Toronto, September 9, 2020 – Adventus Mining Corporation (“Adventus”) (TSX-V: ADZN; OTCQX: ADVZF) and Salazar Resources Limited (“Salazar”) (TSX-V: SRL) (together the “Partners”) are pleased to provide an update regarding diamond drilling activities that have been ongoing at the Pijili project since late June 2020 as part of the planned 5,000 metre 2020 calendar year program, as outlined in the June 8, 2020 news release.
- To date, 1,744 metres over three drill holes as part of 2020 maiden drilling program at Pijili;
- Addition of a second diamond drill rig in early August;
- Initial holes have encountered varying intensities of porphyry style alteration assemblages, hydrothermal brecciation, and variable amounts of sulphide mineralization (chalcopyrite, ± bornite, ± molybdenite; and ± pyrite), and;
- The first drill core assays are expected to be available in October.
The Partners are the first explorers to drill this new porphyry copper-gold-molybdenum system identified at the Pijili project’s Mercy concession, in southwestern Ecuador’s Azuay province. The project is located approximately 5 km south of the Chaucha copper-molybdenum deposit controlled by Southern Copper Corporation. A second diamond drill rig was added to the project in early August with both drill rigs owned and operated by Andesdrill S.A. of Ecuador, a wholly owned subsidiary of Salazar. Drilling to date has completed a total of approximately 1,744 metres with one drill hole complete and two in progress. Collar locations for the drill holes are presented in Table 1 and a location plan map is shown in Figure 1.
The first drill hole, MERC-001, was recently completed and it was collared to examine the mapped hydrothermal breccia units located approximately 300 metres to the north of artisanal mine workings. MERC-001 intersected numerous breccia units at the top of the drill hole (1.40 to 19.85 metres; 34.40 to 40.2 metres; 65.75 to 67.25 metres; and 112.20 to 131.25 metres) within a variably altered quartz diorite intrusion over its 915-metre length. The breccia units at the top of the drill hole were predominantly biotite and chlorite altered and contained visible sulphide mineralization (chalcopyrite, pyrite, ± bornite, and ± molybdenite). The determination of orientation and potential structural control of the hydrothermal breccia units will require additional drilling at this early stage.
The second drill hole, MERC-002, is currently in progress. It is collared 685 metres to the northwest of MERC-001 and the drill hole was designed to evaluate an area of hydrothermal breccia mapped on surface associated with the Zambohuaycu showing. Channel sampling results from this showing returned the following highlighted results (see June 8, 2020 news release):
- Channel sample ZAMB-CN03 – 42.0 metres grading 0.44% copper, 0.14 g/t gold, and 0.012% molybdenum, including 10.0 metres grading 0.77% copper, 0.32 g/t gold, and 0.020% molybdenum
- Chip sample ZAMB-CP01 – 26.7 metres grading 0.30% copper, 0.47 g/t gold, and 0.010% molybdenum
- Chip sample ZAMB-CP04 – 5.6 metres grading 0.69% copper, 0.22 g/t gold, and 0.001% molybdenum
MERC-002 successfully intersected mineralized hydrothermal breccia in two intervals from 14.00 metres to 110.70 metres and 113.95 metres to 149.10 metres. These two intervals contain variable concentrations of sulphide mineralization (chalcopyrite, bornite, molybdenite) and display both biotite and chlorite alteration.
Below the hydrothermal breccia intervals in MERC-002, weaker intensity sulphide mineralization continues to be noted in both feldspar phyric and hornblende phyric diorite intrusive phases to the current depth of approximately 559 metres. Technical crews continue to sample MERC-002 as drilling continues. A follow-up drill hole is being planned to further evaluate the orientation and potential structural control of the mineralized hydrothermal breccia.
The third drill hole, MERC-003, is currently in progress and it is collared 167 metres to the east-northeast of MERC-002. This drill hole was designed to evaluate the porphyry-style veining mapped on surface and to determine if hydrothermal breccia units mapped at the Zambohuaycu showing extend to the northeast. Drilling has verified the presence of porphyry-style veining with variable sulphide mineralization (chalcopyrite ± pyrite) to its current depth of approximately 270 metres, hosted in predominantly hornblende phyric intrusion. No hydrothermal breccia has been intersected in MERC-003 to date.
Table 1: Drill Collar Information
|Hole ID||EAST||NORTH||ELEV (m)||AZIMUTH||DIP||PLANNED DEPTH (m)||EOH (m)|
- UTM Datum (Provisional South American 1956, Zone 17)
- The drill collar locations for MERC-001 MERC-002, and MERC-003 are taken with handheld GPS units in the field
- The planned drill collar location for MERC-004 is off the same platform of MERC-002 with only the inclination (dip) being modified
A manual trenching program at Pijili has recommenced to support the drilling program and to evaluate possible extensions to channel and chip sampling presented in the June 8, 2020 news release.
Assay results from drill core samples will be released after they are received from the laboratory and passed internal quality control and quality assurance (QAQC) protocols. The first batch of drill core results are expected to be available in October. Similarly, the manual trenching geochemistry results for both chip and channel samples will be available later in the year.
Qualified Persons, Technical Information, and QAQC Protocols
The Pijili project work program is being managed and reviewed by Vice President of Exploration for Adventus, Jason Dunning, M.Sc., P.Geo., a Qualified Person within the meaning of NI 43-101, who has also reviewed and approved the technical and scientific information of this news release as accurate. Technical staff collect and process samples that are securely sealed and shipped to Bureau Veritas (“BV”) in Quito for sample preparation that includes crushing and milling to prepare pulps that are then split for shipment to their facility in Lima, Peru for analysis. All assay data have undergone internal validation of QAQC; noting there is an established sampling control program with blind insertion of assay blanks, certified industry standards and sample duplicates for the Pijili project. A QAQC program is also in place at BV and includes insertion of blanks, standards, and duplicate reanalysis of selected samples. BV’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. At BV, gold is analyzed by classical fire assay techniques with an ICP-AES finish, and both silver and base metals are analyzed by a 44-element aqua regia ICP-AES technique. Overlimit protocols are in place for gold, silver, copper, lead, and zinc.
Adventus Mining Corporation (ADZN.TSXV) (ADVZF.OTCQX) is a unique copper-gold exploration and development company, focused primarily on Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the Curipamba copper-gold project in Ecuador as part of an earn-in agreement to obtain a 75% ownership interest. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago copper-gold projects to date. Adventus also controls an exploration project portfolio in Ireland with South32 as funding partner as well as an investment portfolio of equities in several junior exploration companies. Adventus is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX in the United States under the symbol ADVZF.
Salazar Resources (SRL.V) (CCG.F) is focused on creating value and positive change through discovery, exploration and development in Ecuador. The team has an unrivalled understanding of the geology in-country, and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly-owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. A feasibility study is underway and a 2019 PEA generated a base case NPV(8%) of US$288 million. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains “forward -looking information” within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus and Salazar expect or anticipate will or may occur in the future. Although Adventus and Salazar have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Adventus and Salazar undertake to update any forward-looking information except in accordance with applicable securities laws.
For further information from Adventus, please contact Christian Kargl-Simard, President and Chief Executive Officer, at 1-416-230-3440 or firstname.lastname@example.org
For further information from Salazar, please contact email@example.com
Figure 1: Mercy Drill Hole Location Map