01:08:01 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Adamera Minerals Corp
Symbol ADZ
Shares Issued 173,608,595
Close 2020-07-21 C$ 0.15
Market Cap C$ 26,041,289
Recent Sedar Documents

Adamera Minerals stakes 339 claims around Buckhorn mine

2020-07-22 09:43 ET - News Release

Mr. Mark Kolebaba reports

ADAMERA STAKES LANDS AROUND BUCKHORN GOLD MINE IN WASHINGTON STATE

Adamera Minerals Corp. has staked 339 claims around the Buckhorn mine in Washington State. This land (Buckhorn 2.0) surrounds the Crown/Kinross patented claims on which the past-producing Buckhorn mine is situated. The area acquired extends more than 10 kilometres to the Canadian/U.S. border, along the western margin of the Torada graben. The company has also leased an additional 38 claims from private claimholders within the project area for a total of about 7,500 acres (30 square kilometres).

The Buckhorn mine (formerly named Crown Jewel) was discovered by Crown Resources Corp. in 1988. Approximately 1.3 million ounces of gold at an average grade of about 12 grams per tonne gold were produced from Buckhorn between 2008 and 2017. Crown Resources and Kinross Gold Corp. merged in 2003.

The Buckhorn 2.0 project is 100 per cent owned by Adamera. Importantly, Adamera recently enhanced its management team to include very relevant experience on the area. Mark Jones, who was recently appointed to the Adamera board, was the chief executive officer of Crown Resources at the time Crown Resources discovered the Buckhorn deposit. Peter Cooper, who has been appointed as an adviser to Adamera, was involved in exploration on and around the Buckhorn mine for more than 20 years under the employment of Battle Mountain Gold Company, Crown Resources and Kinross. The involvement of Mr. Jones and Mr. Cooper will greatly help Adamera rapidly advance the project.

"This land package is large and very strategically located. Early this year, Adamera teamed up with Hochschild Mining to advance the Cooke Mountain gold project. This move incentivized us to stake the Buckhorn 2.0 area, a project now 100 per cent controlled by Adamera. The area is remarkably underexplored with little drilling outside of the immediate mine area. Opportunities like this are rare," said Mark Kolebaba, president and chief executive officer of Adamera Minerals.

Mark Jones, Adamera director and former chief executive officer of Crown Resources, stated: "The Crown Jewel (Buckhorn deposit) was a significant high-grade gold discovery for Crown Resources. Except for the mine site itself, the claim block is essentially the same land package that Crown and Battle Mountain held originally. Due to the underexplored nature of the area, I consider it equally prospective to when Buckhorn was initially discovered."

Peter Cooper, Adamera adviser, stated: "I am excited by the opportunity to explore this area. Previous explorers conducted extensive programs and developed numerous high-priority drill targets. Fortunately for Adamera, many of these targets were never drilled due to their focus on mine development and production."

Details of a work program for these claims are developing. The company is currently working on ranking areas on the new claims. Adamera geologists are currently on site prospecting and sampling for Crown Jewel-style mineralization to assist in the program design. Details of this work will be reported as results become available.

The claims staked and recorded by Adamera are subject to final status determination by the Bureau of Land Management. The claims are subject to a 1-per-cent royalty, of which 0.5 per cent may be purchased for $500,000 at any time.

The Buckhorn 2.0 project is located approximately 80 kilometres from the company's Cooke Mountain project, which is currently financed for exploration under an earn-in agreement with Hochschild Mining LLC.

Martin St. Pierre, PGeoph, is a qualified person as defined by National Instrument 43-101 and will assist in reviewing data associated with the project.

About Adamera Minerals Corp.

Adamera Minerals is exploring for multiple high-grade gold deposits in northeast Washington State. This area has reported produced over seven million ounces of gold. Adamera is the dominant regional explorer in the area.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.