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Adventus and Salazar Identify Porphyry System at Pijili Project: Initial Scout Drilling Results Include 65 Metres of 0.44% CuEq and 145 Metres Of 0.30% CuEq

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PR Newswire

TORONTO, Oct. 26, 2020

TORONTO, Oct. 26, 2020 /PRNewswire/ - Adventus Mining Corporation ("Adventus") (TSX-V: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSX-V: SRL) (together the "Partners") are pleased to provide preliminary assay results and an update regarding diamond drilling activities at the Pijili project in southwestern Ecuador's Azuay province. Work has been ongoing as part of a planned 2020 calendar year program that was described in the June 8, 2020 and September 9, 2020 news releases. The Partners are the first explorers to drill test this porphyry copper-gold-molybdenum system and are encouraged by its positive early results.

Highlights

To date, 4,108 metres have been drilled over five wide-spaced drill holes with two drill holes in progress on a previously undrilled new greenfields porphyry copper-gold-molybdenum system;
MERC-001 intercepted 64.60 metres from surface grading 0.11% copper, 0.20 g/t gold, 0.03% molybdenum, and 4.1 g/t silver (0.44% CuEq), including 9.00 metres grading 0.15% copper, 1.15 g/t gold, 0.20% molybdenum, and 21.1 g/t silver (2.04% CuEq);
MERC-002 intercepted 145.22 metres of near surface mineralization grading 0.22% copper, 0.04 g/t gold, 0.01% molybdenum, and 1.0 g/t silver (0.30% CuEq), including 49.10 metres grading 0.27% copper, 0.05 g/t gold, 0.01% molybdenum, and 1.1 g/t silver (0.36% CuEq), and;
Porphyry mineralization discovered in several manual test pits in the Zambohuaycu Norte area and the increase in porphyry-related veining and stronger biotite alteration in hole MERC-005 strengthen drill targeting north and northwest of Zambohuaycu showing.

Jason Dunning, Vice President Exploration of Adventus, stated: "Our technical team is very encouraged by the sulphide mineralization and hydrothermal alteration seen in the first ever drill holes at the Pijili project's Mercy concession. It confirms that our target generation initiative over the last two years has identified an exciting new porphyry copper-gold-molybdenum system. We have only just begun the hunt at this project, and we are looking forward to unlocking the mineral potential with continued drilling. The program has several additional targets yet to drill including but not limited to the Ensalada showing and an interpreted remnant lithocap."

The Pijili project consists of three concessions which total 3,246 hectares located approximately 5 km south of the Chaucha copper-molybdenum deposit controlled by Southern Copper Corporation and 150 km from the major port city of Guayaquil. A location plan map of the Mercy concession, the first concession of Pijili to see drilling, is shown in Figure 1 with collar locations for the drill holes presented in Table 4. Field crews have been mobilized to a second porphyry target within the district and on Pijili's other two concessions to complete geological mapping and geochemistry ahead of potential drilling of this fully permitted target in 2021.

Drilling Results
MERC-001 intersected numerous breccia units at the top of the drill hole (1.40 to 19.85 metres; 34.40 to 40.2 metres; 65.75 to 67.25 metres; and 112.20 to 131.25 metres) within a variably altered quartz diorite intrusion over its 915-metre length. The breccia units at the top of the drill hole were predominantly biotite and chlorite altered and contained visible sulphide mineralization (chalcopyrite, pyrite, ± bornite, and ± molybdenite). The orientation and potential structural control of the hydrothermal breccia units will require additional drilling at this early stage to be determined. The analytical results from MERC-001 are presented in Table 1.

Table 1: Summary of Analytical Results MERC-001

Drill Hole

ARIVA.DE Börsen-Geflüster

Kurse

Salazar Resources

0,073 $

+29,0%

From

(m)

Thickness

(m)

Cu (%)

Au (g/t)

Mo (%)

Ag (g/t)

CuEq⁽²⁾

(%)

Approx. True Thickness (m)

MERC-001

1.40

66.00

64.60

0.11

0.20

0.03

4.1

0.44

(1)

1.40

22.00

20.60

0.18

0.59

0.09

11.5

1.13

(1)

including

1.40

2.65

1.25

0.76

1.00

0.09

20.0

2.15

(1)

including

13.00

22.00

9.00

0.15

1.15

0.20

21.1

2.04

(1)

560.00

562.00

2.00

0.23

0.03

0.01

1.9

0.30

(1)

Notes:

(1)	Due to the early stages of the project and limited geological information, it is impossible to accurately interpret an approximate true thickness
(2)	Copper Equivalency ("CuEq") uses LME long-term metal pricing: Cu (US$3.04/lb), Au (US$1,908/oz), Mo (US$8.90/lb), and Ag (US$24.22/oz)

A current interpretation review of the porphyry system geological framework, hydrothermal alteration, veining and mineralization in MERC-001 to the target generation initiative results suggests the drill hole skirted the northern edge of the hydrothermal breccia system observed in the large surface footprint mapped and exploited by the former artisanal mine within the concession. The technical team is reviewing options for a follow-up drill hole to better evaluate this large known occurrence of mineralized hydrothermal breccia.

MERC-002, drilled 685 metres from MERC-001, successfully intersected mineralized hydrothermal breccia in two intervals from 14.00 metres to 110.70 metres and 113.95 metres to 149.10 metres. These two intervals contain variable concentrations of sulphide mineralization (chalcopyrite, bornite, molybdenite) and display both biotite and chlorite alteration. Below the hydrothermal breccia intervals in MERC-002, weaker intensity sulphide mineralization continues to be noted in both feldspar phyric and hornblende phyric diorite intrusive phases. The analytical results from MERC-002 are presented in Table 2.

Table 2: Summary of Analytical Results for MERC-002

Drill Hole

From

(m)

Thickness

(m)

Cu (%)

Au (g/t)

Mo (%)

Ag (g/t)

CuEq⁽²⁾

(%)

Approx. True Thickness (m)

MERC-002

13.85

159.07

145.22

0.22

0.04

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