14:28:58 EST Sat 27 Feb 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Salazar Resources Ltd
Symbol SRL
Shares Issued 126,987,790
Close 2021-01-12 C$ 0.335
Recent Sedar Documents

Adventus, Salazar drill 5.7m of 17.3% CuEq at Curipamba

2021-01-13 07:03 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 17.38% COPPER EQUIVALENT OVER 5.70 METRES AND PROVIDE AN UPDATE ON 2021 EXPLORATION AND DEVELOPMENT PLANS IN ECUADOR

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 with 19 infill definition drill holes having been successfully completed totalling 1,999 metres from the planned 4,960 metres, and two drill holes in progress totalling a further 21.2 metres completed. In addition, the partners are pleased to provide an update on 2021 exploration and development plans at their three copper-gold projects in Ecuador -- Curipamba (containing El Domo), Pijili and Santiago.

Highlights -- drill results from the El Domo deposit at Curipamba:

  • CURI-346 intersected 12.40 metres of 3.37 per cent copper, 4.78 grams per tonne gold, 2.89 per cent zinc, 57.4 g/t silver and 0.38 per cent lead for 8.74 per cent copper equivalent, including 5.70 metres of 6.29 per cent copper, 9.73 g/t gold, 6.22 per cent zinc, 119.8 g/t silver and 0.80 per cent lead for 17.38 per cent CuEq.
  • CURI-348 intersected 2.72 metres of 0.95 per cent copper, 8.93 g/t gold, 12.32 per cent zinc, 673.4 g/t silver, and 6.64 per cent lead for 20.88 per cent CuEq.
  • CURI-345 intersected 3.88 metres of 2.78 per cent copper, 9.65 g/t gold, 3.11 per cent zinc, 110.8 g/t silver and 0.33 per cent lead for 12.48 per cent CuEq, including 1.55 metres of 5.92 per cent copper, 21.90 g/t gold, 6.78 per cent zinc, 250.0 g/t silver and 0.74 per cent lead for 27.81 per cent CuEq.
  • CURI-347 intersected 38.10 metres of 0.58 per cent copper, 1.04 g/t gold, 0.64 per cent zinc, 25.8 g/t silver and 0.13 per cent lead for 1.90 per cent CuEq.

Drill hole CURI-345 intersected well-mineralized grainstone with massive sulphide clasts in the hangingwall of the massive sulphide mineralization from 53.52 to 57.40 metres, grading 2.78 per cent copper, 9.65 g/t gold, 3.11 per cent zinc, 110.8 g/t silver and 0.33 per cent lead (12.48 per cent CuEq). A higher-grade subset was intersected from 54.65 to 56.20 metres, grading 5.92 per cent copper, 21.90 g/t gold, 6.78 per cent zinc, 250.0 g/t silver and 0.74 per cent lead (27.81 per cent CuEq). Beneath the well-mineralized grainstone, two mineralized fine-grained felsic tuffaceous or sediment units were intersected from 66.10 to 68.04 metres and 80.18 to 84.62 metres. These units graded, respectively, 2.97 per cent copper, 6.43 g/t gold, 2.07 per cent zinc, 73.5 g/t silver and 0.40 per cent lead (9.47 per cent CuEq) and 0.32 per cent copper, 1.41 g/t gold, 2.28 per cent zinc, 55.4 g/t silver and 0.56 per cent lead (2.93 per cent CuEq). Massive sulphide mineralization was intersected from 84.62 to 87.76 metres, grading 2.30 per cent copper, 1.33 g/t gold, 0.72 per cent zinc, 31.8 g/t silver and 0.02 per cent lead (3.91 per cent CuEq).


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

CURI-345          53.52   57.40         3.88   2.78    9.65    3.11   110.8   0.33       12.48             2.72
including         54.65   56.20         1.55   5.92   21.90    6.78   250.0   0.74       27.81             1.09
                  66.10   68.04         1.94   2.97    6.43    2.07    73.5   0.40        9.47             1.36
                  80.18   84.62         4.44   0.32    1.41    2.28    55.4   0.56        2.93             3.11
                  84.62   87.76         3.14   2.30    1.33    0.72    31.8   0.02        3.91             2.20

(1) Metal equivalency is based on $3.62 (U.S.) per pound Cu, $1,888.80 (U.S.) per 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.                

Drill hole CURI-346 intersected well-mineralized grainstone with massive sulphide clasts in the hangingwall of the massive sulphide mineralization from 51.64 to 57.50 metres, grading 2.74 per cent copper, 4.92 g/t gold, 3.66 per cent zinc, 111.1 g/t silver and 0.33 per cent lead (9.04 per cent CuEq). A higher-grade subset was intersected from 56.16 to 57.50 metres, grading 4.25 per cent copper, 10.70 g/t gold, 7.00 per cent zinc, 241.0 g/t silver and 0.56 per cent lead (17.56 per cent CuEq). Beneath the well-mineralized grainstone, a single mineralized fine-grained felsic tuffaceous or sediment unit was intersected from 57.50 to 58.32 metres, grading 0.20 per cent copper, 3.40 g/t gold, 0.66 per cent zinc, 64.3 g/t silver and 0.22 per cent lead (3.74 per cent CuEq). A thick section of massive sulphide mineralization was intersected from 68.70 to 81.10 metres, grading 3.37 per cent copper, 4.78 g/t gold, 2.89 per cent zinc, 57.4 g/t silver and 0.22 per cent lead (8.74 per cent CuEq). A higher-grade subset was intersected from 69.63 to 72.55 metres, grading 9.03 per cent copper, 15.79 g/t gold, 8.19 per cent zinc, 130.0 g/t silver and 0.59 per cent lead (25.48 per cent CuEq).


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

CURI-346        51.64   57.50        5.86     2.74    4.92    3.66   111.1    0.33      9.04             5.27
including       56.16   57.50        1.34     4.25   10.70    7.00   241.0    0.56     17.56             1.21
                57.50   59.32        1.82     0.20    3.40    0.66    64.3    0.22      3.74             1.64
                68.70   81.10       12.40     3.37    4.78    2.89    57.4    0.38      8.74            11.16
including       68.70   74.40        5.70     6.29    9.73    6.22   119.8    0.80     17.38             5.13
including       69.63   72.55        2.92     9.03   15.79    8.19   130.0    0.59     25.48             2.63
including       71.58   72.55        0.97    11.70   20.90   11.85   204.0    0.84     34.19             0.87
                   
(1) Metal equivalency is based on $3.62 (U.S.) per pound Cu, $1,888.80 (U.S.) per 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-347 intersected massive sulphide mineralization from 52.90 to 91.00 metres, grading 0.58 per cent copper, 1.04 g/t gold, 0.64 per cent zinc, 25.8 g/t silver and 0.13 per cent lead (1.90 per cent CuEq). This interval includes a wide section of syn-mineralization basaltic dike from 54.00 to 80.54 metres that intruded into the massive sulphide mineralization resulting in mineralized margins from 54.00 to 56.00 metres, grading 2.64 per cent copper, 3.90 g/t gold, 2.57 per cent zinc, 101.1 g/t silver and 0.26 per cent lead (7.65 per cent CuEq). The massive sulphide mineralization was intersected from 52.90 to 54.00 metres, grading 6.13 per cent copper, 4.01 g/t gold, 1.14 per cent zinc, 39.0 g/t silver and 0.09 per cent lead (10.02 per cent CuEq), and from 80.54 to 91.00 metres, grading 0.94 per cent copper, 2.60 g/t gold, 1.71 per cent zinc, 70.1 g/t silver and 0.41 per cent lead (4.37 per cent CuEq). A subset of higher-grade massive sulphide occurs near the base of the intercept from 88.50 to 89.60 metres, grading 0.23 per cent copper, 9.30 g/t gold, 6.20 per cent zinc, 363.0 g/t silver and 2.18 per cent lead (13.88 per cent CuEq).


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

CURI-347         50.92    52.90        1.98     0.71    0.63    0.34    15.1    0.06       1.48             1.68
                 52.90    91.00       38.10     0.58    1.04    0.64    25.8    0.13       1.90            32.39
including        52.90    54.00        1.10     6.13    4.01    1.14    39.0    0.09      10.02             0.94
including        54.00    56.00        2.00     2.64    3.90    2.57   101.1    0.26       7.65             1.70
including        80.54    91.00       10.46     0.94    2.60    1.71    70.1    0.41       4.37             8.89
including        82.95    87.34        4.39     2.05    3.47    2.25    67.0    0.39       6.29             3.73
including        88.50    89.60        1.10     0.23    9.30    6.20   363.0    2.18      13.88             0.94

(1) Metal equivalency is based on $3.62 (U.S.) per pound Cu, $1,888.80 (U.S.) per 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-348 intersected a single, mineralized, fine-grained felsic tuffaceous or sediment unit in the hangingwall of the massive sulphide mineralization from 123.96 to 125.58 metres, grading 0.13 per cent copper, 0.98 g/t gold, 0.65 per cent zinc, 27.3 g/t silver and 0.23 per cent lead (1.45 per cent CuEq). Gold- and silver-rich massive sulphide mineralization was intersected from 125.58 to 128.30 metres, grading 0.95 per cent copper, 8.93 g/t gold, 12.32 per cent zinc, 673.4 g/t silver and 6.64 per cent lead (20.88 per cent CuEq). Stratigraphically beneath the massive sulphide in CURI-348 is a well-mineralized felsic autobreccia in the footwall rocks intersected from 128.30 to 135.10 metres, grading 0.66 per cent copper, 0.22 g/t gold, 5.31 per cent zinc, 20.4 g/t silver and 0.19 per cent lead (2.99 per cent CuEq).


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

CURI-348      123.96   125.58         1.62     0.13    0.98    0.65    27.3    0.23       1.45              0.78
              125.58   128.30         2.72     0.95    8.93   12.32   673.4    6.64      20.88              1.90
including     128.30   135.10         6.80     0.66    0.22    5.31    20.4    0.19       2.99              4.76

(1) Metal equivalency is based on $3.62 (U.S.) per pound Cu, $1,888.80 (U.S.) per 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 National Instrument 43-101 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.

Update on 2021 copper-gold exploration and development plans in Ecuador

As Adventus and Salazar continue their close and successful partnership now in their fourth year, the partners are excited and expect 2021 to include significant milestones for the development of the El Domo copper-gold deposit into a future mine as well as the potential for major new discovery through greenfield exploration at the partners' three projects in Ecuador. The partners are in a strong financial position and expect 2021 development and exploration spending to total approximately $20-million (U.S.), highlighted by the completion of the El Domo copper-gold feasibility study, as well as exploration related activities at the greater Curipamba project and the Pijili and Santiago projects. Below is a summary of key 2021 activities expected for each project.

Curipamba:

  • At El Domo, infill and stepout drilling program to continue and be completed during the first quarter, with continuous drill assay results into the second quarter.
  • Greenfield exploration of the 15 regional targets identified by the partners' detailed target generation initiative (see Dec. 21, 2020, news release) is expected to continue throughout 2021. One drill rig is currently drilling at the La Vaquera target, approximately eight kilometres southwest of El Domo, and is expected to relocate to other targets this year.
  • The draft environmental and social impact assessment on El Domo is under way and expected to be submitted to the government of Ecuador in the third quarter. This will involve community consultation sessions and the results of the continuing environmental monitoring and testing, which are being conducted by the partners and experienced consultants to international best practice standards.
  • The El Domo feasibility study under way is expected to be completed in the second half of 2021 and published in the fourth quarter (see Dec. 2, 2020, news release).
  • During 2021, the partners will be negotiating an investment and exploitation agreement with the government of Ecuador to provide the framework for the construction of El Domo from 2022 to 2023. This is an established and transparent process that facilitated the recent financing and construction of both the Mirador and Fruta del Norte mines in Ecuador.
  • Adventus has already begun discussions with multiple interested parties with project financing options to finance the development of El Domo.

Pijili:

  • One drill rig is currently completing the maiden drill program at the Mercy concession -- one of three concessions that constitute the Pijili project. Drilling for this current program is expected to be completed during the first quarter, with drill assay results to be released when confirmed.
  • Regional prospecting continues on several targets within the Mercy concession as well as the other two concessions located approximately 10 km west of Mercy.

Santiago:

  • Community support, including public health initiatives related to the current pandemic and socialization of the partners' exploration plans for the project are continuing at site.
  • The partners expect to mobilize and commence drilling during the second or third quarter for a minimum 2,500-metre initial drill program.

Over 2021, the partners will provide an update on exploration progress at their three projects on a timely basis. In addition to the three projects, the partners are currently evaluating several other early-stage porphyry projects in Ecuador to potentially acquire into their countrywide exploration alliance.

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.

We seek Safe Harbor.

© 2021 Canjex Publishing Ltd. All rights reserved.