TORONTO, Dec. 7, 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 provide
an update on exploration activities in Ecuador for the Curipamba, Pijili and
Santiago projects. The Partners
are currently finalizing drilling plans for 2022.
Highlights
- Curipamba – at the newly identified Agua Santa
volcanogenic massive sulphide system (VMS) within the Curipamba
district, CREG-011 intersected 3.35 metres of 0.76% copper, 1.39
g/t gold, 4.29% zinc, 12.5 g/t silver, and 0.17% lead – including
1.40 metres of 1.58% copper, 2.67 g/t gold, 31.20% zinc, 55.0 g/t
silver, and 1.01% lead
-
- Drilling on the Agua Santa target completed 11 drill holes
totaling 2,818 metres
- Pijili – the Partners are drill ready on a new
porphyry target called El Pato
- Santiago – target
generation ahead of the initial minimum 2,500 m drill program is complete, with drilling
planned for Q1 2022. The first hole is expected to twin historical
Newmont drill hole FUD-001 that intersected 323.09 metres, grading
0.23% copper and 0.40 g/t gold (see June 15,
2020 news release) and deepen to test the MobileMT
geophysical anomaly
Curipamba Project Update
Regional drilling on the Agua
Santa target (Figure 1) started mid-June
2021 and completed on October 3,
2021 with 11 drill holes having been successfully completed
totaling 2,818 metres. VMS mineralization was identified in the
first drill hole of the work program (CREG-008) designed to test
the edge of a Mobile MT ("MMT") airborne geophysical anomaly
(Figure 1) that coincided with both favourable geology and surface
geochemistry results from prospecting in nearby creek beds (see
August 9, 2021 news release). Drill
collar locations are summarized in Table 1 at the end of this news
release.
CREG-011 was a step-out drill hole, collared from the same
drilling platform as CREG-008 (see Figure 2) designed to undercut
the massive sulphide mineralization on the same drill section. It
intersected faulted, but fragmental looking massive sulphide
mineralization from 40.35 to 43.70 metres grading, 0.76% copper,
1.39 g/t gold, 4.29% zinc, 12.5 g/t silver and 0.17% lead (Table
2). The intercept had a copper-rich top from 40.35 to 40.70 metres
grading, 4.76% copper, 0.51 g/t gold, 0.91% zinc, 28.0 g/t silver,
and 0.03% lead, and a zinc-rich base from 41.62 to 42.30 metres
grading, 0.37% copper, 5.67 g/t gold, 19.92% zinc, 39.3 g/t silver
and 0.77% lead (Table 2).
Table 2: Drill results for CREG-011
Drill Hole
(1)
|
From
(m)
|
To
(m)
|
Thickness
(m)
|
Cu
(%)
|
Au
(g/t)
|
Zn
(%)
|
Ag
(g/t)
|
Pb
(%)
|
CREG-011
|
40.35
|
43.70
|
3.35
|
0.76
|
1.39
|
4.29
|
12.5
|
0.17
|
including
|
40.35
|
40.70
|
0.35
|
4.76
|
0.51
|
0.91
|
28.0
|
0.03
|
including
|
41.62
|
42.30
|
0.68
|
0.37
|
5.67
|
19.92
|
39.3
|
0.77
|
(1)
|
This is an
early-stage exploration project, meaning geological modeling has
not determined the orientation of stratigraphy to accurately
determine an approximate true thickness for lithologies and
mineralization
|
An interesting feature of CREG-011 is a wide, low-grade,
sulphidized section of the host strata in the hanging wall of the
faulted massive sulphide mineralization from 29.75 to 40.35 metres
grading, 0.10% copper, 0.68 g/t gold, 0.26% zinc, 2.2 g/t silver,
and 0.04% lead. This low-grade intercept suggests the hydrothermal
system continued to exhaust mineralized fluids after the deposition
of the massive sulphide mineralization. Further review is being
undertaken to assess possible vectoring using data from adjacent
drill holes.
CREG-009 was a step-out drill hole, collared 82 metres to the
north-northeast of CREG-008 (see Figure 3) and although it
intersected similar volcanic stratigraphy to CREG-008, it appears
to have pierced the favourable VMS horizon hosting the massive
sulphide mineralization (see August 9,
2021 news release), CREG-009 only intersected highly
sulphidized, geochemically anomalous mafic volcaniclastic rocks.
The best mineralization intersected in CREG-009 is related to a
fault zone from 170.18 to 171.26 metres, grading 1.16% copper, 0.05
g/t gold, 0.01% zinc, and 1.14 g/t silver.
CREG-010 was a step-out drill hole, collared 47 metres to the
southwest of CREG-008 (see Figure 4) and although it intersected
similar volcanic stratigraphy to CREG-008 and CREG-009, like
CREG-009, it appears to have pierced the favourable VMS horizon
hosting the massive sulphide mineralization (see August 9, 2021 news release) but only intersected
wide, highly sulphidized, geochemically anomalous section of mafic
volcaniclastic rocks. Mineralization was intersected from 41.00 to
52.04 metres, grading 0.09% copper, 0.20 g/t gold, 0.25% zinc, and
1.7 g/t silver. A narrow section of higher-grade material occurs
from 44.50 to 45.12 metres, grading 0.88% copper, 1.32 g/t gold,
2.26% zinc, 14.8 g/t silver and 0.01% lead.
The Partners continue to wait for analytical results to be
completed and released from the laboratory for regional drill holes
CREG-012 to CREG-018. It is understood that BV laboratory is
experiencing a significant increase in through volume that is
resulting in longer than expected delays for its clients to receive
geochemical results. These delays are unfortunately hampering
assessment and the interpretation of exploration programs including
the relationship of any drill hole results to two prospecting
showings of bedrock, fault-controlled VMS mineralization at Agua
Santa. The laboratory delays are creating a major challenge for
consistent exploration news flow. Once data from drilling and
surficial geochemical sampling has been returned from the
laboratory and passed the Partners' internal QAQC protocols, the
results will be disclosed.
Regional drill holes at El Panecillo, east of El Domo (CREG-003,
CREG-005, and CREG-006), and at Selva Alegre (CREG-007) did not
yield any significant results, although they intersected known
strata in the volcanic edifice known to host the El Domo VMS
deposit (Figure 1). Further assessment of the geochemistry is
ongoing to determine if there are possible exploration vectors
present that can be used for follow-up exploration work.
Pijili Project Update
During the second half of 2021,
exploration activities continued to follow up on target generation
results on the Mercy, Rosa de Oro,
and Carmen de Pijili concessions that make up the Pijili project.
Field activities included prospecting, geological mapping,
hydrothermal alteration studies, and structural mapping that
focused on the paragenetic sequencing of the veining and its link
to possible epithermal and porphyry systems known to occur
regionally.
On the Rosa de Oro and Carmen
de Pijili concessions, the technical staff focused their work on
the four high-priority targets called El Pato, Rosa de Oro, Naranjos and Papagayo discussed in the
April 9, 2021 news release. Table 3
summaries total samples collected to date on Pijili project
concessions supporting target generation and drill platform
spotting. Copper and gold rock geochemistry is presented in Figures
5 and 6 respectively, and copper and gold soil geochemistry is
presented in Figures 7 and 8, respectively. The technical team has
concluded that El Pato is ready for final drill targeting, as it is
the highest-ranking target on these two western concessions for
Pijili project. The Partners have scouted drill platform locations
for the El Pato target while planning and budgeting is being
conducted for potential drilling in the first half of 2022.
Work at the Mercy concession finished in June 2021 with the completion of sampling over
the newly discovered Ensillada porphyry system (see April 20, 2021 news release). Sampling included a
detailed review of a newly established section of gravel road
constructed through the Ensillada porphyry system by a local
artisanal miner to access their property. All work since the
completion of drilling and the discovery of the Ensillada porphyry
system has confirmed the presence of a large hydrothermal system
that remains open to the north, northeast and east. Copper and gold
rock geochemistry is presented in Figures 9 and 10 respectively,
and copper and gold soil geochemistry is presented in Figures 11
and 12, respectively. The technical team continues to review
results to plan a follow-up exploration budget for 2022.
Table 3: Total sample summary for Pijili project
Concession
|
Rock
Samples
|
Soil
Samples
|
Stream
Sediment
Samples
|
Drilling
Samples
|
Lithogeochemistry
and Petrographic
Samples
|
Mercy
|
708
|
984
|
14
|
3,544
|
142
|
Maria
(artisanal)
|
74
|
13
|
-
|
-
|
-
|
Rosa de
Oro
|
360
|
563
|
13
|
-
|
-
|
Carmen de
Pijili
|
734
|
525
|
16
|
-
|
-
|
QAQC
|
230
|
298
|
-
|
569
|
-
|
(1)
|
All samples compiled
in this table were collected between 2017 and present day by the
Partner's technical team
|
Santiago Project Update
Technical crews have finished
prospecting and geological mapping the entire Santiago concession, producing the first
unified geological and hydrothermal alteration map (Figures 13 and
14). The target generation work has collected 1,053 rock samples
bringing the total number of samples to 1,148 between 2017 and
2021. This is in addition to the 760 historical rock samples
collected by Silex Ecuador S.A. (see June
2020 news release). Once data from the rock sampling has
been returned from the laboratory and passed the Partners' internal
QAQC protocols, the results will be disclosed.
The principal target area at Santiago has coincident favourable geological
and hydrothermal alteration suggesting a high-sulphidation porphyry
system denoted by extensive quartz-alunite alteration, coincident
historical geochemical anomalies for copper and gold over 2,200
metres by 600 metres, and a geophysical airborne MobileMT signature
with both a low frequency apparent conductivity geophysical and
resistivity anomaly of approximately 3,000 by 2,000 metres and
TMI-RTP magnetic low of approximately 2,000 by 1,500 metres that is
encircled by areas of higher magnetic response (see June 15, 2020 news release). The magnetic low is
suggestive of magnetic mineral destruction from hydrothermal
alteration.
This principal target is also coincident with historical
drilling by Prospection and Newmont; however, a 3D review indicates
that due to the short drill hole lengths of that era, these two
historical drilling programs do not provide an explanation for the
large MobileMT geophysical anomaly, which suggests that additional,
deeper drilling is warranted. The Partners plan on twinning FUD-001
(Newmont drill hole) in Q1 2022, as part of a 2,500-metre drilling
program. This program was delayed to accommodate additional
community relations and social work with stakeholders that includes
but is not limited to the Ecuadorian government and Indigenous
leadership. Twinning Newmont's FUD-001 drill hole is critical in
not only validating their historical intersection of 323.09 metres,
grading 0.23% copper and 0.40 g/t gold, but also examining the
deeper MobileMT anomalies (see June 15,
2020 news release).
Technical Information and QAQC
The three Ecuadorean
exploration projects (Curipamba, Pijili, and Santiago) are 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 34-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. Its strategic shareholders
include Altius Minerals Corporation, Greenstone Resources LP,
Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is advancing the Curipamba
copper-gold project through a feasibility study, while continuing
to explore the broader 215 square kilometre 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. 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 (UTM Datum – Provisional
South American 1956, Zone 17)
Hole
ID
|
EAST
|
NORTH
|
ELEV
|
AZIMUTH
|
DIP
|
DEPTH
|
COMMENT
|
CREG-008
|
691805
|
9851410
|
448
|
270
|
-50
|
323.90
|
Successfully
completed per design
|
CREG-009
|
691855
|
9851475
|
445
|
270
|
-50
|
258.35
|
Successfully
completed per design
|
CREG-010
|
691778
|
9851372
|
453
|
270
|
-50
|
284.90
|
Successfully
completed per design
|
CREG-011
|
691805
|
9851410
|
448
|
270
|
-85
|
242.45
|
Successfully
completed per design
|
CREG-012
|
691908
|
9851586
|
460
|
270
|
-50
|
284.55
|
Successfully
completed per design; results pending
|
CREG-013
|
691859
|
9851410
|
420
|
270
|
-85
|
203.25
|
Successfully
completed per design; results pending
|
CREG-014
|
691700
|
9851397
|
459
|
270
|
-50
|
242.40
|
Successfully
completed per design; results pending
|
CREG-015
|
691698
|
9851397
|
459
|
90
|
-85
|
208.85
|
Successfully
completed per design; results pending
|
CREG-016
|
691840
|
9851781
|
499
|
270
|
-50
|
261.40
|
Successfully
completed per design; results pending
|
CREG-017
|
691765
|
9852359
|
644
|
105
|
-70
|
230.00
|
Successfully
completed per design; results pending
|
CREG-018
|
691851
|
9851853
|
509
|
125
|
-62
|
278.40
|
Successfully
completed per design; results pending
|
SOURCE Adventus Mining Corporation