Adventus and Salazar provide Santiago project update and plans for drilling in 2020
TORONTO, June 15, 2020 /CNW/ - Adventus Mining Corporation ("Adventus") (TSX-V: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSX-V: SRL) (together the "Partners") are pleased to announce that with the Pijilí project mobilization now commenced, the exploration team has started preparations and planning for the commencement of work on the Santiago project ("Santiago"), which contains a potential porphyry copper-gold system and an epithermal target area. Santiago consists of a single concession, which totals 2,350 hectares and is located approximately 37 km north of the city of Loja in Loja province in southcentral Ecuador. The project is controlled by the Partners in a joint venture that is 80%-owned by Adventus and 20%-owned by Salazar. Explorers and project developers in the direct vicinity include groups such as the Newcrest Mining Limited-Cornerstone Capital Resources Inc. joint venture and SolGold plc.
Principal target is a large prospective porphyry (3,000 by 2,000 metre) with coincident prospective geology, a wide-spread hydrothermal alteration footprint, an extensive gold and copper surficial geochemistry anomaly, and a coincident airborne MobileMT geophysical anomaly
Secondary target is an epithermal target area denoted by a swarm of mineralized veins and breccia units
Historical drilling results include:
FUD-01 intersected 323.09 metres of 0.23% copper and 0.40 g/t gold for 0.65% CuEq
FUD-02 intersected 267.80 metres of 0.24% copper and 0.43 g/t gold for 0.70% CuEq, including a higher-grade subinterval that intersected 170.95 metres of 0.33% copper and 0.55 g/t gold for 0.91% CuEq
FUD-09 intersected 295.17 metres of 0.22% copper and 0.20 g/t gold for 0.42% CuEq, including a higher-grade subinterval that intersected 67.86 metres of 0.79% copper and 0.27 g/t gold for 1.06% CuEq
Historical rock chip sampling results from veins and breccia units include:
Española Vein – 2.0 metres grading 28.10 g/t gold and 231.0 g/t silver; 1.0 metre grading 26.00 g/t gold and 242 g/t silver; 1.0 metre grading 18.2 g/t gold and 252 g/t silver; and 1.0 metre grading 4.8 g/t gold and 442.0 g/t silver
Minimum 3,000 metre drilling program is being planned for second half of 2020
Sampling results and figures referenced in this news release are available on the Adventus website: http://adventusmining.com/projects/santiago
The 2020 exploration program at Santiago will consist of two components: (1) Technical teams will first focus on field work for validation of historical results to finalize target generation for drilling in conjunction with the airborne MobileMT geophysical results, and (2) drilling will be undertaken to both confirm historical drilling results and to test the possible depth extent of this intrusion-related system. A field work program and drilling budget for a minimum 3,000 metres is being planned to the end of 2020. The Partners will adapt their detailed health and safety protocols for novel coronavirus enacted for the Pijilí project (see June 8, 2020 news release) when field work at Santiago begins in the second half of 2020.
Jason Dunning, Vice President of Exploration for Adventus, stated: "We have been eagerly working towards and anticipating the start of drilling on the Santiago project since it joined the exploration alliance portfolio in 2018. With the completion of the airborne MobileMT geophysical survey in 2019, our level of excitement has only risen, as it has given us a never before seen deep, 3D view into geological framework hosting two very prospective intrusion-related targets. One is a large porphyry copper-gold target and the other is an epithermal target that has never seen drilling. The second half of 2020 is going to be very exciting for Adventus and Salazar."