Business
Adamera Minerals and Hochschild Mining Sign Agreement on Cooke Mountain Gold Project
Vancouver, B.C. - TheNewswire - January 22, 2020 - Adamera Minerals Corp. (TSXV:ADZ); (OTC:DDNFF) announces it has entered into an option / joint venture agreem
About this update from Adamera Minerals Corp.
[{"type":"text","content":"Vancouver, B.C. - TheNewswire - January 22, 2020 - Adamera Minerals Corp. (TSXV:ADZ); (OTC:DDNFF) announces it has entered into an option / joint venture agreement with Hochschild Mining (US) Inc., a wholly-owned subsidiary of Hochschild Mining PLC (LSE:HOC) on its Cooke Mountain gold project in Washington State. Hochschild is a leading underground precious metals producer focussed on high-grade silver and gold deposits. With over 50 years' operating experience in the Americas they are well suited to explore and develop Adamera's many high-grade gold targets at Cooke Mountain. \"We are looking forward to working with Hochschild on the Cooke Mountain gold project; they bring very relevant expertise in high-grade gold deposits as well as the funding required to aggressively advance this project from the discovery stage through to production.\" says Mark Kolebaba, President and CEO of Adamera. \"We look forward to the excitement and rewards that accompany well funded exploration.\" \"Due to limited funding over the past several years, Adamera has not been able to effectively test the many high-quality targets developed through its exploration programs. Also, new zones with mineralization discovered by Adamera simply have not been drilled enough to realize their potential. This partnership provides a means to fully test these targets.\" Isac Burstein, Hochschild's VP of Exploration and Business Development states \"We are pleased to have the opportunity to work with Adamera on this promising gold project. We are a high-grade silver-gold producer that targets projects such as Cooke Mountain for the opportunity to explore multiple drill-ready targets in a mining district that we consider to be under-explored. We are pleased to have Adamera manage the exploration program in the early stages of the discovery process. Adamera has gained considerable experience in this district and deposit style, experience that will benefit both companies.\" Under the terms of the agreement, Hochschild has an option which can be earned in over two phases: In phase 1, Hochschild can earn a 60% interest in the project by incurring US$8,000,000 (~CAN $10,500,000) in exploration expenditures over 5 years. During the first two years of this earn-in phase, Hochschild must spend a minimum of US$500,000 each year and no less than US$1,000,000 during the 3rd, 4th...