RCKS Talk

06-Sep-2018

Adventus Zinc Corp.

High-Grade Hit at Sesmo Target

Impact: Positive

Adventus Zinc has announced additional drill results from the follow-up drilling program at the company’s Sesmo target, 1.1km from the El Domo VMS deposit, which reflects the significant exploration potential of the company’s wider 22,000ha land package in Ecuador.

  • Highlights include 7.02m of 1.40g/t Au and 62.0g/t Ag from 44.65 metres; and 13.05m of 5.70g/t Au and 12. g/t Ag from 141.67m in hole CURI-274 (Figure 1)
  • The positive results from drillhole CURI-274 in intersecting several zones of precious metal rich stockwork mineralization confirm the company’s successful target generation and is now planned to be followed up by a new drilling proposal
  • Drilling at El Domo commenced in early March 2018 with the goal of decreasing drill spacing for the purpose of boosting confidence in the high-grade portion of the resource while generating material for a H2 2018 metallurgical program; the program is expected to be completed before the end of Q3 2018
The company is fully funded to execute on its exploration plans in Ecuador with the recent closing of a C$9.2M private placement led by Wheaton Precious Metals. The company is currently trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

20-Aug-2018

Adventus Zinc Corp.

Curipamba Infill Hits 4.58m of 35.92% CuEq

Impact: Positive

Adventus Zinc has additional drill results from the infill drilling program on the El Domo VMS deposit, a part of the Curipamba project in Ecuador.
  • Highlights include drill hole CURI-278, which intersected 4.58m of 5.29% Cu, 19.60g/t Au, 31.75% Zn, 364.2g/t Ag, and 2.88% Pb (35.92% CuEq), which highlights the potential of the high-grade core of the El Domo VMS system
  • To date, infill drilling (completed 42 of 52 holes) continues to successfully intersect high-grade massive sulphides, which aligns with the company’s objective of upgrading the confidence level of the higher-grade portion of the open-pit constrained mineral resource
  • This phase of drilling commenced in early March 2018 with the goal of decreasing drill spacing for the purpose of boosting confidence in the high-grade portion of the resource while generating material for a H2 2018 metallurgical program; the program is expected to be completed before the end of Q3 2018
The company is currently trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

23-Jul-2018

Adventus Zinc Corp.

Strong Infill Holes Drilled at Curipamba

Impact: Mildly Positive

Adventus Zinc has provided an update for the 7,500 m (~6,060m now complete) 2018 infill drilling program at its El Domo deposit at the Curipamba project in Ecuador.
  • Highlights of the drilling includes:
    • 4.12m of 2.27% Cu, 14.31g/t Au, 33.36% Zn, 526.8g/t Ag, and 3.78% Pb for 31.96% CuEq (CURI-270)
    • 9.98m of 2.58% Cu, 11.48g/t Au, 22.72% Zn, 265.8g/t Ag, and 2.73% Pb for 23.06% CuEq (CURI-272)
    • 4.00m of 4.36% Cu, 22.82g/t Au, 16.56% Zn, 250.5g/t Ag, and 3.53% Pb for 31.03% CuEq (CURI-275)
  • Infill results to date, have returned a weighted average grade of 14.3% ZnEq (5.95% CuEq), over an average width of 6.5m. This compares favourably to the current resource grade of 10.7% ZnEq (4.45% CuEq) and suggests to us that the next resource update should result in a larger resource and increased grades
  • As well, the company intersected stockwork mineralization below the main orebody. And while the grades are lower, we highlight that this type of mineralization has the potential to materially extend the mine life beyond what is implied by the current resource
The company is currently trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

28-Jun-2018

Adventus Zinc Corp.

Adventus Adds Another Strategic Investor

Impact: Positive

Adventus Zinc has announced a financing which brings a fourth strategic investor into the company. The company is raising $9.2 million at a price of $0.90/sh. Additionally, an affiliate of Wheaton will pay Adventus $800,000 in cash for the right of first refusal on any new precious metals royalties or streams from the Curipamba and Alliance projects and right of first offer on any future properties in Ecuador acquired by Adventus

  • Wheaton Precious Metals Corp. was the lead order on the deal and is expected to hold approximately 9.9% of the common shares of Adventus upon closing
  • We view the companies continued support from multiple strategic investors as both an endorsement of the Curipamba project and management
  • The net proceeds of the offering will be used to fund exploration and development activities at Curipamba and within the Ecuador Exploration Alliance, which includes the Pijilí and Santiago Projects
Adventus is trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets but probably does not fully account for the planned monetization of its earlier stage projects in Ireland and Newfoundland. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets. 

06-Jun-2018

Adventus Zinc Corp.

High-Grade Infill Results from El Domo

Impact: Neutral

Adventus Zinc and Salazar Resources announced additional drill holes from the 2018 infill drilling program on the El Domo VMS deposit; which is part of the approximately 22,000ha Curipamba project in Ecuador.
  • Notable intersections include:
    • 5.68% Cu, 6.98g/t Au, 1.97% Zn and 0.21% Pb over 13.66m (CURI-262)
    • 10.30m of 8.72% Cu, 2.74g/t Au, 0.15% Zn, 27.3g/t Ag, and 0.01% Pb (CURI-265)
    • 3.91m of 5.50% Cu, 4.54g/t Au, 5.71% Zn, 32.1g/t Ag, and 0.15% Pb (CURI-268)
  • Results from this high-grade copper area, highlight the potential for high-grade starter pit, which would benefit project economics
  • In addition to the inclusion in an updated resource later this year, management is confident that results from infill drilling is likely to help propel them forward towards an updated PEA in H1 2019
Adventus is currently trading at a slight premium to peers, which we see as warranted given the exploration potential and quality of the company’s exploration assets but probably does not fully account for the planned monetization of its earlier stage projects in Ireland and Newfoundland. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

29-May-2018

Adventus Zinc Corp.

El Domo Infill Results Continue to Deliver

Impact: Mildly Positive

Infill drilling from Curipamba continues to be successful highlighted by zinc intersections which include 5.90% Zn over 7.08m (CURI-259) and 5.27% Zn over 7.55m (CURI-260).
  • Infill drilling continues to fill in gaps, supporting an upgraded resource
  • Results suggest stringer zones could exist underneath El Domo, likely growing the deposit
  • 3,500m of drilling completed to date of the 7,500m planned to be completed end of Q2, results should help upgrade current resources
Adventus is currently trading at a slight premium to peers, which we see as warranted given the exploration potential and quality of the company’s exploration assets. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

23-May-2018

Adventus Zinc Corp.

Adventus Adds a Third Project in Ecuador

Impact: Mildly Positive

Adventus has announced that it is acquiring ownership in Salazar’s Santiago project through its Exploration Alliance, which should allow the company to explore the property for epithermal Au-Ag and porphyry Cu-Au deposits.
  • Adventus adds Santiago project to Ecuador Exploration Alliance
  • Geological setting prospective for epithermal Au-Ag and porphyry Cu-Au deposits
  • Premium valuation warranted as the company advances its portfolio of exploration assets
Adventus is currently trading at a slight premium to peers, which we see as warranted given the exploration potential and quality of the company’s exploration assets. Upcoming catalysts includes results from exploration activities along with the planned monetization of non-core exploration assets of Newfoundland and Ireland.

17-May-2018

Adventus Zinc Corp.

Initial Work Drives Further Land Acquisition in Ireland

Impact: Mildly Positive

Adventus has announced the results of its Phase I exploration activities at its Rathkeale and Lismore properties in Ireland, which includes seismic survey and detailed target generation initiative.

  • Phase I exploration identified six drill-ready targets on the western extensions of structures relating to neighbouring Tobermalug deposit (44.2 Mt @ 7.2% Zn & 1.2% Pb)
  • Exploration has led to the application to acquire two additional blocks of ground (21 licenses) covering 630km2 which would bring total exploration rights to 1,950km2 in Ireland
  • We expect Adventus to monetize these earlier stage exploration assets, similar to what it has done with its Newfoundland projects 
Adventus is currently trading in line with peers, however we believe a premium valuation is warranted given the exploration potential and quality of the company’s underlying assets. Upcoming catalysts includes results from regional exploration work along with the planned monetization of non-core exploration assets.

30-Apr-2018

Adventus Zinc Corp.

Sesmo Target Highlights Regional Upside

Impact: Positive

Initial results from regional exploration are encouraging, supporting the potential for diverse discoveries across the company’s prospective land package. 

  • Drilling supports view that Curipamba has significant regional exploration potential
  • Sesmo target adds a potential precious metals sweetener
  • Exploration advances to unlock Curipamba’s regional value, follow-up results key
Adventus is now trading at a modest premium to peers given its recent share price performance. We believe the premium valuation is warranted given the exploration potential and quality of the underlying asset. Upcoming catalysts includes results from regional exploration work along with the planned monetization of non-core exploration assets.

19-Apr-2018

Adventus Zinc Corp.

Initial 2018 Drilling at El Domo Encouraging

Impact: Mildly Positive

Adventus Zinc Corp. (TSXV:ADZN) and Salazar Resources Ltd. (TSXV:SRL) reported positive initial results from El Domo.

  • Initial results a good start to 2018 program
  • 2,100m of infill drilling complete, more results pending in support of resource expansion and upcoming metallurgical work.
  • Recent site visit supports our view that exploration upside exists
Adventus continues to trade at C$0.012/lb ZnEq (75%), a slight discount to peers at C$0.014/lb ZnEq. Ongoing exploration results and news regarding the monetization of its non-core assets are key.

16-Apr-2018

Adventus Zinc Corp.

Curipamba Site Visit: Good As Is; Exploration Upside Could Make It Great

Impact: Positive

Last week we visited Adventus Zinc Corp. (TSXV:ADZN) and Salazar Resources Ltd. (TSXV:SRL) Curipamba project in Ecuador and were impressed with what we saw.

  • Based on the work to date, we believe the project as it currently sits is very doable
  • Adventus is benefitting from 10 years of work by Salazar
  • Curipamba looks to have meaningful regional exploration potential; with work just getting underway
Our site visit confirmed our view that Adventus is trading at an unwarranted slight discount to peers, and that the upcoming catalysts from regional exploration work along with the planned monetization of non-core exploration assets should close the valuation gap to peers.

 

31-Mar-2018

Adventus Zinc Corp.

Adventus Adds an Early-Stage Project in Ecuador

Impact: Positive

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Adventus (80%) and Salazar (20%) have added the Pijili Project to its Ecuador-wide exploration alliance, which the two companies have just finalized.

  • Pijili Project added to the alliance – an early stage epithermal gold-silver target
  • Pijili has large-scale porphyry potential as evidenced by copper sulphide-bearing (chalcopyrite) veins in a valley bottom
  • 18-month (US$1M) initial exploration program planned for Pijili
 
Adventus continues to trade at C$0.010/lb ZnEq, a discount to peers at C$0.014/lb ZnEq, which we believe it’s not reflective of the company’s active exploration program or the addition of this pipeline asset.

01-Jan-2018

Adventus Zinc Corp. (TSXV:ADZN)

RCKS Talk Blog Archive

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