PIJILI PROJECT JV

The Pijilí project is located in southwestern Ecuador in the province of Azuay, approximately 150 km from the major port city of Guayaquil. Pijilí consists of three concessions, which total 3,246 hectares, and is controlled in a joint venture that is 80%-owned by Adventus and 20%-owned by Salazar. Adventus and Salazar believe the Pijilí project contains untested copper-gold-molybdenum porphyry and epithermal gold-silver targets.

Prior to 2018, the Pijilí project had never been explored with modern exploration techniques, such as geophysics, nor has there been any systematic geological mapping, geochemical sampling, trenching and/or drilling undertaken. Small-scale, legally permitted artisanal mining operations adjacent to the property followed precious metal-bearing structures via several small open pits and underground tunnels. These neighbouring concessions have since been acquired and incorporated in the Pijilí project. It is also important to note the presence of secondary copper mineralization that is visible along the walls of the small open pits. Adventus and Salazar staff have noted copper sulphide-bearing (chalcopyrite) veins in a valley bottom at the confluence of major creeks that also require additional follow-up.

For additional information on exploration activities from 2018 to 2020 and the 2020 maiden drill program, please refer to the Adventus and Salazar news releases dated June 8, September 9, and October 26, 2020. For 2021 updates and results, please refer to the news releases dated April 8 and 20, 2021.

Pijili Highlights

3,246 ha on multiple concessions in Azuay province - district is prospective for large copper-gold-molybdenum porphyry targets such as the nearby Chaucha Project owned by Southern Copper
Legal artisanal miners followed precious metal-bearing structures via small adjacent open pits
Large MMT airborne survey completed in 2019 resulting in numerous copper-gold-molybdenum porphyry targets
Target generation work and drilling are ongoing, with the initial drill program started in July 2020