Adventus and Salazar Announce Completion of Airborne Geophysical Survey of Santiago and Pijili Properties
TORONTO, April 5, 2019 /CNW/ - Adventus Zinc 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 helicopter-supported, airborne Mobile MagnetoTellurics ("MobileMT") regional geophysical survey for its Santiago and Pijili projects in Ecuador.
The Santiago project is a single 2,350-hectare mining concession located in Loja Province, adjacent to a project that is the subject of an option and farm-in Heads of Agreement between Cornerstone Capital Resources Inc. and Newcrest Mining Limited that was announced on February 19, 2019. The Pijili project is comprised of three concessions totaling 3,246-hectares and is located 150 kilometres southeast of the major port city of Guayaquil.
The survey blocks for Santiago and Pijili and projects were flown in a systematic grid pattern to ensure full coverage and depth penetration. A 150-metre line spacing was planned for both projects that resulted in a budgeted total of approximately 1,830-line kilometres. Field crews successfully completed 94.2% of line-kilometres at Santiago and 91.4% line-kilometres at Pijili.
Christian Kargl-Simard, President and CEO of Adventus, commented: "The completion of the airborne geophysical program is a major milestone for our Exploration Alliance with Salazar on these two prospective copper-gold porphyry and epithermal gold-silver projects. Our exploration team continues to generate data on both projects through surficial geochemistry and prospecting that will be interpreted in conjunction with the geophysical results in order to define high priority drill targets for 2019 and beyond."
Data acquired from the MobileMT system is now being processed for inclusion in a target generation initiative for the Santiago and Pijili projects. Geophysical results from the MobileMT survey will be merged with all available geoscience data to create a priority listing of targets for follow-up in the field. Once validated, the Partners will select their final high priority targets for drilling.
The MobileMT equipment is now being moved to the Curipamba project where a 2,379-line kilometre survey, covering the entirety of the nearly 22,000-hectare land position, is planned. Once the geophysical results have been interpreted and integrated with other exploration survey results, the Partners have budgeted and plan to complete 6,000 metres of exploration drilling at Curipamba later in 2019.
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.
Adventus is a well-financed exploration and project development company, focused primarily in Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, and Wheaton Precious Metals Corp. 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. Elsewhere globally, Adventus owns a large prospective mineral land package in Ireland, part of which is subject to a transaction involving BMEx Limited and, through its ownership interest in Canstar Resources Inc., is actively participating in the exploration upside of a prospective mineral land package in Newfoundland and Labrador, Canada. 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.
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 a joint venture 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 2020, 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.
SOURCE Adventus Zinc Corporation