ADVENTUS AND SALAZAR ANNOUNCE ADDITIONAL EL DOMO UNDERGROUND DEPOSIT DRILLING RESULTS INCLUDING 14 METRES OF 4.44% COPPER EQUIVALENT

March 20, 2023 View PDF

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)

Figure 1: Drill Collar Location Map for El Domo (CNW Group/Adventus Mining Corporation)

SOURCE Adventus Mining Corporation