In September, 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 Project's vast and under-explored 21,500-hectare concession area, while also working on the completion of a feasibility study of the El Domo deposit.
El Domo Deposit
The most recent NI 43-101 El Domo resource released by Salazar consists of an indicated mineral resource of 6.08 Mt grading:
- 2.33% Cu
- 3.06% Zn
- 0.28% Pb
- 2.99 g/t Au
- 55.8 g/t Ag
and an inferred mineral resource of 3.88 Mt grading:
- 1.56% Cu
- 2.19% Zn
- 0.16% Pb
- 2.03 g/t Au
- 42.9 g/t Ag
which can be viewed in the January 16, 2015, "Curipamba Project - El Domo Deposit Amended and Restated Preliminary Economic Assessment Central Ecuador," prepared by Gustavo Calvo Martin, M.Sc.A., P. Geo and Adam Johnston, B. Eng, FAusIMM (the "2015 PEA").
Adventus and Salazar believe significant exploration potential exists to expand the El Domo deposit and to find additional deposits within the greenfield project, which was only discovered in 2008. During 2017, Salazar completed approximately 10,000 m drill program including step-out drilling, highlighted by a step-out hole of 16.6 metres averaging:
- 3.66 g/t Au
- 117.40 g/t Ag
- 4.88% Cu
- 5.36% Zn
- (see Salazar's May 15, 2017 press release)
There are several discrete high priority exploration targets near the El Domo deposit, including an un-drilled 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 ASAP 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.
Adventus and Salazar have also signed an exploration alliance memorandum of understanding ("MOU") to jointly explore for zinc-related deposits in the Republic of Ecuador. The venture is owned 80% / 20% by Adventus and Salazar respectively, with Salazar operating the alliance in Ecuador, while Adventus shall fund commercial activities of new and approved exploration projects up to a construction decision. A steering committee will consist of two representatives from Adventus and one representative from Salazar.
For further information pertaining to the project, terms of the transaction and a detailed Forward-looking statement please view our September 14, 2017 press release.