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Salazar Resources Ltd
Symbol SRL
Shares Issued 126,987,790
Close 2021-01-13 C$ 0.35
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Salazar resumes drilling at Los Osos

2021-01-14 08:01 ET - News Release

Mr. Fredy Salazar reports

SALAZAR RESOURCES GEARS UP FOR BUSIEST EVER EXPLORATION PROGRAM, DRILLING FOUR COPPER AND GOLD EXPLORATION LICENCES; DRILLING RESUMES AT LOS OSOS

Salazar Resources Ltd. is planning for the most active exploration program in its 14-year history which will see drilling undertaken at four of its 100-per-cent-owned properties, in addition to work carried out in partnership with Adventus Mining Corp.

Highlights

  • Drilling resumes at Los Osos. OSO-03 starts and assays from OSO-01 and OSO-02 are pending.
  • Copper-gold targets to be tested in a 3,000-metre drill program at Ruminahui in Q2.
  • Fieldwork at Los Santos has already started to generate targets for a 3,000 m drill program in the second half.
  • Field geophysics at Macara Mina is complete, with interpretation continuing. Drilling is planned to start as soon as relevant permits are received.

Fredy Salazar commented: "Two thousand twenty-one represents the culmination of many years of significant engagement with the Ecuadorian communities where we work, and careful preparation of drill targets by our geological team. Never before have we drilled more than one project in a year, but this year we plan to drill at least three properties, hopefully four, providing us with numerous potential value catalysts. We are particularly mindful of Ecuador's need for local job creation after a year of disruption. Salazar is investing in exploration across the country this year and we hope to make a new mineral discovery that will stimulate further investment and create long-term wealth for the community and for Ecuador as whole.

"In addition, we are thrilled with the tremendous progress at El Domo. The feasibility study is on track for completion later this year, and it is great that infill drilling results, such as the recently reported 4.2 m at 45 per cent copper equivalent, reaffirm the quality of the deposit."

100 per cent Salazar Resources work plan

Los Osos

This week Salazar has resumed drilling at its 100-per-cent-owned property, Los Osos porphyry gold target. OSO-03, with a planned depth of approximately 500 m, is targeting mineralization in the northwest of the concession area. The second hole, OSO-02, was completed at a depth of 576 m in December and the rig underwent maintenance over the holiday period. Assays from OSO-01 and OSO-02 are pending.

Ruminahui

At Ruminahui, preparations for a preliminary drill program of 3,000 m to test gold-copper targets during Q2 2021 are under way. Drilling will be the culmination of years of positive and constructive dialogue with the local community. The drill program is being designed to test historic adits, old workings, near-surface veins and stockworks that Salazar believes may be linked to an underlying porphyry.

Los Santos

The gold-copper Los Santos project will be the third project to be drilled independently by Salazar Resources this year. Mapping and sampling have already started at the Los Santos project with a view to generating drill targets that can be drilled later in the second half of the year. Key areas of interest are situated where artisanal activity has been concentrated and also where areas of anomalous mineralization have been highlighted in previous exploration. Los Santos is the recently optioned 2,215-hectare property situated adjacent to the concessions hosting the 16.7-million-ounce Cangrejos deposits and it is approximately 10 km northeast of Los Osos.

Macara Mina

The geophysical survey at the gold and volcanogenic massive sulphide (VMS) Macara Mina project was completed in December. Raw data have been received and confirm the main geological and geochemical anomalies at Macara Mina. Interpretation of the gravity and magnetic data is continuing and a final report is being prepared. Meanwhile, Salazar is advancing a 3,000 m scout drilling application. The plan is to drill Macara as soon as relevant permits are granted, a timetable which may enable the project to be drilled this year.

About Salazar Resources Ltd.

Salazar Resources 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 Ecuadorean 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-per-cent stake fully carried through to production. A feasibility study is under way and a 2019 preliminary economic assessment generated a base case NPV (8 per cent) of $288-million (U.S.). At two copper-gold porphyry projects, Pijili and Santiago, the company has a 20-per-cent stake fully carried through to a construction decision.

Qualified person

Kieran Downes, PGeo, 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.

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