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
Drilling Results
Between
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
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 |
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 |
(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)WO4, which is a solid solution of the two minerals ferberite FeWO4, and hübnerite MnWO4) and scheelite (calcium tungstate (CaWO4). 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
Drill Hole
| From (m) | To (m) | Thickness (m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2) (%) | Approx. True |
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) |
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 |
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 |
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) |
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 |
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 |
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) |
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 |
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 |
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) |
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 |
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 |
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) |
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 |
After manual test pits identified widespread porphyry mineralization in Zambohuaycu Norte area, west along
Drill Hole | From (m) | To (m) | Thickness (m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2) (%) | Approx. True |
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) |
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 |
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 |
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) |
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 |
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
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
Drill Hole | From (m) | To (m) | Thickness (m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (2) (%) | Approx. True |
MERC-012 | 8.00 | 50.11 | 42.11 | 0.09 | 0.18 | 0.00 | 1.0 | 0.21 | (1) |
including | 29.23 | 34.27 | 5.04 | 0.10 | 1.35 | 0.00 | 1.3 | 0.96 | (1) |
including | 42.11 | 46.11 | 4.00 | 0.27 | 0.01 | 0.00 | 0.4 | 0.28 | (1) |
322.95 | 334.87 | 11.92 | 0.13 | 0.04 | 0.00 | 1.8 | 0.19 | (1) | |
including | 322.95 | 326.93 | 3.98 | 0.23 | 0.07 | 0.00 | 3.1 | 0.31 | (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 |
Figure 1 illustrates the drill locations for the results of the nine drill holes outlined in this news release, as well as the three previously released drill holes (see
Next Steps
Given the positive results from the drilling program on the Mercy concession intersecting porphyry mineralization in all twelve drill holes, the Partners are assessing opportunities for a second phase of exploration drilling for later in 2021 or early 2022 to focus on expanding the areas of higher-grade mineralization. Future drilling would continue developing the geological understanding of the new Ensillada porphyry system discovery. In the interim, fieldwork will continue advancing the manual test pit program to further trace porphyry mineralization to aid with the definition of drilling targets. This work on Mercy concession will run in parallel with the continued exploration on the Partners'
Technical Information and Quality Control & Quality Assurance ("QAQC")
The Pijili project work program is being managed and reviewed by Vice President of Exploration for Adventus,
A QAQC program is also in place at BV and includes insertion of blanks, standards, and duplicate reanalysis of selected samples. BV's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. At BV, gold is analyzed by classical fire assay techniques with an ICP-AES finish, and both silver and base metals are analyzed by a 46-element 4 acid digestion with ICP-MS technique. Overlimit protocols are in place for gold, silver, copper, molybdenum, and zinc.
Qualified Person
The technical information of this news release has been reviewed and verified as accurate by Mr.
About Adventus
About Salazar
Neither the
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.
Table 1: Drill Collar Information
Hole ID | EAST | NORTH | ELEV | AZIMUTH | DIP | DEPTH | COMMENT |
MERC-001 | 678454 | 9670625 | 3236 | 225 | -80 | 915.00 | Successfully completed per design |
MERC-002 | 677819 | 9670884 | 2826 | 330 | -70 | 630.66 | Successfully completed per design |
MERC-003 | 677978 | 9670933 | 2966 | 180 | -50 | 369.51 | Successfully completed per design |
MERC-004 | 677819 | 9670884 | 2826 | 330 | -85 | 465.00 | Successfully completed per design |
MERC-005 | 677978 | 9670933 | 2966 | 330 | -50 | 686.00 | Successfully completed per design |
MERC-006 | 678081 | 9671017 | 2966 | 30 | -60 | 669.79 | Successfully completed per design |
MERC-007 | 677812 | 9671296 | 3009 | 295 | -75 | 747.57 | Successfully completed per design |
MERC-008 | 677812 | 9671296 | 3009 | 185 | -60 | 610.00 | Successfully completed per design |
MERC-009 | 677614 | 9671151 | 2993 | 330 | -75 | 554.00 | Successfully completed per design |
MERC-010 | 678479 | 9671655 | 3224 | 330 | -90 | 541.00 | Successfully completed per design |
MERC-011 | 677511 | 9671413 | 2972 | 345 | -65 | 351.00 | Successfully completed per design |
MERC-012 | 678557 | 9670369 | 3390 | 225 | -75 | 491.08 | Successfully completed per design |
Notes: | |
(1) | All drill holes are surveyed in UTM Datum (Provisional South American 1956, Zone 17) |
Figure 1: Drill Collar Location Map
SOURCE
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