Note – This Release Replace S a Previously Filed Version Which Incorrectly Ordered Geometallurgical Zone Percentages IN the First Paragraph. the Corrected Release is as Follows. Adventus and Salazar Provide Positive Update of Metallurgical Results
Date:
News Release:
Ticker Symbols:
February 20, 2020 (revised)
20-04
ADZN–V, ADVZF-OTCQX, SRL–V
– 1 of 6 –
NOTE – THIS RELEASE REPLACE S A PREVIOUSLY FILED VERSION WHICH INCORRECTLY ORDERED
GEOMETALLURGICAL ZONE PERCENTAGES IN THE FIRST PARAGRAPH. THE CORRECTED RELEASE IS AS FOLLOWS.
ADVENTUS AND SALAZAR PROVIDE POSITIVE UPDATE OF METALLURGICAL RESULTS
FOR EL DOMO DEPOSIT, CURIPAMBA PROJECT
Toronto, February 20, 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 a
positive update of metallurgical results from a test work program for the C uripamba project that has been
ongoing since the completion of the Preliminary Economic Assessment (“PEA”) in the second quarter of 2019 .
The test work program has achieved material improvements over the PEA results using the same three
composites collected and produced from the mixed, zinc, and copper geometallurgical zones that respectively
comprise of 58.7%, 28.6% and 12.7% of the diluted Mineral Resource in the PEA open pit mine plan. Composite
materials were taken from the 2018 infill drilling program at the El Domo volcanogenic massive sulphide (“VMS”)
deposit, which is located within the approximately 2 1,500-hectare Curipamba project located in central
Ecuador. The published NI 43-101 Technical Report summarizing the results of the PEA is available on SEDAR
with an effective date of June 14, 2019.
Highlights
• Improved quality and marketability of copper concentrates – all three composite samples show
improved copper concentrate quality and marketability from the base case Lock ed Cycle Tests (“ LCT”)
presented in the PEA using cyanide as a reagent.
o Mixed Composite LCT results:
In the copper concentrate, a copper grade of 26.7% was achieved at 81% recovery
Lead and zinc content of the copper concentrate was reduced to 0.7% and 6.8%
respectively – a great improvement from the PEA results
In the zinc concentrate, a zinc grade of 55.9% was achieved at 81.3% recovery
o Copper Composite LCT results:
In the copper concentrate, a copper grade of 28.7% was achieved at 80% recovery
Lead and zinc contents in the copper concentrate were reduced to 0.3% and 2.3%
respectively from the PEA results
o Zinc Composite LCT results:
In the copper concentrate, a copper grade of 23% was achieved at 74% recovery
Lead and zinc contents in the copper concentrate were s ignificantly improved and
reduced to 1.4% and 12.7% respectively from the PEA results
In the zinc concentrate, a zinc grade of 56.6% was achieved at 81.5% recovery
• Potential to significantly increase precious metal recovery – leach test work of the cleaner tailings
streams of all three composites using cyanide indicates that gold and silver recovery could be
significantly increased and may be a candidate for the sulphidization-acidification-recycling-thickening
(“SART”) process that would also recover additional copper while significantly reducing reagent
consumption.
Date:
News Release:
Ticker Symbols:
February 20, 2020 (revised)
20-04
ADZN–V, ADVZF-OTCQX, SRL–V
– 2 of 6 –
• Reduction in acid-generating waste – geochemical characterization studies on potential waste rock from
the open pit has identified that three key strata in the hanging wall rocks are non-acid generating which
could have positive implications for waste management . All waste rock was previously assumed to be
acid generating in the PEA.
• Lead concentrate is possible – production of a lead concentrate from both the m ixed and zinc
composites was shown to be possible , which could improve the quality of the copper and zinc
concentrates, reduce waste, and potentially offer a saleable lead concentrate by-product.
Metallurgical Test Work
The metallurgical test work completed since the PEA was designed to improve the overall quality of the
concentrates by reducing metal cross contamination. This included the removal assessment for l ead into a
separate concentrate while defining a process solution for the zinc geometallurgical zone. In addition, the test
work focused on resolving gold mineralogy to characterize losses to the process tailings and to investigate
solutions for their recovery to increase precious metal content in the concentrate material. The t est work was
led by and conducted at Base Metallurgical Laboratories Ltd. (“BML”) in Kamloops, British Columbia, Canada.
Optimization test work was completed on the same three com posites defined in the PEA, the mixed, zinc, and
copper geometallurgical zones . For the mixed and zinc composites, the PEA results showed that copper
concentrates contained high levels of zinc and lead when using a traditional zinc sulphate and cyanide
depression scheme. Th e recent test work investigated a sul phur dioxide -based depression scheme using
sulphurous acid (H 2SO3) or sodium metabisulphide (SMBS) , as a potential solution to diminish cross
contamination. Both the mixed and zinc composites demonstrated better zinc rejection under the sulphur
dioxide-based reagent schemes , notably in the copper concentrate at similar copper recovery. The improved
rejection of zinc from the copper concentrate, using SMBS, was noted for the mixed composite and resulted in
significantly improved zinc circuit performance as well.
The test work also demonstrated that a lead concentrate could be removed from the copper concentrate using
a cyanide reverse circuit. T he lead concentrates were relatively low grade, approximately 37 to 39% lead, but
its recovery from the feed to the concentrate was 55% for the mixed composite and 67% for the zinc composite.
The LCT results are shown in Table 1.
For the Partners, improving precious metal recovery, notably gold, was a key objective of the recent test work.
A detailed gold deportment study was conducted on cleaner tailings streams for all three composites in order
to identify the mineralogical forms of gold loss. Six streams underwent deportment studies as there are two
tailings streams from each composite – a bulk rougher tailings stream that is high volume and low grade, and a
cleaner tailings stream. The cleaner tailings streams represented most of the gold losses in the process.
For the mixed and zinc composite cleaner tailings streams, about two-thirds of the gold occurred as visible metal
alloys. The remaining third of the gold was in solid solution , principally with pyrite. In the c opper composite
cleaner tailings stream, this was reversed with about one-third of the gold being visible as a metal alloy and the
remaining two-thirds occurring in a solid solution with pyrite. Not all the visible gold occurred as free grains,
with much of the gold interlocked with other sulphides.
Date:
News Release:
Ticker Symbols:
February 20, 2020 (revised)
20-04
ADZN–V, ADVZF-OTCQX, SRL–V
– 3 of 6 –
Table 1: Locked Cycle Test Results for Zinc, Mixed and Copper Composites
Composite
/Test Product
Weight Assay Distribution
% Cu Pb Zn Fe Ag Au S Cu Pb Zn Fe Ag Au S
% % % % g/t g/t % % % % % % % %
Mixed
SMBS
scheme
LCTs
Feed 100 1.76 0.26 2.80 12.6 36 3.2 16.8 100 100 100 100 100 100 100
Pb Con 0.4 9.5 39.4 8.4 12.6 401 38 26.2 1.9 54.9 1.1 0.4 3.9 4.3 0.6
Cu Con 5.3 26.7 0.7 6.8 26.8 244 11 37.1 80.8 15.3 13.0 11.4 35.7 18.9 11.8
Zn Con 4.1 1.4 0.7 55.9 4.1 239 15 34.3 3.3 11.5 81.3 1.3 26.7 19.7 8.3
Zn Cl Tail 19.5 0.59 0.13 0.3 33.8 37 7.5 41.7 6.5 9.9 2.1 52.2 20.0 45.9 48.3
Zn Ro Tail 71.1 0.18 0.03 0.10 6.15 7 0.50 7.34 7.5 8.3 2.5 34.7 13.6 11.2 31.0
2019 PEA
CN scheme
LCTs
Pb Con - - - - - - - - - - - - - - -
Cu Con 5.7 23.6 2.9 9.8 24.1 330 22.9 35.4 82.7 76.0 20.5 13.4 46.1 50.1 12.4
Zn Con 3.9 2.3 0.5 53.6 6.1 240 10.2 34.0 5.6 9.4 75.4 2.3 22.9 15.5 8.1
BISA
Projections
(2015)
Pb Con - - - - - - - - - - - - - - -
Cu Con 7.6 21.0 0.94 8.5 230 8.8 75.0 49.6 29.8 49.6 29.3
Zn Con 2.6 6.3 0.86 42.0 371 19.4 7.6 15.4 50.0 22.4 22.0
Zinc
SMBS
scheme
LCTs
Feed 100 1.63 0.57 5.08 12.1 56 2.5 16.9 100 100 100 100 100 100 100
Pb Con 1.0 9.8 36.9 12.9 10.1 599 22 26.2 6.3 66.8 2.6 0.9 11.2 9.4 1.6
Cu Con 5.2 23.0 1.4 12.7 26.1 294 14 36.6 73.5 13.1 13.1 11.2 27.4 29.6 11.3
Zn Con 7.3 1.4 0.8 56.6 3.2 306 10 33.6 6.3 10.2 81.5 1.9 39.9 29.4 14.6
Zn Cl Tail 20.8 0.60 0.18 0.3 32.6 36 2.6 38.4 7.6 6.3 1.4 56.0 13.2 22.1 47.4
Zn Ro Tail 66.7 0.15 0.03 0.11 5.45 7 0.35 6.36 6.3 3.5 1.4 30.0 8.3 9.4 25.1
2019 PEA
CN scheme
LCTs
Pb Con - - - - - - - - - - - - - - -
Cu Con 7.5 17.2 6.70 21.00 17.2 510 24.0 33.8 79.9 82.8 30.0 12.2 54.0 58.5 15.3
Zn Con 5.9 1.76 0.73 58.0 3.4 330 8.29 33.7 6.4 7.1 65.0 1.9 27.4 15.8 12.0
BISA
Projections
(2015)
Pb Con 0.6 17.7 47.30 17.0 1995 21.8 6.5 69.0 0.9 15.1 4.1
Cu Con 2.5 19.7 1.31 17.0 748 8.2 58.2 7.7 8.2 22.6 6.2
Zn Con 9.5 1.7 0.31 45.5 286 14.0 19.7 6.9 85.4 33.4 40.8
Copper
SMBS
scheme
LCTs
Feed 100 2.18 0.04 0.38 21.2 15 1.3 26.0 100 100 100 100 100 100 100
Cu Con 6.1 28.7 0.27 2.3 29.8 73 2.9 37.5 80.3 37.1 35.9 8.6 28.6 13.6 8.8
Cu Cl Scav
Tail 37.2 0.67 0.06 0.6 39.55 20 2.3 48.4 11.4 50.2 53.8 69.3 49.4 64.8 69.4
Cu Ro Tail 56.7 0.3 0.0 0.1 8.3 6 1 10.0 8.3 12.7 10.3 22.1 22.0 21.5 21.8
2019 PEA
CN scheme
LCTs
Cu Con 9.0 21.4 0.31 3.40 31.6 110 4.1 38.9 88.3 68.6 73.4 13.2 50.2 26.6 13.8
BISA
Projections
(2015)
Cu Con 13.9 24.2 0.09 2.3 53 3.7 89.7 43.4 80.9 39.7 24.4
Date:
News Release:
Ticker Symbols:
February 20, 2020 (revised)
20-04
ADZN–V, ADVZF-OTCQX, SRL–V
– 4 of 6 –
Based on the abundance and form of gold in the cleaner tailings streams, cyanide leaching tests were performed
to determine gold extraction rates. The best extraction rates were achieved by fine regrinding (9 µm K 80) and
high cyanide concentrations (5,000 ppm). At these conditions about half of the gold in the tailings streams was
extracted. This represents an increase in gold recovery from the feed of about 15%, 11%, and 39%, silver
recovery from the feed of about 12%, 8% and 29% and copper recovery from the feed of about 6%, 6% and 10%
for mixed, zinc and copper composites, respectively. Leach results are shown in Table 2.
Table 2: Leach Test Results on Cleaner Tails for Zinc, Mixed and Copper Composites
Composite
/Test pH Feed
Size
Cyanide
Conc
Reagent
Consumption
48-hour Extraction
Residue Head
(calc)
Head
(assay)
NaCN Lime Au Ag Cu Au Au Au
P80, µm ppm Kg/t Kg/t % % % g/t g/t g/t
Mixed
Leach-37 11 28 1,000 5.8 6.2 14.0 12.1 33.0 3.50 4.06
Leach-40 12 28 5,000 13.2 12.9 33.7 46.7 60.9 2.61 3.94 3.73
Leach-43 12 15 5,000 15.5 11.0 44.0 58.2 77.3 2.33 4.15
Leach-46 12 9.3 5,000 24.2 13.4 47.4 61.2 86.1 2.37 4.51
Zinc
Leach-38 11 25 1,000 5.9 4.5 23.0 13.6 36.2 2.03 2.64
Leach-41 12 25 5,000 11.4 6.9 41.6 41.9 52.6 1.92 3.28 2.52
Leach-44 12 14 5,000 17.0 11.4 49.7 57.2 77.2 1.71 3.39
Leach-47 12 9.2 5,000 21.2 13.2 49.1 58.3 76.0 1.70 3.33
Copper
Leach-39 11 34 1,000 5.9 5.8 16.9 24.2 32.4 1.93 2.32
Leach-42 12 34 5,000 9.5 12.0 27.6 37.3 40.1 1.62 2.24 2.27
Leach-45 12 16 5,000 17.5 13.8 35.6 57.7 70.1 1.48 2.30
Leach-48 12 8.6 5,000 27.3 13.2 59.5 59.4 88.7 1.44 3.54
As a result of the high levels of soluble copper in the cleaner tailings streams, cyanide consumptions were very
high, but copper was notably extracted to the leach liquor. This extraction result suggests that the SART process
could be a good candidate for optimization, which can recover copper as a precipitate and reg enerate cyanide
for recycling. Additional leach work is being planned for 2020 in order to investigate the viability of the SART
process for the project.
The positive results from the recent metallurgical test work are a significant advancement for the future
engineering development of the El Domo deposit within the Curipa mba project, including direction for
additional metallurgical test work in 2020. The current LCT and leach test results require further optimization in
order to more fully evaluate and quantify the opportunity value of SART process implementation on the project.
A follow-on work program is now being designed at BML that will be incorporated into future process designs
and engineering studies that will cumulate in a F easibility study that is anticipated to commence in the second
half of 2020.
Date:
News Release:
Ticker Symbols:
February 20, 2020 (revised)
20-04
ADZN–V, ADVZF-OTCQX, SRL–V
– 5 of 6 –
Geochemical Characterization of Potential Waste Rock
The Partners engaged pHase Geochemistry Inc. (“pHase”) to conduct geochemical characterization of the rock
units that comprise the host strata for El Domo. This work program has been running in parallel with the
metallurgical program at BML. Work has focused on the potential waste materials from the open pit and
underground mining environments and the level of acid rock drainage (“ARD”) and metal leaching potential as
a key consideration in future engineering studies and waste management plans.
To date 170 samples that are both spatially and volumetrically representative of the rock units hosting El Domo
have undergone analytical geochemistry, in cluding acid- base accounting, whole rock, and trace element
analysis. Analytical work is being done with Bureau Veritas Laboratories in Burnaby, British Columbia, Canada.
Neutralization potential of the host strata was shown to be low in most rock units ; however, one of the most
important analytical results from this geochemical characterization study are that three rock units are
anticipated to be non-acid generating. The identification of non- acid generating strata could have a materially
positive effect on waste management planning, materials handling during all phases of the project lifespan, and
with further study, could have a positive impact on direct operating capital, capital expenditures, and sustaining
capital over life of mine. Two rock units te sted in this phase of work are anticipated to be potentially acid
generating, whereas the remaining seven are expected to be a mix between non and potentially acid generating.
A subset of the above samples was submitted for mineralogical review by QEMSCAN , metal leach extraction
testing, and humidity cell testing. The humidity cell testing is ongoing and should be completed later in 2020.
Additional ARD work is planned for the first half of 2020 on metallurgical products such as samples from each
of the geometallurgical zones.
Qualified Persons
Tom Shouldice, P.Eng., Presiden t and Principal Metallurgist for Base Metallurgical Laboratories Ltd. is the
Independent Qualified Person for the metallurgical information contained in this news release. Mr. Shouldice,
P.Eng., has been directly involved in the planning, implementation, laboratory work, and reporting of all results.
Shannon Shaw, P. Geo., President and Principal Geochemist for pHase Geochemistry Inc. is the Independent
Qualified Person for the geochemical characterization and acid-rock drainage information contained in this news
release. Ms. Shaw, P. Geo., has been directly involved in the planning, implementation, interpretation of
laboratory work, and reporting of all results.
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 (ADZN.V) (ADVZF.OTCQX) 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, Whe aton
Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the
Date:
News Release:
Ticker Symbols:
February 20, 2020 (revised)
20-04
ADZN–V, ADVZF-OTCQX, SRL–V
– 6 of 6 –
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 projects
to date. Adventus also has an investment portfolio of equities in several junior exploration companies as well as exploration projects
in Ireland with South32 as funding partner. 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 (SRL.V) (CCG.F) is a mineral resource company engaged in the exploration and development of mineral deposit s in
Ecuador and Colombia. The company has a proven Ecuadorian discovery team led by ex-head of Newmont Ecuador, Fredy Salazar; a
team of 40 people including fifteen geologists; three drill rigs and an unrivalled Ecuadorian 'grass roots' network. The Salazar team has
been involved with many discoveries in Ecuador, including Curipamba (Adventus Mining and Salazar Resources), Fruta Del Norte
(Lundin Gold), the Mozo deposit, Cangrejos (Lumina Gold) Rio Blanco (Junefield Mineral Resources and Hunnan Gold), and Gaby
(ENAMI).
Salazar Resources aspires to be Ecuador's leading project generator with the right partners at the right time making the company self-
funding. Salazar Resources has an agreement with Adventus on the Curipamba VMS discovery, whereby Adventus can earn 75% of
the project by funding exploration and development expenditures of US$25 million before October 2022. A feasibility study is expected
to be completed during 2021, after which Adventus is required to fund 100% of the development and construction expenditures to
commercial production. In addition, Salazar Resources has a funded exploration alliance with Adventus on two other projects, Pijili
and Santiago, within a defined Area of Interest. Salazar Resources is advancing its 100% owned Rumiñahui, Macara, and Los Osos
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 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, 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”, “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 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 ca use 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
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].