Maiden Scout Drill Hole On Rathkeale Block In Ireland

TORONTO - Adventus Mining Corporation reported on its maiden drill hole that is part of a 5,000-meter scout drilling program on the Rathkeale block in County Limerick of the Republic of Ireland. The program is designed to target the prospective base of Waulsortian equivalent limestone (WRF) for zinc-lead mineralization in specific areas with limited historical drilling in a favorable structural-stratigraphic setting for Irish-type zinc-lead deposits. Drilling is being completed under an earn-in agreement with a wholly owned subsidiary of South32 Limited, which has a right to acquire a 70% interest in the Kingscourt, Rathkeale and Fermoy blocks that are 100% owned by Adventus Mining through its wholly owned subsidiary, Adventus Zinc Ireland Limited ("AZIL"). In order to maintain its right, South32 is required to fund EUR 3,500,000 in exploration on the three blocks over a four-year period with AZIL acting as operator during the earn-in period.

The first scout drill hole in the program, 21-3368-01, was completed in February. Prior to drilling, the target area was considered to be in the hanging wall of the GB fault, close to an original 2018 seismic target (Attyflin) developed by Adventus Mining and its technical consultants, Aurum Exploration Limited. Drill hole 21-3368-01 targeted an area of anomalous lithogeochemistry (hydrothermal pyrite and barite signature) and a conductive feature identified in ground magneto-telluric ("MT") geophysical data associated with a key structure (the GB Fault) in a previously undrilled part of the prospective Limerick Basin. The drilling platform is 1.5 kilometers from the seismic line ADV17-01 that provided crucial seismic interpretation of the stratigraphy, but when integrated with the ground MT geophysical data, it aided substantively to Adventus Mining's structural interpretation that drove targeting to this location at Killeen.

At an in-hole depth of 830 meters, drill hole 21-3368-01 intersected a 209 meter-wide zone of weak to moderate, zinc-lead, sulphide mineralization associated with extensive hydrothermal alteration that straddles the contact between igneous-related breccia units and the WRF. The mineralization is for the most part hosted within a large, previously unknown, sequence of igneous-related breccia units on the north side of the GB fault. These intersections are considered to define a new prospect for carbonate-hosted sulphide mineralization within the highly prospective Limerick Basin.

A down-hole geophysical survey of drill hole 21-3368-01 was completed to calibrate Adventus Mining's seismic data, ground magnetic and MT data, as well as the Irish Government's 2019 Tellus Block A5 airborne magnetics and electromagnetic ("EM") data of southwest Ireland. The integration and compilation of the geophysical data is still ongoing, and Adventus Mining expects that the interpretation will aid to refine targeting in future work programs when completed.

Adventus Mining has proactively continued with target generation while updating their modeling to include all the new exploration data collected from the Rathkeale Block, which include large datasets developed for surficial geochemistry (including soil and lithogeochemical samples), historical drilling, historical geophysical studies (gravity, magnetics, EM), and geological mapping. Each target that was developed required rock exposures to be checked and mapped; however, high-priority areas had a combination of geochemical and geophysical techniques applied (ionic leach soils, SGH, ground MT) to further enhance target refinement for drilling.

To visualize the Rathkeale geological and structural framework, detailed cross-sections using historical drill hole and recent seismic information were constructed and digitized into a Leapfrog Geo model that was developed for visualization of all target generation initiative ("TGI") datasets. The 3D model allows for enhanced target selection in the 3D environment, notably for drill hole planning. A key component of the Phase 1 scout hole drilling at Rathkeale is the refinement and verification of the current geological and structural interpretation, which will lead to the overall enhancement of target evaluation.

The seven Phase 1 scout hole drill targets were selected due to a combination of pre-existing targeting utilizing 2017 seismic data, updated structural-stratigraphic targeting, historical mineral occurrences, and to test current geochemical-geophysical targets. New seismic interpretation and structural modeling of the GB fault now supports a south-dipping normal fault with significant inversion, core WRF micrite facies being developed to the south (original downthrown side) of the GB with WRL equivalent facies developed to the north (original footwall side). The base of the WRF was not encountered in DDH 21-3368-01, being anastomised within an igneous intrusive body.

Adventus Mining and South32 plan to continue with drilling the remaining scout drill hole targets on the Rathkeale Block. Prior to any follow-up drilling at Killeen a program of detailed mapping and geological/structural reinterpretation study covering a 5km by 2km area centered on the collar position of DDH 21-3368-01 will be undertaken. The purpose of this work will be to delineate the position of the GB and orthogonal faults which are considered important in the control of both mineralization fluid flow, subsequent mafic intrusion emplacement and host rock deposition.

Key targeting information derived from the completion of the current drill hole on the Killeen target will be incorporated into the Rathkeale TGI in order to assess future drill planning. The technical team is also continuing to work on the remaining Rathkeale Block targets. A total of three scout drill holes (Killeen, Fanningstown and Cappagh) totaling 2,511 meters have been successfully completed per design on the Rathkeale block. A fourth scout drill hole at Hollywood House is in progress for an additional 588 meters that has a target depth of 850 meters.