In September 2017, Adventus entered into an agreement with Salazar Resources Limited ("Salazar") (TSX-V: SRL) whereby Adventus may earn a 75% interest in Salazar's Curipamba Project located in Ecuador by funding exploration and development expenditures of US$25 million over the next five years.
The companies will explore for volcanic massive sulphide ("VMS") as well as hydrothermal gold-silver style deposits within the Curipamba Project's vast and under-explored ~22,000 hectare concession area, while also working on the completion of a feasibility study of the El Domo deposit.
El Domo Deposit
Adventus filed a NI 43-101 report on the Curipamba Project on March 12, 2018, which is available on SEDAR (www.sedar.com). The El Domo resource consists of an Indicated Mineral Resource of 8.8 Mt grading:
- 1.62% Cu
- 2.34 g/t Au
- 2.42% Zn
- 0.27% Pb
- 48 g/t Ag
and an Inferred Mineral Resource of 2.6 Mt grading:
- 1.29% Cu
- 1.09 g/t Au
- 1.51% Zn
- 0.14% Pb
- 29 g/t Ag
The NI 43-101 Technical Report was authored by Independent Qualified Person Dr. Lars Weiershäuser, P.Geo., of Roscoe Postle Associates Inc. (based in Toronto, Ontario, Canada), who is a Qualified Person as defined by NI 43-101. The Mineral Resource estimate has been classified in accordance with CIM Definition Standards – For Mineral Resources and Mineral Reserves (May 14, 2014), and the NI 43-101 Technical Report was prepared pursuant to CIM Definition Standards – Standards of Disclosure for Mineral Projects (May 9, 2016).
Adventus and Salazar believe significant exploration potential exists to expand the El Domo deposit as well as to find additional deposits within the greenfield Curipamba Project, which was only discovered in 2008. To date, approximately 50,000 metres of drilling has been completed on El Domo. The 2018 infill drilling program as recommended by the Roscoe Postle report has yielded some of the highest grade drill results globally, which include:
- 8.16 metres of 2.17% copper, 19.67 g/t gold, 23.17% zinc, 229.0 g/t silver, 4.01% lead (~28.4% CuEq1), including: 3.71 m of 3.00% copper, 36.55 g/t gold, 32.17% zinc, 411.3 g/t silver, 6.80% lead (~47.0% CuEq1) – CURI-285
- 9.98 metres of 2.58% copper, 11.48 g/t gold, 22.72% zinc, 265.8 g/t silver, 2.73% lead (~23.1% CuEq1), including: 5.09 m of 2.67% copper, 21.59 g/t gold, 38.46% zinc, 338.8 g/t silver, 5.32% lead (~37.9% CuEq1) – CURI-272
- 4.58 metres of 5.29% copper, 19.60 g/t gold, 31.75% zinc, 364.2 g/t silver, 2.88% lead (~35.9% CuEq1) – CURI-278
- 32.43 metres of 4.40% copper, 1.29 g/t gold, 1.84% zinc, 13.3 g/t silver, 0.09% lead (~6.2% CuEq1), including: 19.41 m of 7.00% copper, 1.61 g/t gold, 3.00% zinc, 18.4 g/t silver, 0.14% lead (~9.5% CuEq1) – CURI-266
There are several discrete high priority exploration targets near the El Domo deposit, including a 15 metre channel sample of 39 g/t Au and 741 g/t Ag (see Salazar's April 25, 2007 press release).
A detailed airborne geophysical program on the full land package is intended to commence in the fourth quarter of 2018 and will be the first time the project area has been the subject of a modern geophysical survey highlighting the true under-explored nature of this prospective belt.
Exploration Alliance Agreement
In addition the Curipamba Project, Adventus and Salazar have furthered their partnership by forming a country-wide exploration alliance in Ecuador. The Adventus (80%) and Salazar (20%) joint venture aims to apply the Salazar team's history of exploration success and local know-how in Ecuador, while Adventus shall fund activities of new and approved exploration projects up to future construction decisions. The joint venture is managed by a steering committee board, which consists of two representatives from Adventus and one representative from Salazar.
To date, Adventus and Salazar have incorporated two greenfield exploration projects into the exploration alliance: Pijili and Santiago. Reconnaissance work at the projects has commenced in 2018, with plans to drill initial targets in 2019.
1 Cu $3.25/lb, Zn $1.30/lb, Pb $1.10/lb, Ag $23/oz, Au $1,500/oz.