Adventus and Salazar Announce 2020 Ecuadorian Exploration Plans and Drill Rig Mobilization
Date:
News Release:
Ticker Symbols:
January 21, 2020
20-02
ADZN–V, ADVZF-OTCQX, SRL-V
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ADVENTUS AND SALAZAR ANNOUNCE 2020 ECUADORIAN EXPLORATION PLANS
AND DRILL RIG MOBILIZATION
Toronto, January 21, 2020 – Adventus Mining Corporation (“Adventus”) (TSX-V: ADZN; OTCQX: ADVZF) and
Salazar Resources Limited ("Salazar") (TSX -V: SRL) (collectively the "Partners") are pleased to provide an
overview of exploration programs planned for 20 20 on the Curipamba, Pijili and Santiago projects in Ecuador.
Exploration will focus on making ne w discoveries through drilling and leveraging off the recently completed
MobileMT airborne magneto-telluric (“MobileMT”) airborne survey (see April 5, 2019 and September 21, 2019
news releases). This work will be complemented by continuing regional geological and geochemical field work
on all three projects. A total exploration budget of approximately US$7 million has been allocated to complete
this work.
Highlights of the 2020 Curipamba exploration program:
A minimum 10,000-metre exploration drill program designed to evaluate the 15 new targets identified
through the MobileMT airborne survey and Target Generation Initiative (“TGI”), aiming for a new
regional discovery;
A minimum 3,000-metre drill program that will provide additional data for engineering purposes on the
El Domo VMS deposit, located within the Curipamba p roject, which will include a geotechnical drilling
program covering key infrastructure sites as discussed in the p reliminary economic assessment study
(“PEA”) filed on SEDAR in 2019, and;
Continued regional sampling to develop and groom targets for future exploration work.
Jason Dunning, Vice President Exploration of Adventus , commented, “ We are very excited about our 2020
exploration plans for the Curipamba project, as they complement ongoing development work focused on
moving the El Domo deposit forward towards development. The 15 new exploration targets recently generated
from data acquired by the state -of-the-art MobileMT geophysical survey , not only verif y some historical
targets, but also highlight the strong discovery potential in new areas on the under explored property. A new
discovery within Curipamba could be significantly additive to the already robust economics of the El Domo
deposit.”
Curipamba Project
The Curipamba project is comprised of seven concessions representing about 21,500 ha and includes the El
Domo deposit . No systematic exploration work has been conducted on the greater Curipamba project area
since the discovery of the El Domo deposit in 2008 by Salazar , which was a key driver for undertaking the
MobileMT geophysical survey. Since completion of the MobileMT geophysical survey, the Partners have made
significant progress generating targets through the processing and integration of all geoscience data collected
from surficial geochemistry, geological mapping, prospecting, drilling, and ground geophysical surveys . The
various data sets have been compiled in order to produce a matrix that will drive exploration logistics and
planning through 2020 on priority ranked targets. Targets have been classified as either volcanogenic massive
sulphide (“VMS”)-related, such as the El Domo deposit, or porphyry-related.
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January 21, 2020
20-02
ADZN–V, ADVZF-OTCQX, SRL-V
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In total, 15 compelling targets have been defined during the TGI process, which are being refined by technical
field staff for further priority ranking and drilling logistics. Of notable importance is that most of these targets
are in new areas within the 21,500 hectares that have not undergone systematic exploration or drilling. For
additional reference, a basic map outlining the 15 new regional targets at the Curipamba project has been
posted on the Adventus website.
Both target generation and delineation will continue over the next year , as will surficial geochemical surveys
and geological mapping in order to advance the understanding of the geological controls on mineralization
and to further delineate highly prospective a reas. The results are expected to aid in further developing a
pipeline of drill ready locations in the favo urable strata that hosts the El Domo deposit. A minimum drilling
budget of 10,000 metres and financial budget of approximately US$5 million has been approved for the
evaluation of these new priority targets areas and the continuing advancement of Curipamba-El Domo related
studies.
Perforaciones Andesdrill S.A. of Quito, Ecuador, a wholly owned subsidiary of Salazar, has been contracted to
conduct the 2020 drill program at Curipamba project and supply the two drill rigs that are being mobilized to
the project site . T he Partners are also preparing for additional drilling-related studies that are expected to
provide information for future engineering and environmental baseline studies over the next year . Study
topics include but are not limited to geotechnical assessment of the waste management areas, geomechanical
characterization of the open pit, hydrogeological modeling of the project area, and condemnation drilling of
key infrastructure sites. These studies are expected to confirm the PEA findings and support both the
commencement of the El Domo feasibility study in 2020 and the submission of a draft environmental impact
assessment to Ecuadorian authorities by the first half of 2021.
The PEA is titled “ Technical Report on the Preliminary Economic Assessment for the Curipamba Project – El
Domo Deposit, Central Ecuador ”, with an effective date of June 14, 2019, can be found on SEDAR profiles of
the Partners.
Highlights of the 2020 Pijili and Santiago exploration programs:
A 5,000-10,000-metre exploration drill program covering both the Pijili and Santiago projects;
Evaluation, planning and construction of project infrastructure at Santiago to support exploration
activities, and;
Continued regional sampling and evaluation of targets for future exploration work.
Since the second quarter of 2019 completion of the MobileMT geophysical survey at the Pijili project , a
regional surficial geochemistry sampling program coupled with detailed property mapping for geology and
hydrothermal alteration has been systematically grooming drilling targets. The recently completed upgrade of
exploration infrastructure at the Pijili project means that field crews are now fully supported to undertake
drilling. The main targets at the Pijili project are Cu-Au-Mo porphyry and orogenic gold deposits.
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ADZN–V, ADVZF-OTCQX, SRL-V
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At the Santiago project, evaluation and co nstruction planning work has begun on the potential upgrade of
local roads and support infrastructure ahead of a planned drilling program. The proposed drill program will
utilize results from the 2019 MobileMT geophysical survey, and all compiled historical exploration results.
Conference Schedule
Over the next few months, t he Partners are pleased to have senior management representatives at the
following conferences:
• AME Roundup 2020, Vancouver, January 20-23rd
• 2020 TD Securities Mining Conference, Toronto, January 22-23rd
• BMO Global Metals & Mining Conference, Hollywood, Florida, February 23-26th
• PDAC Convention, Toronto, March 1-4th
• LBS 2020 Mining Conference, Montreal, April 1-2nd
Qualified Person
The technical and scientific information of this news release has been reviewed and approved 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 a well- financed exploration and project development company, focused in
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 co untry-wide
exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago projects to
date. Adventus has an investment portfolio of equities in several junior exploration companies and has
optioned three Irish exploration projects to South32. Adventus is based in Toronto, Canada, and is listed on
the TSX-V under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is a mineral resource company engaged in the exploration and development of
mineral deposits in Ecuador. The company has a proven Ecuadorian discovery team led by ex -head of
Newmont Ecuador, Fredy Salazar; a team of 40 people including 15 geologists; three drill rigs and an unrivalled
Ecuadorian 'grass roots' network. The Salazar team has been involved with many discoveries in Ecuador,
including Aurelian's Fruta Del Norte discovery, the Mozo deposit, ex -Newmont's Cangrejos Project and
International Minerals' Rio Blanco; and Gaby Deposit.
Salazar aspires to be Ecuador's leading project generator with the right partners at the right time making the
company self -funding. Salazar has a n earn -in agreement with Adventus Mining on the Curipamba project ,
whereby its par tner can earn 75% of the project by funding exploration and development expenditures of
US$25 million before 202 3. A feasibility study is expected to be completed during 202 1, after which the
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January 21, 2020
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ADZN–V, ADVZF-OTCQX, SRL-V
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partner is required to fund 100% of the development and construc tion expenditures to commercial
production. In addition, Salazar has a funded exploration alliance with its partner on two other projects, Pijili
and Santiago, within defined a reas of interest. Salazar is advancing its 100% owned Rumiñahui, Macara, Los
Osos and Alisales projects with the aim of making Ecuador's next significant copper-gold discovery.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture
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 pred ictions, expectations, beliefs, 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”, “pendi ng”, “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 taken”, or “occur” and similar expression s) 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 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 fact ors 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 materi ally
from those anticipated in suc h 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].