TORONTO, March 20,
2023 /CNW/ - Adventus Mining Corporation
("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar
Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF)
(collectively the "Participants") are pleased to announce
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-412 intersected a 14-metre interval of massive sulphide
from a depth of 200.27 to 214.46 metres, grading 3.13% copper, 0.79
g/t gold, 4.02% zinc, 27.9 g/t silver for a 4.44% copper equivalent
("CuEq") - including a 1.18 metre interval between 200.27 to 201.45
metres, grading 5.25% copper, 1.3 g/t gold, 2.74% zinc, and 147.2
g/t silver for a 6.69% CuEq
- CURI-415 intersected a 5.3-metre interval of massive sulphide
from 201.78 to 207.1 metres, grading 3.37% Cu, 1.87 g/t Au, 1.32%
Zn, 10.2 g/t silver and 0.01%Pb for a 4.09% CuEq
Drill hole CURI-412 intersected a thick section of massive
sulphide from 200.27 to 214.46 metres, grading 3.13% copper, 0.79
g/t gold, 4.02% zinc, 27.9 g/t silver – including a 1.18 metre
subset from 200.27 to 201.45 metres with 5.25% copper, 1.31 g/t
gold, 2.74% zinc, and 147.2 g/t silver. The highest gold and zinc
values are on the upper part of the massive sulphide but the copper
values continue down to 214.46 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-412
|
200.27
|
214.46
|
14.19
|
3.13
|
0.79
|
4.02
|
27.9
|
0.00
|
4.44
|
13.71
|
including
|
200.27
|
201.45
|
1.18
|
5.25
|
1.31
|
2.74
|
147.2
|
0.00
|
6.69
|
1.13
|
(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-413 intersected a massive sulphide section from
191.11 to 193.48 metres grading 5.06% copper, 0.80 g/t gold, 1.18%
zinc, 9.3 g/t silver and 0.01% lead. The mineralization is present
in the form of large clasts within a dacite breccia possibly due to
replacement. It is an eastern continuation to the mineralization of
the historical CURI-160 which had nearly 11 metres of massive
sulfide.
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-413
|
191.11
|
193.48
|
2.37
|
5.06
|
0.80
|
1.18
|
9.3
|
0.01
|
4.29
|
2.26
|
(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-414 intersected a section of semi-massive and
massive sulphide separated by a low-grade fault zone, all between
192.95 to 204.55 metres grading 1.10% copper, 0.51 g/t gold, 0.5%
zinc, 19.5 g/t silver and 0.01% lead. The lower 0.94 metre is
high-grade copper, grading 7.45% copper, 0.82 g/t gold, 5.47%zinc,
78.3 g/t silver, and 0.09% lead. This drill hole is an extension of
the mineralization in the eastern portion of the underground
resource.
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-414
|
192.95
|
204.55
|
11.6
|
1.10
|
0.51
|
0.50
|
19.5
|
0.01
|
1.40
|
11.09
|
including
|
203.61
|
204.55
|
0.94
|
7.45
|
0.82
|
5.47
|
78.3
|
0.09
|
8.93
|
0.89
|
(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-415 intersected a massive sulphide section from
201.78 to 207.1 metres, grading 3.37% copper, 1.87 g/t gold, 1.32%
zinc, 10.2 g/t silver and 0.01% lead. The upper 4 metres are gold
rich, and the bottom 3 metres are copper rich. This intersection is
25 metres away from nearby mineralization on historical holes
CURI-166 and CURI-236.
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-415
|
201.78
|
207.1
|
5.32
|
3.37
|
1.87
|
1.32
|
10.2
|
0.01
|
4.09
|
4.82
|
(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-418 intersected a semi massive sulphide section,
mostly pyritic, interval from 178.4 to 181.8 metres grading 0.88%
copper, 2.85 g/t gold, 0.40% zinc, 20.4 g/t silver and 0.02% lead.
This intercept is located at 50 metres from the closest
pierce-point and the interpreted east boundary of the resource,
thus adding an important mineralized control point.
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-418
|
178.4
|
181.8
|
3.4
|
0.88
|
2.85
|
0.40
|
20.4
|
0.02
|
2.07
|
3.31
|
(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- 419 intersected a semi-massive sulphide
section from 194.36 to 198.03 metres, grading 1.57% copper, 0.76
g/t gold, 0.30% zinc, 9.00 g/t silver and 0.03% lead. It also
intersected a mineralized stockwork on the basal gypsum alteration
which is characteristic of this area of the resource. This interval
is from 200.08 to 203.61 metres grading 1.82% copper, 0.22 g/t
gold, 0.06% Zn, and 3.6 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-419
|
194.36
|
198.03
|
3.67
|
1.57
|
0.76
|
0.30
|
9.0
|
0.03
|
1.39
|
3.44
|
|
200.08
|
203.61
|
3.53
|
1.82
|
0.22
|
0.06
|
3.6
|
0.00
|
1.49
|
3.32
|
(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-416 was designed to test an area with low density of drill
holes towards the east of the underground resources. It intersected
a low-grade mineralized interval in the footwall but did not yield
any substantial results.
CURI-417 tested the eastern boundaries of the inferred resource
defined on the El Domo resource DRA 2021. It intercepted the
footwall with a hydrothermal breccia with no significant
mineralization.
All results from the infill drilling program are to be used in
updating the underground portion of the Mineral Resource estimate
for El Domo, 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 eight 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.
Technical Information and QAQC
The El Domo and Curipamba project work program is being reviewed
by Senior Geologist, Christian
Paramo, 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. Christian
Paramo, P.Geo., Senior Geologist 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