ADVZF - Adventus Mining Announces US$5 Million Earn-in Agreement with Japan Organization for Metals and Energy Security (JOGMEC) for the Tres Picachos Project in Ecuador | Benzinga
US$5 million earn-in to 75% ownership over approximately four years, with field work to commence in April 2024
TORONTO, March 4, 2024 /CNW/ - Adventus Mining Corporation ("Adventus" or the "Company") (TSXV:ADZN) (OTCQX:ADVZF) is pleased to announce that it has entered into a binding interim agreement (the "IA") for an earn-in and joint venture with Japan Organization for Metals and Energy Security ("JOGMEC"), for the Tres Picachos mineral concession in Ecuador owned by Adventus ("Tres Picachos" or the "Project"). Under the terms of the IA, JOGMEC has the right to earn a 75% ownership interest in Tres Picachos by investing an aggregate US$5 million between now and March 31, 2028. Adventus and JOGMEC shall work to conclude a definitive agreement in due course. Adventus shall manage and operate the exploration programs in Ecuador for Tres Picachos and will receive a management fee based on expenses.
Christian Kargl-Simard, President, CEO and Director of Adventus, commented: "Adventus is pleased to continue the long-term exploration partnership with JOGMEC in Ecuador which was originally established by Luminex Resources. It is important for us to find accretive ways to advance our greenfield portfolio while we devote our capital to the planned advancement and construction of the El Domo-Curipamba copper-gold project."
The approximately 3,674-hectare concession is located in south-east Ecuador, south of Solgold's Porvenir project as shown in Figure 1. The Project is prospective for copper, molybdenum, gold and silver based on work completed to date. Tres Picachos has surface sampling and mapping completed, as well as geophysical work. Historical rock samples show a central anomaly with copper and gold mineralization.
The first-year work program will consist of stream sediment samples, soil sampling, rock sampling, surface mapping, extension of the ground magnetics and an Induced Polarization (IP) program. This work program is intended to identify and prioritize potential drill targets and is expected to commence in April 2024.