Salazar Resources Limited (CVE:SLR) is planning an expansive drill program at its Ecuadorian projects this year, it said Tuesday.
The company is working with Adventus Mining Corporation (CVE:ADZN) (OTCMKTS:ADVZF) to explore the Curipamba, Pijili and Santiago projects in Ecuador, with an eye towards leveraging a recently completed airborne survey in the hopes of making a new discovery.
Salazar and Adventus have budgeted around US$7 million for drilling and field work on all three projects.
At Curipamba, the companies are planning to drill at least 13,000 metres, with 10,000 metres allocated to evaluate 15 new targets. The remaining 3,000-metre program will provide additional data for engineering purposes on the El Domo VMS deposit, the company said.
Curipamba is comprised of around 21,500 hectares in the South American country. The El Domo deposit on the project was discovered by Salazar in 2008. In the interim years, the operators undertook a MobileMT geophysical survey that resulted in 15 new targets on the property in preparation for a feasibility study to begin on El Domo in 2020.
The 15 new exploration targets recently generated from data acquired by the state-of-the-art MobileMT geophysical survey, not only verify some historical targets, but also highlight the strong discovery potential in new areas on the under explored property, according to Jason Dunning, Adventus’s vice president of exploration.
“A new discovery within Curipamba could be significantly additive to the already robust economics of the El Domo deposit,” Dunning told investors in a statement.
Pijili and Santiago exploration plans
Curipamba is not the only project slated for a 2020 drill program. The companies are also preparing to drill between 5,000 and 10,000 metres on the Pijili and Santiago projects in addition to regional sampling and evaluation work.
At Pijili, where field crews are ready to drill after an upgrade of exploration infrastructure, the companies are targeting porphyry and orogenic gold deposits. Over at Santiago, evaluation and construction planning work has begun on the potential upgrade of local roads and support infrastructure ahead of a planned drilling program.
The project generator has an earn-in agreement with Adventus on the Curipamba project, that sees Adventus potentially earning 75% by funding exploration and development expenditures of US$25 million by 2023.
Toronto-based Salazar also said it was planning to attend a number of high-level mining events in North America over the coming months, including the exclusive BMO Global Metals & Mining Conference and the industry’s leading convention, PDAC, in March.
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