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Salazar Resources and Adventus Mining complete geophysical survey of Curipamba copper-gold project

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Salazar Resources Ltd (CVE:SRL) announced Thursday that it had completed its first helicopter-supported airborne survey over the Curipamba project in Ecuador.

The survey was conducted with Salazar’s partner Adventus Mining Corporation (CVE:ADZN) (OTCMKTS:ADVZF), which has a 75% interest in the copper-gold project.

Curipamba covers 21,537 hectares in the province of Bolivar. Historical work on the project uncovered the high-grade El Domo volcanic massive sulphide deposit in addition to other areas of mineralization.

READ: Salazar Resources expects several drill programs over next year, as it updates on busy first half

Field crews completed over 2,100 line-kilometres over the property, Adventus said in a statement. Data acquired will provide new insight into the geological environment surrounding the El Domo deposit.

Geophysical consultants are analyzing the data to include in a new initiative that will generate new targets at Curipamba and create a priority list ahead of a budgeted 6,000 metre drill program.

Adventus CEO Christian Kargl-Simard said in a release that the goal over the next year is to determine if the new geophysics will unlock new discoveries within the district.

Curipamba is a joint venture between Salazar and Adventus that sees Adventus earn a 75% interest in Curipamba by spending US$25 million over five years, including the completion of a feasibility study by October 2020.

The two companies agreed to extend the feasibility study requirement to October 2021 in order to allow time for additional exploration work for potential new discoveries within the Curipamba district.

A May 2019 preliminary economic assessment on El Domo set a net present post-tax value for the project of US$288 million.

READ THE DEEP DIVE: Salazar Resources shows it’s possible to make exploration a value proposition, even in these tough equity markets

Salazar and Adventus are also working together on other mineral projects in Ecuador, including the Pijili and Santiago projects.

The two explorers also reported that the court in Ecuador denied applications to hold a referendum related to mining activities within the province of Azuay.

The partners said in a statement that they are “pleased” with the outcome and support received by the Ecuadorian government, local communities, local contractors, mining companies, and various associations.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors


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