Santiago is a 2,350 ha exploration licence (one concession area) within the Adventus-Salazar Exploration Alliance. The Ecuador-wide Alliance is for zinc targets, or for specified licences, in this case Santiago, which hosts copper-gold porphyry exploration targets, in conjunction with epithermal gold and silver veins. The Alliance is currently investigating the exploration potential at Santiago, with extensive mapping, surveying and sampling underway ahead of drilling.
Adventus will fund all activities in the Alliance up to a construction decision on any project. The work programme and budgets are controlled by the Alliance board, consisting of two representatives from Adventus, and one from Salazar. Exploration activities of the Alliance are carried out by Salazar on a cost +10% basis.
The Santiago Project is subject to a 1.5% NSR that can be bought out for US $1,000,000 and a 4% net profits interest royalty that are held by INV Metals Inc.