TORONTO, Dec. 3, 2021 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSXV: ADZN) (OTCQX:
ADVZF) is pleased to announce the commencement of exploration scout
hole drilling on its Rathkeale block in County Limerick in the Republic of Ireland. The work is being done
under the earn-in agreement with a wholly owned subsidiary of
South32 Limited ("South32"), which has a right to acquire a 70%
interest in the Kingscourt, Rathkeale and Fermoy blocks, which are
100% owned by Adventus through its wholly owned subsidiary,
Adventus Zinc Ireland Limited ("AZIL"). These three project areas
encompass 1,277 km2 of favourable strata known to host
Irish-type zinc-lead-silver systems. South32 is required to fund
EUR 3,500,000 in exploration on the
three blocks over a four-year period with AZIL acting as operator
during the earn-in period (see January 13,
2020, news release).
Highlights:
- Seven targets have been selected for the initial phase of
exploration scout hole drilling on the Rathkeale Block. These
targets build on work carried out on the Rathkeale Block by
Adventus to date and have been refined by selected geochemical and
geophysical fieldwork carried out in the period since April 2020.
- A total of 5,000 metres of drilling is planned to target the
prospective base of Waulsortian limestone for zinc-lead
mineralization. The first hole 21-3368-01 on the Killeen target
collared in late November 2021 and is
targeted at the hanging wall of the GB fault.
- Phase 1 drill holes are targeted in areas with limited drill
testing to the base of Waulsortian Reef with targeting based on
prospective geochemistry and structural-stratigraphic setting.
- In addition to testing robust exploration targets, Phase 1
drilling will provide an essential test of the block structural
interpretation, interpretation of seismic data and of the
combination of exploration techniques deployed on the block in the
2020-2021 period.
- Phase 1 scout hole drilling will include a down-hole
geophysical component to allow calibration of Adventus's seismic
databases, as well as available ground magnetic and
magneto-telluric (MT) data, and Tellus airborne magnetics and EM
data.
- Drilling of initial two scout holes (Julianstown and
Marvelstown) on the Kingscourt block was completed successfully.
The drill holes validate the geological model of this part of the
basin, indicating a well-developed target horizon (Pale Beds) and
prospective lithogeochemistry to aid further targeting.
Rathkeale Block Geology
The Rathkeale Block consists
of a total of eight contiguous prospecting licences covering an
area of approximately 255 km2 of prospective ground for
base of Waulsortian Zn-Pb mineralization in west County Limerick. The block lies immediately
west of Glencore's Tobermalug deposit (1) (45.4 Mt
inferred mineral resources grading 7% zinc and 1% lead), and Group
Eleven's Pallas Green West and Stonepark projects. The rocks
underlying the Rathkeale Block are primarily Lower Carboniferous in
age. The geological history of the area progressively records the
early Carboniferous marine transgression across the Old Red
Sandstone continent, development of Viséan basin and shelf
palaeoenvironments and later deposition of the late Namurian strata
of the Newcastle West area. Historical drilling and geological
interpretation suggest that the Rathkeale syncline is a complex of
half graben structures associated with a series of ENE trending,
Early Carboniferous extensional faults. Thick breccias and
conglomerates along with associated alteration including
dolomitization and black matrix breccia have been intersected in
historical drilling on this zone. This polymict sequence of
Rathkeale Limestone and Waulsortian Mudbank clasts indicates large
scale faulting following the initial deposition of the Waulsortian.
Regional extension was accompanied by gravitational collapse and
excavation of footwall scarps during Chadian to Arundian; a similar
age to that recognized in the north Dublin Basin and more significantly coeval
with development of the Boulder Conglomerate at Navan.
(1) Glencore
Resources & Reserves (as of 31 December 2020);
https://www.glencore.com
|
Rathkeale Block Target Refinement
Over the last
year, the target generation compilation was updated to include all
the new exploration data being collected over the Rathkeale Block.
Large datasets for surficial geochemistry (including soil and
lithogeochemical samples), historical drilling, historical
geophysical studies (gravity, magnetics, electromagnetic) and
geological mapping were incorporated and developed into working
models. Each target that was developed required rock exposures to
be checked and mapped; however, high-priority areas had a
combination of geochemical & geophysical techniques were
applied (ionic leach soils, SGH, ground MT) to further enhance
target refinement for drilling.
To visualize the Rathkeale geological and structural framework,
detailed cross-sections using historical drill hole and recent
seismic information were constructed and digitized. These
cross-sections were then added to a Leapfrog Geo 3D model that was
developed for visualization of all target generation initiative
("TGI") datasets. This 3D model allows for enhanced target
selection in the 3D environment, notably for drill hole planning. A
key component of the Phase 1 scout hole drilling at Rathkeale is
the refinement and verification of the current geological and
structural interpretation, which will lead to the overall
enhancement of target evaluation. The seven Phase 1 scout hole
drill targets were selected due to a combination of pre-existing
targeting utilising 2017 seismic data, updated
structural-stratigraphic targeting, historical mineral occurrences
without base of Waulsortian test current geochemical-geophysical
targeting.
The first drill hole in the program, collared in late
November 2021 is drilling on the
Killeen target in licence PLA 3368. The Killeen target is in the
hanging wall of the GB fault, close to an original 2018 seismic
target (Attyflin). This scout hole is aimed at targeting at an area
of anomalous LGC (hydrothermal pyrite & barite signature), a
conductive feature identified in the ground MT survey in the HW of
a key structure on the block and at providing essential geological
context. The siting of the hole, 1.5 km from the seismic line
ADV17-01 will allow the collection of downhole velocity data which
is the next key step in the interpretation of seismic data.
Additionally, the hole will act as a test of the use of the MT
method as a subsurface interpretation tool in this environment.
Kingscourt Drilling Update
Two holes 21-3609-01 and
21-3732-01 were completed in mid-2021 on the Marl Hill
(Julianstown) and Marvelstown targets respectively described in the
May 6, 2021, news release. Although
only trace levels of zinc-lead mineralization were intersected in
each drill hole, the key target horizon, known as the Pale Beds,
was present and well developed, which confirmed modeling. The
presence of slumped sedimentary breccias at Mark Hill in drill hole
21-3609-01 further enhances the prospectiveness of the target
area.
The pXRF data collected on drill core indicates elevated base
metal concentrations in the Micrite Unit that appears to be the
most prospective assemblage intersected in 21-3732-01. The pXRF
data also indicates a greater degree of hydrothermal alteration in
this part of the basin denoted by hydrothermal dolomite signatures
(with enrichments in manganese, iron, and magnesium). The profiles
of the Pale Beds in 21-3732-01 show a broad pattern of
mineralization and alteration, with a galena dominant signature
towards the base of the Pale Beds and sphalerite mineralization at
a higher elevation. Both weakly mineralized zones are
interpreted as fault-controlled mineralization with the lower zone
being more sulphide deficient (lead and barium enriched), whereas
the higher zone having formed in a more reduced environment leading
to low arsenic pyrite, low cadmium sphalerite, more sphalerite
formation relative to galena with associated dolomitization.
With these two drill holes, only a very small portion of the
prospective area from the Kingscourt Fault east along the broad
hanging wall of the Ardee Moynalty Fault Zone has been tested. This
area is thought to be a compartmentalized basin that has a large
area of untested prospective ground yet to be drilled. A key area
of interest is the Marvelstown to the Kingscourt Fault area where
pXRF data indicates a greater degree of hydrothermal activity. The
use of innovate processing of pXRF data to model stratigraphy has
confirmed the absence of an approximate 60
m section of the ABL in 21-3609-01, which is observed both
in drill core and in chemical profiles.
Next Steps
Adventus and South32 plan to continue with
drilling the remaining scout hole targets on the Rathkeale Block,
as each target is considered stand-alone. Key targeting information
derived from the completion of the current drill hole on the
Killeen target will be incorporated into the Rathkeale TGI, and the
geological and geophysical modelling will be updated using the
downhole data obtained, with future drill planning adjusted
accordingly. The technical team is also continuing to work on the
remaining Kingscourt targets and assessing follow up drilling based
upon results from the first two drill holes. Additional drilling at
Kingscourt is expected in the first half of 2022.
Geochemical sampling is ongoing on the Fermoy block with results
expected in Q1 2022 for incorporation into the Fermoy TGI with
detailed follow up to be carried out ahead of developing targets
for drilling in the second half of 2022; however, it should be
noted that five new prospecting licenses have now been issued for
the Fermoy block totalling 122km2, expanding the
coverage over prospective lands with field work commencing in
2022.
Technical Information and Quality Control & Quality
Assurance ("QAQC")
Project work in Ireland is being managed and reviewed by Vice
President of Exploration for Adventus, Jason Dunning, M.Sc., P.Geo., a Qualified Person
within the meaning of NI 43-101, who has also reviewed and approved
the technical and scientific information of this news release as
accurate. Technical staff collect and process samples that are
securely sealed and shipped to ALS Global ("ALS") in Loughrea,
Ireland for sample preparation
that includes crushing and milling to prepare pulps that are then
split for analysis. All assay data have undergone internal
validation of QAQC; noting there is an established sampling control
program with blind insertion of assay blanks, certified industry
standards and sample duplicates for the project. A QAQC program is
also in place at ALS and includes insertion of blanks, standards,
and duplicate reanalysis of selected samples. ALS' quality system
complies with the requirements for the International Standards ISO
9001:2000 and ISO 17025: 1999. At ALS, elements are analyzed using
a 48-element 4 acid digestion with ICP-MS technique with overlimit
testing in place using ore grade methodologies, also with 4 acid
digestion.
Qualified Person
The technical information of this
news release has been reviewed and verified as accurate by Mr.
Jason Dunning, M.Sc., P.Geo., Vice
President Exploration for Adventus, a non-Independent Qualified
Person, as defined by NI 43-101.
About Adventus
Adventus Mining Corporation is an
Ecuador focused copper-gold
exploration and development company. Its strategic shareholders
include Altius Minerals Corporation, Greenstone Resources LP,
Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is advancing the Curipamba
copper-gold project through a feasibility study, while continuing
to explore the broader 215 square kilometre district. In addition,
Adventus is engaged in a country-wide exploration alliance with its
partners in Ecuador, which has
incorporated the Pijili and Santiago copper-gold porphyry projects to
date. Adventus also controls an exploration project portfolio in
Ireland with South32 Limited as
funding partner. Adventus is based in Toronto, Canada, and is listed on the TSX
Venture Exchange under the symbol ADZN and trades on the OTCQX
under the symbol
ADVZF.
About South32
South32 is a globally diversified mining
and metals company. Our purpose is to make a difference by
developing natural resources, improving people's lives now and for
generations to come. We are trusted by our owners and partners to
realise the potential of their resources. We produce bauxite,
alumina, aluminium, and metallurgical coal, manganese, nickel,
silver, lead and zinc at our operations in Australia, Southern
Africa, and South America.
With a focus on growing our base metals exposure, we also have two
development options in North
America and several partnerships with junior explorers
around the world.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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.
Please also visit the Adventus website at
www.adventusmining.com and LinkedIn page at
https://www.linkedin.com/company/adventus-mining-corporation.
Table 1: Drill Collar Information, Rathkeale block
Hole
ID
|
EAST
|
NORTH
|
ELEV
(m)
|
AZIMUTH
|
DIP
|
DEPTH
(m)
|
COMMENT
|
21-3368-01
|
550316
|
647065
|
24
|
152
|
-70
|
N/A
|
In progress; target
depth of Pale Beds ~ 900 m
|
Notes:
(1) All drill holes are surveyed in UTM
Datum (ITM / IRENET95)
|
Table 2: Drill Collar Information, Kingscourt block
Hole
ID
|
EAST
|
NORTH
|
ELEV
(m)
|
AZIMUTH
|
DIP
|
DEPTH
(m)
|
COMMENT
|
29-3609-01
|
685436
|
787317
|
61
|
160
|
-75
|
657
|
Successfully
completed as planned
|
21-3732-01
|
680528
|
782619
|
70
|
160
|
-75
|
534
|
Successfully
completed as planned
|
Notes:
(1) All drill holes are surveyed in UTM
Datum (ITM / IRENET95)
|
SOURCE Adventus Mining Corporation