TORONTO, Aug. 29,
2022 /CNW/ - Adventus Mining Corporation
("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and
Salazar Resources Limited ("Salazar") (TSXV:
SRL) (collectively the "Partners") are pleased announce
an update on drilling activities at the Curipamba - El Domo
copper-gold project in Ecuador
(the "Project") with a planned peak program of seven rigs in total.
Two diamond drill rigs are now working to upgrade the underground
mineral resource estimate of the El Domo deposit that is at a
preliminary economic assessment stage (see October 26, 2021, news release). This work is in
addition to the completed open pit feasibility study and mineral
reserve estimate for the Project and will advance the basis for a
future, combined open pit and underground feasibility study. For
clarity, there are no changes to the previously completed open pit
feasibility study, nor the ongoing permitting process for the
Project.
For the ongoing detailed engineering program, the Partners have
mobilized one diamond drill rig for the planned hydrogeological
wells and expect four geotechnical drill rigs to mobilize over the
next month. The drilling programs for the underground mineral
resource upgrade and open pit detailed engineering are expected to
continue into the second quarter of 2023 and shall include all
remaining drilling required for the future construction and
operations of the Project.
Highlights:
- Upgrade of Underground Mineral Resources – 12,000-metre infill
drill program with two drill rigs at the El Domo deposit which will
provide additional information for the planned upgrade of mineral
resource categories of the underground component for engineering
studies, and;
- Advancement of Detailed Engineering – as previously planned,
five geotechnical drill rigs will focus on establishing additional
groundwater monitoring wells for continuing hydrogeological
assessment and the project permitting process, and to support
detailed engineering of the tailings impoundment area, waste rock
pads, and process plant site.
Background: Curipamba - El Domo
Open-pit & Underground Development
The Project feasibility study published by Adventus Mining on
October 26, 2021, significantly
enhanced the engineering design and future construction plans of an
open-pit mine and facilities to produce concentrates of copper,
zinc, and lead with significant gold and silver credits. All
results were summarized in an independent NI 43-101 Technical
Report and filed on the Partners' SEDAR profiles. The Project
feasibility study and Technical Report focused on open-pit
development, but also included a preliminary economic assessment of
a future underground mine expansion that requires additional
engineering studies and an upgrade to the underground mineral
resource.
The new underground work program will provide information for
the additional engineering studies while upgrading the confidence
in the underground mineral resource categories for a future
feasibility study that will include an underground mine expansion.
At present, the drilling program has been optimized and designed to
use only 22 platforms for all 48 planned drill holes. At present, 2
infill definition drill holes have been successfully completed
totaling 321 metres from the planned 12,000 metres, with two drill
holes in progress totaling a further 218 metres completed.
Perforaciones Andesdrill S.A. of Quito,
Ecuador ("Andesdrill"), a wholly owned subsidiary of Salazar
is completing the project. Figure 1 outlines the drill locations
for this program and Table 1 the drill collar location
coordinates.
The Partners believe that a combined and optimized open pit and
underground feasibility study could potentially expedite the
underground mine development and mill expansion in the early years
of open pit operations, which could result in a material increase
in annual production and net present value, but not affect the
current timeline to obtain final permits for construction and
operations from the open pit. The Partners will continue to provide
updates on the underground work programs as part of regular Project
updates.
Curipamba - El Domo Detailed
Engineering & Geotechnical Drilling
Terrahidro S.A. of Quito,
Ecuador ("Terrahidro") has been contracted to continue
geotechnical drilling of the tailings impoundment area, waste rock
pads and the process plant site in order to complete and support
detailed engineering for the future construction of the El Domo
mine site. Terrahidro has mobilized two geotechnical drill rigs
that will remain onsite through the detailed engineering drilling
program with an additional two geotechnical drill rigs anticipated
to mobilize in September 2022.
Also, Andesdrill has provided one diamond drill rig for
continuing hydrogeology studies and the establishment of
groundwater monitoring wells for detailed engineering and the
project permitting process.
Technical Information and Quality
Control & Quality Assurance ("QAQC")
The Curipamba project drilling and resource-related work program
is being managed and reviewed by Vice President Exploration,
Jason Dunning, M.Sc., P.Geo., a
non-Independent 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 Lima,
Peru 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, gold is
analyzed by classical fire assay techniques with an ICP-AES finish,
and both silver and base metals are analyzed by a 44-element aqua
regia ICP-AES technique. 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
Mining
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.
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.
For further information from Adventus Mining, please
contact Christian Kargl-Simard,
President and Chief Executive Officer, at +1-416-230-3440 or
christian@adventusmining.com.
Please also visit the Adventus Mining website at
www.adventusmining.com. *Precious
Metals Summit Beaver Creek* –
Adventus Mining will be attending the 2022 Precious Metals Summit
Beaver Creek and is available to meet with interested investors on
Tuesday, Sept. 13, Wednesday, Sept. 14, and Thursday, Sept. 15. To schedule a meeting, please
contact Christian Kargl-Simard
directly.
For further information from Salazar Resources, please
contact Merlin Marr-Johnson,
Executive Vice President, at +1 604 685 9316 or
merlin@salazarresources.com. Please
also visit the Salazar Resources website at
www.salazarresources.com.
Table 1: Drill Collar Information for Infill Drill Holes at
El Domo
Hole
ID
|
EAST
|
NORTH
|
ELEV
|
AZIMUTH
|
DIP
|
DEPTH
|
COMMENT
|
CURI-395
|
695349
|
9855650
|
972
|
151
|
-64
|
-
|
In Progress
|
CURI-394
|
695436
|
9855590
|
980
|
241
|
-73
|
-
|
In Progress
|
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)
|
SOURCE Adventus Mining Corporation