Adventus and Salazar Add Second Drill Rig to Exploration Program at the Pijili Project and Provide a Drilling Progress Update
Date:
News Release:
Ticker Symbols:
September 9, 2020
20-17
ADZN(TSXV), ADVZF(OTCQX), SRL(TSXV)
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ADVENTUS AND SALAZAR ADD SECOND DRILL RIG TO EXPLORATION PROGRAM AT THE PIJILI PROJECT
AND PROVIDE A DRILLING PROGRESS UPDATE
Toronto, September 9, 2020 – Adventus Mining Corporation (“Adventus”) (TSX-V: ADZN; OTCQX: ADVZF) and
Salazar Resources Limited (“Salazar”) (TSX-V: SRL) (together the “Partners”) are pleased to provide an update
regarding diamond drilling activities that have been ongoing at the Pijili project since late June 2020 as part of
the planned 5,000 metre 2020 calendar year program, as outlined in the June 8, 2020 news release.
Highlights
• To date, 1,744 metres over three drill holes as part of 2020 maiden drilling program at Pijili;
• Addition of a second diamond drill rig in early August;
• Initial holes have encountered varying intensities of porphyry style alteration assemblages ,
hydrothermal brecciation, and variable amounts of sulphide mineralization (chalcopyrite, ± bornite, ±
molybdenite; and ± pyrite), and;
• The first drill core assays are expected to be available in October.
The Partners are the first explorers to drill this new porphyry copper-gold-molybdenum system identified at the
Pijili project’s Mercy concession , in southwestern Ecuador ’s Azuay province . The project is located
approximately 5 km south of the Chaucha copper -molybdenum deposit controlled by Southern Copper
Corporation. A second diamond drill rig was added to the project in early August with both drill rigs owned and
operated by Andesdrill S.A. of Ecuador, a wholly owned subsidiary of Salazar. Drilling to date has completed a
total of approximately 1,744 metres with one drill hole complete and two in progress . Collar locations for the
drill holes are presented in Table 1 and a location plan map is shown in Figure 1.
The first drill hole, MERC-001, was recently completed and it was collared to examine the mapped hydrothermal
breccia units located approximately 300 metres to the north of artisanal mine workings. MERC-001 intersected
numerous breccia units at the top of the drill hole (1.40 to 19.85 metres; 34.40 to 40.2 metres; 65.75 to 67.25
metres; and 112.20 to 131.25 metres) within a variably altered quartz diorite intrusion over its 915-metre length.
The breccia units at the top of the drill hole were predominantly biotite and chlorite altered and contained
visible sulphide mineralization (chalcopyrite, pyrite, ± bornite, and ± molybdenite) . The determination of
orientation and potential structural control of the hydrothermal breccia units will require additional drilling at
this early stage.
The second drill hole, MERC- 002, is currently in progress. It is collared 685 metres to the northwest of MERC-
001 and the drill hole was designed to evaluate an area of hydrothermal breccia mapped on surface associated
with the Zambohuaycu showing. Channel sampling results from this showing returned the following highlighted
results (see June 8, 2020 news release):
• Channel sample ZAMB-CN03 – 42.0 metres grading 0.44% copper, 0.14 g/t gold, and 0.012%
molybdenum, including 10.0 metres grading 0.77% copper, 0.32 g/t gold, and 0.020% molybdenum
• Chip sample ZAMB-CP01 – 26.7 metres grading 0.30% copper, 0.47 g/t gold, and 0.010% molybdenum
Date:
News Release:
Ticker Symbols:
September 9, 2020
20-17
ADZN(TSXV), ADVZF(OTCQX), SRL(TSXV)
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• Chip sample ZAMB-CP04 – 5.6 metres grading 0.69% copper, 0.22 g/t gold, and 0.001% molybdenum
MERC-002 successfully intersected mineralized hydrothermal breccia in two intervals from 14.00 metres to
110.70 metres and 113.95 metres to 149.10 metres. These two intervals contain variable concentrations of
sulphide mineralization (chalcopyrite, bornite, molybdenite) and display both biotite and chlorite alteration.
Below the hydrothermal breccia intervals in MERC -002, weaker intensity sulphide mineralization continues to
be noted in both feldspar phyric and hornblende phyric diorite intrusive phases to the current depth of
approximately 559 metres. Technical crews continue to sample MERC-002 as drilling continues. A follow-up drill
hole is being planned to further evaluate the orientation and potential structural control of the mineralized
hydrothermal breccia.
The third drill hole, MERC -003, is currently in progress and it is collared 167 metres to the east -northeast of
MERC-002. This drill hole was designed to evaluate the porphyry -style veining mapped on surface and to
determine if hydrothermal breccia units mapped at the Zambohuaycu showing extend to the northeast. Drilling
has verified the presence of porphyry-style veining with variable sulphide mineralization (chalcopyrite ± pyrite)
to its current depth of approximately 270 metres, hosted in predominantly hornblende phyric intrusion. No
hydrothermal breccia has been intersected in MERC-003 to date.
Table 1: Drill Collar Information
Hole ID EAST NORTH ELEV (m) AZIMUTH DIP PLANNED DEPTH (m) EOH (m)
MERC-001 678454 9670625 3236 225 -80 900 915.0
MERC-002 677819 9670884 2826 330 -70 600 In progress
MERC-003(2) 677977 9670939 2952 180 -50 500 In progress
MERC-004(3) 677819 9670884 2826 330 -85 600 N/A
Notes:
(1) UTM Datum (Provisional South American 1956, Zone 17)
(2) The drill collar locations for MERC-001 MERC-002, and MERC-003 are taken with handheld GPS units in the field
(3) The planned drill collar location for MERC-004 is off the same platform of MERC-002 with only the inclination (dip) being modified
A manual trenching program at Pijili has recommenced to support the drilling program and to evaluate possible
extensions to channel and chip sampling presented in the June 8, 2020 news release.
Assay results from drill core samples will be released after they are received from the laboratory and passed
internal quality control and quality assurance (QAQC) protocols. The first batch of drill core results are expected
to be available in October. Similarly, the manual trenching geochemistry results for both chip and channel
samples will be available later in the year.
Qualified Persons, Technical Information, and QAQC Protocols
The Pijili project work program is being managed and reviewed by Vice President of Exploration for Adventus,
Jason Dunning, M.Sc., P.Geo., a Qualified Person within the meaning of NI 43 -101, who has also reviewed and
Date:
News Release:
Ticker Symbols:
September 9, 2020
20-17
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approved the technical and scientific information of this news release as accurate . Technical 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
Pijili 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.
About Adventus
Adventus Mining Corporation (ADZN.TSXV) (ADVZF.OTCQX) is a unique copper-gold exploration and development company, focused
primarily on 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
copper-gold projects to date. Adventus also controls an exploration project portfolio in Ireland with South32 as fundi ng partner as
well as an investment portfolio of equities in several junior exploration companies. Adventus is based in Toronto, Canada, and is listed
on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX in the United States under the symbol ADVZF.
About Salazar
Salazar Resources (SRL.V) (CCG.F) 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 discove ry 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. A feasibility study is underway and a 2019 PEA generated a base case NPV(8%) of US$288 million.
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. Any statements
that express or involve discussions with respect to predictions, expectations, bel iefs, 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 tak en”, 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 ha ve 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
Date:
News Release:
Ticker Symbols:
September 9, 2020
20-17
ADZN(TSXV), ADVZF(OTCQX), SRL(TSXV)
– 4 of 4 –
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.
For further information from Adventus, please contact Christian Kargl -Simard, President and Chief Executive
Officer, at 1-416-230-3440 or [email protected]
For further information from Salazar, please contact [email protected]
Figure 1: Mercy Drill Hole Location Map