Vancouver, B.C., TheNewswire , November 29, 2022 - Adamera Minerals Corp. (TSXV: ADZ); (OTC:DDNFF) announces the acquisition of the Polecat claims located completely within Adamera’s South Hedley project near Hedley BC.
On November 26, 2022, Adamera signed a purchase agreement to acquire 100% interest in the 252.72 hectare Polecat claims from a private individual in exchange for 25,000 Adamera shares. Adamera will reserve a 2% NSR for the vender of the claims. Adamera holds the right to purchase the 2% NSR at anytime for $500,000. This acquisition and the share issuance are subject to the approval of the TSX Venture Exchange.
The Polecat claims contain two known mineralized occurrences where surface rock and drill core samples have yielded significant silver, copper, zinc and gold values including one drill hole which reported 960 g/t silver with 0.2% copper from a 3 metre section of very poorly recovered core.
The South Hedley property, now comprising 18,632.2 hectares, is located approximately 24 kilometres from the Copper Mountain Mine and 7 kilometres from the past producing Mascot Gold Mine which is a gold-copper deposit near Hedley BC. The project was originally staked by the company to explore a similar geological setting to projects held by the company in Washington State.
Results from the 2022 exploration program are pending. Soil sampling by Adamera in 2021 identified areas with anomalous copper, other base metals and trace elements of interest prompting additional staking, geophysical surveying and detailed soil sampling in 2022. None of the samples have yet been analysed for gold.
“The South Hedley project was originally staked due to geological similarities to our projects in Washington State. Although work on this project has been a secondary priority to our key projects, it appears to be morphing into a property of significant scale and potential, ” says Mark Kolebaba, President and CEO of Adamera Minerals Corp.
To watch a video interview discussing Adamera’s key projects in Washington State click here
Gordon Gibson P.Geo, a Qualified Person as defined by National Instrument 43-101, reviewed data associated with the project.
Warrants and Stock Options
The Company is seeking approval from the TSX Venture Exchange to extend the terms of certain warrants which would otherwise expire on January 11, 2023. 4,166,667 warrants granted on July 11, 2018, with the original expiry date of July 11, 2021, are now extended to expire on July 11, 2023, with each warrant entitling the holder to purchase one common share of the Company at $0.12 per share. The warrants are still subject to an accelerated expiry date, which comes into effect when the price of the Company's common shares on the TSX Venture Exchange closes at a price of $0.20 or more per share during any ten consecutive trading day period. In such an event, the expiry date will be accelerated to a date that is 30 days after the Company's shares trade for ten consecutive days at or above $0.20.
The Company is also seeking to extend 6,875,000 warrants granted on June 22, 2020, with the exercise price of $0.10 and original expiry date of June 22, 2021, and 4,525,000 warrants with an exercise price of $0.10 granted on July 2, 2020, with an expiry date of July 2, 2021 will be extended to a date of December 22, 2023 and January 2, 2024.
Adamera has also granted a total of 3,140,000 Stock Options to Officers and Directors of the Company at an exercise price of $0.08 expiring November 28, 2027.
Adamera Minerals Corp. is exploring for high-grade gold deposits near Republic Washington. This area has reportedly produced 8 million ounces of gold. Adamera is the dominant regional explorer in the area.
President & CEO
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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.
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