Curipamba delivers high-grade assays for Adventus and Salazar

Infill drilling from the underground portion of the El Domo volcanogenic massive sulphide deposit in central Ecuador returned 9.46 metres of 7.49% copper, 2.37 grams gold per tonne, 2.93% zinc, 75.4 grams silver and 0.01% for a copper-equivalent grade of 8.83%, owners Adventus Mining (TSXV: ADZN; US-OTC: ADVZF) and Salazar Resources (TSXV: SRL; US-OTC: SRLZF) reported Wednesday.

The deposit, part of the 215-sq.-km Curipamba project, 150 km northeast of the port city of Guayaquil, is owned by Curimining SA. Adventus has earned a 75% stake in Curimining and Salazar retains a 25% carried interest.

Mineralization at El Domo, a flat-lying tabular VMS deposit, starts at 30 metres from surface with dimensions of about 800 by 400 metres.

Highlights from the latest drill results include 4.88 metres of 2.29% copper, 0.88 gram gold, 0.99% zinc, 50.4 grams silver and 0.09% lead (2.96% copper-equivalent) from 245.2 metres in drill hole CURI-404, and 4.74 metres grading 2.84% copper, 0.75 gram gold, 0.06% zinc, 7.8 grams silver, and 0.01% lead (2.37% copper-equivalent) from 201.6 metres in drill hole CURI-402.

Results from the infill drill program will be used to update the underground portion of the resource estimate for El Domo in 2023, the companies say. The updated resource will then be part of a future feasibility study that will integrate the development of a potential underground operation in addition to the planned open pit mine.

In mid-November, Adventus announced that it had awarded the open-pit mining contract for Curipamba to a joint venture between Stracon S.A., a Peruvian mining contractor, and Ripconciv, an Ecuadorian infrastructure construction contractor.

A feasibility study on an open-pit operation at El Domo completed in late October 2021 included an update of El Domo’s total resources (open pit and underground). The pit-constrained resource contains 7.1 million measured and indicated tonnes grading 1.95% copper, 0.27% lead, 2.64% zinc, 2.63 grams gold, and 49 grams silver with an additional 0.3 million tonnes of 0.34% copper, 0.20% lead, 1.01% zinc, 1.34 grams gold and 39 grams silver in the inferred category.

The underground portion of El Domo contains indicated resources of 1.9 million tonnes grading 2.72% copper, 0.14% lead, 2.38% zinc, 1.37 grams gold and 31 grams silver, and inferred resources of 0.8 million tonnes grading 2.31% copper, 0.11% lead, 2.68% zinc, 1.74 grams gold and 29 grams silver.

The 2021 feasibility study was based on El Domo’s open pit proven and probable reserves of 6.48 million tonnes grading 1.93% copper, 0.2% lead, 2.49% zinc, 2.52 grams gold and 46 grams silver, and estimated a 10-year mine life with average annual production of 10,463 tonnes copper and 21,390 tonnes copper equivalent over the life of the mine at C1 cash costs of US$1.14 per lb. copper-equivalent and all-in sustaining costs of US$1.26 per lb. copper-equivalent.

The study forecast an after-tax net present value (8% discount rate) of US$259 million and an internal rate of return of 32%.