Mr. Fredy Salazar reports

SALAZAR RESOURCES PROVIDES UPDATE ON EL POTRO PROJECT AND GRANTING OF DRILLING PERMITS

Salazar Resources Ltd. has provided an update on exploration activities on the 1,175-hectare Correa-Jiron concession (El Potro) project in the Loja porphyry district of southern Ecuador. Salazar has identified high-grade gold values in a trench located in the Wayra anomaly; with the potential for a significant discovery. The Company has continued its permitting process and reports receiving its drilling permits.

Highlights:

• La Wayra trench has rock samples with 92.07 g/t Au, 17.08 g/t Au and 12.38 g/t Au.
• The government has granted permits for drilling.

Fredy E. Salazar, President y CEO of Salazar Resources said: "El Potro project has significant potential for the discovery of gold and copper-molybdenum mineralization. The anomalies in both Wayra and Osos Negros are consistent, confirming the existence of a porphyry-type and epithermal system related to the Miocene belt in the Western Cordillera, which is fertile ground for successful exploration discoveries."

Background

The Correa Jiron concession, encompassing the 'El Potro' project, comprises two main mineralization systems:

1. The Osos Negros anomaly spans for 1.5 km by 0.5 km, it forms a complex of porphyries with breccias and stockwork (Cu-Mo Porphyry) (News Release dated March 3, 2023).
2. The Wayra anomaly, an epithermal system with the presence of silicified hydrothermal breccias containing pyrite and iron oxides. This mineralized body possibly corresponds to a low-angle structure exposed over a length of approximately 450 m by 100 m, with significant gold values in various areas of the structure, including free gold. Trench sampling yielded results of 44.7 meters at 2.54 g/t Au (News Release dated November 30, 2021).

La Wayra Anomaly - El PotroSystematic channel and chip sampling continued on the La Wayra anomaly, covering new areas. A total of 21 samples were collected, ranging from 2 to 2.7 meters, and some at less than 1 meter. The results are presented in Table 1:

Government Permits

With the government permits for drilling obtained, the administrative procedures mandated by Ecuadorian legislation are now fulfilled, enabling the Company to advance the project with drilling.

Future WorkExploration will continue in the concession area to identify new anomalies and define potential drilling targets.

Fall Marketing ScheduleSalazar will be present at the Precious Metal Summit in Beaver Creek, CO during the 12th to the 16th of September the Company will be represented by Freddy D. Salazar - Manager, Corporate Development available at dsalazar@salazarresources.com or at the following numbers +593 98 548 9355 or +1 209 427 9545.

QA/QCSalazar maintains a rigorous chain of custody control and quality assurance/control program that includes insertion of certified standard control samples and blanks, and reanalysis of samples with high levels (overlimit) of gold, copper, and zinc. All samples were analyzed by SGS Del Ecuador S.A., an ISO 17025:1999 and ISO 9001:2000 certified laboratory. The laboratory also maintains a QAQC program that includes insertion of blanks, standards, and duplicate reanalysis of selected samples. Gold was analyzed by standard fire assay - atomic absorption spectroscopy and also by metallic screen assay. Silver, copper, zinc and other elements were analyzed by aqua regia extraction followed by inductively coupled plasma (ICP-ES) analysis.

Qualified PersonKieran Downes, PhD, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure set out in this news release.

About Salazar Resources Ltd.

Salazar is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.

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