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ADVENTUS AND SALAZAR ANNOUNCE ADDITIONAL EL DOMO UNDERGROUND DEPOSIT DRILLING RESULTS INCLUDING 21 METRES OF 6.03% COPPER EQUIVALENT

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ADVENTUS AND SALAZAR ANNOUNCE ADDITIONAL EL DOMO UNDERGROUND DEPOSIT DRILLING RESULTS INCLUDING 21 METRES OF 6.03% COPPER EQUIVALENT

 

 

 

 

 

Adventus Mining Corporation (TSX-V: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited (TSX-V: SRL) (OTCQB: SRLZF) are pleased to announce the additional infill drilling results from the underground portion of the El Domo volcanogenic massive sulphide deposit located within the 21,537-hectare Curipamba project in central Ecuador.

 

Highlights – Drill Results from the El Domo Deposit at Curipamba:

  • CURI-408 intersected 21.00 metres 4.43% copper, 3.40 g/t gold, 2.28% zinc, 36.1 g/t silver, and 0.01% lead for 6.03% copper equivalent– including 14.35 metres, grading 5.74% copper, 4.24 g/t gold, 2.43% zinc, and 40.5 g/t silver and 0.01% lead for 7.54% CuEq
  • CURI-409 intersected 5.27 metres of 3.99% copper, 0.80 g/t gold, 0.20% zinc, 10.2 g/t silver, and 0.01% lead for 4.70% CuEq
  • CURI-411 intersected 6.18 metres of 3.40% copper, 2.35 g/t gold, 3.67% zinc, 133.6 g/t silver and 0.58% lead for 5.82% copper CuEq – including 1.85 metres of 8.20% copper, 2.68 g/t gold, 5.25% zinc, 260.8 g/t silver, and 0.99% lead for 11.35% CuEq

 

Drill hole CURI-406 intersected a thick section of semi-massive to massive sulphide from 192.87 to 204.27 metres with an intercept from 192.87 to 202.74 metres, grading 1.25% copper, 0.86 g/t gold, 1.22% zinc, 20.4 g/t silver, and 0.09% lead. Two higher-grade subsets of the intercept were intersected from 192.87 to 194.14 metres, grading 3.39% copper, 2.05 g/t gold, 3.15% zinc, 116.6 g/t silver, and 0.58% lead, and from 199.47 to 201.68 metres, grading 1.90% copper, 0.81 g/t gold, 2.51% zinc, 11.8 g/t silver, and 0.04% lead.

 

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-406 192.87 202.74 2.36 1.25 0.86 1.22 20.4 0.09 1.92 1.77
including 192.87 194.14 1.27 3.39 2.05 3.15 116.6 0.58 5.44 0.95
including 203.37 201.68 0.90 1.90 0.81 2.51 11.8 0.04 2.82 0.68
(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-408 intersected a wide section of low-grade, pyritic, semi-massive from 184.42 to 190.65 metres, but transitioned into a 21-metre intercept from 190.65 to 211.65 of semi-massive to massive sulphide, grading 4.43% copper, 3.40 g/t gold, 2.28% zinc, 36.1 g/t silver and 0.01% lead. A higher-grade subset was intersected from 196.34 to 210.69 metres, grading 5.74% copper, 4.24 g/t gold, 2.43% zinc, and 40.5 g/t silver and 0.01% lead.

 

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-408 190.65 211.65 21.00 4.43 3.40 2.28 36.1 0.01 6.03 15.75
including 196.34 210.69 14.35 5.74 4.24 2.43 40.5 0.01 7.54 10.76
(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-409 intersected massive sulphide mineralization from 206.80 to 212.07 metres, grading 3.99% copper, 0.80 g/t gold, 0.20% zinc, 10.2 g/t silver, and 0.01% lead. Low-grade mineralization does continue into the footwall alteration below the massive sulphide mineralization, but it is predominantly pyrite intercalated with gypsum alteration.

 

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-409 206.80 212.07 5.27 3.99 0.80 0.20 10.2 0.01 4.70 4.48
(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-410 intersected semi-massive sulphide mineralization from 227.55 to 232.73 metres with only a narrow intercept from 230.33 to 231.02 metres, grading 1.34% copper, 0.32 g/t gold, 0.04% zinc, 6.2 g/t silver, and 0.02% lead. Mineralization continued deeper into the footwall volcanic rocks and gypsum alteration zone from 240.74 to 244.16 metres, grading 1.18% copper, 0.08 g/t gold, 1.24% zinc, and 2.8 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-410 230.33 231.02 0.69 1.34 0.32 0.04 6.2 0.02 1.12 0.48
240.74 244.16 3.42 1.18 0.08 1.24 2.8 0.00 1.46 0.63
(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-411 intersected semi-massive to massive sulphide mineralization from 122.02 to 128.20 metres, grading 3.40% copper, 2.35 g/t gold, 3.67% zinc, 133.6 g/t silver, and 0.58% lead. A higher-grade section occurs from 122.66 to 125.63 metres, grading 5.08% copper, 4.12 g/t gold, 6.58% zinc, 236.4 g/t silver, and 1.13% lead.

 

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-411 122.02 128.20 6.18 3.40 2.35 3.67 133.6 0.58 5.82 4.64
Including 122.66 125.63 2.97 5.80 4.12 6.58 236.4 1.13 10.15 2.23
including 123.78 125.63 1.85 8.20 2.68 5.25 260.8 0.99 11.35 1.39
(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-407 was designed to test the outer margins of the Indicated category material along a fault and to further assess the underground development geology. This drill hole confirmed modelling previously done in this portion of the deposit and provides additional geological control for future modelling and engineering studies. CURI-407 did not yield any substantial results but did intersect wide mineralization in the footwall volcanic rocks and alteration zone.

 

All results from the infill drilling program are to be used in updating the underground portion of the Mineral Resource estimate for El Domo in 2023, 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 five 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.

 

Other – Resignation of Vice President Exploration

 

Christian Kargl-Simard, President and CEO of Adventus, announces the resignation of Jason Dunning, P.Geo, Vice President of Exploration to be effective at the end of February 2023 to move onto other opportunities for his family.  Mr. Dunning will remain as a non-Executive Technical Advisor to facilitate transitional matters such as knowledge transfer to key members of the Exploration Team. Christian Kargl-Simard stated, “Jason has been an utmost professional during his time at Adventus. I am thrilled for Jason on his next chapter in his life. Jason will continue to advise us as we embark on our next exploration program.”

 

Jason Dunning noted, “I am very proud to have been given the opportunity by Adventus five and a half years ago to work on such a great copper and gold asset in Ecuador. It truly has been a wonderful opportunity and it has been my pleasure helping to advance Curipamba project in Ecuador with our partners at Salazar Resources Ltd. There is no doubt in my mind that the El Domo VMS deposit will become the next copper and gold producer in Ecuador. Although it saddens me to be leaving Adventus, I look forward to reading about the team’s continuing successes in the coming years. I would like to thank all of my peers at Adventus and all the staff in Ecuador for their hard work and support over the last five and a half years in building Adventus.”

 

Technical Information and QAQC

 

The Curipamba project work program is being managed and reviewed by Vice President Exploration, Jason Dunning, M.Sc., 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. Jason Dunning, M.Sc., P.Geo., Vice President Exploration 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.

 

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.

 

 

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)

 

Posted February 27, 2023

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