Toronto, August 9, 2021 – Adventus Mining Corporation (“Adventus”) (TSX-V: ADZN, OTCQX: ADVZF) and Salazar Resources Limited (“Salazar”) (TSX-V: SRL, OTCQB: SRLZF) (collectively the “Partners”) are pleased to announce the identification of a new volcanogenic massive sulphide (“VMS”) system approximately 4.5 km southwest of the El Domo VMS deposit (“El Domo”) located within the 21,537-hectare Curipamba project in central Ecuador.
Highlights – Drill Results from the Agua Santa Target at Curipamba:
- CREG-008 was the first drill hole at the Agua Santa target and intersected 6.34 metres of 1.77% copper, 1.46 g/t gold, 7.45% zinc, 23.2 g/t silver, and 0.24% lead – including 1.40 metres of 1.58% copper, 2.67 g/t gold, 31.20% zinc, 55.0 g/t silver, and 1.01% lead
- One drill rig is actively working at Agua Santa following up the massive sulphide mineralization identified in drill hole CREG-008
Regional drilling on the Agua Santa target (Figure 1) started mid-June 2021 and six drill holes have been successfully completed totaling 1,588 metres with one drill hole in progress. VMS mineralization was identified in the first drill hole of the work program designed to test the edge of a Mobile MT (“MMT”) airborne geophysical anomaly (Figure 1) that coincided with both favourable geology and surface geochemistry results from prospecting in nearby creek beds. The drill site location was limited due to limited access to surface rights, but the Partners have recently purchased additional surface rights providing wider access and coverage of the MMT geophysical anomaly for additional drilling.
Drill hole CREG-008 (Figure 2) intersected a different volcanic stratigraphy than El Domo, dominated by mafic volcanic rocks with massive sulphide intersected in three separate intervals from 60.52 to 66.86 metres with variably mineralized volcaniclastic rocks in between the massive sulphide, noting the highly fragmental appearance of the mineralization.
|Cu (%)||Au (g/t)||Zn (%)||Ag (g/t)||Pb (%)||Approx. True|
Thickness (m) (1)
- This is an early-stage exploration project, meaning geological modeling has not determined the orientation of stratigraphy to accurately determine an approximate true thickness for lithologies and mineralization
In the footwall of the massive sulphide mineralization in CREG-008, several broad zones of pyritic stringer stockwork in massive mafic volcanic rocks were observed with focused hydrothermal alteration halos directly around the mineralization. The strongest occurrence of pyritic stringer stockwork in CREG-008 occurs from 158.00 to 164.60 metres of semi-massive to massive sulphide. No significant results were obtained from the pyritic stringer stockwork. Analytical results from the additional drill holes at Agua Santa will be released once data has been received from the laboratory and the results have passed the Partners’ quality assurance and quality control (“QAQC”) protocols. Drill collar locations of all drill holes are presented in Table 1.
As a result of the identification of this new VMS system, the Partners have increased the regional drilling budget from 4,000 metres to 6,000 metres in 2021, principally to further assess the Agua Santa area. Other high priority targets defined during the 2020 target generation initiative process remain untested (see January 21, 2020 news release). Of key importance is that most of these targets are new and have not seen significant exploration or drilling historically.
Technical Information and QAQC
The Curipamba project work program is being managed and reviewed by Vice President Exploration, Jason Dunning, M.Sc., P.Geo., a Qualified Person within the meaning of NI 43-101. Salazar 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 Vancouver, Canada 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 Curipamba 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, samples from regional drilling have silver and base metals analyzed by a modified ore grade 24-element aqua regia technique with ICP-ES finish. Gold is analyzed by fire assay fusion with AAS finish. Overlimit protocols are in place for gold, silver, copper, lead, and zinc.
The technical information of this news release has been reviewed and verified as accurate by Mr. Jason Dunning, M.Sc., P.Geo., Vice President Exploration for Adventus, a non-Independent Qualified Person, as defined by NI 43-101.
Adventus Mining Corporation is an Ecuador focused copper-gold exploration and development company. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is advancing the El Domo copper-gold project through a feasibility study, while exploring the broader Curipamba district. 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 porphyry projects to date. Adventus also controls an exploration project portfolio in Ireland with South32 Limited as funding partner as well as an investment portfolio of equities in several 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 under the symbol ADVZF.
Salazar Resources Limited 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. 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 email@example.com. Please also visit the Adventus website at www.adventusmining.com and LinkedIn page at https://www.linkedin.com/company/adventus-mining-corporation.
For further information from Salazar, please contact firstname.lastname@example.org.
Table 1: Drill Collar Information (UTM Datum – Provisional South American 1956, Zone 17)
|CREG-008||691805||9851410||448||270||-50||323.90||Successfully completed per design|
|CREG-009||691855||9851475||445||270||-50||258.35||Successfully completed per design; results pending|
|CREG-010||691778||9851372||453||270||-50||284.90||Successfully completed per design; results pending|
|CREG-011||691805||9851410||448||270||-85||242.45||Successfully completed per design; results pending|
|CREG-012||691908||9851586||460||270||-50||284.55||Successfully completed per design; results pending|
|CREG-013||691859||9851410||420||270||-85||203.25||Successfully completed per design; results pending|