Adventus and Salazar Secure Key Lands for El Domo Development and Announce Ramp-Up of Drilling With Three Rigs at Curipamba
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.
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.
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.
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.
SOURCE Adventus Mining Corporation