VANCOUVER, BRITISH COLUMBIA, JULY 11th, 2019 -- SALAZAR RESOURCES LIMITED (TSXV: SRL) (Frankfurt: CCG.F) (“Salazar” or the "Company") is pleased to provide the following update on its wholly-owned portfolio:
- 9.94 g/t Au in soil, 29.60 g/t Au in rock samples from Macara, application for drilling and associated environmental and water-use permits underway
- Drilling and environmental permits received for Rumiñahui, awaiting water-use permit
- New copper-gold-rich concession, Los Osos, added to 100%-owned portfolio
Fredy Salazar, CEO of Salazar Resources commented, "We have had an active first half of the year. The work programme at Macara returned excellent results with robust anomalies helping us to generate a number of drill targets. What makes the Macara prospect so intriguing is that it is only 90km away from the giant VMS deposits of Tambo Grande, Peru, and in similar geology. At Rumiñahui ongoing community dialogue has enabled Salazar to advance towards drilling, with only water-use permits required before we can drill there. Elsewhere, we are pleased to add to the wholly-owned portfolio a new property ‘Los Osos’ that was optioned for US$250,000. All told, this progress show-cases our core expertise, which is to identify local opportunities (Los Osos), to work with local communities (Rumiñahui), and to identify and advance geological potential (Macara).
The Company is focused on its strategy of advancing its 100%-owned projects prior to seeking partnership with mid-tier or major mining companies. Meanwhile, in parallel, funded work at Curipamba, Pijili and Santiago with Adventus Mining continues to progress well.”
Macara, Province of Loja, Ecuador
Phase 1 exploration at Macara, consisting of mapping and sampling (soils and rocks), has been completed. 240 soil samples, on a 100m x 100m grid have been taken, with results as high as 9.94 g/t Au helping to define a 600m x 300m anomaly (see Figure 2, below). 152 rock samples (outcrop and float) have been taken, with the highest grade chip sample returning 29.6 g/t Au over 1.0 metre. Applications for appropriate drill, water-use and environmental permits have been submitted. Salazar Resources anticipates executing a first pass drill programme of up to 3,000m during 2020.
Figure 1. Salazar Resources Project Locations, Ecuador and Colombia
Source: Salazar Resources Limited
The geology at Macara consists largely of volcanic rocks of Cretaceous age. In Ecuador the sequences are known locally as the Celica formation whereas in the same basin over the border in Peru the same aged rocks are called the Lancones Formation. And the Lancones Basin hosts the Tambo Grande Cu-Zn-Au-Ag volcanogenic massive sulphide (VMS) deposits of northern Peru. Three unusually large VMS deposits occur within the vicinity of the town of Tambo Grande approximately 90km from Macara. The deposits are estimated to contain over 300Mt of material, comprising: TG1: 109 Mt of sulphide ore grading 1.6% Cu, 1.0% Zn, 0.5 g/t Au and 22 g/t Ag plus 16.7 Mt grading 3.5 g/t Au and 64 g/t Ag in oxide ore; TG3: 82 Mt grading 1.0% Cu, 1.4% Zn, 0.8 g/t Au and 25 g/t Ag; and B5: resource not fully defined.[i]
Mapping at Macara has identified a suite of basalts, andesites, and pillow lavas interpreted to be part of a tholeiitic volcanic arc. Gold and base metal mineralisation is spatially related to a complex of hydrothermal breccias and stockworks in pillow lavas that are silicified to varying degrees and that occasionally host barite. Where the pillow lavas are brecciated the pillows contains <1% pyrite, chalcopyrite and bornite with occasional sphalerite in the matrix, and there is less intense mineralization in the pillows themselves. Where the stockworks contain barite veinlets and exhibit more intense silicification, often characterized by iron oxide staining, the gold and silver grades are elevated.
Salazar maintains a rigorous chain-of-custody and quality assurance/quality control program that includes the insertion of certified standard control samples and blanks, and re-analysis of samples with high levels (over limit) of gold, copper and zinc. All samples were analysed by Inspectorate Services Perú S.A.C. (Bureau Veritas), a certified ISO 17025:1999 and ISO 9001:2000 laboratory. The laboratory also maintains a QAQC program that includes insertion of blanks, standards and duplicate reanalysis of selected samples. Gold was analysed by fire assay – atomic absorption spectroscopy (FA-AAS). Silver, copper, zinc and other elements were analyzed by aqua regia extraction with an Inductively Coupled Plasma — Mass Spectroscopy (ICP-MS) finish.
Figure 2. 3D map of gold in soils, highlighting a robust geochemical anomaly at Macara, Ecuador
Source: Salazar Resources Limited
Rumiñahui, Province of Pichincha, Ecuador
In the first half of 2019, Salazar Resources continued community liaison at Rumiñahui (see Figure 1. for location), supporting the Community Association with projects such as road repairs and agri-initiatives. A scout drilling plan and associated environmental impact assessment have been approved. The application for a water-use permit is underway. Salazar anticipates a Phase 1 drill programme of approximately 3,000m to start in H2 2019 or early 2020.
See here for a map showing the Rumiñahui concession areas.
Los Osos, El Oro state, Ecuador
Salazar Resources has entered into an option agreement with the vendor, Mr Francisco Soria Venegas, to earn the right to acquire 100% of Los Osos via a series of staged payments over 48 months for a total sum of US$250,000. The process of transfer of the mineral rights to Salazar Resources began after the first payment was made.
Los Osos is a 229 hectare, single concession, exploration licence well located in the Cerro Pelado-Cangrejos mineral district within the Province of El Oro in southwest Ecuador. The licence area hosts a system of veins rich in gold and silver, combined with hydrothermal breccias and mineralised gold-copper porphyries. Several quartz-tourmaline breccias mineralised with chalcopyrite and pyrrhotite are present on the property.
Under previous tenure, the area has been mapped, sampled, and subject to airborne geophysical surveys (magnetic and radiometric). Artisanal miners have historically worked some of the veins, and small scale mining has been active on Los Osos and the adjacent properties for over fifteen years. Salazar Resources is currently digitising available historic exploration and other data on the property.
See here for a map showing the Los Osos concession areas.
Outlook for H2 2019
In H2 2019 Salazar Resources will carry out Phase 1 geological exploration fieldwork at the Los Osos project, Ecuador and potentially the Alisales project, Colombia (see Figure 1). The Company continues to review new opportunities regularly.
Depending on the issuance of drill permits from the government, Salazar Resources is anticipating several drill programmes in the next twelve months. Applications have been made for a 3,000m programme at Rumiñahui, and a scout drilling programme at Macara that will give the right to drill from up to twenty drill pads at the discretion of the Company. In addition, Adventus Mining previously announced plans for a 6,000m drilling programme at the Curipamba project, and to drill at Santiago and Pijili in 2019 and beyond. Joint Venture discussions are in progress, and it is anticipated that the Salazar Drill rigs, through Perforaciones Andesdrill S.A. will be used.
Kieran Downes, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.
About Salazar Resources Limited
(SRL.V) (CCG.F) mineral resource company engaged in the exploration and development of mineral deposits in Ecuador. The company has a proven Ecuadorian discovery team led by ex-head of Newmont Ecuador, Fredy Salazar; a team of 40 people including 15 geologists; three drill rigs and an unrivalled Ecuadorian 'grass roots' network. The Salazar team has been involved with many discoveries in Ecuador, including Aurelian's Fruta Del Norte discovery, the Mozo deposit, ex-Newmont's Cangrejos Project and International Minerals' Rio Blanco; and Gaby Deposit.
Salazar Resources aspires to be Ecuador's leading project generator with the right partners at the right time making the company self-funding.
Salazar Resources has a joint venture with Adventus on the Curipamba VMS discovery, whereby Adventus can earn 75% of the project by funding exploration and development expenditures of US$25 million before 2024. A feasibility study is expected to be completed during 2020, after which Adventus is required to fund 100% of the development and construction expenditures to commercial production. In addition, Salazar Resources has a funded exploration alliance with Adventus on two other projects, Pijili and Santiago , within a defined Area of Interest.
Salazar Resources is advancing its 100% owned Rumiñahui, Macara, Los Osos and Alisales projects with the aim of making Ecuador's next significant copper-gold discovery.
ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED
Salazar Resources (Chief Executive Officer)
Tel: +593 (0) 99 733 6152
Salazar Resources (VP Corporate Development)
Tel: +44 (0) 20 7389 5023
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking information.
Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Salazar expect or anticipate will or may occur in the future, such as the expected timing of the feasibility study for the Curipamba VMS discovery. Although Salazar has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Salazar does not undertake to update any forward-looking information except in accordance with applicable securities laws.
[i] Tegart, P., Allen, G., Carstensen, A., 2000, Regional Setting, Stratigraphy, Alteration And Mineralization Of The Tambo Grande Vms District, Piura Department, Northern Perú. In VMS Deposits Of Latin America, Edited By R. Sherlock And M.A.V. Logan, Geological Association Of Canada, Mineral Deposits Division, Special Paper No.2., pp 305-335.
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