TORONTO, Nov. 15,
2022 /CNW/ - Adventus Mining Corporation
("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar
Resources Limited ("Salazar") (TSXV: SRL) (OTCQB:
SRLZF) (collectively the "Participants") 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. The
infill drilling program for the underground portion of the Mineral
Resource at El Domo, as announced in the August 29, 2022 press release, continues with two
diamond drill rigs.
Highlights – Drill Results from
the El Domo Deposit at Curipamba:
- CURI-400 intersected 5.50 metres of 6.00% copper, 0.38 g/t
gold, 6.02% zinc, 15.2 g/t silver, and 0.01% lead for 7.58% copper
equivalent ("CuEq")
- CURI-399 intersected 3.79 metres of 5.72% copper, 4.25 g/t
gold, 5.24% zinc, 100.4 g/t silver, and 0.26% lead for 9.02% CuEq –
including 1.57 metres of 11.95% copper, 9.41 g/t gold, 12.45% zinc,
234.0 g/t silver, and 0.59% lead for 19.84% CuEq
- CURI-397 intersected 3.12 metres of 0.48% copper, 5.07 g/t
gold, 5.23% zinc, 164.1 g/t silver, and 1.99% lead for 6.29% copper
equivalent CuEq – including 0.89 metres of 1.35% copper, 14.70 g/t
gold, 17.40% zinc, 507.4 g/t silver, and 6.74% lead for 19.47%
CuEq
Drill hole CURI-397 intersected a thick section of lower-grade
semi-massive sulphide from 185.10 to 199.15 metres with a narrower
section from 185.10 to 188.22 metres, grading 0.48% copper, 5.07
g/t gold, 5.23% zinc, 164.1 g/t silver, and 1.99% lead. A
higher-grade subset was intersected from 185.73 to 186.62, grading
1.35% copper, 14.70 g/t gold, 17.40% zinc, 507.4 g/t silver, and
6.74% 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-397
|
185.10
|
188.22
|
3.12
|
0.48
|
5.07
|
5.23
|
164.1
|
1.99
|
6.29
|
2.34
|
including
|
185.73
|
186.62
|
0.89
|
1.35
|
14.70
|
17.40
|
507.4
|
6.74
|
19.47
|
0.67
|
(1)
|
Metal equivalency based
on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/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 October 14, 2022.
|
(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-398 intersected semi-massive to massive sulphide
mineralization from 197.26 to 210.87 metres, grading 1.98% copper,
1.28 g/t gold, 0.17% zinc, 4.9 g/t silver and 0.01% lead. A
higher-grade subset was intersected from 200.31 to 203.72 metres,
grading 5.77% copper, 2.30 g/t gold, 0.55% zinc, and 8.6 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-398
|
197.26
|
210.87
|
13.61
|
1.98
|
1.28
|
0.17
|
4.9
|
0.01
|
1.75
|
8.85
|
including
|
198.02
|
206.43
|
8.41
|
3.15
|
1.65
|
0.23
|
6.3
|
0.01
|
2.73
|
5.47
|
including
|
200.31
|
203.72
|
3.41
|
5.77
|
2.30
|
0.55
|
8.6
|
0.01
|
4.94
|
2.22
|
(1)
|
Metal equivalency based
on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/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 October 14, 2022.
|
(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-399 intersected semi-massive to massive sulphide
mineralization from 178.59 to 182.38 metres, grading 5.72% copper,
4.25 g/t gold, 5.24% zinc, 100.4 g/t silver, and 0.26% lead. A
higher-grade subsection occurs from 179.79 to 181.36 metres,
grading 11.95% copper, 9.41 g/t gold, 12.45% zinc, 234.0 g/t silver
and 0.59% 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-399
|
178.59
|
182.38
|
3.79
|
5.72
|
4.25
|
5.24
|
100.4
|
0.26
|
9.07
|
3.22
|
including
|
179.79
|
181.36
|
1.57
|
11.95
|
9.41
|
12.45
|
234.0
|
0.59
|
19.84
|
1.33
|
(1)
|
Metal equivalency based
on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/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 October 14, 2022.
|
(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-400 intersected mineralized, gypsum alteration
(replacement) of the host strata in the hanging wall of the
semi-massive sulphide mineralization from 225.77 to 227.64 metres,
grading 1.01% copper, 0.27 g/t gold, 1.07% zinc, 3.5 g/t silver and
0.01% lead. This transitioned directly into semi-massive sulphide
mineralization from 227.64 to 233.14 metres, grading 6.00% copper,
0.38 g/t gold, 6.02% zinc, 15.2 g/t silver, and 0.01% lead. Below
the semi-massive sulphide mineralization, it transitioned back into
mineralized gypsum alteration (replacement) from 233.14 to 235.49
metres, grading 2.01% copper, 0.11 g/t gold, 0.04% zinc, and 2.1
g/t silver, noting that the replacement continued through a depth
of 251.22 metres.
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-400
|
225.77
|
227.64
|
1.87
|
1.01
|
0.27
|
1.07
|
3.5
|
0.01
|
1.38
|
1.40
|
|
227.64
|
233.14
|
5.50
|
6.00
|
0.38
|
6.02
|
15.2
|
0.01
|
7.58
|
4.13
|
|
233.14
|
235.49
|
2.35
|
2.01
|
0.11
|
0.04
|
2.1
|
0.00
|
1.63
|
1.76
|
(1)
|
Metal equivalency based
on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/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 October 14, 2022.
|
(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".
|
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 and geomechanical
drilling programs 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.
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 Mining
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.
Please also visit the Adventus Mining website at
www.adventusmining.com.
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.
Please also visit the Salazar Resources website at
www.salazarresources.com.
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-415
|
695459
|
9855361
|
1017
|
317
|
-66
|
-
|
Drill moving to
site
|
CURI-414
|
695440
|
9855274
|
1028
|
164
|
-73
|
-
|
In Progress
|
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