2022 News

Toronto, November 15, 2022 Adventus Mining Corporation (“Adventus Mining”) (TSX-V: ADZN, OTCQX: ADVZF) and Salazar Resources Limited (“Salazar”) (TSX-V: SRL, OTCQB: SRLZF) (collectively the “Participants”) are pleased to announce the additional infill drilling results from the underground portion of the El Domo volcanogenic massive sulphide deposit (“El Domo”) located within the 21,537-hectare Curipamba project in central Ecuador. The infill drilling program for the underground portion of the Mineral Resource at El Domo, as announced in the August 29, 2022 press release, continues with two diamond drill rigs.

Highlights – Drill Results from the El Domo Deposit at Curipamba:

  • CURI-400 intersected 5.50 metres of 6.00% copper, 0.38 g/t gold, 6.02% zinc, 15.2 g/t silver, and 0.01% lead for 7.58% copper equivalent (“CuEq”)
  • CURI-399 intersected 3.79 metres of 5.72% copper, 4.25 g/t gold, 5.24% zinc, 100.4 g/t silver, and 0.26% lead for 9.02% CuEq – including 1.57 metres of 11.95% copper, 9.41 g/t gold, 12.45% zinc, 234.0 g/t silver, and 0.59% lead for 19.84% CuEq
  • CURI-397 intersected 3.12 metres of 0.48% copper, 5.07 g/t gold, 5.23% zinc, 164.1 g/t silver, and 1.99% lead for 6.29% copper equivalent CuEq – including 0.89 metres of 1.35% copper, 14.70 g/t gold, 17.40% zinc, 507.4 g/t silver, and 6.74% lead for 19.47% CuEq

Drill hole CURI-397 intersected a thick section of lower-grade semi-massive sulphide from 185.10 to 199.15 metres with a narrower section from 185.10 to 188.22 metres, grading 0.48% copper, 5.07 g/t gold, 5.23% zinc, 164.1 g/t silver, and 1.99% lead. A higher-grade subset was intersected from 185.73 to 186.62, grading 1.35% copper, 14.70 g/t gold, 17.40% zinc, 507.4 g/t silver, and 6.74% lead.

Drill HoleFrom
(m)
To
(m)
Thickness
(m)
Cu (%)Au (g/t)Zn (%)Ag (g/t)Pb (%)Copper
Equivalency
(%) (1) (2)
Approx. True
Thickness (m)
CURI-397185.10188.223.120.485.075.23164.11.996.292.34
including185.73186.620.891.3514.7017.40507.46.7419.470.67
  1. Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
  2. Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – “NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador”.

CURI-398 intersected semi-massive to massive sulphide mineralization from 197.26 to 210.87 metres, grading 1.98% copper, 1.28 g/t gold, 0.17% zinc, 4.9 g/t silver and 0.01% lead. A higher-grade subset was intersected from 200.31 to 203.72 metres, grading 5.77% copper, 2.30 g/t gold, 0.55% zinc, and 8.6 g/t silver and 0.01% lead.

Drill HoleFrom
(m)
To
(m)
Thickness
(m)
Cu (%)Au (g/t)Zn (%)Ag (g/t)Pb (%)Copper
Equivalency
(%)(1) (2)
Approx. True
Thickness (m)
CURI-398197.26210.8713.611.981.280.174.90.011.758.85
including198.02206.438.413.151.650.236.30.012.735.47
including200.31203.723.415.772.300.558.60.014.942.22
  1. Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
  2. Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – “NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador”.

Drill hole CURI-399 intersected semi-massive to massive sulphide mineralization from 178.59 to 182.38 metres, grading 5.72% copper, 4.25 g/t gold, 5.24% zinc, 100.4 g/t silver, and 0.26% lead. A higher-grade subsection occurs from 179.79 to 181.36 metres, grading 11.95% copper, 9.41 g/t gold, 12.45% zinc, 234.0 g/t silver and 0.59% lead.

Drill HoleFrom
(m)
To
(m)
Thickness
(m)
Cu (%)Au (g/t)Zn (%)Ag (g/t)Pb (%)Copper
Equivalency
(%) (1) (2)
Approx. True
Thickness (m)
CURI-399178.59182.383.795.724.255.24100.40.269.073.22
including179.79181.361.5711.959.4112.45234.00.5919.841.33
  1. Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
  2. Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – “NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador”.

Drill hole CURI-400 intersected mineralized, gypsum alteration (replacement) of the host strata in the hanging wall of the semi-massive sulphide mineralization from 225.77 to 227.64 metres, grading 1.01% copper, 0.27 g/t gold, 1.07% zinc, 3.5 g/t silver and 0.01% lead. This transitioned directly into semi-massive sulphide mineralization from 227.64 to 233.14 metres, grading 6.00% copper, 0.38 g/t gold, 6.02% zinc, 15.2 g/t silver, and 0.01% lead. Below the semi-massive sulphide mineralization, it transitioned back into mineralized gypsum alteration (replacement) from 233.14 to 235.49 metres, grading 2.01% copper, 0.11 g/t gold, 0.04% zinc, and 2.1 g/t silver, noting that the replacement continued through a depth of 251.22 metres.

Drill HoleFrom
(m)
To
(m)
Thickness
(m)
Cu (%)Au (g/t)Zn (%)Ag (g/t)Pb (%)Copper
Equivalency
(%)(1) (2)
Approx. True
Thickness (m)
CURI-400225.77227.641.871.010.271.073.50.011.381.40
 227.64233.145.506.000.386.0215.20.017.584.13
 233.14235.492.352.010.110.042.10.001.631.76
  1. Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
  2. Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – “NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador”.

All results from the infill drilling program are to be used in updating the underground portion of the Mineral Resource estimate for El Domo in 2023, which will be part of a future feasibility study that will integrate the development a potential underground operation in addition to the planned open pit (see August 29, 2022 news release). Figure 1 illustrates the drill locations for the results of the five drill holes outlined in this news release. Drill collar location coordinates are summarized for the infill and geomechanical drilling programs in Table 1 at the end of this news release.

For reference, the last Mineral Resource estimate completed in accordance with NI 43-101 for El Domo was published as part of the Feasibility Study report titled: “NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador”, with an effective date of October 26, 2021 on SEDAR.

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.

Qualified Person
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.

About Adventus Mining
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus Mining 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.

About Salazar
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. Forward-looking statements are based on the beliefs, expectations, and opinions of the management of the Participants as of the date the statement is published, and the Participants assume no obligation to update any forward-looking statement, except as required by law. In certain cases, forward–looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.

Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus Mining and Salazar expect or anticipate will or may occur in the future. Although Adventus Mining 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 Mining and Salazar undertake to update any forward-looking information except in accordance with applicable securities laws.

For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.

For further information from Salazar Resources, please contact Merlin Marr-Johnson, Executive Vice President, at +1 604 685 9316 or merlin@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.

Table 1: Drill Collar Information for Infill Drill Holes at El Domo

Hole IDEASTNORTHELEVAZIMUTHDIPDEPTHCOMMENT
CURI-41569545998553611017317-66-Drill moving to site
CURI-41469544098552741028164-73-In Progress
CURI-41369545498554071025165-75237.60Successfully completed per design
CURI-41269544098552741028203-75269.40Successfully completed per design
CURI-411695177985500592969-69176.00Successfully completed per design
CURI-41069544098552741028210-65314.30Successfully completed per design
CURI-40969540098552981017301-71264.25Successfully completed per design
CURI-40869540098552981017127-69243.60Successfully completed per design
CURI-4076954319855413100712-62203.00Successfully completed per design
CURI-40669526998553411000270-78221.15Successfully completed per design
CURI-40569543198554131007317-69247.60Successfully completed per design
CURI-40469530998553411000210-67286.90Successfully completed per design
CURI-40369518198554131007331-62257.15Successfully completed per design
CURI-40269540098552981017239-79245.30Successfully completed per design
CURI-4016953759855400996238-73224.00Successfully completed per design
CURI-40069540098552981017237-67284.10Successfully completed per design
CURI-399695375985540099641-65212.25Successfully completed per design
CURI-39869540098552981017196-71272.00Successfully completed per design
CURI-3976952719855452985178-81208.80Successfully completed per design
CURI-3966953949855668957252-68179.45Successfully completed per design
CURI-3956953499855650972151-64211.50Successfully completed per design
CURI-3946954369855590980241-73216.30Successfully completed per design
CURI-3936953949855668957159-7296.00Successfully completed per design
CURI-3926953959855600994122-65224.95Successfully completed per design

Notes:

  1. All drill holes are surveyed in UTM Datum (Provisional South American 1956, Zone 17)

Figure 1: Drill Collar Location Map for El Domo

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