San Lorenzo Gold - Corporate Update
San Lorenzo Gold - Corporate Update
CALGARY, AB / TheNewswire / June 12, 2023
San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (TSXV:SLG - or - OTCQB:SNLGF) is pleased to
provide the following corporate update pertaining to its flagship Salvadora property.
The Porphyry Target Zone (Caballo Meurto)
On Oct 5 and 17, 2022 San Lorenzo released assay results from the third drilling campaign conducted on
its Salvadora property – located within the Andean mega porphyry belt of Chile. The third drilling
program involved the drilling of 10 holes – 7 holes into the Caballo Meurto porphyry target located
approximately in the middle of the property and 3 additional holes into the Arco de Oro epithermal vein
system located within the southern and western property boundaries.
Of significance was the drilling of hole SAL 03-22 into the Caballo Meurto porphyry target – a discovery
hole. Hole SAL 03-22 encountered the phyllic-potassic alteration zone within the porphyry system
which is where the economic grades of gold and copper are encountered in the Andean mega porphyry
belt and is similar in nature to the El Salvador deposit (and mine) located approximately 15 kilometers
north of the Salvadora property. Hole SAL 03-22 was mineralized throughout and encountered 112
meters grading 1.44 grams/tonne gold which is significantly higher than a great number of the world’s
largest porphyry deposits (2004 – Cooke, Holdings and Walshe). The assay values are summarized in the
table 1 below (NR issued Oct 17, 2022):
Table 1: SAL 03-22 Assay Results
Hole # Sector Intercept From(m) To
(m)
Width
(m) Cu % Au g/t Ag g/t Cu%
Eqv
Au g/t
Eqv
SAL-
03-22 CMZ
A 171.0 197.0 26.0 0.15 0.13 0.4 0.24 0.34
B 233.0 515.3 282.3 0.10 0.66 0.6 0.57 0.81
including 308.0 420.0 112.0 0.14 1.44 0.8 1.17 1.67
356.0 392.0 36.0 0.27 3.7 1.1 2.91 4.15
Figure 1 below provides drill locations under the 2016, 2018 and 2022 drill campaigns as well as IP line
locations – all on the Caballo Meurto porphyry target of the Salvadora property:
Regarding the drill results achieved during the 2022 drill campaign on the Caballo Meurto porphyry
target, Terry Walker VP Exploration commented: ‘The discovery hole cut a gold-copper bearing porphyry
alteration system. Importantly, it encountered phyllic-potassic alteration matching typical massive gold
- copper porphyry deposits found in the Andean Mega Porphyry Copper Belt of Chile - most of which are
included on the list of the largest deposits in the world” (2004 – Cooke, Holdings and Walshe). This
discovery hole needs to be followed up with a program of further drilling designed to step out from the
discovery hole - enabling San Lorenzo to begin to determine the size and scope of the porphyry system”.
Mr. Walker continued: “the results achieved in the discovery hole are reflected by strong geochemical
surface anomalies where soil analysis has returned anomalous copper and gold values of 300 – 900 ppm
Cu and 0,01 – 0.039 ppm Au”.
All of the other 6 holes drilled into the Caballo Meurto porphyry system were to the east and north of
the discovery hole to test an IP anomaly that had yet to be penetrated. While all holes were
mineralized, they were on the flank of the system encountering mainly propylitic alteration with the IP
results having responded to elevated pyrite values.
Porphyritic deposits in the L. Eocene to Oligocene Andean belt within Chile include the nearby El
Salvador deposit and mine which commenced production in 1959 and has produced over 13 billion
pounds of copper and over 3.1 million ounces of gold(1) and also includes the Escondida Mine (32Mt @
1.15% Cu, .5Mt @ .19g/t Au (2005)).
1) source: Corporación Nacional del Cobre de Chile – “Codelco”.
The Arco De Oro Epithermal Vein Target Zone (“the other zone of interest”)
The 2022 drill campaign also included the drilling of 3 holes on the epithermal vein system located on
the Salvadora property. Historically, San Lorenzo conducted 2 drilling campaigns on that system,
referred to as the Arco De Oro trend. Drilling in the first two drilling campaigns were shallow holes (to
maximum depths of 100 meters) that followed trends indicated by surface artisanal mining that was
carried out historically. Management of San Lorenzo has always been of the view that the epithermal
vein systems located on Salvadora are indicators of the proximity of a “classic porphyry deposit” – the
intrusive which generated the porphyry system having been the source of the high-grade veining
established in the first two drilling campaigns. As a result, management decided to test the Arco de Oro
zone at a much deeper depth to establish the continuity of the system – hence the drilling of the 3 holes
into the Arco de Oro zone in the 2022 campaign. The table below provides the assay results received
from those 3 holes during the 2022 drill campaign (NR issued Oct 5, 2022):
Hole # Sector Intercept From(m) To(m) Width(m) Cu % Au g/t Ag g/t
A 26.0 31.0 5.0 0.05 0.16 3.1
B 231.0 243.0 12.0 0.18 0.71 2.7
SAL-04-22 Feli z C 267.0 289.0 22.0 0.54 0.21 0.8
Reti ro D 329.0 351.5 22.5 0.18 4.74 3.6
i ncl uding 333.0 339.5 6.5 0.39 16.27 9.9
i ncl uding 335.5 337.0 1.5 0.38 58.18 15.7
E 369.0 400.0 31.0 0.12 0.11 0.8
A 4.0 14.0 10.0 0.05 0.51 1.2
B 22.0 30.0 8.0 0.05 0.16 0.4
SAL -07-22 Feli z C 100.0 114.7 14.7 0.08 2.52 3.5
Reti ro i ncl uding 100.0 103.0 3.0 0.24 11.69 11.6
D 123.0 127.5 4.5 0.16 0.05 0.7
E 147.0 162.3 15.3 0.15 0.10 1.1
A 76.8 78.0 1.3 0.09 0.81 2.5
SAL-09-22 Arco B 97.0 99.0 2.0 0.47 9.95 12.9
Primero C 219.0 231.0 12.0 0.04 0.09 0.6
D 313.0 321.0 8.0 0.03 0.01 0.4
It is important to note that hole SAL 04-22 encountered significant intercepts at depths exceeding 300
meters – indicating that the intercepts obtained at shallower depths would seem to continue to
significant depth – meaning significant tonnage potential. Management is of the view that over 300
meters of strike length has been established by drilling on the Arco de Oro trend and it appears that the
system continues to depths of at least 300 meters.
Commenting on the results of the 3 holes drilled into the Arco de Oro zone, Terry Walker commented:
“within the confines of NI 43-101, it is impossible to state that the vein system extends down to over
300 meters all along the entire 3 kilometers of strike length that has been confirmed with drilling and
surface mapping and sampling so far. However, it behooves management to conduct more
confirmatory drilling at depths of 300 - 400 meters along strike, or to even deeper perhaps, to confirm
the extent of the Arco de Oro vein systems at depth and along strike. With what we know so far, the
value within the Arco de Oro system is significant indeed”.
Additional Zones
IP surveys have identified two additional zones of interest, the CMS Zone that lies to the SE of Cabballo
Meurto and the Cerra Blanco zone which lies to the east of the Caballo Meurto zone. IP Chargeability
anomalies together with visible alteration at surface make these interesting additional targets.
However, management has decided to focus its efforts on the Cabello Meurto porphyry target and the
Arco de Oro epithermal vein systems for the time being.
Readers are invited to visit San Lorenzo Gold’s website for more information and specifics including an
overview of a typical porphyry structure showing El Salvador at www.sanlorenzogold.com.
About San Lorenzo Gold
San Lorenzo Gold is in the business of exploring for and advancing mineral properties. The Company
currently has three 100% owned properties in Chile: Salvadora, Nancagua and Punta Alta. The Salvadora
property is being explored for large scale copper-gold porphyry targets and high-grade epithermal gold-
silver-copper vein systems, Nancagua is a high grade mesothermal gold-silver prospect and Punta Alta is
a copper - gold porphyry prospect with related disseminated and vein style copper-gold-silver-cobalt
mineralization.
For further information, please contact:
Gordon Aldcorn, VP Corporate Development
Email: [email protected]
Ph: 403-618-6507
Or:
Terence Walker, VP Exploration
Email: [email protected]
Or:
Al Kroontje, CEO
Email: [email protected]
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.
Not for distribution to United States newswire services or for release, publication, distribution or
dissemination directly, or indirectly, in whole or in part, in or into the United States
Cautionary Note Regarding Forward-Looking Information
This press release may contain forward-looking information that involves substantial known and unknown risks and
uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein other than
statements of historical fact, including statements pertaining to the completion of a private placement, are
forward-looking information. Such forward-looking information involves various risks and uncertainties, including
the risk that the TSX Venture Exchange does not approve the private placement. 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. Any forward-looking statements are made as of the date of this release and, other
than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise
them to reflect new events or circumstances.