Exploration Alliance in Ecuador
In addition the Curipamba Project, Adventus and Salazar have furthered their partnership by forming a country-wide exploration alliance in Ecuador. The Adventus (80%) and Salazar (20%) joint venture is applying Adventus's financial and technical strength with the Salazar team's history of exploration success and local know-how for new discoveries in Ecuador. The joint venture is managed by a steering committee board, which consists of two representatives from Adventus and one representative from Salazar. Adventus funds activities of new and approved exploration projects up to future construction decisions.
In 2018, Adventus and Salazar incorporated the first two greenfield exploration projects into the exploration alliance: Pijili and Santiago. Reconnaissance work at the projects commenced in 2018, with the projects' first airborne geophysical surveys completed in 2019. As part of the Exploration Alliance, Adventus began drilling in 2020 and expects to periodically conduct exploration programs based on market conditions and budgets.
Adventus and Salazar continue to pursue additional exploration project opportunities within Ecuador through its local, regional, national, and global networks.