01:14 PM EDT, 03/13/2018 (MT Newswires) -- Adamera Minerals (ADZ.V) was down 41% Wednesday after announcing disappointing exploration results at its Cooke Mountain project in Washington State.

The company said one drill core at the site, SE-01, contained 0.3 grams per tonne (g/t) of gold, another showed 1 g/t while assays are pending on a third core. It is moving its drill to another target identified in geophysical surveys.

"Assays from SE-01, to date, are disappointing," Mark Kolebaba, the company's chief executive, said in a statement. " ... Soil samples and geophysical data surrounding the SE-01 target suggest potential for mineralization extends well beyond the SE-01 target. Results from the third hole will determine how we rank follow up drilling."

Adamera shares were down $0.07 to $0.10 at last look on the TSX Venture Exchange. More than 1.9 million shares traded, more than five times the usual volume.

Price: 0.11, Change: -0.07, Percent Change: -38.24