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Salazar Resources Ltd
Symbol SRL
Shares Issued 126,987,790
Close 2020-12-29 C$ 0.35
Recent Sedar Documents

Adventus, Salazar drill 4.22 m of 45% CuEq at Curipamba

2020-12-30 07:32 ET - News Release

See News Release (C-ADZN) Adventus Mining Corp

Mr. Christian Kargl-Simard of Adventus reports

ADVENTUS AND SALAZAR ANNOUNCE DRILLING RESULTS AT THE EL DOMO DEPOSIT HIGHLIGHTED BY 45.00% COPPER EQUIVALENT OVER 4.22 METRES GRADING 19.11% COPPER, 24.36 G/T GOLD, 10.93% ZINC, 309.5 G/T SILVER AND 0.83% LEAD

Adventus Mining Corp. and Salazar Resources Ltd. have released continued infill drilling results from the El Domo volcanogenic massive sulphide deposit located within the 21,537-hectare Curipamba project in central Ecuador. Infill drilling continues at El Domo with two diamond drill rigs at site. In the current program, a total of 15 infill definition drill holes having been successfully completed totalling 1,573 metres from the planned 4,960 metres, with two drill holes currently in progress totalling a further 119.20 metres completed.

Highlights:

  • CURI-344 intersected 6.14 metres of 14.91 per cent copper, 21.02 grams per tonne gold, 10.39 per cent zinc, 255.3 g/t silver and 0.75 per cent lead for 37.48 per cent copper equivalent, including 4.22 metres of 19.11 per cent copper, 24.36 g/t gold, 10.93 per cent zinc, 309.5 g/t silver and 0.83 per cent lead for 45.00 per cent CuEq.
  • CURI-343 intersected 1.50 metres of 2.45 per cent copper, 9.09 g/t gold, 12.01 per cent zinc, 211.7 g/t silver and 1.96 per cent lead for 16.38 per cent CuEq, including 0.60 metre of 4.68 per cent copper, 21.30 g/t gold, 28.11 per cent zinc, 491.0 g/t silver and 4.79 per cent lead for 37.30 per cent CuEq.
  • CURI-342 intersected 1.90 metres of 3.04 per cent copper, 16.41 g/t gold, 17.94 per cent zinc, 181.2 g/t silver and 2.23 per cent lead for 24.41 per cent CuEq.

Drill hole CURI-342 intersected a narrow section of high-grade copper- and gold-rich massive sulphide mineralization from 95.60 to 97.50 metres, grading 3.04 per cent copper, 16.41 g/t gold, 17.94 per cent zinc, 181.2 g/t silver and 2.23 per cent lead (24.41 per cent CuEq). Stratigraphically beneath the massive sulphide is a well-mineralized felsic autobreccia in the footwall rocks intersected from 97.50 to 107.50 metres, grading 0.49 per cent copper, 0.26 g/t gold, 0.41 per cent zinc, 9.6 g/t silver and 0.05 per cent lead (0.69 per cent CuEq). This includes a higher-grade subset from 97.50 to 99.50 metres, grading 1.26 per cent copper, 0.61 g/t gold, 1.18 per cent zinc, 24.1 g/t silver and 0.17 per cent lead (2.44 per cent CuEq).

  
Drill hole     From      To   Thickness     Cu      Au      Zn      Ag     Pb  CuEq (1)   Approx. true thickness
                (m)     (m)         (m)    (%)   (g/t)     (%)   (g/t)    (%)       (%)                      (m)

CURI-342      95.60   97.50        1.90   3.04   16.41   17.94   181.2   2.23     24.41                     1.50
              97.50  107.50       10.00   0.49    0.26    0.41     9.6   0.05      0.69                     8.00
including     97.50   99.50        2.00   1.26    0.61    1.18    24.1   0.17      2.44                     1.60

(1) Metal equivalency was based on $3.62 (U.S.)/pound Cu, $1,888.80 (U.S.)/ounce Au, $1.30 (U.S.)/lb Zn, 
$25.95 (U.S.)/oz Ag and 93 U.S. cents/lb Pb, noting that no adjustments were made in the metal equivalency 
calculation for metal recovery. Prices taken from six-month contracts for precious metals and three-month 
contracts for base metals from the London Metal Exchange, dated Dec. 18, 2020.
 

CURI-343 intersected a well-mineralized fine-grained tuffaceous volcaniclastic in the hangingwall of the massive sulphide mineralization from 99.38 to 101.90 metres, grading 0.84 per cent copper, 1.92 g/t gold, 2.67 per cent zinc, 37.0 g/t silver and 0.10 per cent lead (3.67 per cent CuEq). The massive sulphide mineralization was intersected from 101.90 to 103.40 metres, grading 2.45 per cent copper, 9.09 g/t gold, 12.01 per cent zinc, 211.7 g/t silver and 1.96 per cent lead (16.38 per cent CuEq). A higher-grade subset was intersected from 101.90 to 102.50 metres, grading 4.68 per cent copper, 21.30 g/t gold, 28.11 per cent zinc, 491.0 g/t silver and 4.79 per cent lead (37.30 per cent CuEq).


Drill hole       From      To  Thickness     Cu     Au     Zn     Ag     Pb   CuEq (1) Approx. true thickness
                  (m)     (m)        (m)    (%)  (g/t)    (%)  (g/t)    (%)        (%)                    (m)

CURI-343        99.38  101.90       2.52   0.84   1.92   2.67   37.0   0.10       3.67                   1.64
including       99.38  100.80       1.42   1.41   3.14   4.34   54.8   0.09       5.94                   0.92
               101.90  103.40       1.50   2.45   9.09  12.01  211.7   1.96      16.38                   0.98
including      101.90  102.50       0.60   4.68  21.30  28.11  491.0   4.79      37.30                   0.39

(1) Metal equivalency was based on $3.62 (U.S.)/pound Cu, $1,888.80 (U.S.)/ounce Au, $1.30 (U.S.)/lb Zn, 
$25.95 (U.S.)/oz Ag and 93 U.S. cents/lb Pb, noting that no adjustments were made in the metal equivalency 
calculation for metal recovery. Prices taken from six-month contracts for precious metals and three-month 
contracts for base metals from the London Metal Exchange, dated Dec. 18, 2020.

CURI-344 intersected a well-mineralized grainstone in the hangingwall of the massive sulphide mineralization from 57.32 to 62.26 metres, grading 5.60 per cent copper, 8.99 g/t gold, 4.02 per cent zinc, 151.0 g/t silver and 0.56 per cent lead (15.60 per cent CuEq). The high-grade massive sulphide mineralization was intersected from 62.26 to 68.40 metres, grading 14.91 per cent copper, 21.02 g/t gold, 10.39 per cent zinc, 255.3 g/t silver and 0.75 per cent lead (37.48 per cent CuEq). A higher-grade subset was intersected from 62.26 to 66.48 metres, grading 19.11 per cent copper, 24.36 g/t gold, 10.93 per cent zinc, 309.5 g/t silver and 0.83 per cent lead (45.00 per cent CuEq). At the base of the high-grade massive sulphide is a narrow intercept of semi-massive sulphide mineralization from 68.40 to 70.12 metres, grading 0.31 per cent copper, 0.81 g/t gold, 3.11 per cent zinc, 9.0 g/t silver and 0.01 per cent lead (2.14 per cent CuEq). Stratigraphically beneath the massive sulphide in CURI-344 is a well-mineralized felsic autobreccia in the footwall rocks intersected from 70.12 to 80.13 metres, grading 0.61 per cent copper, 0.74 g/t gold, 0.27 per cent zinc, 4.1 g/t silver and 0.01 per cent lead (1.31 per cent CuEq). This includes a higher-grade subset from 72.93 to 75.89 metres, grading 1.81 per cent copper, 1.53 g/t gold, 0.83 per cent zinc, 7.9 g/t silver and 0.01 per cent lead (3.36 per cent CuEq).


Drill hole      From      To  Thickness     Cu      Au      Zn      Ag      Pb CuEq (1)  Approx. true thickness
                 (m)     (m)        (m)    (%)   (g/t)     (%)   (g/t)     (%)      (%)                     (m)

CURI-344       57.32   62.26       4.94   5.60    8.99    4.02   151.0    0.56    15.60                    4.45
               62.26   68.40       6.14  14.91   21.02   10.39   255.3    0.75    37.48                    5.53
including      62.26   66.48       4.22  19.11   24.36   10.93   309.5    0.83    45.00                    3.80
               68.40   70.12       1.72   0.31    0.81    3.11     9.0    0.01     2.14                    1.55
               70.12   80.13      10.01   0.61    0.74    0.27     4.1    0.01     1.31                    9.01
including      72.93   75.89       2.96   1.81    1.53    0.83     7.9    0.01     3.36                    2.66

(1) Metal equivalency was based on $3.62 (U.S.)/pound Cu, $1,888.80 (U.S.)/ounce Au, $1.30 (U.S.)/lb Zn, 
$25.95 (U.S.)/oz Ag and 93 U.S. cents/lb Pb, noting that no adjustments were made in the metal equivalency 
calculation for metal recovery. Prices taken from six-month contracts for precious metals and three-month 
contracts for base metals from the London Metal Exchange, dated Dec. 18, 2020.
 

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.

Technical information and quality control and quality assurance (QA/QC)

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 (International Organization for Standardization) 9001:2000 and ISO 17025:1999. At BV, gold is analyzed by classic fire assay techniques with an AAS (atomic absorption spectroscopy) finish while silver and base metals are analyzed by a 44-element aqua regia technique with ICP-AES (inductively coupled plasma atomic emission spectroscopy) 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.

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.

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