DDNFF - Adamera President Letter to Shareholders 2020 Summary of Activities
(TheNewswire)
TheNewswire – January 14 th , 2021 - Adamera Minerals Corp. (TSXV:ADZ ) (OTC:DDNFF)
Dear Shareholders,
This letter provides a summary of the Company’s 2020accomplishments despite the restrictions related to COVID-19 andforest fire threats.
Highlights of our achievements are as follows:
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- Adamera formed a joint venture (“JV”) with seniormining company Hochschild Mining LLC (“Hochschild”) to fundexploration on our CookeMountain gold project for the foreseeablefuture.
- Significant exploration conducted by the JV toestablish and prioritize drill targets for 2021.
- Additional land staked by the JV to explore new areasof exploration interest.
- Adamera staked the Buckhorn 2.0 gold project , a 9,100-acre land package surrounding the recently closedBuckhorn gold mine operated by Kinross Gold.
- New appointments to the Board and Advisory team, areflection of the value of the Cooke Mountain and Buckhorn 2.0assets.
While gold has been rising for some time, it is onlyrecently that the rising price has brought attention and finance toearly-stage junior exploration companies like Adamera. To advanceexploration Adamera put significant efforts into finding a partner forthe Cooke Mountain project, an initiative that led to the January 2020announcement of the JV with Hochschild. Their interest is primarily tofollow up on targets that have returned high-grade drilling results.Adamera is acting as the operator of the JV. See news release dated January 22,2020.)
In early 2020 at Cooke Mountain, underthe JV the Company successfully:
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1) Completed detailed mapping atLamefoot South.
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2) Completed deep inducedpolarization (IP) surveying at Oversight, Lamefoot South and Goodfootproperties. All of the targets are in close proximity to previousmines.
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3) Developed high-priority drilltargets at Lamefoot South, Goodfoot and Oversight properties for 2021drilling.
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4) Increased the land positionat Cooke Mountain by staking Iron Mountain (~3000 acres)
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5) Completed geological mappingand prospecting on the Iron Mountain property.
On the Adamera 100% owned projects the Companysuccessfully:
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1) Completed Staking theBuckhorn 2.0 property.
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2) Conducted geological mappingand prospecting on select areas of the property.
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3) Identified targets at theMagnetic Mine prospect on the Buckhorn 2.0 project and submitted aplan of operation for 2021 drilling.
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4) Identified targets at theKeystone prospect on the Buckhorn 2.0 project and submitted a plan ofoperation for 2021 drilling.
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5) Identified large highpriority areas on the property for immediate ground geophysical andgeochemical surveying.
PRE-COVID WORK IN 2020
Cooke Mountain Staking
As part of the Cooke Mountain Agreement, Hochschild andAdamera expanded the Cooke Mountain project to the south by stakingthe Iron Mountain property prior to closures related to Covid-19. Atotal of 182 claims were staked, 129 of which are related to the newIron Mountain claim block. ( See news release dated March 11,2020 .)
Program Planning and Marketing
In Q1 2020 Adamera began planning a program on theCooke Mountain project which included deep penetrating IP surveying tofurther define our known targets. In addition, the Company focused onmarketing the new JV, funding and attending conferences. Interviewswith Eric Coffin and Greg McCoach were also conducted with positiveresponses. In early March, shortly after returning from the PDAC andmetals investor forums in Toronto, COVID-19 shutdowns ensued. Fieldprograms and operational procedures changed dramatically. (Click here to watch videos.)
WORK DURING COVID-19 RESTRICTIONS
During March, April and May Adamera closed itsVancouver office and shutdown all work programs in Washington state. During this shutdown the Company continued to work on data analysisand initiated plans to acquire land around the Buckhorn gold mine.
Buckhorn Project Acquisition
For some time Adamera has been collating information onthe Buckhorn mine area to ascertain how much exploration had beenconducted outside of the immediate mine area. Based on historicalinformation it appears that Kinross had developed more than 100targets on the claim block that were not drill tested. Furthermore,they had applied for permits to drill 950 holes from 675 drill padsand construct 120 kms of road to access the drill pads. The size andcomplexity of process stalled timely progress and the companysubsequently dropped the bulk of the original land package to focusentirely on the mine site. The regional potential was determined byAdamera to be highly prospective and largely untested by drilling.
In early June, the State of Washington reduced COVID-19restrictions, allowing Adamera to assemble a staking crew. On June 8, 2020, the Company announced that ithad entered into a private agreement to lease 38 claims on BuckhornMountain. This transaction was followed by alarge staking campaign, the Buckhorn 2.0 project.
A total of 339 claims were staked over three weeks inJune to surround the Crown Resources/Kinross patented claims on whichthe Buckhorn Mine is situated. With the addition of state leases, theBuckhorn 2.0 project now comprises 9100 acres offederal and state land. The property staked by Adamera covers much of the lands that originally constitutedthe Buckhorn project. (See news release dated July 22,2020.)
Geological Mapping - Buckhorn 2.0Claims
The crew that completed prospecting and geologicalmapping at Iron Mountain in mid June, began prospecting and geologicalmapping on the new Buckhorn 2.0 claims in July. This work identifiedseveral prospects including the Magnetic Mine for follow upexploration. Late in 2020, historic drill data from within theBuckhorn 2.0 claim block highlighted a drill intercept with 9 g/t goldover 7.5 metres. According to Adamera’s 2020 geological mapping, thedrill intercept is located 1.5 kilometres south of Kinross’ BuckhornMine and within the same geological block. Adamera has prepared twoseparate Plan of Operations on the claim block for anticipateddrilling in 2021. (See news release dated December 1,2020.)
Geological Mapping - Iron MountainClaims at Cooke Mountain and Lamefoot South
As staking was being carried out on the Adamera 100%owned Buckhorn 2.0 project, the JV at Cooke Mountain initiatedprospecting and geological mapping of the new Iron Mountain claims.This work identified numerous historic workings and areas withelevated to highly anomalous gold values. One site yielded a grabsample with up to 18.6 g/t gold, confirming that prospective geologyextends south onto the Iron Mountain claims despite the very limitedoutcrop exposure in the area. With so little outcrop traditionalprospecting would have had little chance of success. Evaluation ofthis project will rely on the detailed soil geochemical andgeophysical methods routinely employed by Adamera. (See news release dated October, 20,2020.)
IP surveying – Cooke MountainProject
Hochschild Mining Site Visit
In late June the Company assembled a separate crew toconduct the deep penetrating IP on the Cooke Mountain JV project. Atotal of 34-line kilometres of IP surveying was completed on theOversight, Goodfoot and Lamefoot South target areas. The surveyoperated from July through to mid October and suffered several delaysdue to the fire threat. In early September, the Washington Stateimposed fire restrictions requiring work to cease by 1pm each day andby September 20 all IP surveying was completely shut down until theend of the month.
The IP data is currently being interpreted. Inversionmodelling is taking longer to complete than expected but the dataresolutions are better than anticipated. Preliminary inversion datahas been received on the Goodfoot and Lamefoot South properties. Thesurveys appear to penetrate to depths greater than 200 metres andbetter define the same targets that had appeared in previous Adameradata. (See news release dated November 10,2020.)
BOARD AND COMPANY ADVISORAPPOINTMENTS
In concert with the exploration activity by Adamera,the Company strengthened its Board by appointing Mark Jones andAlejandro Adams as directors and Peter Cooper and Graeme Curie asadvisors.
Mr. Jones has over 40 years of management and boardexperience in the resource sector, including his highly valuedleadership of Crown Resources. Crown discovered the very high-gradeCrown Jewel gold deposit in northeastern Washington State. In 2006 thecompany was sold to Kinross Gold Corp. who developed the discovery asthe Buckhorn Gold Mine.
Mr. Alejandro Adams was also appointed to the Boardreplacing Geir Liland, who retired from service. We greatly thank Mr.Liland for his many years of directorship. Mr. Adams is a Chartered Professional Accountantwho worked in a senior capacity with Exeter Resources, Extorre Goldand Rugby Mining, all companies associated with Adamera Chairman YaleSimpson.
Mr. Cooper a geologist, started working in the Republicdistrict for Battle Mountain Gold followed by Crown Resources. Hejoined Kinross Gold through the Crown-Kinross merger in 2003. In 2007he was promoted to Chief Geologist, overseeing mine production andexploration activities in the Buckhorn / Kettle River Mill goldoperation. Peter played an integral role in taking the Buckhorn golddeposit from exploration to commercial production.
Mr. Currie is well known in the minerals industry,having had many years experience as a mining analyst and capitalmarkets specialist. His depth of knowledge and business connections inthe sector are important as we move forward with the Company projects.
CONTINUING OUR PRESENCE IN WASHINGTONSTATE
After the work hiatus in Washington State, Adamera hadto rehire and/or retrain local personnel to carry out the workprograms. The crews that carried out claim staking, geologicalmapping, soil sampling and IP surveying contributed significantly toour 2020 success. It demonstrated the benefits of a long-termcommitment to hiring locally as much as possible. More than 90% of thecrew resides in the general Republic area and the remaining personnelare from various areas within Washington State within 200 kilometresof the projects. Our hire locally strategy enabled Adamera toperform the geophysical work using equipment owned and operated by us,a unique accomplishment for a junior company.
This has been a very different year for industry. Iwould like to thank the entire team at Adamera for their loyalty andhard work throughout an incredibly challenging year. The work we do inthe field is typically difficult, made more so with the proceduresimposed by COVID-19. We are very proud that the work was done safelyand without incident.
I would like to thank the Board of Directors and theAdvisors of the Company. I appreciate their significantcontributions with regards to advice, support, and enthusiasm.
I am also grateful for the Hochschild partnership, itmaterialized at a time when we needed it. Their technical andfinancial ability, eagerness for discovery and keen interest in thedistrict is appreciated.
Finally, I thank the many investors for theirconfidence, support, and patience. We are planning an active 2021program and will be rolling out the exploration targets andexploration plans. I look forward to generating significant growththrough exploration success.
On behalf of the Board of Directors we wish you all asafe and a prosperous 2021.
Mark Kolebaba
President & CEO
About Adamera
Adamera Minerals Corp. is exploring for a high-gradegold deposit near Republic Washington. This area has reportedlyproduced 8 million ounces of gold. Adamera is the dominant regionalexplorer in the area.
For additional information please contact:
Email: info@Adamera.com
Website: www.Adamera.com
The TSX Venture Exchange has notreviewed and does not accept responsibility for the adequacy oraccuracy of this release. Statements in this press release, other thanpurely historical information, including statements relating to the Company’s futureplans and objectives or expected results, may include forward-lookingstatements. Forward-looking statements are based on numerousassumptions and are subject to all of the risks and uncertaintiesinherent in resource exploration and development. As a result, actualresults may vary materially from those described in theforward-looking statements.
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