Adventus Zinc Provides Exploration and Corporate Update Including Start of Geophysical Program at Curipamba Project, Ecuador
TORONTO, ONTARIO--(Marketwired - Oct. 30, 2017) - Adventus Zinc Corporation (TSX VENTURE:ADZN) ("Adventus Zinc" or the "Company") is pleased to announce a general corporate update covering Ecuador, Ireland, Newfoundland and its ongoing zinc-related corporate development activities. The Company remains well financed into 2018 to execute on its strategies.
The transaction with Salazar Resources Ltd. ("Salazar") announced on September 14, 2017 received all regulatory and shareholder approvals, with the effective date being October 5, 2017. Adventus Zinc funded the initial US$250,000 advance payment, and Salazar has executed a geophysical contract with MPX Geophysics Ltd. to complete a 2,400 line-kilometre, heli-borne, time-domain electromagnetic (TDEM) and magnetic survey over the approximately 22,000 ha Curipamba project. This geophysical survey is expected to be completed by mid-November. A drill program will be designed to begin in early 2018, as follow-up to the geophysical survey, targeting new volcanic massive sulphide and precious metals targets; as well as infill drilling at the El Domo deposit that will also provide material for metallurgical testing. Road upgrades, including a road expansion, to the El Domo deposit, are underway.
A 3,867 line-kilometre heli-borne magnetic and TDEM survey (SkyTEM) was completed on Adventus Zinc's Buchans project during the summer of 2017 in accordance to the Phase 1 work program outlined in Adventus Zinc's prospectus for its IPO in February 2017. The geophysical survey has highlighted several conductive targets that are coincident with known base metal occurrences and alteration zones in favourable host rocks that are now considered high priority drill targets. Adventus Zinc' strategy for its projects in Newfoundland and Labrador, which cover 37,000 ha, will be outlined in the Company's 2018 plan and budget. Adventus Zinc acknowledges the financial support of the province of Newfoundland and Labrador under the Junior Exploration Assistance Program.
Adventus Zinc has completed a Phase 1, target generation initiative (TGI), work program on its Lismore project. The TGI, which utilized advanced geochemical and detailed structural-stratigraphic studies, has identified two high-priority areas for Waulsortian-hosted Zn-Pb mineralization. A proposed Phase 2 drilling program will be planned subject to budget approval.
At the Rathkeale project, exploration work programs are ongoing, and focused on detailed structural interpretation of a high resolution 2D seismic survey, and the geochemical discrimination of prospective structures. The Rathkeale project lies along strike to the west of the Tobermalug deposit and Stonepark prospect of Glencore plc and Group Eleven Resources Corp./Connemara Mining Company plc respectively. Geochemical sampling programs have commenced, and focused on the interpreted extensions of prospective structures that are considered to be associated with the Tobermalug deposit and Stonepark prospect, and that trend into Adventus Zinc's Rathkeale block. The objective of the ongoing work, which is expected to be completed by January 2018, is to define drill targets for testing subject to budget approval.
Adventus Zinc's strategy for its projects in Ireland, which cover 192,200 ha, will be outlined in the Company's 2018 plan and budget.
Adventus Zinc continues to work on several additional zinc-related corporate and project transactions globally. Year-to-date, Adventus Zinc has reviewed over 200 global zinc-related opportunities. The Company hopes to announce additional transactions as part of its ongoing zinc-related acquisition strategy over the next 12 months.
The Company has granted 600,000 options to Jason Dunning, VP Exploration, exercisable at $0.93 per share expiring in 5 years, and vesting over a 3‐ year period.
The contents of this news release have been reviewed by Jason Dunning, M.Sc., P.Geo., Vice President Exploration for Adventus Zinc, a Qualified Person, as defined by National Instrument 43-101 (NI 43-101).
About Adventus Zinc
Adventus Zinc is a unique company focused on zinc exploration and project development globally. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP and Resource Capital Funds, as well as other highly respected investors in the mining business. Adventus Zinc currently has large prospective land packages in both Ireland and Newfoundland and Labrador, Canada, and is earning a 75% ownership interest in the Curipamba polymetallic project in Ecuador. In addition, Adventus Zinc has a country-wide generative exploration alliance with its partners in Ecuador. The Company is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN.
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 taken", 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 Zinc expect or anticipate will or may occur in the future. Although Adventus Zinc has 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 Zinc undertakes to update any forward-looking information except in accordance with applicable securities laws.