Adventus Zinc Corporation is pleased to announce a general corporate update covering Ecuador, Ireland, Newfoundland and its ongoing zinc-related corporate development activities. The Company remains well financed into 2018 to execute on its strategies.
The transaction with Salazar Resources Ltd. ("Salazar") announced on September 14, 2017 received all regulatory and shareholder approvals, with the effective date being October 5, 2017. Adventus Zinc funded the initial US$250,000 advance payment, and Salazar has executed a geophysical contract with MPX Geophysics Ltd. to complete a 2,400 line-kilometre, heli-borne, time-domain electromagnetic (TDEM) and magnetic survey over the approximately 22,000 ha Curipamba project. This geophysical survey is expected to be completed by mid-November. A drill program will be designed to begin in early 2018, as follow-up to the geophysical survey, targeting new volcanic massive sulphide and precious metals targets; as well as infill drilling at the El Domo deposit that will also provide material for metallurgical testing. Road upgrades, including a road expansion, to the El Domo deposit, are underway.
A 3,867 line-kilometre heli-borne magnetic and TDEM survey (SkyTEM) was completed on Adventus Zinc's Buchans project during the summer of 2017 in accordance to the Phase 1 work program outlined in Adventus Zinc's prospectus for its IPO in February 2017. The geophysical survey has highlighted several conductive targets that are coincident with known base metal occurrences and alteration zones in favourable host rocks that are now considered high priority drill targets. Adventus Zinc' strategy for its projects in Newfoundland and Labrador, which cover 37,000 ha, will be outlined in the Company's 2018 plan and budget. Adventus Zinc acknowledges the financial support of the province of Newfoundland and Labrador under the Junior Exploration Assistance Program.
Adventus Zinc has completed a Phase 1, target generation initiative (TGI), work program on its Lismore project. The TGI, which utilized advanced geochemical and detailed structural-stratigraphic studies, has identified two high-priority areas for Waulsortian-hosted Zn-Pb mineralization. A proposed Phase 2 drilling program will be planned subject to budget approval.
At the Rathkeale project, exploration work programs are ongoing, and focused on detailed structural interpretation of a high resolution 2D seismic survey, and the geochemical discrimination of prospective structures. The Rathkeale project lies along strike to the west of the Tobermalug deposit and Stonepark prospect of Glencore plc and Group Eleven Resources Corp./Connemara Mining Company plc respectively. Geochemical sampling programs have commenced, and focused on the interpreted extensions of prospective structures that are considered to be associated with the Tobermalug deposit and Stonepark prospect, and that trend into Adventus Zinc's Rathkeale block. The objective of the ongoing work, which is expected to be completed by January 2018, is to define drill targets for testing subject to budget approval.
Adventus Zinc's strategy for its projects in Ireland, which cover 192,200 ha, will be outlined in the Company's 2018 plan and budget.
Adventus Zinc continues to work on several additional zinc-related corporate and project transactions globally. Year-to-date, Adventus Zinc has reviewed over 200 global zinc-related opportunities. The Company hopes to announce additional transactions as part of its ongoing zinc-related acquisition strategy over the next 12 months.
The Company has granted 600,000 options to Jason Dunning, VP Exploration, exercisable at $0.93 per share expiring in 5 years, and vesting over a 3‐ year period.
The contents of this news release have been reviewed by Jason Dunning, M.Sc., P.Geo., Vice President Exploration for Adventus Zinc, a Qualified Person, as defined by National Instrument 43-101 (NI 43-101).