Adamera Minerals Corp. Announces Financing
Vancouver, June 18, 2024 - Adamera Minerals Corp. (TSX-V: ADZ; OTC: DDNFF) announces a $2,000,000 financing involving the issuance of 8,000,000 units at a price of $0.25. Each unit will comprise one common share and one-half warrant. Each full warrant will be exercisable at a price of $0.30 for a period of 5 years. The warrant will have an acceleration provision whereby the warrants must be exercised within 30 days after the stock trades at a price of $0.40 or more for at least 10 consecutive days. The proceeds of the financing will be used for exploration on Adamera's drill-ready gold-silver-copper targets and ongoing administration.
Mr. Mark Kolebaba, President and CEO comments "This financing is particularly meaningful when one considers our tight share structure, market conditions and a news flow that will be dominated by drilling results. We intend to keep our overheads and operating costs very low. Importantly, we look forward to getting some exciting news to our investors."
For many years, Adamera focused on land acquisitions, target development and limited drilling on targets situated in relatively close proximity to previously mined deposits. That work almost invariably intersected gold mineralization that could be described as "proof of concept discoveries." Our limited exploration budgets severely constrained the scope of drilling programs and denied our ability to undertake follow up drilling. Adamera is reintroducing its projects in anticipation of a significant work program. The Company also reiterates the importance of larger drill programs allowing for the testing of 15 to 20 targets. Adamera will continue with drill permitting on multiple targets.
The Projects
Northeast Washington State is known for hosting high-grade gold deposits. It is part of a region that extends between B.C. and Washington State that produced over 17 million ounces of gold. The Washington State contribution is 8 million ounces of gold at an average grade of 14.5 grams per tonne.
Buckhorn Gold Property
Adamera's strategy has been to acquire gold properties over and/or around past producing high-grade gold mines. The Buckhorn 2.0 Property, which surrounds the Buckhorn gold deposit, is a good example of this. Kinross Gold Corp. ("Kinross") mined Buckhorn from 2008 to 2017 to recover a reported 1.3 million ounces of gold at a grade of about 13 g/t.
After Kinross concluded mining on Buckhorn, much of the large land position was surrendered, leaving many drill-ready targets untested. Adamera staked the property, initiated exploration surveys and acquired from Kinross approximately $12 million worth of exploration data. Thirty priority targets were identified by the Company. Adamera is now focused on attaining permits for drilling 15-20 targets.
The Buckhorn 2.0 property is attractive for several reasons:
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1)Targets are drill ready.
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2)It is a proven high-grade gold district considered to be under explored.
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3)A 9-mile haul road and power line to the property are still in place.
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4)Kinross owns a permitted gold mill and tailings pond that are on care and maintenance.
The existing infrastructure is of significant value to the region, Adamera and larger gold producers. The lead time for an operator to permit and develop a new mine in the district could be considerable shorter than a greenfield discovery.
Apart from the gold potential, Buckhorn 2.0 hosts two distinct kilometre ("km") scale copper-silver areas defined by surface rock samples ranging from 0.5 to 6% copper and 1 to 188 g/t silver (with historical outliers as high as 55,000 to 82,000 g/t silver). Historic drilling also identified zones with 4.3 % copper over 6 metres ("m") and 1% copper over 13 m that require follow up work. See Adamera Press Release dated May 28, 2024.
Republic Graben
Kinross remains active in the region. To the southeast and within the Republic Graben, Kinross has been drilling the Curlew Basin Gold Project. They are targeting new deposits related to one of their former high-grade gold mines, K2. Their continued activity is interpreted to be very positive for the district and potentially for Adamera.
Adamera also holds the Empire Creek gold project 6 km to the south (and on the same structure) as the Kinross drilling area around K2. Highlights from Empire Creek include multiple high gold assays from surface and drill samples, including trenching results as high as 39.8 g/t gold over 3 m. One drill hole intersected 12.1 g/t gold and 150 g/t silver over 18.3 m. Mineralization at the Empire Creek project is considered to be related to epithermal gold processes. Considering that the epithermal gold mines in the Republic Graben produced an estimated 5 million ounces of gold at a reported grade of 20 g/t, we will renew our evaluation. In particular, we will focus on the vein textures and geochemistry to prioritize drill targets along a prominent 1 km long soil anomaly emanating from the western graben margin.
Stratabound Copper-Silver Target
Adamera's Talisman copper property hosts a past producing copper-silver-tungsten skarn deposit. Approximately 800 m southwest of the deposit Adamera has identified undocumented mineralization that is not skarn hosted. The new area is better described as stratabound mineralization similar to deposits of the Belt rocks in Montana (Rock-Creek Montanore). Surface rock samples from the new mineralized zone have yielded values of 0.5 to 4.6% copper, 1000 g/t silver, 0.5 to 12.8% lead and 0.5 to 6.91% zinc. An application to drill test 23 sites has been submitted by Adamera. See Adamera's Press Release dated May 30, 2024.
Project data has been reviewed in part by Gordon Gibson (P.Geo.) and Martin St Pierre (P. Geol.).
About Adamera
Adamera Minerals Corp. is exploring for a high-grade gold deposit near Republic Washington. This area has reportedly produced 8 million ounces of gold averaging 14.5 g/t. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
Mark Kolebaba
President & CEO
For additional information please contact:
Email: info@Adamera.com
Website: www.Adamera.com
Phone: (604) 689-2010
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.
