Commencement Of Drilling On Rathkeale Property

TORONTO - Adventus Mining Corporation reported the commencement of exploration scout hole drilling on its Rathkeale block in County Limerick in the Republic of Ireland. The work is being done under the 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, which are 100% owned by Adventus through its wholly owned subsidiary, Adventus Zinc Ireland Limited ("AZIL"). These three project areas encompass 1,277 km2 of favorable strata known to host Irish-type zinc-lead-silver systems. 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.

Seven targets have been selected for the initial phase of exploration scout hole drilling on the Rathkeale Block. These targets build on work carried out on the Rathkeale Block by Adventus to date and have been refined by selected geochemical and geophysical fieldwork carried out in the period since April 2020. A total of 5,000 meters of drilling is planned to target the prospective base of Waulsortian limestone for zinc-lead mineralization. The first hole 21-3368-01 on the Killeen target collared in late November 2021 and is targeted at the hanging wall of the GB fault. Phase 1 drill holes are targeted in areas with limited drill testing to the base of Waulsortian Reef with targeting based on prospective geochemistry and structural-stratigraphic setting. In addition to testing robust exploration targets, Phase 1 drilling will provide an essential test of the block structural interpretation, interpretation of seismic data and of the combination of exploration techniques deployed on the block in the 2020-2021 period. Phase 1 scout hole drilling will include a down-hole geophysical component to allow calibration of Adventus's seismic databases, as well as available ground magnetic and magneto-telluric (MT) data, and Tellus airborne magnetics and EM data. Drilling of initial two scout holes (Julianstown and Marvelstown) on the Kingscourt block was completed successfully. The drill holes validate the geological model of this part of the basin, indicating a well-developed target horizon (Pale Beds) and prospective lithogeochemistry to aid further targeting.