press release

Adventus and Salazar Announce the Remaining Drill Hole Results from Pijili Project, Highlighted by 18.55 Metres Grading 0.99% Copper, 0.25 g/t Gold, 0.03% Molybdenum, 189.8 g/t Silver, and 0.23% Tungsten

2021-04-20

TSX - Toronto Stock Exchange

Canada NewsWire

TORONTO , April 20, 2021 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Partners") are pleased to announce the remaining exploration drilling results from the newly discovered Ensillada copper-gold-molybdenum porphyry system ("Ensillada") located within the 3,246-hectare Pijili project in central Ecuador . The maiden drilling program finished in March 2021 for a total of 7,031 metres on the first of multiple porphyry targets identified in the district (see news releases from June 8, 2020 and April 8, 2021 ). The Ensillada system is approximately 5.0 km south of the Chaucha copper-molybdenum porphyry owned by Southern Copper Corporation.

Highlights :

MERC-011 intersected a high-grade, near-surface silver-tungsten zone over 18.55 metres, grading 0.99% copper, 0.25 g/t gold, 0.03% molybdenum, 189.8 g/t silver and 0.23% tungsten, which overprinted the top of a broader 151.81 metres of porphyry mineralization grading, 0.25% copper, 0.08 g/t gold, 0.01% molybdenum, and 3.2 g/t silver for 0.35% copper equivalent ("CuEq") 10 of 12 drill holes intersected porphyry mineralization greater than 100 metres with mineralized widths ranging between 100 to 424 metres Porphyry mineralization has been traced from the artisanal mine over a 2.0 km strike length to the northwest Fieldwork continues to follow-up the mineralized trend with manual test pitting tracing the surface expression of porphyry mineralization

Jason Dunning , Vice President Exploration of Adventus, stated: " The Pijili project's MERC-011 results come after substantial technical work hunting for the newly discovered Ensillada copper porphyry system over the last two years on our Mercy concession. Porphyry mineralization has been intersected in all our wide-spaced drill holes, so the entire Geology & Exploration team can be extremely proud of this discovery. The results so far are a credit to our district scale approach for the Pijili project and clearly show that our hunt has only just begun, as evidenced by our recent announcement of four new targets on the Rosa de Oro and Carmen de Pijili concessions 8 km to the west of the Ensillada discovery."

Drilling Results Between July 2020 and March 2021 , the Partners completed a total of twelve drill holes on the Mercy concession, all of which hit porphyry-style copper-gold-molybdenum mineralization. Ten of the twelve drill holes intersected greater than 100 metres of porphyry mineralization ranging between 100 to 424 metres. The wide-spaced exploration drilling has traced porphyry-style mineralization approximately 2 km from the artisanal mine site (see June 8, 2020 and October 26, 2020 news release) northwest to the northern Mercy concession boundary.

MERC-011 is located 1.2 km northwest from MERC-002 (which intersected 145.22 metres, grading 0.22% copper, 0.04 g/t gold, 0.01% molybdenum and 1.0 g/t silver for 0.30% CuEq, see October 26, 2020 news release), and about 280 metres south of the northern property boundary. This drill hole yielded the best intercept of porphyry-style mineralization for the project, in an area where manual test pits have defined a large area of copper sulphide minerals in bedrock including chalcopyrite, minor bornite and trace covellite. A total of 125 samples have been collected at the bedrock interface noting that 25 samples had greater than 0.10% copper with 8 of those samples having greater than 0.30% copper. One sample, 61053, located 45 metres northwest of the drill collar for MERC-011, graded 0.94% copper, 0.18 g/t gold, 0.01% molybdenum, and 12.3 g/t silver.

Drill hole MERC-011 was drilled in a northwest orientation and completed at 351.00 metres, intersecting porphyry-style mineralization from surface (0.70 metres) to a depth of 152.51 metres, grading 0.25% copper, 0.08 g/t gold, 0.01% molybdenum, and 3.2 g/t silver (0.35% CuEq). A higher-grade subset occurs from 4.70 to 23.25 metres, grading 0.99% copper, 0.25 g/t gold, 0.03% molybdenum, and 189.8 g/t silver.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)(4)(5)

(%) | W

(%) | Approx. True Thickness (m) | | MERC-011 | 0.70 | 152.51 | 151.81 | 0.25 | 0.08 | 0.01 | 3.2 (5) | 0.35 | - (3) | (1) | | including | 4.70 | 23.25 | 18.55 | 0.99 | 0.25 | 0.03 | 189.8 | - | 0.23 (6) | (1) | | including | 10.28 | 23.25 | 12.97 | 1.16 | 0.30 | 0.03 | 268.0 | - | 0.33 (6) | (1) | | including | 16.30 | 23.25 | 6.95 | 0.76 | 0.13 | 0.03 | 483.7 | - | 0.61 (6) | (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) | Metal equivalency based on US$4.08/lb Cu, US$1,702.80/oz Au, US$12.30/lb Mo, and US$25.27/oz Ag; noting that no adjustments were made in the metal equivalency calculation for metal recovery. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated April 6, 2021. | | (3) | There is no reportable tungsten (W) outside of the higher-grade subset interval of 4.70 to 23.25 metres. | | (4) | Tungsten is not used in any CuEq calculations for MERC-011 or any other drill hole from this program as the high-grade silver-tungsten is an overprint event. | | (5) | Due to the overprinting high-grade silver-tungsten event, silver content for the main porphyry system composite is capped at 20.0 g/t. | | (6) | Composite includes one sample (MC003598) that is reported at upper threshold of 1.00% tungsten and it is still undergoing overlimit testing at laboratory. |

An interesting component of the higher-grade subset interval for MERC-011 is the presence of significantly elevated silver and tungsten, which has not been seen in other completed drill holes. The association of tungsten to the porphyry system in this particular case is unknown at this time but it currently interpreted to be a separate, overprinting mineralizing event to the main Ensillada porphyry system. The tungsten appears to be directly linked to the high-grade silver values, with four samples yielding tungsten values greater than 0.02%, which triggered overlimit testing. The overlimit testing yielded a range of tungsten values from 0.29% to one value greater than 1.00%. The one sample with more than 1.00% tungsten triggered another overlimit test, but results are not available currently. Using available results, the higher-grade subset in MERC-011 has a tungsten grade of 0.23% from 4.70 to 23.25 metres with silver grading 189.8 g/t. Tungsten is commonly found in greisen and skarn systems, occurring mainly as wolframite (iron–manganese tungstate (Fe,Mn)WO 4 , which is a solid solution of the two minerals ferberite FeWO 4 , and hübnerite MnWO 4 ) and scheelite (calcium tungstate (CaWO 4 ). Other tungsten minerals range in their level of abundance from moderate to very rare. No mineralogical work has been done to characterize the tungsten-hosting mineral in MERC-011.

MERC-004 was designed to further evaluate the hydrothermal breccias of the Zambohuaycu showing and those intersected in MERC-002 (see October 26, 2020 news release). Two zones of hydrothermal breccia were intersected from 22.20 to 66.70 metres and from 72.40 to 79.08 metres. Both intervals contain variable concentrations of sulphide mineralization (chalcopyrite, pyrite, ± bornite, and ± molybdenite) and display biotite, chlorite, and sericite alteration. As seen in MERC-002, sporadic sulphide mineralization is present in both the feldspar porphyritic and hornblende porphyritic phases of the diorite intrusion below the upper hydrothermal breccia intervals.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)

(%) | Approx. True Thickness (m) | | MERC-004 | 24.20 | 133.60 | 109.40 | 0.19 | 0.04 | 0.01 | 1.1 | 0.24 | (1) | | including | 40.20 | 91.16 | 50.96 | 0.32 | 0.06 | 0.01 | 1.1 | 0.39 | (1) | | including | 72.15 | 79.08 | 6.93 | 0.77 | 0.16 | 0.01 | 2.4 | 0.92 | (1) |

MERC-005 was drilled from the same platform as MERC-003 and designed to test the area northeast of the Zambohuaycu showing. It intersected three phases of the diorite intrusion, a hornblende phyric phase from 10.50 to 416.55 metres, a feldspar phyric phase from 422.30 to 456.63 metres, and a quartz-rich phase from 463.04 to end of drill hole at 686.40 metres. Hydrothermal breccia was present from 167.15 to 179.75 metres. This drill hole displays stronger hydrothermal alteration and higher aggregate quartz dominant vein content (A-, B-, and AB-type) signatures relative to the prior holes located to the south. The pyrite ratio increases with depth, meaning chalcopyrite decreases and trails off after 500 metres, where pyrite shows a marked increase.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)

(%) | Approx. True Thickness (m) | | MERC-005 | 14.80 | 438.31 | 423.51 | 0.07 | 0.03 | 0.00 | 0.4 | 0.10 | (1) | | including | 103.80 | 191.80 | 88.00 | 0.10 | 0.04 | 0.00 | 0.4 | 0.14 | (1) | | including | 115.85 | 139.15 | 23.30 | 0.15 | 0.06 | 0.00 | 0.7 | 0.21 | (1) | | including | 268.20 | 289.40 | 21.20 | 0.17 | 0.06 | 0.00 | 0.9 | 0.23 | (1) | | including | 281.40 | 283.40 | 2.00 | 0.79 | 0.27 | 0.00 | 3.2 | 0.99 | (1) |

MERC-006 targeted the porphyry-style veining mapped on surface 300 metres northeast of the Zambohuaycu showing and to determine if hydrothermal breccia units could be traced over that distance. The drill hole remained in the hornblende phyric diorite intrusion except for one narrow interval of hydrothermal breccia (30.21 to 32.40 metres) and two magmatic breccia intervals (55.20 to 77.60 and 161.46 to 162.77 metres). Sulphide mineral content in the drill hole is variable, but the drill hole does contain minor chalcopyrite and pyrite mineralization.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)

(%) | Approx. True Thickness (m) | | MERC-006 | 28.55 | 129.10 | 100.55 | 0.08 | 0.03 | 0.00 | 0.3 | 0.11 | (1) | | including | 28.55 | 101.15 | 72.60 | 0.09 | 0.04 | 0.00 | 0.3 | 0.12 | (1) |

MERC-007 targeted the Ensillada showing, 300 metres north of the Zambohuaycu showing. This is an area of extensive quartz dominant stockwork mapped on surface, which is represented in the drill hole in top 175.00 metres with narrow sections having between 10 to 30% veining. Copper sulphide minerals are noted over the entire hole length; however, the pyrite-chalcopyrite ratio remained high across two porphyry-style mineralization intercepts.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)

(%) | Approx. True Thickness (m) | | MERC-007 | 4.80 | 402.19 | 397.39 | 0.09 | 0.04 | 0.00 | 1.0 | 0.13 | (1) | | including | 4.80 | 18.80 | 14.00 | 0.27 | 0.24 | 0.00 | 3.2 | 0.45 | (1) | | | 516.15 | 678.30 | 162.15 | 0.07 | 0.01 | 0.00 | 2.0 | 0.11 | (1) | | including | 569.80 | 570.31 | 0.51 | 0.49 | 0.72 | 0.80 | 253.0 | 5.41 | (1) |

The high-grade silver from 569.80 to 570.31 metres is also associated with zinc mineralization. This interval graded 2.88% zinc over 0.51 metres. It is not uncommon to see such polymetallic veins associated with intrusion-related systems, however, this is the only known zinc occurrence on the Mercy concession.

Following up on MERC-007 and drilling from the same platform, MERC-008 targeted the area between Ensillada and Zambohuaycu showings south of MERC-007. This drill hole intersected numerous intervals of igneous breccia units but importantly hit hydrothermal crackle breccia from 246.00 to 329.50 metres downhole. For the first time, "shingle" or "corn flake breccia" texture has been observed in the drill holes at Mercy concession, with minor chalcopyrite and trace bornite associated. The hydrothermal alteration decreased in intensity with increasing depth.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)

(%) | Approx. True Thickness (m) | | MERC-008 | 5.20 | 399.10 | 393.90 | 0.11 | 0.07 | 0.00 | 0.5 | 0.17 | (1) | | including | 5.20 | 21.25 | 16.05 | 0.25 | 0.21 | 0.00 | 1.8 | 0.40 | (1) | | including | 59.20 | 61.45 | 2.25 | 0.07 | 0.02 | 0.14 | 0.0 | 0.48 | (1) | | including | 276.70 | 327.70 | 51.00 | 0.22 | 0.19 | 0.01 | 0.9 | 0.37 | (1) | | including | 276.70 | 295.36 | 18.66 | 0.31 | 0.32 | 0.01 | 1.3 | 0.55 | (1) | | including | 280.74 | 282.74 | 2.00 | 0.79 | 1.04 | 0.00 | 3.5 | 1.48 | (1) | | including | 313.84 | 327.70 | 13.86 | 0.28 | 0.19 | 0.02 | 1.2 | 0.46 | (1) |

After manual test pits identified widespread porphyry mineralization in Zambohuaycu Norte area, west along Ensillada Ridge (see October 26, 2020 news release), MERC-009 was designed to target copper surficial anomalies associated with the aerially extensive quartz vein stockwork mapped on surface 245 metres southwest of MERC-007 and MERC-008. It is an area of low manganese (Mn) which is a very positive indicator, though centred on a large Magnetic Susceptibility 3D inversion anomaly, likely linked to magnetite in the potassic alteration facies. Drill core logging noted a high percentage of quartz-dominant veining in top 150.00 metres of the drill hole with narrow sections, similar to MERC-007, having a range of 10 to 30% quartz veining a high pyrite to chalcopyrite ratio. Importantly, this is the first drill hole with tonalite, which is a key rocktype at the Chaucha copper-molybdenum deposit, approximately 5 km to the north.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)

(%) | Approx. True Thickness (m) | | MERC-009 | 84.74 | 319.99 | 235.25 | 0.13 | 0.02 | 0.01 | 1.2 | 0.17 | (1) | | including | 216.76 | 258.50 | 41.74 | 0.21 | 0.03 | 0.01 | 2.0 | 0.27 | (1) | | including | 216.76 | 226.58 | 9.82 | 0.32 | 0.03 | 0.01 | 3.1 | 0.40 | (1) | | including | 220.76 | 224.58 | 3.82 | 0.47 | 0.03 | 0.02 | 4.3 | 0.59 | (1) | | | 377.91 | 454.37 | 76.46 | 0.09 | 0.01 | 0.00 | 1.4 | 0.11 | (1) | | including | 434.65 | 440.65 | 6.00 | 0.22 | 0.02 | 0.00 | 4.6 | 0.27 | (1) |

The concept design for the MERC-010 drilling location was to evaluate the rocks beneath an interpreted relict lithocap where quartz pyrophyllite alteration had been mapped on surface. In general, the hydrothermal alteration and general character of the veins was different from the other drill holes in this program, but as the drill hole increased in depth, both biotite and chlorite alteration did increase, which also coincided with a decrease in the pyrite content and a slow increase in chalcopyrite. Copper started to pick up around 227.00 metres downhole, and a thick interval of porphyry mineralization was cored to 540.73 metres. This section of porphyry mineralization was the deepest intercept of the program.

| Drill Hole | From

(m) | To

(m) | Thickness

(m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2)

(%) | Approx. True Thickness (m) | | MERC-010 | 46.77 | 50.77 | 4.00 | 0.10 | 0.08 | 0.00 | 3.6 | 0.19 | (1) | | | 194.17 | 198.16 | 3.99 | 0.08 | 0.04 | 0.01 | 5.1 | 0.17 | (1) | | | 227.00 | 540.73 | 313.73 | 0.08 | 0.03 | 0.00 | 0.7 | 0.12 | (1) | | including | 428.35 | 540.73 | 112.38 | 0.14 | 0.04 | 0.01 | 0.8 | 0.19 | (1) | | including | 502.47 | 509.85 | 7.38 | 0.24 | 0.05 | 0.01 | 1.3 | 0.32 | (1) |

MERC-012 was the final drill hole of the program designed to target the magnetic anomaly at depth under the two small artisanal mining concessions. It was setup 276 metres south of MERC-001 that intersected 64.60 metres, grading 0.1% copper, 0.20 g/t gold, 0.03% molybdenum, and 4.1 g/t silver (see October 26, 2020 news release). The drill hole was terminated at 491.08 metres due to the southern concession boundary to open ground. For the most part, the drill hole remained in hornblende phyric diorite, and only transitioned to quartz diorite at the end of the drill hole.

In terms of hydrothermal alteration, the intensity of alteration in MERC-012 increased downhole, which coincided with an increase in magnetite modal content, thereby suggesting a possible transition towards potassic alteration at depth. Sulphide content generally increased downhole even though like MERC-001 (see October 26, 2020 news release), the only notable porphyry mineralization occurred at the top of the drill hole; however, if not for the concession boundary, the favourable geology and intensifying alteration would have justified pushing the drill hole deeper.

Adventus and Salazar Announce the Remaining Drill Hole Results from Pijili Project, Highlighted by 18.55 Metres Grading 0.99% Copper, 0.25 g/t Gold, 0.03% Molybdenum, 189.8 g/t Silver, and 0.23% Tungsten

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