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 was recently placed on care and maintenance is central to Adamera’s Cooke Mountain project. Approximately 1M oz. of gold have been mined from these high-grade deposits during the 1990s.
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.
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.
Adamera has drilled numerous high-grade targets and has over 50 permitted sites. Work will begin on the projects in early 2020.
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. Adamera has over 50 permits to drill this area and will begin an agressive program in 2020.
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 likeliy 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. A test induced polarization (IP) survey recently completed over the two drill holes generated an anomaly that warrants drill testing.
OVERSIGHT- In 2018 Admaera drilled hole OS18-04 at the Oversight project and intersected significant gold values on the target in Washington State. 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 (see Table 1 below). 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 new 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. An IP anomoly coincident with the high grade sample values at Outlook Ridge and is currently being permitted for drilling.
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.
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 recently 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.
The Lamefoot Trend is Drill permitted
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. One target is defined by a 400 metre by 400 metre area located a few hundred metres south of the Lamefoot mine (See Figures 1A, 1B and 1C).
The targets are all interpreted to be shallow. A total of 15 drill sites have been submitted for permitting on state lands. Other drilling is planned on nearby private land where owner consent is the only requirement.
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.
One of the best targets is estimated to be 25 metres deep and to extend for 300 metres (See Figures 2A, 2B and 2C). Approximately 15 proposed drill holes have been submitted for permitting.
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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