Adamera and its earn-in partner Hochschild Mining PLC (LON:HOC) have acquired an additional 2600 acres of land within the Cooke Mountain project area.
Adamera Minerals Corp. (TSXV:ADZ, OTC:DDNFF) announces that Adamera and its earn-in partner Hochschild Mining PLC (LON:HOC) have acquired an additional 2600 acres of land within the Cooke Mountain project area. The new claims were staked to cover a terrain considered to be an extension of the geological and structural characteristics of the Cooke Mountain project.
Winter conditions in the Republic district have turned mild, allowing Adamera to begin field activities in preparation for a 2020 drilling program. Details of the program are now being formulated by Hochschild and Adamera and both parties agree that induced polarization (IP) surveying to better define targets at depth is a priority.
“The budget we are preparing demonstrates a significant commitment to the project. In the past few years Adamera drilled several targets, returning high-grade gold results. This budget is being designed to further test these intercepts, particularly at depth and also to test several new targets. We will press release the final budget and details of the program as well as highest priority drill targets in the weeks ahead,” says Mark Kolebaba, President and CEO of Adamera Minerals Corp.
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$8 million (approximately CAN$ 10.5million) 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 further outlined in the January 22 release.
Adamera Minerals Corp. is exploring for a high-grade gold deposit near Republic Washington. This area has reportedly produced over 7 million ounces of high-grade gold. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
President & CEO
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.