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Salazar Resources Ltd
Symbol SRL
Shares Issued 126,987,790
Close 2020-12-21 C$ 0.32
Recent Sedar Documents

Adventus, Salazar drill 12.28m of 6.41% CuEq at El Domo

2020-12-21 12:05 ET - News Release

See News Release (C-ADZN) Adventus Mining Corp

Mr. Christian Kargl-Simard of Adventus reports

ADVENTUS AND SALAZAR ANNOUNCE INITIAL 2020-2021 DRILL PROGRAM RESULTS AT THE EL DOMO DEPOSIT HIGHLIGHTED BY 6.41% COPPER EQUIVALENT OVER 12.28 METRES GRADING 2.77% COPPER, 1.76 GPT GOLD, 1.79% ZINC, 155.3 GPT SILVER AND 0.15% LEAD

Adventus Mining Corp. and Salazar Resources Ltd. have released initial infill and exploration drilling results from the El Domo volcanogenic massive sulphide deposit and provided a status update on the regional drilling program at the La Vaquera target, both of which are located within the 21,537-hectare Curipamba project in central Ecuador.

Highlights

Infill drilling at El Domo:

  • CURI-340 intersected 18.70 metres of 1.82 per cent copper, 1.27 grams per tonne gold, 1.19 per cent zinc, 103.2 grams per tonne silver and 0.10 per cent lead for 4.32 per cent copper equivalent, including 12.28 metres of 2.77 per cent copper, 1.76 grams per tonne gold, 1.79 per cent zinc, 155.3 grams per tonne silver and 0.15 per cent lead for 6.41 per cent copper equivalent.
  • CURI-341 intersected 4.34 metres of 1.13 per cent copper, 7.16 grams per tonne gold, 9.72 per cent zinc, 495.7 grams per tonne silver and 2.59 per cent lead for 15.90 per cent copper equivalent, including 3.32 metres of 0.90 per cent copper, 8.78 gram per tonne gold, 11.94 per cent zinc, 626.0 grams per tonne silver and 3.33 per cent lead for 19.25 per cent copper equivalent.

Exploration drilling to test eastern extents of El Domo:

  • CURI-339 intersected 9.23 metres of 1.53 per cent copper, 0.47 gram per tonne gold, 0.02 per cent zinc and 1.6 grams per tonne silver for 1.92 per cent copper equivalent, including 4.12 metres of 3.40 per cent copper, 0.50 gram per tonne gold, 0.03 per cent zinc and 2.7 grams per tonne silver for 3.82 per cent copper equivalent.

Christian Kargl-Simard, president and chief executive officer of Adventus, commented: "Site activity is fully ramped up at the Curipamba project, with six drill rigs turning to support the El Domo feasibility study and to test regional targets for new discovery. We expect continuous diamond drilling results during 2021, with six holes already with the assay lab. Today's results reconfirm El Domo as one of the highest-grade undeveloped polymetallic projects in the world and that there is good promise to continue to expand the limits of El Domo to the east."

El Domo infill drilling program

To support the continuing feasibility study for El Domo development (see Dec. 2, 2020, news release), a 4,960-metre infill definition drilling program was designed to achieve the maximum conversion rate of indicated to measured category mineral resources and to also yield additional metallurgical material to further refine well-advanced process engineering considerations. The current infill definition drilling program has been optimized and designed to use only 15 platforms for all 42 planned drill holes. At present, 13 infill definition drill holes have been successfully completed totalling 1,507.5 metres from the planned 4,960 metres, with two drill holes in progress totalling a further 67.1 metres completed.

Drill hole CURI-340 intersected a thick section of massive sulphide mineralization from 99.00 metres to 117.70 metres, grading 1.82 per cent copper, 1.27 grams per tonne gold, 1.19 per cent zinc, 103.2 grams per tonne silver and 0.10 per cent lead (4.32 per cent copper equivalent). This includes a copper- and silver-rich subsection from 99.00 metres to 101.43 metres, grading 10.57 per cent copper, 3.47 grams per tonne gold, 5.04 per cent zinc, 630.7 grams per tonne silver and 0.25 per cent lead (21.67 per cent copper equivalent).

CURI-341 intersected mineralized grainstone unit from 67.70 metres to 80.06 metres directly in the hangingwall of the massive sulphide mineralization. A copper- and gold-rich subset of the grainstone unit occurs from 70.62 metres to 71.00 metres, grading 4.10 per cent copper, 3.36 grams per tonne gold, 2.74 per cent zinc, 86.9 grams per tonne silver and 0.31 per cent lead (8.62 per cent copper equivalent). The massive sulphide mineralization was intersected from 80.06 metres to 84.40 metres, grading 1.13 per cent copper, 7.16 grams per tonne gold, 9.72 per cent zinc, 495.7 grams per tonne silver and 2.59 per cent lead (15.90 per cent copper equivalent). A higher-grade subset was intersected from 80.58 metres to 83.90 metres, grading 0.90 per cent copper, 8.78 grams per tonne gold, 11.94 per cent zinc, 626.0 grams per tonne silver and 3.33 per cent lead (19.25 per cent copper equivalent).

An additional 355 metres of drilling have been planned to convert inferred mineral resources to the indicated category as defined in the 2019 mineral resource estimate while 1,200 metres have been planned for geomechanical data collection of the eastern open-pit wall proposed. All results from the current infill definition drilling program will be used to update the mineral resource estimate for the El Domo deposit in 2021. The updated mineral resource estimate will be part of the continuing feasibility study for the development of the El Domo deposit (see Dec. 2, 2020, news release).

For reference, the last mineral resource estimate for El Domo was published as part of the preliminary economic assessment report 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, on SEDAR.

El Domo East exploration drill results

Two drill holes totalling 533 metres were successfully completed on exploration targets identified along the eastern margin of the 2019 mineral resource estimate for El Domo that was the foundation for the preliminary economic assessment. The targets are dual purposed, firstly to assess possible expansion of the deposit to the east and secondly to close off any gaps in the wide-spaced drilling to confirm the existing detailed 3-D geological model.

Drill hole CURI-339 intersected two sections of semi-massive sulphide mineralization separated by significant gypsum hydrothermal alteration. The second section is copper-rich semi-massive sulphide mineralization from 208.87 metres to 218.10 metres, grading 1.53 per cent copper, 0.47 gram per tonne gold, 0.02 per cent zinc and 1.6 grams per tonne silver (1.92 per cent copper equivalent). A subset interval of semi-massive sulphide mineralization possesses higher grade from 210.90 metres to 215.02 metres, grading 3.40 per cent copper, 0.50 gram per tonne gold, 0.03 per cent zinc and 2.7 grams per tonne silver (3.82 per cent copper equivalent).

Drill hole CURI-338 did not intersect massive sulphide mineralization; however, it passed through mineralized and hydrothermally altered footwall felsic volcanic autobreccia from 253.02 metres to 295.60 metres. A short interval of footwall-style mineralization is present from 253.02 metres to 255.69 metres grading 0.37 per cent copper, 0.10 gram per tonne gold, 0.64 per cent zinc, 3.0 grams per tonne silver and 0.02 per cent lead (0.71 per cent copper equivalent).

Update on regional drilling at Curipamba -- beginning at La Vaquera

Located approximately eight kilometres southwest of the El Domo deposit, the first regional exploration drill hole at the La Vaquera target has been successfully completed to a depth of 457.8 metres (CREG-001). In total, 15 compelling regional targets have been defined during the partners' target generation initiative (TGI) process (see June 22, 2020, news release). Of key significance to the TGI is that most of the 15 regional targets have neither seen exploration nor drilling, with La Vaquera ranked highest in the TGI process. Results from the regional exploration work program will aid in further pipeline development of drill-ready locations in the favourable strata that host the El Domo deposit. A minimum drilling budget of 10,000 metres has been planned for the evaluation of these new priority regional targets areas in 2020 and 2021.

Core logging and sampling of CREG-001 are in progress, with the drill rig now having moved onto the second priority platform in the La Vaquera area. This drilling is part of the 3,000-metre La Vaquera/Sesmo Sur program that is expected to finish in the first quarter of 2021.

Technical information and quality assurance/quality control

The Curipamba project work program is being managed and reviewed by Jason Dunning, MSc, PGeo, vice-president, exploration, a qualified person within the meaning of National Instrument 43-101. Salazar staff collect and process samples that are securely sealed and shipped to Bureau Veritas (BV) in Quito for sample preparation, which includes crushing and milling to prepare pulps that are then split for shipment to its facility in Lima, Peru, for analysis. All assay data have undergone internal validation of quality assurance/quality control, 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 quality assurance/quality control 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 classic fire assay techniques with an AAS finish while silver and base metals are analyzed by a 44-element aqua regia technique with ICP-AES 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 Jason Dunning, MSc, PGeo, vice-president, exploration, for Adventus, a non-independent qualified person as defined by NI 43-101.

About Adventus Mining Corp.

Adventus Mining is a unique copper-gold exploration and development company focused primarily on Ecuador. Its strategic shareholders include Altius Minerals Corp., Greenstone Resources LP, 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-per-cent ownership interest. In addition, Adventus is engaged in a countrywide 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 financing 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 under the symbol ADVZF.

About Salazar Resources Ltd

Salazar Resources 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 the 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 Ecuadorean 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-per-cent stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the company has a 20-per-cent stake fully carried through to a construction decision.

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