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 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 within the Curipamba Project 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 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 in the second 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
Adventus and Salazar also have a country-wide exploration alliance in 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. The board of directors consists of two representatives from Adventus and one representative from Salazar.
To date, Adventus and Salazar have incorporated two exploration projects: Pijili and Santiago, into the exploration alliance. Reconnaissance work at the projects commenced in 2018, with a view to drill initial targets in 2019.