to initiate drilling on these related targets later in the season.

Prior to 2022, the spatial orientation of the mineralized zone intersected in PL-6 was unknown. Preliminary review of combined data from the 2021 and 2022 drill holes suggests mineralization plunges steeply to the northwest.

A mise a la masse survey is being carried out to help further define the orientation of the mineralization prior to further drilling.

 

Overlook Trend 

 High-grade gold intercept of 9.6 g/t gold over 10.8 metres intersected below old workings of the Overlook Mine. The intercept was at a depth of 209 metres. The Company has generated a 3D model to determine how to best test the extent of this horizon. The holes in this target demonstrate that gold likely remains in the Overlook Mine.

Historic drill holes within the southern portion of the Overlook mine intersected shallow veins carrying significant mineralization, including a drill hole with 5 g/t gold over 45 metres. This style of mineralization is important as it reportedly contributed to half of the gold produced at the mine.

Adamera drilled two holes, OS17-01 and 03 approximately 300 metres from the Overlook Mine. Both holes intersected shallow zones of high-grade gold mineralization associated with quartz and sulfide veining. Intervals of significance include 6.5 g/t gold over 3 metres (including 10.3 g/t gold over 1.2 m), 9.3 g/t gold over 1.1 metres and 15 g/t over 0.3 metres.  

 

Figure 1

OVERSIGHT- In 2021 Adamera drilled on the Oversight property. The drill hole OVL6 intersected 3.05 metres with 6.5 g/t Au including a 1.52 metre zone with 12.2 g/t Au. The program was funded by Hochschild Mining Ltd.

The high grade intersection occurs from 239.57 to 242.62 metres downhole and is located approximately halfway between the Overlooka nd Key West mines which are 1000 metres apart. The 12.2 g/t Au zone projects to surface along a topographic / vegitation lineament between the two mines. (see map) The map also shows historic holes known to Adamera. 

The 12.2 g/t Au intersection occurs in clastic rocks approximately 122 metres above the clastic limestone contact. At the clastic -limestone contact, a 6.2 metre interval with 0.07 g/t Au was intersected including  1.13 g/t Au over 2.44 metres and a 1.3 g/t Au over 1.5 metres.

In 2018 Adamera drilled hole OS18-04 at the Oversight project and intersected significant gold values. The hole confirms the presence of an emerging zone extending northward from previously intersected high-grade mineralization.

Drill hole OS18-04 intersected a 10.57 metre zone with 2.5 g/t gold including 2 intervals with 10.2 g/t and 11.2 g/t gold. The intersection is approximately 20 metres north of the 19.4 g/t gold intersection encountered at the bottom of drill hole OS18-02 (see news release September 26, 2018).

In addition to the gold zone described above, other zones with anomalous to elevated gold were encountered in the drill hole. Two 5-metre-long zones with 0.4 g/t gold were intersected at 12.74 m and 25.11m. At 93.9m, a 2-metre zone with 1.5 g/t was intersected and at 117.8 metres a 1 metre zone with 1.6 g/t gold was intersected.

These results suggest increasing gold values and thickness northward. The gold mineralization in hole OS18-04 is in clastic sedimentary rocks.  A significant amount of gold was mined from clastic sedimentary rocks at the Overlook Mine which is located approximately 250 metres to the west.  This new gold trend falls within north-northeast trending induced polarization (IP) anomalies.

OUTLOOK RIDGE - Anomalous gold in soils being detected directly above shallow vein occurrences suggests Overlook style veining is the source of such surface gold. Adamera has conducted extensive sampling resulting in anomalous gold in soils. These areas are devoid of magnetic or EM responses so remained untested. Such areas may have significant unrecognized potential for Overlook veining should IP surveying be confirmed as an effective prospecting tool.

Outlook Ridge is an occurrence of high-grade veins that was discovered by surface prospecting. Grab samples from several locations on a 1 km transect yielded gold values ranging from 8 to 69 g/t.  

KEY WEST - In 2018 Adamera drilled two holes in the Key West target area. The first drill hole, KWN18-01, tested a VTEM anomaly located 300 metres north of the past producing Key West Mine intersecting upper and lower gold bearing zones. The upper zone from 33.2 metres to 37.6 metres yielded 2.32 g/t gold over 4.4 metres, including 3.8 g/t gold over 2.34 metres. The lower zone from 122 metres to 139 metres yielded 0.6 g/t gold over 17 metres, including higher grade intervals of 2.8 g/t gold over 1.8 metres and 4.5 g/t gold over 1.0 metre. This early discovery requires follow up drilling.

The second hole, KWC18-01, was collared approximately 30 metres from the north end of the Key West Mine. The hole intersected 3.8 g/t gold over 1.2 metres at a down hole depth of 8 metres. In addition, elevated gold values of 0.9 and 0.7 g/t gold were intersected at depths of 48 metres to 52 metres and 84 metres to 88 metres respectively. (See news release dated April 10, 2018)

Key West is part of the Overlook Trend area within the Cooke Mountain project and is situated along the existing haul road approximately 7.5 kilometres from the Kettle River Mill.

 

GOODFOOT  - Goodfoot is located 2 kilometres south of the Lamefoot mine and on strike with the Anfo Fault, a key structure thought to control Lamefoot mineralization. Adamera has identified and mapped on the property 5 kilometres of stratigraphy known to regionally host high-grade gold mineralization. Coincident magnetics, IP, EM and soil anomalies have identified several shallow drill targets.

A total of five targets on the Goodfoot property have been identified. Exploration is being funded by Hochschild Mining Ltd (HOC: LON) under a joint venture (“JV”) agreement (See press release January 22, 2020).

The Lamefoot Gold Mine to the north contained nearly a million ounces of gold at a reported grade of 8 to 10 g/t. The deposit was not exposed at surface and occurred at and near a limestone – clastic contact.  The GF-T1, GF-T2 and GF-T3 targets at Goodfoot are adjacent to a similar limestone – clastic contact and are supported by gold values ranging from 30 to 700 ppb in soil samples flanking the east and west margins of the IP anomaly projected to surface.


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Martin St. Pierre P.Geoph, a Qualified Person as defined by National Instrument 43-101 has reviewed the data in this release. 

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