TORONTO, Feb. 27,
2023 /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
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.
Highlights – Drill Results from the El Domo Deposit at
Curipamba:
- CURI-408 intersected 21.00 metres 4.43% copper, 3.40 g/t gold,
2.28% zinc, 36.1 g/t silver, and 0.01% lead for 6.03% copper
equivalent ("CuEq") – including 14.35 metres, grading 5.74% copper,
4.24 g/t gold, 2.43% zinc, and 40.5 g/t silver and 0.01% lead for
7.54% CuEq
- CURI-409 intersected 5.27 metres of 3.99% copper, 0.80 g/t
gold, 0.20% zinc, 10.2 g/t silver, and 0.01% lead for 4.70%
CuEq
- CURI-411 intersected 6.18 metres of 3.40% copper, 2.35 g/t
gold, 3.67% zinc, 133.6 g/t silver and 0.58% lead for 5.82% copper
CuEq – including 1.85 metres of 8.20% copper, 2.68 g/t gold, 5.25%
zinc, 260.8 g/t silver, and 0.99% lead for 11.35% CuEq
Drill hole CURI-406 intersected a thick section of semi-massive
to massive sulphide from 192.87 to 204.27 metres with an intercept
from 192.87 to 202.74 metres, grading 1.25% copper, 0.86 g/t gold,
1.22% zinc, 20.4 g/t silver, and 0.09% lead. Two higher-grade
subsets of the intercept were intersected from 192.87 to 194.14
metres, grading 3.39% copper, 2.05 g/t gold, 3.15% zinc, 116.6 g/t
silver, and 0.58% lead, and from 199.47 to 201.68 metres, grading
1.90% copper, 0.81 g/t gold, 2.51% zinc, 11.8 g/t silver, and 0.04%
lead.
Drill
Hole
|
From
(m)
|
To
(m)
|
Thickness
(m)
|
Cu
(%)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Pb
(%)
|
Copper
Equivalency
(%) (1) (2)
|
Approx. True
Thickness (m)
|
CURI-406
|
192.87
|
202.74
|
2.36
|
1.25
|
0.86
|
1.22
|
20.4
|
0.09
|
1.92
|
1.77
|
including
|
192.87
|
194.14
|
1.27
|
3.39
|
2.05
|
3.15
|
116.6
|
0.58
|
5.44
|
0.95
|
including
|
203.37
|
201.68
|
0.90
|
1.90
|
0.81
|
2.51
|
11.8
|
0.04
|
2.82
|
0.68
|
(1)
|
Metal equivalency based
on US$4.00/lb Cu, US$1,886.20/oz Au, US$1.36/lb Zn, US$22.06/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 February 17, 2023.
|
(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-408 intersected a wide section of low-grade, pyritic,
semi-massive from 184.42 to 190.65 metres, but transitioned into a
21-metre intercept from 190.65 to 211.65 of semi-massive to massive
sulphide, grading 4.43% copper, 3.40 g/t gold, 2.28% zinc, 36.1 g/t
silver and 0.01% lead. A higher-grade subset was intersected from
196.34 to 210.69 metres, grading 5.74% copper, 4.24 g/t gold, 2.43%
zinc, and 40.5 g/t silver and 0.01% lead.
Drill
Hole
|
From
(m)
|
To
(m)
|
Thickness
(m)
|
Cu
(%)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Pb
(%)
|
Copper
Equivalency
(%)(1) (2)
|
Approx. True
Thickness (m)
|
CURI-408
|
190.65
|
211.65
|
21.00
|
4.43
|
3.40
|
2.28
|
36.1
|
0.01
|
6.03
|
15.75
|
including
|
196.34
|
210.69
|
14.35
|
5.74
|
4.24
|
2.43
|
40.5
|
0.01
|
7.54
|
10.76
|
(1)
|
Metal equivalency based
on US$4.00/lb Cu, US$1,886.20/oz Au, US$1.36/lb Zn, US$22.06/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 February 17, 2023.
|
(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-409 intersected massive sulphide mineralization
from 206.80 to 212.07 metres, grading 3.99% copper, 0.80 g/t gold,
0.20% zinc, 10.2 g/t silver, and 0.01% lead. Low-grade
mineralization does continue into the footwall alteration below the
massive sulphide mineralization, but it is predominantly pyrite
intercalated with gypsum alteration.
Drill
Hole
|
From
(m)
|
To
(m)
|
Thickness
(m)
|
Cu
(%)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Pb
(%)
|
Copper
Equivalency
(%) (1) (2)
|
Approx. True
Thickness (m)
|
CURI-409
|
206.80
|
212.07
|
5.27
|
3.99
|
0.80
|
0.20
|
10.2
|
0.01
|
4.70
|
4.48
|
(1)
|
Metal equivalency based
on US$4.00/lb Cu, US$1,886.20/oz Au, US$1.36/lb Zn, US$22.06/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 February 17, 2023.
|
(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-410 intersected semi-massive sulphide
mineralization from 227.55 to 232.73 metres with only a narrow
intercept from 230.33 to 231.02 metres, grading 1.34% copper, 0.32
g/t gold, 0.04% zinc, 6.2 g/t silver, and 0.02% lead.
Mineralization continued deeper into the footwall volcanic rocks
and gypsum alteration zone from 240.74 to 244.16 metres, grading
1.18% copper, 0.08 g/t gold, 1.24% zinc, and 2.8 g/t silver.
Drill
Hole
|
From
(m)
|
To
(m)
|
Thickness
(m)
|
Cu
(%)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Pb
(%)
|
Copper
Equivalency
(%)(1) (2)
|
Approx. True
Thickness (m)
|
CURI-410
|
230.33
|
231.02
|
0.69
|
1.34
|
0.32
|
0.04
|
6.2
|
0.02
|
1.12
|
0.48
|
|
240.74
|
244.16
|
3.42
|
1.18
|
0.08
|
1.24
|
2.8
|
0.00
|
1.46
|
0.63
|
(1)
|
Metal equivalency based
on US$4.00/lb Cu, US$1,886.20/oz Au, US$1.36/lb Zn, US$22.06/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 February 17, 2023.
|
(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-411 intersected semi-massive to massive sulphide
mineralization from 122.02 to 128.20 metres, grading 3.40% copper,
2.35 g/t gold, 3.67% zinc, 133.6 g/t silver, and 0.58% lead. A
higher-grade section occurs from 122.66 to 125.63 metres, grading
5.08% copper, 4.12 g/t gold, 6.58% zinc, 236.4 g/t silver, and
1.13% lead.
Drill
Hole
|
From
(m)
|
To
(m)
|
Thickness
(m)
|
Cu
(%)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Pb
(%)
|
Copper
Equivalency
(%)(1) (2)
|
Approx. True
Thickness (m)
|
CURI-411
|
122.02
|
128.20
|
6.18
|
3.40
|
2.35
|
3.67
|
133.6
|
0.58
|
5.82
|
4.64
|
Including
|
122.66
|
125.63
|
2.97
|
5.80
|
4.12
|
6.58
|
236.4
|
1.13
|
10.15
|
2.23
|
including
|
123.78
|
125.63
|
1.85
|
8.20
|
2.68
|
5.25
|
260.8
|
0.99
|
11.35
|
1.39
|
(1)
|
Metal equivalency based
on US$4.00/lb Cu, US$1,886.20/oz Au, US$1.36/lb Zn, US$22.06/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 February 17, 2023.
|
(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-407 was designed to test the outer margins of
the Indicated category material along a fault and to further assess
the underground development geology. This drill hole confirmed
modelling previously done in this portion of the deposit and
provides additional geological control for future modelling and
engineering studies. CURI-407 did not yield any substantial results
but did intersect wide mineralization in the footwall volcanic
rocks and alteration zone.
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 drilling program 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.
Other – Resignation of Vice President Exploration
Christian Kargl-Simard, President
and CEO of Adventus, announces the resignation of Jason
Dunning, P.Geo, Vice President of Exploration to be effective at
the end of February 2023 to move onto
other opportunities for his family. Mr. Dunning will remain
as a non-Executive Technical Advisor to facilitate transitional
matters such as knowledge transfer to key members of the
Exploration Team. Christian
Kargl-Simard stated, "Jason has been an utmost professional
during his time at Adventus. I am thrilled for Jason on his next
chapter in his life. Jason will continue to advise us as we embark
on our next exploration program."
Jason Dunning noted, "I am very
proud to have been given the opportunity by Adventus five and a
half years ago to work on such a great copper and gold asset in
Ecuador. It truly has been a
wonderful opportunity and it has been my pleasure helping to
advance Curipamba project in Ecuador with our partners at Salazar Resources
Ltd. There is no doubt in my mind that the El Domo VMS deposit will
become the next copper and gold producer in Ecuador. Although it saddens me to be leaving
Adventus, I look forward to reading about the team's continuing
successes in the coming years. I would like to thank all of my
peers at Adventus and all the staff in Ecuador for their hard work and support over
the last five and a half years in building Adventus."
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
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.
Table 1: Drill Collar Information for Infill Drill Holes at
El Domo
Hole
ID
|
EAST
|
NORTH
|
ELEV
|
AZIMUTH
|
DIP
|
DEPTH
|
COMMENT
|
CURI-419
|
695494
|
9855286
|
1027
|
296
|
-70
|
230.10
|
Successfully completed
per design
|
CURI-418
|
695459
|
9855361
|
1017
|
303
|
-78
|
224.95
|
Successfully completed
per design
|
CURI-417
|
695494
|
9855286
|
1027
|
151
|
-70
|
269.40
|
Successfully completed
per design
|
CURI-416
|
695494
|
9855286
|
1027
|
180
|
-73
|
262.80
|
Successfully completed
per design
|
CURI-415
|
695459
|
9855361
|
1017
|
317
|
-66
|
245.85
|
Successfully completed
per design
|
CURI-414
|
695440
|
9855274
|
1028
|
164
|
-73
|
221.30
|
Successfully completed
per design
|
CURI-413
|
695454
|
9855407
|
1025
|
165
|
-75
|
237.60
|
Successfully completed
per design
|
CURI-412
|
695440
|
9855274
|
1028
|
203
|
-75
|
269.40
|
Successfully completed
per design
|
CURI-411
|
695177
|
9855005
|
929
|
69
|
-69
|
176.00
|
Successfully completed
per design
|
CURI-410
|
695440
|
9855274
|
1028
|
210
|
-65
|
314.30
|
Successfully completed
per design
|
CURI-409
|
695400
|
9855298
|
1017
|
301
|
-71
|
264.25
|
Successfully completed
per design
|
CURI-408
|
695400
|
9855298
|
1017
|
127
|
-69
|
243.60
|
Successfully completed
per design
|
CURI-407
|
695431
|
9855413
|
1007
|
12
|
-62
|
203.00
|
Successfully completed
per design
|
CURI-406
|
695269
|
9855341
|
1000
|
270
|
-78
|
221.15
|
Successfully completed
per design
|
CURI-405
|
695431
|
9855413
|
1007
|
317
|
-69
|
247.60
|
Successfully completed
per design
|
CURI-404
|
695309
|
9855341
|
1000
|
210
|
-67
|
286.90
|
Successfully completed
per design
|
CURI-403
|
695181
|
9855413
|
1007
|
331
|
-62
|
257.15
|
Successfully completed
per design
|
CURI-402
|
695400
|
9855298
|
1017
|
239
|
-79
|
245.30
|
Successfully completed
per design
|
CURI-401
|
695375
|
9855400
|
996
|
238
|
-73
|
224.00
|
Successfully completed
per design
|
CURI-400
|
695400
|
9855298
|
1017
|
237
|
-67
|
284.10
|
Successfully completed
per design
|
CURI-399
|
695375
|
9855400
|
996
|
41
|
-65
|
212.25
|
Successfully completed
per design
|
CURI-398
|
695400
|
9855298
|
1017
|
196
|
-71
|
272.00
|
Successfully completed
per design
|
CURI-397
|
695271
|
9855452
|
985
|
178
|
-81
|
208.80
|
Successfully completed
per design
|
CURI-396
|
695394
|
9855668
|
957
|
252
|
-68
|
179.45
|
Successfully completed
per design
|
CURI-395
|
695349
|
9855650
|
972
|
151
|
-64
|
211.50
|
Successfully completed
per design
|
CURI-394
|
695436
|
9855590
|
980
|
241
|
-73
|
216.30
|
Successfully completed
per design
|
CURI-393
|
695394
|
9855668
|
957
|
159
|
-72
|
96.00
|
Successfully completed
per design
|
CURI-392
|
695395
|
9855600
|
994
|
122
|
-65
|
224.95
|
Successfully completed
per design
|
Notes:
|
(1) All drill
holes are surveyed in UTM Datum (Provisional South American 1956,
Zone 17)
|
SOURCE Adventus Mining Corporation