Adventus Mining is a well-financed exploration and project development company, focused primarily in Ecuador
Adventus Mining Corporation (“Adventus”) (TSX-V: ADZN; OTCQX: ADVZF) is pleased to announce the formal Irish government approval of the previously announced earn-in agreement and funding arrangement with South32 Base Metals Ireland Limited, a wholly-owned subsidiary of South32 Limited (“South32”), to advance through exploration the Rathkeale, Kingscourt and Fermoy projects (the “Projects”) in the Limerick Basin of Ireland. The Projects are 100%-owned by Adventus through its wholly owned subsidiary, Adventus Zinc Ireland Limited (“AZIL”), and consist of prospecting licences covering an area of 1,100 km2 that is prospective for zinc-lead-silver mineralization.
The earn-in agreement grants South32 Base Metals Ireland the right to acquire a 70% interest in the Projects by sole funding EUR 3,500,000 in exploration on the Projects over a four-year period. AZIL will operate the exploration activities during the earn-in period. Please refer to the Adventus news release dated January 13, 2020 for further details.
In March 2020, AZIL received approval for the earn-in agreement and funding arrangement from the Irish Minister of Communications, Climate Action and Environment. Adventus and South32 also commenced the exploration program with the first technical committee meeting to approve the work plan for 2020 in late March. A budget of up to EUR 672,000 was approved for 2020 and the work plan includes detailed data compilation on the Projects in order to enhance existing target generation results ahead of planned field work in Ireland during the second half of 2020, which is subject to COVID-19 public health measures. This work is meant to advance the technical understanding and interpretation of the Projects so that formal decisions on field work can be made after a thorough review of the updated target generation studies at the end of the second quarter of 2020.
Source: Company Press Release