Highlights
- 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 Exploration History
Exploration field work has a long history at
An intrusive rock that was hosted in acid volcanic rocks with mineralized vein with gold, silver, and minor zinc and lead values was identified and mapped at Fierro Urco (Figure A). The vein was considered to be potentially fringe mineralization to a porphyry copper system, as suggested by the copper-molybdenum stream sediment anomaly. Follow-up field work and target generation continued through
Prospection conducted exploration activities between 1971 and 1981, which included regional prospecting, geochemical studies, and a ground magnetometer survey that led to a drilling program totaling 2,137 metres in 11 drill holes (Figure B). Notable drill results of this historical drilling program are presented in Table 1. Drill collar location information is presented in Table 3. No further work was completed by Prospection after completion of the drilling program.
Table 1: Historical Prospection Drilling Results
Drill Hole | From | To | Thickness | Cu | Au | Approx. True |
M01 | 43.58 | 80.77 | 37.19 | 0.18 | - | N/A |
M06 | 99.36 | 109.42 | 10.06 | 0.21 | - | N/A |
M07 | 33.53 | 124.97 | 91.44 | 0.16 | - | N/A |
M08 | 85.34 | 327.76 | 242.48 | 0.23 | 0.3* | N/A |
M09 | 31.56 | 151.79 | 120.21 | 0.26 | 0.3* | N/A |
M10 | 3.96 | 151.17 | 147.21 | 0.36 | 0.3* | N/A |
M11 | 3.66 | 185.93 | 182.27 | 0.12 | 0.3* | N/A |
Notes: | |
(1) | The results in Table 1 represent currently available historical data for assay results and intersection lengths. The Partners have not verified the data and investors should not place undue reliance on the data. The Partner's future exploration work programs will include verification of historical data. |
(2) | No original drill core and records are available for Prospection drilling; however, it is summarized in a |
(3) | Drill holes M2, 3, 4, and 5 did not yield significant results |
(4) | Gold assay results (*) appear to report below detection limits (0.3 g/t gold) or were not assayed for (-) |
(5) | It is unclear what QAQC measures Prospection undertook, but it is believed industry best practices of the time were observed in sample collection and analysis |
(6) | The approximate true thickness cannot be estimated, as this is an early stage project |
Upon expiry of the 10-year concession to Prospection in 1981, a contract was signed between PREDESUR (
Newmont optioned the project and their work programs between 1993 and 1994 focused around a Yanacocha-style deposit model for discovery of an epithermal system. Their focus was the Fierro Urco area after optioning the project from Ag Armeno. Field work defined a 2,200 by 600 metre gold rock chip anomaly greater than 100 ppb gold that had four areas of greater than 250 ppb gold. This target was developed from 244 rock chip samples and a further 1,564 rock/saprolite soil samples over a 2,200 by 1,500 metre area. It was noted that 22 of 1,564 rock/saprolite soil samples were greater than 1,000 ppm gold and large areas of copper and zinc anomalism (Figure C).
Ground geophysical surveys defined an IP chargeability-resistivity anomaly partially coincident with the rock chip geochemical anomaly from approximately 172 line-kilometres of data acquisition. A ground magnetometer survey was also completed over a larger area (3,200 by 2,700 metres) and it appears to show a northwest to southeast structural lineation that perhaps mimics the trend of the gold anomalism in the surficial environment.
Geological and hydrothermal alteration mapping used terminology from the Yanacocha deposit and resulted in a large area described as quartz-alunite alteration in hydrothermal and phreatic breccia units hosted in intermediate to felsic volcanic rocks displaying spherulitic, devitrification textures (Figures D and E). A 4,587.55-metre drilling program was undertaken over 23 drill holes with an average depth of 200 metres (Figure B) targeting the coincident gold rock chip and IP chargeability-resistivity anomaly.
Wide intercepts of low-grade copper and gold were intersected, but in Newmont's interpretation, it did not constitute a Yanacocha-style system. Significant results from this historical drilling program are presented in Table 2. Drill collar location information is presented in Table 3.
Table 2: Historical Newmont Drilling Results
Drill Hole | From | To | Thickness | Cu (%) | Au (g/t) | CuEq(4) | Approx. True |
FUD-01 | 0.61 | 323.70 | 323.09 | 0.23 | 0.40 | 0.65 | N/A |
Including | 127.65 | 138.45 | 10.80 | 0.58 | 0.40 | 1.01 | N/A |
Including | 188.65 | 209.90 | 21.25 | 0.65 | 0.18 | 0.83 | N/A |
FUD-02 | 32.20 | 300.00 | 267.80 | 0.24 | 0.43 | 0.70 | N/A |
Including | 129.05 | 300.00 | 170.95 | 0.33 | 0.55 | 0.91 | N/A |
FUD-07 | 1.52 | 300.22 | 298.70 | 0.08 | 0.17 | 0.25 | N/A |
FUD-08 | 3.05 | 300.23 | 297.18 | 0.12 | 0.23 | 0.37 | N/A |
Including | 158.68 | 169.16 | 12.48 | 0.61 | 0.27 | 0.89 | N/A |
FUD-09 | 5.06 | 300.23 | 295.17 | 0.22 | 0.20 | 0.42 | N/A |
Including | 152.59 | 300.23 | 147.64 | 0.41 | 0.21 | 0.64 | N/A |
Including | 213.39 | 281.25 | 67.86 | 0.79 | 0.27 | 1.06 | N/A |
FUD-10 | 2.12 | 199.61 | 197.48 | 0.10 | 0.17 | 0.28 | N/A |
Including | 74.11 | 199.61 | 125.50 | 0.14 | 0.21 | 0.36 | N/A |
FUD-11 | 181.36 | 300.22 | 118.86 | 0.18 | 0.12 | 0.31 | N/A |
Including | 240.37 | 298.02 | 57.65 | 0.28 | 0.14 | 0.43 | N/A |
FUD-15 | 1.22 | 72.28 | 71.06 | 0.09 | 0.39 | 0.50 | N/A |
Including | 24.67 | 33.95 | 9.28 | 0.05 | 1.49 | 1.62 | N/A |
FUD-16 | 29.75 | 140.29 | 110.54 | 0.09 | 0.31 | 0.42 | N/A |
Including | 44.53 | 55.68 | 11.15 | 0.31 | 1.10 | 1.47 | N/A |
FUD-17 | 2.43 | 150.00 | 147.57 | 0.20 | 0.23 | 0.44 | N/A |
FUD-18 | 10.97 | 106.87 | 95.90 | 0.07 | 0.39 | 0.48 | N/A |
Including | 34.33 | 59.26 | 24.93 | 0.06 | 0.91 | 1.02 | N/A |
FUD-19 | 3.04 | 115.82 | 112.78 | 0.08 | 0.18 | 0.27 | N/A |
FUD-21 | 3.65 | 94.48 | 90.83 | 0.15 | 0.25 | 0.41 | N/A |
FUD-23 | 53.75 | 400.50 | 346.75 | 0.12 | 0.23 | 0.37 | N/A |
Notes: | |
(1) | The results in Table 2 represent currently available historical data for assay results and intersection lengths. The Partners have not verified the data and investors should not place undue reliance on the data. The Partners' future exploration work programs will include verification of historical data. |
(2) | No original drill core and records are available for Newmont drilling; however, it is summarized in a |
(3) | Drill holes FU-03, 04, 05, 06, 12, 13, 14, 20, and 22 did not yield significant results |
(4) | Metal equivalency based on |
(5) | It is unclear what QAQC measures Newmont undertook, but it is believed industry best practices of the time were observed in sample collection and analysis |
(6) | The approximate true thickness cannot be estimated, as this is an early stage project |
Newmont returned the property to Ag Armeno and
Salazar announced the acquisition of Mariana in 2010, which included ownership of
Española Vein: (up to 3 metres width)
- 2.0 metres @ 28.10 g/t gold and 231.0 g/t silver
- 1.0 metre @ 26.00 g/t gold and 242.0 g/t silver
- 1.0 metre @ 18.20 g/t gold and 252.0 g/t silver
- 1.0 metre @ 4.80 g/t gold and 442.0 g/t silver
Structure Quartz-Tourmaline: (3 metres width)
- 1.9 metres @ 1.19 g/t gold, 14.3 g/t silver and 0.03% molybdenum
- 3.3 metres @ 0.59 g/t gold, 36.6 g/t silver and 0.04% molybdenum
- 1.0 metre @ 1.29 g/t gold and >100 g/t silver
- 1.0 metre @ 1.65 g/t gold and >100 g/t silver
Structure F.U.: (1.5 metres width)
- 1.4 metre @ 4.80 g/t gold and 378.0 g/t silver
- 1.2 metres @ 6.40 g/t gold and 136.0 g/t silver
- 1.2 metres @ 4.20 g/t gold and 183.0 g/t silver
Advancing
In 2018, Adventus entered into a definitive agreement with Salazar to include
The principal target area at
Qualified Persons, Technical Information, and Quality Control & Quality Assurance ("QAQC")
The
About Adventus
About Salazar
Neither the
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 have 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 undertake to update any forward-looking information except in accordance with applicable securities laws.
Table 3: Historical Drill Collar Information for Prospection and Newmont Drill Holes
Hole ID | EAST | NORTH | ELEV (m) | AZIMUTH | DIP | DEPTH (m) |
FUD-01 | 683550 | 9591687 | 3700 | 0 | -55 | 323.70 |
FUD-02 | 683619 | 9591627 | 3652 | 0 | -45 | 300.00 |
FUD-03 | 683754 | 9591493 | 3701 | 0 | -45 | 155.50 |
FUD-04 | 683757 | 9591555 | 3699 | 0 | -45 | 140.20 |
FUD-05 | 684218 | 9591644 | 3620 | 0 | -45 | 125.00 |
FUD-06 | 683852 | 9591869 | 3657 | 0 | -45 | 150.60 |
FUD-07 | 683427 | 9591902 | 3681 | 0 | -45 | 300.20 |
FUD-08 | 683429 | 9591756 | 3680 | 0 | -45 | 300.30 |
FUD-09 | 683439 | 9591628 | 3664 | 0 | -45 | 300.20 |
FUD-10 | 683524 | 9591634 | 3652 | 0 | -55 | 199.60 |
FUD-11 | 683376 | 9592012 | 3689 | 0 | -45 | 300.20 |
FUD-12 | 683849 | 9591800 | 3673 | 0 | -55 | 150.00 |
FUD-13 | 683999 | 9591801 | 3674 | 0 | -55 | 150.00 |
FUD-14 | 684241 | 9591813 | 3620 | 0 | -50 | 57.30 |
FUD-15 | 683588 | 9591276 | 3595 | 180 | -50 | 72.30 |
FUD-16 | 683475 | 9591326 | 3608 | 180 | -50 | 144.60 |
FUD-17 | 683727 | 9591035 | 3560 | 0 | -45 | 150.00 |
FUD-18 | 683897 | 9591056 | 3575 | 0 | -45 | 130.00 |
FUD-19 | 683567 | 9591844 | 3695 | 0 | -45 | 115.80 |
FUD-20 | 683227 | 9592313 | 3709 | 0 | -45 | 127.10 |
FUD-21 | 683677 | 9591765 | 3695 | 180 | -70 | 94.50 |
FUD-22 | 683525 | 9591522 | 3625 | 45 | -70 | 400.00 |
FUD-23 | 683497 | 9591442 | 3600 | 45 | -70 | 400.50 |
M01 | 683841 | 9591557 | 3710 | 0 | -90 | 80.77 |
M03 | 684043 | 9591756 | 0 | -90 | ||
M04 | 683852 | 9591782 | 3673 | 0 | -90 | 210.00 |
M05 | 683848 | 9592059 | 3640 | 0 | -90 | 125.00 |
M06 | 683851 | 9592241 | 3603 | 0 | -90 | 109.42 |
M07 | 683856 | 9591437 | 3708 | 0 | -90 | 124.97 |
M08 | 683779 | 9591006 | 3565 | 0 | -90 | 327.76 |
M09 | 683880 | 9590858 | 0 | -90 | 151.79 | |
M10 | 683771 | 9590895 | 3500 | 0 | -90 | 151.17 |
M11 | 683649 | 9590902 | 0 | -90 | 185.93 |
Notes: | |
(1) | UTM Datum (Provisional South American 1956, Zone 17) |
(2) | The drill collar locations in Table 3 represent currently available data from historical records. The Partners have not verified the data and investors should not place undue reliance on the data. The Partners' future exploration work programs will include verification of all drill collar locations. |
(3) | There are no drill records for M-series historical drill collar locations for Prospection, so there is neither elevation nor depth information available for M03. Similarly, there is no elevation for M09 and M11. A summary was provided in the Mineral Climax del Ecuador, |
(4) | Drill collar location survey information needs to be verified in the field with GPS |
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