Adventus and Salazar Announce Additional El Domo Underground Deposit Drilling Results Including 14 Metres of 4.44% Copper Equivalent
Date:
News Release:
Ticker Symbols:
March 20, 2023
23-07
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
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ADVENTUS AND SALAZAR ANNOUNCE ADDITIONAL EL DOMO UNDERGROUND DEPOSIT DRILLING RESULTS
INCLUDING 14 METRES OF 4.44% COPPER EQUIVALENT
Toronto, March 20 , 2023 – Adventus Mining Corporation (“Adventus”) (TSX-V: ADZN , OTCQX: ADVZF ) and Salazar
Resources Limited (“Salazar”) (TSX-V: SRL , OTCQB: SRLZF ) (collectively the “ Participants”) are pleased to announce
additional infill drilling results from the underground portion of the El Domo volcanogenic massive sulphide deposit (“El
Domo”) located within the 21,537-hectare Curipamba project in central Ecuador.
Highlights – Drill Results from the El Domo Deposit at Curipamba:
• CURI-412 intersected a 14-metre interval of massive sulphide from a depth of 200.27 to 214.46 metres , grading
3.13% copper, 0.79 g/t gold, 4.02% zinc, 27.9 g/t silver for a 4. 44% copper equivalent (“CuEq”) - including a 1.18
metre interval between 200.27 to 201.45 metres , grading 5.25% copper, 1.3 g/t gold, 2.74% zinc, and 147.2 g/t
silver for a 6.69% CuEq
• CURI-415 intersected a 5.3-m etre interval of massive sulphide from 201.78 to 207.1 metres , grading 3.37% Cu,
1.87 g/t Au, 1.32% Zn, 10.2 g/t silver and 0.01%Pb for a 4.09% CuEq
Drill hole CURI-412 intersected a thick section of massive sulphide from 200.27 to 214.46 metres, grading 3.13% copper,
0.79 g/t gold, 4.02% zinc, 27.9 g/t silver – including a 1.18 metre subset from 200.27 to 201.45 metres with 5.25% copper,
1.31 g/t gold, 2 .74% zinc, and 147.2 g/t silver. The highest gold and zinc values are on the upper part of the massive
sulphide but the copper values continue down to 214.46 metres.
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-412 200.27 214.46 14.19 3.13 0.79 4.02 27.9 0.00 4.44 13.71
including 200.27 201.45 1.18 5.25 1.31 2.74 147.2 0.00 6.69 1.13
(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-413 intersected a massive sulphide section from 191.11 to 193.48 metres grading 5.06% copper, 0.80 g/t
gold, 1.18% zinc, 9.3 g/t silver and 0.01% lead. The mineralization is present in the form of large clasts within a dacite
breccia possibly due to replacement . It is an eastern continuation to the mineralization of the historical CURI -160 which
had nearly 11 metres of massive sulfide.
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-413 191.11 193.48 2.37 5.06 0.80 1.18 9.3 0.01 4.29 2.26
(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”.
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March 20, 2023
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Drill hole CURI-414 intersected a section of semi-massive and massive sulphide separated by a low-grade fault zone, all
between 192.95 to 204.55 metres grading 1.10% copper, 0.51 g/t gold, 0.5% zinc, 19.5 g/t silver and 0.01% lead. The
lower 0.94 metre is high-grade copper, grading 7.45% copper, 0.82 g/t gold, 5.47%zinc, 78.3 g/t silver, and 0.09% lead.
This drill hole is an extension of the mineralization in the eastern portion of the underground resource.
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-414 192.95 204.55 11.6 1.10 0.51 0.50 19.5 0.01 1.40 11.09
including 203.61 204.55 0.94 7.45 0.82 5.47 78.3 0.09 8.93 0.89
(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-415 intersected a massive sulphide section from 201.78 to 207.1 metres, grading 3.37% copper, 1.87 g/t
gold, 1.32% zinc, 10.2 g/t silver and 0.01% lead. The upper 4 metres are gold rich, and the bottom 3 metres are copper
rich. This intersection is 25 metres away from nearby mineralization on historical holes CURI-166 and CURI-236.
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-415 201.78 207.1 5.32 3.37 1.87 1.32 10.2 0.01 4.09 4.82
(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-418 intersected a semi massive sulphide section, mostly pyritic, interval from 178.4 to 181.8 metres grading
0.88% copper, 2.85 g/t gold, 0.40% zinc, 20.4 g/t silver and 0.02% lead. This intercept is located at 50 metres from the
closest pierce-point and the interpreted east boundary of the resource, thus adding a n important mineralized control
point.
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-418 178.4 181.8 3.4 0.88 2.85 0.40 20.4 0.02 2.07 3.31
(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 - 419 intersected a semi- massive sulphide section from 194.3 6 to 198.03 metres, grading 1.57% copper,
0.76 g/t gold, 0.30% zinc, 9.00 g/t silver and 0.03% lead. It also intersected a mineralized stockwork on the basal gypsum
alteration which is characteristic of this area of the resource. This interval is from 200.08 to 203.61 metres grading 1.82%
copper, 0.22 g/t gold, 0.06% Zn, and 3.6 g/t silver.
Date:
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Ticker Symbols:
March 20, 2023
23-07
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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-419 194.36 198.03 3.67 1.57 0.76 0.30 9.0 0.03 1.39 3.44
200.08 203.61 3.53 1.82 0.22 0.06 3.6 0.00 1.49 3.32
(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-416 was designed to test an area with low density of drill holes towards the east of the underground resources. It
intersected a low-grade mineralized interval in the footwall but did not yield any substantial results.
CURI-417 tested the eastern boundaries of the inferred resource defined on the El Domo resource DRA 2021. It intercepted
the footwall with a hydrothermal breccia with no significant mineralization.
All results from the i nfill drilling program are to be used in updating the underground portion of the Mineral Resource
estimate for El Domo , 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 eight drill holes outlined in this news release. Drill collar location co ordinates 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.
Technical Information and QAQC
The El Domo and Curipamba project work program is being reviewed by Senior Geologist, Christian Paramo, 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 w ith 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. Christian Paramo, P.Geo.,
Senior Geologist 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
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March 20, 2023
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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 developme nt 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 w holly 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 2 5% 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (a s 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. 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 [email protected]. Please also visit the Adventus Mining website at
www.adventusmining.com.
For further information from Salazar Resources, please contact Merlin Marr-Johnson, Executive Vice President, at +1 604
685 9316 or [email protected]. Please also visit the Salazar Resources website at
www.salazarresources.com.
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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)
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March 20, 2023
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Figure 1: Drill Collar Location Map for El Domo