Adventus and Salazar Announce 2020 Ecuadorian Exploration Plans and Drill Rig Mobilization
TORONTO, Jan. 21, 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 provide an overview of exploration programs planned for 2020 on the Curipamba, Pijili and Santiago projects in Ecuador. Exploration will focus on making new discoveries through drilling and leveraging off the recently completed MobileMT airborne magneto-telluric ("MobileMT") airborne survey (see April 5, 2019 and September 21, 2019 news releases). This work will be complemented by continuing regional geological and geochemical field work on all three projects. A total exploration budget of approximately US$7 million has been allocated to complete this work.
Highlights of the 2020 Curipamba exploration program:
- A minimum 10,000-metre exploration drill program designed to evaluate the 15 new targets identified through the MobileMT airborne survey and Target Generation Initiative ("TGI"), aiming for a new regional discovery;
- A minimum 3,000-metre drill program that will provide additional data for engineering purposes on the El Domo VMS deposit, located within the Curipamba project, which will include a geotechnical drilling program covering key infrastructure sites as discussed in the preliminary economic assessment study ("PEA") filed on SEDAR in 2019, and;
- Continued regional sampling to develop and groom targets for future exploration work.
Jason Dunning, Vice President Exploration of Adventus, commented, "We are very excited about our 2020 exploration plans for the Curipamba project, as they complement ongoing development work focused on moving the El Domo deposit forward towards development. The 15 new exploration targets recently generated from data acquired by the state-of-the-art MobileMT geophysical survey, not only verify some historical targets, but also highlight the strong discovery potential in new areas on the under explored property. A new discovery within Curipamba could be significantly additive to the already robust economics of the El Domo deposit."
The Curipamba project is comprised of seven concessions representing about 21,500 ha and includes the El Domo deposit. No systematic exploration work has been conducted on the greater Curipamba project area since the discovery of the El Domo deposit in 2008 by Salazar, which was a key driver for undertaking the MobileMT geophysical survey. Since completion of the MobileMT geophysical survey, the Partners have made significant progress generating targets through the processing and integration of all geoscience data collected from surficial geochemistry, geological mapping, prospecting, drilling, and ground geophysical surveys. The various data sets have been compiled in order to produce a matrix that will drive exploration logistics and planning through 2020 on priority ranked targets. Targets have been classified as either volcanogenic massive sulphide ("VMS")-related, such as the El Domo deposit, or porphyry-related.
In total, 15 compelling targets have been defined during the TGI process, which are being refined by technical field staff for further priority ranking and drilling logistics. Of notable importance is that most of these targets are in new areas within the 21,500 hectares that have not undergone systematic exploration or drilling. For additional reference, a basic map outlining the 15 new regional targets at the Curipamba project has been posted on the Adventus website.
Both target generation and delineation will continue over the next year, as will surficial geochemical surveys and geological mapping in order to advance the understanding of the geological controls on mineralization and to further delineate highly prospective areas. The results are expected to aid in further developing a pipeline of drill ready locations in the favourable strata that hosts the El Domo deposit. A minimum drilling budget of 10,000 metres and financial budget of approximately US$5 million has been approved for the evaluation of these new priority targets areas and the continuing advancement of Curipamba-El Domo related studies.
Perforaciones Andesdrill S.A. of Quito, Ecuador, a wholly owned subsidiary of Salazar, has been contracted to conduct the 2020 drill program at Curipamba project and supply the two drill rigs that are being mobilized to the project site. The Partners are also preparing for additional drilling-related studies that are expected to provide information for future engineering and environmental baseline studies over the next year. Study topics include but are not limited to geotechnical assessment of the waste management areas, geomechanical characterization of the open pit, hydrogeological modeling of the project area, and condemnation drilling of key infrastructure sites. These studies are expected to confirm the PEA findings and support both the commencement of the El Domo feasibility study in 2020 and the submission of a draft environmental impact assessment to Ecuadorian authorities by the first half of 2021.
The PEA is titled "Technical Report on the Preliminary Economic Assessment for the Curipamba Project – El Domo Deposit, Central Ecuador", with an effective date of June 14, 2019, can be found on SEDAR profiles of the Partners.
Highlights of the 2020 Pijili and Santiago exploration programs:
- A 5,000-10,000-metre exploration drill program covering both the Pijili and Santiago projects;
- Evaluation, planning and construction of project infrastructure at Santiago to support exploration activities, and;
- Continued regional sampling and evaluation of targets for future exploration work.
Since the second quarter of 2019 completion of the MobileMT geophysical survey at the Pijili project, a regional surficial geochemistry sampling program coupled with detailed property mapping for geology and hydrothermal alteration has been systematically grooming drilling targets. The recently completed upgrade of exploration infrastructure at the Pijili project means that field crews are now fully supported to undertake drilling. The main targets at the Pijili project are Cu-Au-Mo porphyry and orogenic gold deposits.
At the Santiago project, evaluation and construction planning work has begun on the potential upgrade of local roads and support infrastructure ahead of a planned drilling program. The proposed drill program will utilize results from the 2019 MobileMT geophysical survey, and all compiled historical exploration results.
Over the next few months, the Partners are pleased to have senior management representatives at the following conferences:
- AME Roundup 2020, Vancouver, January 20-23rd
- 2020 TD Securities Mining Conference, Toronto, January 22-23rd
- BMO Global Metals & Mining Conference, Hollywood, Florida, February 23-26th
- PDAC Convention, Toronto, March 1-4th
- LBS 2020 Mining Conference, Montreal, April 1-2nd
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 Mining Corporation 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 has an investment portfolio of equities in several junior exploration companies and has optioned three Irish exploration projects to South32. 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 Resources Limited 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 Mining on the Curipamba project, whereby its partner can earn 75% of the project by funding exploration and development expenditures of US$25 million before 2023. A feasibility study is expected to be completed during 2021, after which the partner is required to fund 100% of the development and construction expenditures to commercial production. In addition, Salazar has a funded exploration alliance with its partner on two other projects, Pijili and Santiago, within defined areas of interest. Salazar is advancing its 100% owned Rumiñahui, Macara, Los Osos and Alisales 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 Mining Corporation