Adventus and Salazar Announce Drilling Results at the El Domo Deposit Highlighted by 11.55% Copper Equivalent Over 16.86 Metres and Provide a Regional Exploration Update for the Curipamba Project
TORONTO, May 12, 2021 /CNW/ - Adventus Mining Corporation ("Adventus")(TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF)(collectively the "Partners") are pleased to announce additional infill drilling results from the El Domo volcanogenic massive sulphide deposit ("El Domo") located within the 21,537-hectare Curipamba project in central Ecuador.
Highlights – Drill Results from the El Domo Deposit at Curipamba:
CURI-378 intersected 16.86 metres of 3.38% copper, 8.07 g/t gold, 8.46% zinc, 138.6 g/t silver, and 0.81% lead for 11.55% CuEq – including 1.44 metres of 5.87% copper, 24.56 g/t gold, 8.94% zinc, 339.5 g/t silver, and 0.49% lead for 24.86% CuEq
CURI-377 intersected 21.04 metres of 6.37% copper, 2.42 g/t gold, 4.46% zinc, 41.8 g/t silver, and 0.24% lead for 9.37% copper equivalent ("CuEq") – including 4.20 metres of 13.43% copper, 1.34 g/t gold, 6.20% zinc, 17.5 g/t silver, and 0.01% lead for 16.08% CuEq
CURI-390 intersected 11.90 metres of 3.97% copper, 5.65 g/t gold, 4.59% zinc, 85.9 g/t silver, and 0.41% lead for 9.18% CuEq – including 1.80 metres of 6.50% copper, 22.68 g/t gold, 18.76% zinc, 388.2 g/t silver, and 2.13% lead for 28.00% CuEq
Restarted regional exploration drilling on the El Panecillo target – approximately 1.5 km east of El Domo
Drill hole CURI-377 intersected mineralized grainstone with massive sulphide clasts in the immediate hanging wall of the semi-massive to massive sulphide from 46.05 to 47.26 metres, grading 0.74% copper, 0.42 g/t gold, 0.34% zinc, 11.8 g/t silver, and 0.05% lead (1.18% CuEq). Semi-massive to massive sulphide mineralization was intersected from 47.26 to 68.30 metres, grading 6.37% copper, 2.42 g/t gold, 4.46% zinc, 41.8 g/t silver and 0.24% lead (9.37% CuEq). A higher-grade subset was intersected from 60.92 to 65.12 metres, grading 13.43% copper, 1.34 g/t gold, 6.20% zinc, 17.5 g/t silver, and 0.01% lead (16.08% CuEq).
Drill Hole
From
(m)
To
(m)
Thickness
(m)
Cu (%)
Au (g/t)
Zn (%)
Ag (g/t)
Pb (%)
CuEq (1)
(%)
Approx. True Thickness (m)
CURI-377
46.05
47.26
1.21
0.74
0.42
0.34
11.8
0.05
1.18
1.03
47.26
68.30
21.04
6.37
2.42
4.46
41.8
0.24
9.37
17.88
including
60.92
65.12
4.20
13.43
1.34
6.20
17.5
0.01
16.08
3.57
(1)
Metal equivalency based on US$4.86/lb Cu, US$1,838.90/oz Au, US$1.38/lb Zn, US$27.43/oz Ag and US$1.02/lb Pb; noting that no adjustments were made in the metal equivalency calculation for metal recovery. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated May 10, 2021.
CURI-378 intersected mineralized grainstone with massive sulphide clasts in the immediate hanging wall of the semi-massive to massive sulphide from 50.57 to 58.52 metres, grading 0.31% copper, 0.68 g/t gold, 0.68% zinc, 16.7 g/t silver, and 0.05% lead (1.02% CuEq). A higher-grade subset was intersected from 56.59 to 58.52 metres, grading 0.95% copper, 2.38 g/t gold, 1.95% zinc, 55.9 g/t silver and 0.14% lead (3.31% CuEq). Semi-massive to massive sulphide mineralization was intersected from 64.45 to 81.31 metres, grading 3.38% copper, 8.07 g/t gold, 8.46% zinc, 138.6 g/t silver and 0.81% lead (11.55% CuEq). Two higher-grade subsets occur in this intercept, from 64.45 to 65.89 metres and then from 69.68 to 81.31 metres. The first intercept is semi-massive sulphide mineralization grading 5.87% copper, 24.56 g/t gold, 8.94% zinc, 339.5 g/t silver and 0.49% lead (24.86% CuEq). The second intercept is massive sulphide mineralization grading 3.87% copper, 7.04 g/t gold, 9.68% zinc, 120.5 g/t silver and 0.87% lead (11.68% CuEq).
Drill Hole
From
(m)
To
(m)
Thickness
(m)
Cu (%)
Au (g/t)
Zn (%)
Ag (g/t)
Pb (%)
CuEq (1)
(%)
Approx. True Thickness (m)
CURI-378
50.57
58.52
7.95
0.31
0.68
0.68
16.7
0.05
1.02
5.17
Including
56.59
58.52
1.93
0.95
2.38
1.95
55.9
0.14
3.31
1.25
64.45
81.31
16.86
3.38
8.07
8.46
138.6
0.81
11.55
10.96
Including
64.45
65.89
1.44
5.87
24.56
8.94
339.5
0.49
24.86
0.94
including
69.68
81.31
11.63
3.87
7.04
9.68
120.5
0.87
11.68
7.56
(2)
Metal equivalency based on US$4.86/lb Cu, US$1,838.90/oz Au, US$1.38/lb Zn, US$27.43/oz Ag and US$1.02/lb Pb; noting that no adjustments were made in the metal equivalency calculation for metal recovery. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated May 10, 2021.
CURI-379 intersected mineralized grainstone with massive sulphide clasts in the immediate hanging wall of the massive sulphide from 111.24 to 119.35 metres, grading 0.03% copper, 1.37 g/t gold, 0.05% zinc, 5.1 g/t silver, and 0.01% lead (0.85% CuEq). The drill hole intersected two intervals of massive sulphide mineralization, first from 119.35 to 132.75 metres, grading 2.59% copper, 1.55 g/t gold, 0.46% zinc, 11.5 g/t silver, and 0.03% lead (3.68% CuEq) with a higher-grade subset from 126.38 to 131.00 metres, grading 3.71% copper, 1.70 g/t gold, 0.50% zinc, 15.0 g/t silver and 0.04% lead (4.92% CuEq). The second intercept of massive sulphide mineralization occurs from 141.00 to 143.87 metres, grading 5.71% copper, 0.97 g/t gold, 0.09% zinc, 12.2 g/t silver and 0.03% lead (6.38% CuEq). Between the two massive sulphide intercepts is a section of mineralized felsic autoclastic volcanic rocks was intersected from 132.75 to 141.00 metres, grading 0.16% copper, 1.22 g/t gold, 0.08% zinc, 3.6 g/t silver, and 0.01% lead (0.89% CuEq).
Drill Hole
From
(m)
To
(m)
Thickness
(m)
Cu (%)
Au (g/t)
Zn (%)
Ag (g/t)
Pb (%)
CuEq (1)
(%)
Approx. True Thickness (m)
CURI-379
111.24
119.35
8.11
0.03
1.37
0.05
5.1
0.01
0.85
5.27
119.35
132.75
13.40
2.59
1.55
0.46
11.5
0.03
3.68
8.71
including
119.35
120.35
1.00
11.35
3.41
0.19
21.7
0.04
13.47
0.65
including
126.38
131.00
4.62
3.71
1.70
0.50
15.0
0.04
4.92
3.00
including
132.75
141.00
8.25
0.16
1.22
0.08
3.6
0.01
0.89
5.36
141.00
143.87
2.87
5.71
0.97
0.09
12.2
0.03
6.38
1.87
(3)
Metal equivalency based on US$4.86/lb Cu, US$1,838.90/oz Au, US$1.38/lb Zn, US$27.43/oz Ag and US$1.02/lb Pb; noting that no adjustments were made in the metal equivalency calculation for metal recovery. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated May 10, 2021.
CURI-390 intersected mineralized grainstone with massive sulphide clasts in the immediate hanging wall of the semi-massive to massive sulphide from 95.07 to 99.80 metres, grading 0.04% copper, 1.10 g/t gold, 0.04% zinc, 7.8 g/t silver, and 0.02% lead (0.73% CuEq). Massive sulphide mineralization was intersected from 99.80 to 111.70 metres, grading 3.97% copper, 5.65 g/t gold, 4.59% zinc, 85.9 g/t silver and 0.41% lead (9.18% CuEq). A higher-grade subset occurs from 99.80 to 101.60 metres, grading 6.50% copper, 22.68 g/t gold, 18.76% zinc, 388.2 g/t silver and 2.13% lead (28.00% CuEq). A section of mineralized footwall felsic autoclastic volcanic rocks was intersected from 111.70 to 137.70 metres, grading 0.19% copper, 0.48 g/t gold, 0.09% zinc, and 5.3 g/t silver and 0.01% lead (0.52% CuEq). A higher-grade subset occurs from 111.70 to 120.00 metres, grading 0.34% copper, 1.01 g/t gold, 0.26% zinc, 10.0 g/t silver and 0.02% lead (1.06% CuEq).
Drill Hole
From
(m)
To
(m)
Thickness
(m)
Cu (%)
Au (g/t)
Zn (%)
Ag (g/t)
Pb (%)
CuEq (1)
(%)
Approx. True Thickness (m)
CURI-390
95.07
99.80
4.73
0.04
1.10
0.04
7.8
0.02
0.73
3.07
99.80
111.70
11.90
3.97
5.65
4.59
85.9
0.41
9.18
7.74
including
99.80
101.60
1.80
6.50
22.68
18.76
388.2
2.13
28.00
1.17
111.70
137.70
26.00
0.19
0.48
0.09
5.3
0.01
0.52
16.90
including
111.70
120.00
8.30
0.34
1.01
0.26
10.0
0.02
1.06
5.40
(4)
Metal equivalency based on US$4.86/lb Cu, US$1,838.90/oz Au, US$1.38/lb Zn, US$27.43/oz Ag and US$1.02/lb Pb; noting that no adjustments were made in the metal equivalency calculation for metal recovery. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated May 10, 2021.
CURI-391 intersected semi-massive sulphide mineralization from 52.50 to 53.80 metres, grading 1.89% copper, 2.53 g/t gold, 19.54% zinc, 90.0 g/t silver, and 0.44% lead (9.68% CuEq). A section of weakly mineralized footwall felsic autoclastic volcanic rocks was intersected from 53.80 metres to 70.60 metres, grading 0.05% copper, 0.18 g/t gold, 0.38% zinc, and 5.0 g/t silver, and 0.04% lead (0.31% CuEq).
Drill Hole
From
(m)
To
(m)
Thickness
(m)
Cu (%)
Au (g/t)
Zn (%)
Ag (g/t)
Pb (%)
CuEq (1)
(%)
Approx. True Thickness (m)
CURI-391
52.50
53.80
1.30
1.89
2.53
19.54
90.0
0.44
9.68
0.85
53.80
70.60
16.80
0.05
0.18
0.38
5.0
0.04
0.31
10.92
(5)
Metal equivalency based on US$4.86/lb Cu, US$1,838.90/oz Au, US$1.38/lb Zn, US$27.43/oz Ag and US$1.02/lb Pb; noting that no adjustments were made in the metal equivalency calculation for metal recovery. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated May 10, 2021.
Drill holes CURI-371, CURI-375, CURI-376, CURI-380 and CURI-383 were designed for collection of geomechanical data to assist in future mine planning, as part of the ongoing feasibility study. Drill hole CURI-388 intersected a low-grade section of footwall mineralized felsic autoclastic volcanic rocks 102.04 to 112.39 metres, grading 0.04% copper, 0.17 g/t gold, 0.09% zinc, 4.0 g/t silver and 0.02% lead (0.21% CuEq) for an approximate true thickness of 6.73 metres.
All results from the completed infill definition drilling program are to be used in updating the Mineral Resource estimate for El Domo in 2021. The updated Mineral Resource estimate will be part of the ongoing feasibility study for the development of El Domo (see December 2, 2020 news release). Figure 1 illustrates the drill locations for the results of the ten drill holes outlined in this news release and the holes currently in the assay lab, or in progress. 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 NI 43-101 Mineral Resource estimate for El Domo was published as part of the preliminary economic assessment report titled: "Technical Report on the Preliminary Economic Assessment for the Curipamba Project – El Domo Deposit, Central Ecuador", with an effective date of June 14, 2019 on SEDAR.
Curipamba – Regional Exploration Drilling Program Update
Upon completion of infill and geomechanical drilling required to support the ongoing Feasibility Study with a Mineral Resource estimate update and the provision of metallurgical samples (see December 2, 2020 news release), a drill rig was tasked to restart the regional exploration drilling program. A total of 4,000 metres is budgeted in 2021 with drilling having re-commenced on the El Panecillo target in late April 2021, approximately 1.5 kilometres east of El Domo. El Panecillo is a VMS target being drilled for the first time in the same favourable volcanic-sedimentary strata that hosts El Domo. The first drill hole, CREG-004, has been completed with CREG-005 in progress. Results from the regional exploration work program will be released after receipt from the laboratory and when results pass a rigorous internal quality assurance and quality control ("QAQC") processes.
The regional exploration drilling program started in October 2020 approximately 8 km southwest of El Domo (see December 21, 2020 news release) on the La Vaquera and Sesmo Sur targets. Two drill holes were completed on the La Vaquera target and one drill hole was completed on the Sesmo Sur target. Although propylitic alteration was observed in all three drill holes for these intrusion-related targets, no significant mineralization was encountered. As a result, the technical team has temporarily suspended drilling on the four remaining platforms in the La Vaquera-Sesmo Sur area while they conduct additional work to re-evaluate and better understand the favourable geology and mineral potential to determine the next steps.
Analytical results from the regional exploration drill holes will be released when they pass internal QAQC procedures. Figure 2 illustrates the drill locations for the results of the five drill holes outlined in this news release and the holes currently in the assay lab, or in progress. Drill collar location coordinates are summarized for the regional exploration drilling program in Table 2 at the end of this news release.
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 Lima, Peru or 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 the El Domo infill drilling have gold analyzed by classic fire assay techniques with an AAS finish, while silver and base metals are analyzed by a 44-element aqua regia technique with ICP-AES finish. For regional drilling, silver and base metals are analyzed by a 45-element 4 acid technique with ICP-MS 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
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.
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. 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.
Table 1: Drill Collar Information for Infill Drill Holes at El Domo
Hole ID
EAST
NORTH
ELEV
AZIMUTH
DIP
DEPTH
COMMENT
CURI-391
655001
9854898
882
165
-65
70.6
Successfully completed per design
CURI-390
695109
9855451
953
170
-79
137.7
Successfully completed per design
CURI-389
694999
9855351
908
338
-70
64.5
Successfully completed per design
CURI-388
695051
9855474
930
165
-50.6
143.0
Successfully completed per design
CURI-387
695051
9855474
930
26
-49
112.3
Successfully completed per design
CURI-386
695100
9855600
943
230
-65
90.2
Successfully completed per design
CURI-385
695094
9855482
940
45
-54
128.0
Successfully completed per design
CURI-384
695054
9855642
923
136
-54
110.6
Successfully completed per design
CURI-383(1)
695373
9855400
995
270
-65
210.4
Successfully completed per design
CURI-382
695094
9855482
940
64
-48
156.5
Successfully completed per design
CURI-381
695214
9855602
949
197
-57
154.4
Successfully completed per design
CURI-380(1)
695375
9855000
1030
270
-70
250.1
Successfully completed per design
CURI-379
695094
9855482
940
167
-48
153.8
Successfully completed per design
CURI-378
695054
9855122
893
181
-57
113.1
Successfully completed per design
CURI-377
695054
9855122
893
55
-51
92.3
Successfully completed per design
CURI-376(1)
695361
9855100
1087
270
-70
275.4
Successfully completed per design
CURI-375(1)
695333
9855200
1057
270
-75
250.1
Successfully completed per design
CURI-374
695006
9855134
883
296
-45
120.6
Successfully completed per design
CURI-373
695094
9855482
940
103
-48
197.0
Successfully completed per design
CURI-372
695041
9854913
888
38
-45
106.3
Successfully completed per design
CURI-371(1)
695399
9855298
1016
270
-65
225.7
Successfully completed per design
CURI-370
695040
9854913
888
231
-74
86.2
Successfully completed per design
CURI-369
695094
9855482
940
142
-48
168.7
Successfully completed per design
CURI-368
695041
9854913
888
331
-58
113.6
Successfully completed per design
CURI-367
695006
9855134
883
196
-45
102.2
Successfully completed per design
CURI-366
694975
9854918
872
186
-72
74.5
Successfully completed per design
CURI-365
694934
9855242
874
151
-72
69.5
Successfully completed per design
CURI-364-A
695131
9855402
946
108
-60
121.8
Successful but lost in fault zone
CURI-364
695134
9855402
946
108
-60
130.4
Successful but lost in fault zone
CURI-363
694934
9855242
874
180
-54
95.0
Successfully completed per design
CURI-362
694975
9854918
872
288
-61
88.9
Successfully completed per design
CURI-361
695134
9855402
946
75
-54
172.8
Successfully completed per design
CURI-360
694934
9855242
874
25
-48
83.0
Successfully completed per design
CURI-359
695006
9855134
883
349
-69
86.5
Successfully completed per design
CURI-358
694934
9855082
867
255
-54
113.0
Successfully completed per design
CURI-357
695057
9855149
894
229
-74
105.0
Successfully completed per design
CURI-356
695006
9855134
883
241
-77
110.6
Successfully completed per design
CURI-355
695057
9855149
894
36
-45
86.3
Successfully completed per design
CURI-354
695057
9855149
894
55
-54
81.0
Successfully completed per design
CURI-353
695094
9855122
908
192
-45
97.4
Successfully completed per design
CURI-352
695057
9855149
894
306
-77
78.0
Successfully completed per design
CURI-351
695057
9855149
894
338
-59
77.0
Successfully completed per design
CURI-350
695094
9855122
908
180
-57
85.7
Successfully completed per design
CURI-349
695094
9855122
908
263
-51
130.2
Successfully completed per design
CURI-348
695094
9855082
910
276
-45
135.1
Successfully completed per design
CURI-347
695094
9855082
910
105
-54
91.0
Successfully completed per design
CURI-346
695094
9855082
910
52
-69
83.4
Successfully completed per design
CURI-345
695094
9855082
910
142
-48
95.7
Successfully completed per design
CURI-344
695094
9855082
910
360
-60
84.1
Successfully completed per design
CURI-343
695094
9855082
910
192
-45
142.0
Successfully completed per design
CURI-342
695041
9854913
888
346
-45
137.1
Successfully completed per design
CURI-341
695134
9854922
917
360
-60
117.4
Successfully completed per design
CURI-340
695134
9854922
917
360
-45
149.0
Successfully completed per design
Notes:
(1)
Geomechanical drill hole for open pit engineering design purposes only; being drilled in addition to the Infill program
(2)
All drill holes are surveyed in UTM Datum (Provisional South American 1956, Zone 17)
Table 2: Drill Collar Information for Regional Exploration Drill Holes at Curipamba Project
Hole ID
EAST
NORTH
ELEV
AZIMUTH
DIP
DEPTH
COMMENT
CREG-005
696632
9854780
954
270
-70
N/A
Successfully completed; La Vaquera
CREG-004
696772
9855091
994
270
-75
398.0
Successfully completed; La Vaquera
CREG-003
692355
9849275
472
160
-60
429.0
Successfully completed; Sesmo Sur
CREG-002
690855
9848700
528
270
-60
554.3
Successfully completed; El Panecillo
CREG-001
690518
9848536
544
270
-60
457.8
In Progress; El Panecillo
Notes:
(1)
All drill holes are surveyed in UTM Datum (Provisional South American 1956, Zone 17)
SOURCE Adventus Mining Corporation
from Adventus, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or [email protected]. 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 [email protected].
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