Adventus and Salazar Announce Preliminary Metallurgical Results for El Domo VMS Deposit, Curipamba Project
TORONTO, April 15, 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 preliminary metallurgical results from composites collected from the 2018 infill drilling program at the El Domo volcanogenic massive sulphide ("VMS") deposit; which is part of the approximately 22,000-hectare Curipamba Project located near Las Naves, Ecuador. Results from the ongoing metallurgical testwork will be included in a Preliminary Economic Assessment ("PEA"), which shall also include an updated Mineral Resource estimate, in the second quarter of 2019.
- Two metallurgical samples show positive results for the recovery of base and precious metals, and the production of saleable copper and zinc concentrates with results meeting or exceeding grades and recoveries derived from historical metallurgical testwork;
- Mixed Composite Lock Cycle Test ("LCT") results:
- In the copper concentrate, a copper grade between 22.4% and 24.7% was achieved with 79.2% to 86.3% recovery;
- A gold grade in the copper concentrate of 22.2 g/t to 23.6 g/t gold was achieved with 43.9% to 56.4% recovery;
- Gold recovery in the copper concentrate indicates a possible 24.7% increase from historically derived metallurgical recoveries;
- Copper recovery in the copper concentrate indicates a possible 10.8% increase from historically derived metallurgical recoveries;
- In the zinc concentrate, a zinc grade between 53.4% to 53.8% was achieved with 70.3% to 80.5% recovery, and;
- Both zinc grade and recovery in the zinc concentrate indicate a possible 11.6% and 30.5% increase respectively from historically derived metallurgical results.
- Copper Composite LCT results:
- In the copper concentrate, a copper grade of 21.4% was achieved with 88.3% recovery, both of which are comparable to historically derived metallurgical results;
- A silver grade in the copper concentrate of 110.0 g/t was achieved with 50.2% recovery, and;
- Silver recovery indicates a possible 10.5% increase from historically derived metallurgical recoveries.
Christian Kargl-Simard, President and CEO of Adventus, commented: "The excellent metallurgical results from this round of testing show a substantial increase in all metal recoveries in the Mixed Composite, along with significantly improved concentrate quality. The Mixed Composite represents approximately 50% of the Mineral Resource, so this is a major milestone for the metallurgical performance of the El Domo VMS deposit that could have a materially positive impact on the future economics for the Curipamba Project. Our metallurgical team believes they can still improve on these results with follow-up work planned post our imminent PEA release."
For the most recent metallurgical testwork, the Partners adopted a strategy similar to the design of metallurgical composites from the historical PEA study completed for Salazar (see Salazar January 22, 2015 news release). Metallurgical composite samples were designed to produce commercial concentrates based on the relative abundance of base and precious metals in the feed material supplied from 2018 Phase 1 infill drilling at the El Domo VMS deposit that would be both spatially and volumetrically representative of the current open-pit constrained Mineral Resource estimate that has been classified in accordance with CIM (2016) Definition Standards – Disclosure for Mineral Projects. The Indicated Mineral Resource totals 8.8 million tonnes grading 1.62% copper, 2.34 g/t gold, 2.42% zinc, 48.0 g/t silver, and 0.27% lead. The Inferred Mineral Resource totals 2.6 million tonnes grading 1.29% copper, 1.09 g/t gold, 1.51% zinc, 29.0 g/t silver, and 0.14% lead (see January 31, 2018 news release). The National Instrument ("NI") 43-101 Technical Report was authored by Independent Qualified Person Dr. Lars Weiershäuser, P.Geo., of Roscoe Postle Associates Inc. ("RPA"), based in Toronto, Ontario, Canada, who is a Qualified Person as defined by NI 43-101.
Sample material was derived from the drill core assay coarse reject material that was vacuum sealed with a nitrogen purge after laboratory sample preparation and stored securely at Bureau Veritas ("BV") facilities in Quito, Ecuador. A total of 1,512 kilograms was shipped from storage to Base Metallurgical Laboratories Ltd. ("BML"), Kamloops, British Columbia, Canada, an independent laboratory, which is under contract for the metallurgical work. RPA is under contract to manage the metallurgical work and integrate its results into the upcoming PEA and Mineral Resource update.
Conventional rougher and cleaner flotation testing was completed on the composites and the selected optimum metallurgical settings for the composites were taken to LCT, which simulates the metal recovery process. Locked cycle testing indicates the expected metallurgical performance from the test materials that could result in the production of commercial concentrate material. Selected LCT results are presented in Table 1.
Table 1: Locked Cycle Test Results for Mixed and Copper Composites
The LCT results in Table 1 indicate a significant improvement in the metallurgical performance in comparison to previously released metallurgical results by Salazar (see February 25, 2014 news release). The improvements to the metallurgical performance are the result of a different approach with respect to conventional flotation processes by rejecting more gangue material in the initial rougher stages from the source feed prior to commencing selective flotation to produce both copper and zinc concentrates. Details of the metallurgical testwork and the flowsheet will be available in the upcoming PEA.
The metallurgical information in this news release has been reviewed and approved by Avakash Patel, P.Eng., Vice President – Metallurgy and Processing, RPA, a "Qualified Person" as defined in NI 43-101 is independent of the Partners, and has been involved in the planning, observation and reporting all metallurgical test work.
The technical and scientific information of this news release has been reviewed and approved 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