TORONTO, March 5, 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 announce the signing of multiple
agreements with private individuals to acquire surface rights
covering the El Domo volcanogenic massive sulphide deposit ("El
Domo") within the 21,537-hectare Curipamba project ("Curipamba").
The acquired surface rights cover 100% of the land overlaying the
Mineral Resources and proposed open pit and underground mines as
outlined in the 2019 Preliminary Economic Assessment (the "PEA").
The Partners have developed a surface rights acquisition plan for
the remaining project layout as outlined in the PEA, subject to the
completion of the geotechnical work required to support the
milling, tailings and waste rock facilities. All surface rights
required to construct El Domo and the associated facilities are
expected to be acquired by calendar year-end 2021.
One diamond drill rig is currently operating focused on
exploration drilling at Curipamba. Over the next three to four
months, the rig will be focused on stepping out to the east of El
Domo where the volcanic massive sulphide mineralization and
favourable strata have not been cut-off (3 to 5 holes) and
approximately 3,000 metres at the previously undrilled La Vaquera
target in the southern area of Curipamba. This exploration drilling
is part of the previously announced minimum 10,000-metre 2020
diamond drilling program at Curipamba. A second drill rig focused
on regional exploration at Curipamba will mobilize later in the
year. All water permits required for drilling at Curipamba have
been successfully renewed with government authorities for 10
years.
Two geotechnical drill rigs have been contracted to start work
in the first half of March 2020. They
will focus on the groundwater monitoring wells required for the
ongoing environmental impact assessment baseline and engineering
studies on the tailings and waste rock storage facilities as part
of the upcoming feasibility study for El Domo. This drilling is
part of the previously announced 3,000-metre minimum engineering
related 2020 drilling program for El Domo development.
The published NI 43-101 Technical Report summarizing the results
of the PEA is available on SEDAR with an effective date of
June 14, 2019.
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 National Instrument 43-101.
About Adventus
Adventus Mining Corporation (ADZN.V)
(ADVZF.OTCQX) 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 also has an investment portfolio of equities in several
junior exploration companies as well as exploration projects in
Ireland with South32 as funding
partner. 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 (SRL.V) (CCG.F) is a
mineral resource company engaged in the exploration and development
of mineral deposits in Ecuador and
Colombia. The company has a proven
Ecuadorian discovery team led by ex-head of Newmont Ecuador,
Fredy Salazar; a team of 40 people
including fifteen geologists; three drill rigs and an unrivalled
Ecuadorian 'grass roots' network. The Salazar team has been
involved with many discoveries in Ecuador, including Curipamba (Adventus Mining
and Salazar Resources), Fruta Del Norte (Lundin Gold), the Mozo deposit, Cangrejos
(Lumina Gold) Rio Blanco (Junefield
Mineral Resources and Hunnan Gold), and Gaby (ENAMI).
Salazar Resources aspires to be Ecuador's leading project generator with the
right partners at the right time making the company self-funding.
Salazar Resources has an 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 October 2022. 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 Resources has a funded exploration
alliance with Adventus on two other projects, Pijili and
Santiago, within a defined Area of
Interest. Salazar Resources is advancing its 100% owned Rumiñahui,
Macara, and Los Osos 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