TORONTO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Adventus Zinc Corporation (“Adventus”) (ADZN.V) and Salazar Resources Limited (“Salazar”) (SRL.V) are pleased to announce the commencement of drilling at the 21,537-hectare Curipamba project located in Ecuador (“Curipamba Project”), as part of a fully funded approximately US$7 million program for 2018. Adventus entered into a definitive option agreement, whereby it may earn a 75% interest in the Curipamba Project by spending US$25 million over five years (see September 14, 2017 joint news release).
Perforaciones Andesdrill S.A. of Quito, Ecuador, a wholly-owned subsidiary of Salazar, has been contracted to conduct the 2018 drill program and equipment to support two drill rigs that have been mobilized to the Curipamba Project site. Adventus and Salazar expect a minimum 18,000 metres of drilling at the Curipamba Project will be completed in 2018. All surface exploration activities are well supported by Salazar’s existing infrastructure.
The first drill holes of 2018 are positioned to test the favourable volcanic strata between El Domo volcanogenic massive sulphide deposit (“El Domo”) and the El Gallo target; which is located approximately 420 metres to the south. Additional information on the El Gallo target can be found in the January 11, 2018 joint news release.
A second key area for drilling in the 2018 work plan will be infill, definition drilling for El Domo. Drill holes will be planned after receipt of an update of the NI 43-101 Mineral Resource for El Domo, which will be available shortly. The drill core from the infill drill program will be utilized in a metallurgical program that is anticipated to start in the second half of 2018.
The third key area that will see drilling activities in 2018 are the numerous, previously known, base and precious metal-rich regional targets at Curipamba Project in addition to El Gallo, as described in the January 11, 2018 joint news release. This includes, but is not limited to Cade, Cade 1, Cade Sur, Roble, Roble 1, Roble Este, Sesmo, Sesmo Sur, Agua Santa, and La Vaquera. An airborne electromagnetic, geophysical survey is planned for 2018, and its results will be used as a guide for regional drilling, as well as to generate new regional reconnaissance targets. Salazar crews have commenced surface exploration work to ready the Sesmo target for drilling in February.
For the purposes of this news release, Mr. Jason Dunning, M.Sc., P.Geo., Adventus’ Vice President Exploration is the designated non-Independent Qualified Person, and he has reviewed, and approved the technical contents of this press release.
About Adventus
Adventus is a well-financed and 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 currently has large prospective land packages in both Ireland and Newfoundland and Labrador, Canada, and is earning a 75% ownership interest in the Curipamba copper-gold-zinc project in Ecuador. In addition, Adventus has a country-wide generative exploration alliance with its partners in Ecuador. Adventus is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN.
About Salazar
Salazar is a publicly-listed mineral resource company engaged in the exploration and development of new highly prospective areas in Ecuador. Led by a senior Ecuadorian management team and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador, including Aurelian's Fruta Del Norte discovery, Mozo Deposit, Ex Newmont's Cangrejos Project and International Minerals Rio Blanco and Gaby Deposit. Being an Ecuadorian-based company gives the Company a strategic advantage enabling the Company to complete exploration at a rapid pace. With an excellent property portfolio (6 projects – 33,383 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador.
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.
Forward-looking Statement
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 and Salazar expect or anticipate will or may occur in the future. Although Adventus and Salazar 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 and Salazar undertakes to update any forward-looking information except in accordance with applicable securities laws.
For further information from Adventus, please contact Christian Kargl-Simard, Chief Executive Officer, at 1-416-230-3440 or christian@adventuszinc.com.
For further information from Salazar, please contact ir@salazarresources.com.