TORONTO, Jan. 21, 2020 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSX-V: ADZN; OTCQX: ADVZF) and
Salazar Resources Limited ("Salazar") (TSX-V: SRL) (collectively
the "Partners") are pleased to provide an overview of
exploration programs planned for 2020 on the Curipamba, Pijili and
Santiago projects in Ecuador. Exploration will focus on making new
discoveries through drilling and leveraging off the recently
completed MobileMT airborne magneto-telluric ("MobileMT") airborne
survey (see April 5, 2019 and
September 21, 2019 news releases).
This work will be complemented by continuing regional geological
and geochemical field work on all three projects. A total
exploration budget of approximately US$7
million has been allocated to complete this work.
Highlights of the 2020 Curipamba exploration program:
- A minimum 10,000-metre exploration drill program designed to
evaluate the 15 new targets identified through the MobileMT
airborne survey and Target Generation Initiative ("TGI"), aiming
for a new regional discovery;
- A minimum 3,000-metre drill program that will provide
additional data for engineering purposes on the El Domo VMS
deposit, located within the Curipamba project, which will include a
geotechnical drilling program covering key infrastructure sites as
discussed in the preliminary economic assessment study ("PEA")
filed on SEDAR in 2019, and;
- Continued regional sampling to develop and groom targets for
future exploration work.
Jason Dunning, Vice President
Exploration of Adventus, commented, "We are very excited about
our 2020 exploration plans for the Curipamba project, as they
complement ongoing development work focused on moving the El Domo
deposit forward towards development. The 15 new exploration targets
recently generated from data acquired by the state-of-the-art
MobileMT geophysical survey, not only verify some historical
targets, but also highlight the strong discovery potential in new
areas on the under explored property. A new discovery within
Curipamba could be significantly additive to the already robust
economics of the El Domo deposit."
Curipamba Project
The Curipamba project is comprised
of seven concessions representing about 21,500 ha and includes the
El Domo deposit. No systematic exploration work has been conducted
on the greater Curipamba project area since the discovery of the El
Domo deposit in 2008 by Salazar, which was a key driver for
undertaking the MobileMT geophysical survey. Since completion of
the MobileMT geophysical survey, the Partners have made significant
progress generating targets through the processing and integration
of all geoscience data collected from surficial geochemistry,
geological mapping, prospecting, drilling, and ground geophysical
surveys. The various data sets have been compiled in order to
produce a matrix that will drive exploration logistics and planning
through 2020 on priority ranked targets. Targets have been
classified as either volcanogenic massive sulphide ("VMS")-related,
such as the El Domo deposit, or porphyry-related.
In total, 15 compelling targets have been defined during the TGI
process, which are being refined by technical field staff for
further priority ranking and drilling logistics. Of notable
importance is that most of these targets are in new areas within
the 21,500 hectares that have not undergone systematic exploration
or drilling. For additional reference, a basic map outlining the 15
new regional targets at the Curipamba project has been posted on
the Adventus website.
Both target generation and delineation will continue over the
next year, as will surficial geochemical surveys and geological
mapping in order to advance the understanding of the geological
controls on mineralization and to further delineate highly
prospective areas. The results are expected to aid in further
developing a pipeline of drill ready locations in the favourable
strata that hosts the El Domo deposit. A minimum drilling budget of
10,000 metres and financial budget of approximately US$5 million has been approved for the evaluation
of these new priority targets areas and the continuing advancement
of Curipamba-El Domo related studies.
Perforaciones Andesdrill S.A. of Quito, Ecuador, a wholly owned subsidiary of
Salazar, has been contracted to conduct the 2020 drill program at
Curipamba project and supply the two drill rigs that are being
mobilized to the project site. The Partners are also preparing for
additional drilling-related studies that are expected to provide
information for future engineering and environmental baseline
studies over the next year. Study topics include but are not
limited to geotechnical assessment of the waste management areas,
geomechanical characterization of the open pit, hydrogeological
modeling of the project area, and condemnation drilling of key
infrastructure sites. These studies are expected to confirm the PEA
findings and support both the commencement of the El Domo
feasibility study in 2020 and the submission of a draft
environmental impact assessment to Ecuadorian authorities by the
first half of 2021.
The PEA is 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, can
be found on SEDAR profiles of the Partners.
Highlights of the 2020 Pijili and Santiago exploration programs:
- A 5,000-10,000-metre exploration drill program covering both
the Pijili and Santiago
projects;
- Evaluation, planning and construction of project infrastructure
at Santiago to support exploration
activities, and;
- Continued regional sampling and evaluation of targets for
future exploration work.
Since the second quarter of 2019 completion of the MobileMT
geophysical survey at the Pijili project, a regional surficial
geochemistry sampling program coupled with detailed property
mapping for geology and hydrothermal alteration has been
systematically grooming drilling targets. The recently completed
upgrade of exploration infrastructure at the Pijili project means
that field crews are now fully supported to undertake drilling. The
main targets at the Pijili project are Cu-Au-Mo porphyry and
orogenic gold deposits.
At the Santiago project,
evaluation and construction planning work has begun on the
potential upgrade of local roads and support infrastructure ahead
of a planned drilling program. The proposed drill program will
utilize results from the 2019 MobileMT geophysical survey, and all
compiled historical exploration results.
Conference Schedule
Over the next few months, the
Partners are pleased to have senior management representatives at
the following conferences:
- AME Roundup 2020, Vancouver,
January 20-23rd
- 2020 TD Securities Mining Conference, Toronto, January
22-23rd
- BMO Global Metals & Mining Conference, Hollywood, Florida, February 23-26th
- PDAC Convention, Toronto,
March 1-4th
- LBS 2020 Mining Conference, Montreal, April
1-2nd
Qualified Person
The technical and scientific
information of this news release has been reviewed and approved 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 a
well-financed exploration and project development company, focused
in 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 projects
to date. Adventus has an investment portfolio of equities in
several junior exploration companies and has optioned three Irish
exploration projects to South32. Adventus is based in Toronto, Canada, and is listed on the TSX-V
under the symbol ADZN and trades on the OTCQX under the symbol
ADVZF.
About Salazar
Salazar Resources Limited is a mineral
resource company engaged in the exploration and development of
mineral deposits in Ecuador. The
company has a proven Ecuadorian discovery team led by ex-head of
Newmont Ecuador, Fredy Salazar; a
team of 40 people including 15 geologists; three drill rigs and an
unrivalled Ecuadorian 'grass roots' network. The Salazar team has
been involved with many discoveries in Ecuador, including Aurelian's Fruta Del Norte
discovery, the Mozo deposit, ex-Newmont's Cangrejos Project and
International Minerals' Rio Blanco;
and Gaby Deposit.
Salazar aspires to be Ecuador's
leading project generator with the right partners at the right time
making the company self-funding. Salazar has an earn-in agreement
with Adventus Mining on the Curipamba project, whereby its partner
can earn 75% of the project by funding exploration and development
expenditures of US$25 million before
2023. A feasibility study is expected to be completed during 2021,
after which the partner is required to fund 100% of the development
and construction expenditures to commercial production. In
addition, Salazar has a funded exploration alliance with its
partner on two other projects, Pijili and Santiago, within defined areas of interest.
Salazar is advancing its 100% owned Rumiñahui, Macara, Los Osos and
Alisales projects with the aim of making Ecuador's next significant copper-gold
discovery.
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.
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SOURCE Adventus Mining Corporation