TORONTO, Sept. 19, 2019 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSX-V: ADZN; OTCQX: ADVZF) and
Salazar Resources Limited ("Salazar") (TSX-V: SRL) (collectively
the "Partners") are pleased to announce the completion of the
first helicopter-supported, airborne Mobile MagnetoTellurics
("MobileMT") regional geophysical survey on the Curipamba
copper-gold project in Ecuador
("Curipamba"), which covers 21,537 hectares over seven mining
concessions in the province of Bolivar. Historical work at
Curipamba discovered and delineated the high-grade El Domo volcanic
massive sulphide ("El Domo VMS") deposit (see May 2, 2019 news release) which is a near surface
sub-horizontal orebody, as well as several additional areas with
identified mineralization and alteration.
The MobileMT survey block for Curipamba was flown in a
systematic grid pattern to ensure full coverage of the property
using a tight 100-metre line spacing. Field crews successfully
completed 2,142 line-kilometres over the 21,537-hectare property.
The data acquired from the airborne geophysical survey will now for
the first-time provide deep penetrating insight into the local
geological environment that hosts the El Domo VMS deposit.
The Partners' geophysical consultants are now processing the
MobileMT data for inclusion in a fully integrated target generation
initiative ("TGI") that will also include all available geoscience
data from Curipamba. The objective of the TGI is to create a
priority listing of targets that will better guide ground-based
follow-up in the field ahead of drilling. Once targets are
validated, the Partners will make selections for an initial
regional drilling program that has been budgeted at 6,000
metres.
In the interim, technical staff at Curipamba are continuing
geological mapping and prospecting, and the collection of surficial
geochemistry samples that will continue to strengthen refinement of
targets from the TGI. Upon completion of the regional
drilling, all results will be analyzed in detail and remaining
targets will be re-prioritized and re-ranked for future
assessment.
Christian Kargl-Simard, President
and CEO of Adventus, commented: "Despite the challenges with
applying the latest exploration technology in Ecuador, the completion of the airborne
geophysical program is a major milestone for our prospective
Curipamba district. To date, we know the district is gold-rich,
high grade and contains shallow resources. Our goal over the next
year is to determine if modern airborne geophysics in conjunction
with the extensive geochemical surveys will unlock new discoveries
within the district."
Amendment to the Earn-in Agreement
Adventus has an
option agreement with Salazar whereby Adventus may earn a 75%
interest in Curipamba with Salazar retaining a 25% interest, by
spending US$25M over five years,
including the completion of a feasibility study by October 2020. With the completion of the MobileMT
survey, the Partners have mutually agreed to extend the feasibility
study requirement to October 2021 in
order to allow time for additional exploration work for potential
new discoveries within the Curipamba district. There are no other
material changes to the earn-in agreement.
Since the May 2019 release of the
preliminary economic assessment on El Domo, Adventus has continued
to advance metallurgical, community development and other trade-off
studies in preparation for the feasibility study expected to
commence in 2020. In addition, a detailed environmental baseline
study, led by consultants Knight Piesold, has been initiated at El
Domo.
Pijili and Santiago Project Updates
Under an
exploration alliance arrangement signed in March 2018 (the "Alliance"), the Partners have
been engaged in exploring mineral projects in Ecuador in addition to Curipamba. Two projects
wholly owned by Salazar, Pijili in the province of Azuay and
Santiago in the province of Loja,
were subject to the Pijili Agreement and the Santiago Agreement
signed between the Alliance and Salazar in 2018 (the "Agreements").
Pursuant to the Agreements, Adventus has fulfilled all conditions
in relation to cash, share payment and exploration expenditures.
The Santiago project has been
transferred to the Alliance and an application to the appropriate
authorities to transfer the Pijili project into the Alliance has
also been made.
Since the completion of the first MobileMT airborne regional
surveys at Pijili and Santiago
(see April 5, 2019 news release), the
Partners have conducted extensive target generation work,
principally at the Pijili project to continue to develop this
emerging copper porphyry district. The Partners also recently
received a water permit for a key concession that is part of the
Pijili project, which allows for exploration drilling to
potentially commence in the fourth quarter of 2019.
Constitutional Court Decisions for the Province of
Azuay
The Partners report that the Constitutional Court of
Ecuador has denied applications to
hold a proposed referendum related to mining activities within the
Province of Azuay, as well as an application in the canton of
Camilo Ponce Enriquez. The denial is
related to neither application meeting the required criteria to
proceed, as well as the constitutionality of the applications. The
Partners are pleased with the outcome and considerable support
received by the Ecuadorian Government, local communities, local
contractors, mining companies, and various associations.
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 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. The focus of Adventus is
the advancement of the Curipamba copper-gold-zinc 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, incorporating the
Pijili and Santiago projects to
date. 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 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 on the Curipamba
VMS discovery, whereby Adventus can earn 75% of the project by
funding exploration and development expenditures of US$25 million before 2024. A feasibility study is
expected to be completed during 2021, after which Adventus is
required to fund 100% of the development and construction
expenditures to commercial production. In addition, Salazar has a
funded exploration alliance with Adventus on two other projects,
Pijili and Santiago, within a
defined area of interest. Salazar is advancing its 100% owned
Rumiñahui, Macara Mina, Bonanza and
Tingo 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