San Lorenzo GOLD Corporate Update
SAN LORENZO GOLD CORPORATE UPDATE
CALGARY , ALBERTA/ November 30, 2023
San Lorenzo Gold Corp. (TSXV: SLG) (“San Lorenzo” or “the Company”) is pleased to provide the
following corporate update:
San Lorenzo has recently completed a detailed in-house evaluaƟon of the prospecƟve targets contained
within its flagship Salvadora property. That review was prompted by the need to formulate a going
forward strategy for the Company given the results of the recently completed drilling program on the
Caballo Muerto zone – in which significant gold intercepts were obtained in porphyry style alteraƟon.
Follow-up work has commenced at Cabello Muerto and at several other targets as well. Results from
individual target areas will be released in coming weeks as they are received. The work will generate a
set of high priority drill targets, including Cabello Muerto itself.
Management has determined that a relaƟvely inexpensive program of surface work, including rock and
soil geochemistry, mapping, chip sampling, trenching and IP surveying can be completed across several
target areas during the next few months. This program should generate expanded and more closely
defined targets which will be ranked for follow-up drilling based on grade and scale potenƟal and to
opƟmize cost efficiency and logisƟcs.
Salvadora Property Target Zones (8796 Ha)
Salvadora contains several targets that have generated high-grade gold and copper results from limited
work programs. Management considers all of them highly prospecƟve.
The target zones on the Salvadora property are:
CM - Cabello Muerto TA - Tres Amigos
CB - Cerro Blanco CS - Cabello South
ADO - Arco De Oro 24K - 24 K
CM – Cabello Muerto
LocaƟon and Traits: The CM Zone is situated in the north central porƟon of the Salvadora property – as
outlined above. It is approximately 1.5 x 1 km in size. Extensive surface sampling of exposed outcrops
returned grades that ulƟmately spurred the two drilling programs conducted over the past 2 years.
Work to Date: Between 2011 and 2021, surface sampling and IP surveys were completed. San Lorenzo
drilled 5 holes in the zone during the 2022 drilling program which included discovery hole SAL-03-2022
which returned an intercept of 112m of 1.44 g/t Au. The 2022 drill program was followed by a 4-hole
drilling program during 2023. Assay results from the 2023 drilling program were released during
October 2023.
Results: The 2023 drilling program encountered extensions to the gold bearing zone in hole SAL 03-2022
- both to the east and to the west such that approximately 300m of strike length has been invesƟgated.
All holes encountered mineralizaƟon including significant gold and copper intercepts indicaƟng to
management the potenƟal for the existence of a large underlying porphyry system.
ObjecƟve: Caballo Muerto has the indicaƟons of being a massive porphyry target. Drilling encountered
gold in quartz tourmaline veins similar in nature to those at other gold enriched porphyry deposits in the
same metallogenic belt as Salvadora.
Next Steps: A program of detailed surface sampling and trenching to the north-west - in the direcƟon of
the strongest IP anomalies - is warranted to expand the target zone and establish hole locaƟons prior to
the next drill phase. This invesƟgaƟve work is already underway in the field.
CB – Cerro Blanco
LocaƟon and traits: The Cerro Blanco Zone lies 4 km to the east of the CM Zone and consists of a 6+ sq
km area of argillic–phyllic alteraƟon that is exposed at surface and on the adjacent river embankment.
Significant alteraƟon over 200m verƟcally and over a strike length of approximately 1 km is visible from
the river valley below. A picture of that alteraƟon is included below.
Work to date: Geological mapping together with drainage sediment geochemical and rock sampling has
been completed on approximately 30% of the surface area of the target. Only 4.2 km of IP – in only 2
lines – has been completed to date. No drilling has occurred on this target area.
Results: Mineralized outcrop and float sampling returned assay values of 0.1 – 1.55% Cu and 0.02 –
0.287 g/t Au. The drainage geochemical survey idenƟfied a 3+ sq km strong copper anomaly with values
ranging from 300 – 1290 ppm Cu within the surface argillic-phyllic alteraƟon zone which remains open to
the SW. The central and easter sectors of the zone are underlain by an IP chargeability/resisƟvity
anomaly.
ObjecƟve: Surface alteraƟon and sample results indicate good potenƟal for an underlying porphyry style
copper-gold deposit at Cerro Blanco.
Next Steps: Next steps include establishing the most favorable access routes into the area to enable
expanded detailed surface sampling. The removal of a thin layer of caliche (cemented carbonate),
common in the region - via trenching - will allow for a more meaningful and detailed IP program to be
shot which will help idenƟfy opƟmal drill locaƟons on this large target.
AlteraƟon on Cerro Blanco visible from below along river embankment
ADO – Arco De Oro
LocaƟon and traits: The Arco De Oro Zone is located in the SW corner of the Salvadora Property and has
a history of arƟsanal mining on its epithermal gold-silver-copper vein systems. The ADO epithermal
veins are well-defined. Geochemical work conducted to date along with historical mining data - coupled
with drilling conducted by San Lorenzo - suggests that the vein system extends for over 2 km in a NW/SE
direcƟon. The system remains open at depth due to limited drilling having been done to date.
Work to Date: San Lorenzo conducted surface geological invesƟgaƟons based on arƟsanal mining visible
at surface followed by detailed sampling of the surface workings and their extensions along strike
followed by IP surveys and drilling. A total of 5 holes have been drilled by San Lorenzo in 3 drill programs
completed in 2016, 2018 and 2022.
Results: Surface chip samples taken from old workings and outcrops along the vein systems range from
8.2 g/t Au and 15.5 g/t Ag over 0.9m to 154.5 g/t Au and 18.2 g/t Ag over 1.3m width.
Drill intercepts range from 12m grading 1.74 g/t Au with 2.9 g/t Ag and 0.27% Cu (SAL-04-18) to 32m
grading 1.66 g/t with 2.3 g/t Ag and 0.32% Cu.
The broad zones noted above centered on higher grade cores ranging from 4m grading 6.84 g/t Au with
6.0 g/t Ag and 0.57% Cu (SAL-04-18) as well as 6.5m grading 16.27 g/t Au with 9.9 g/t Ag and 0.39% Cu
(SAL-04-22).
ObjecƟve: San Lorenzo has already established a strike length of over 2 km, with veining starƟng at
surface. Of the 5 holes drilled to date, 4 were designed to intercept the vein at shallow depth (less than
100 meters) while only one hole tested the vein system at depth (300 meters). This 5th (and deepest)
hole, SAL-04-22, intersected massive sulphide grading 16.27 g/t Au over 6.5 meters including 58.18 g/t
Au over 1.5 meters. This 5th intercept suggests that the veining at surface conƟnues to depths of at least
300 meters such that ARO may be regarded as a very significant system.
Next Steps: Trenching and bulk sampling across the system to expand the zone along strike - including
sampling for grade confirmaƟon with a view to future resource modelling - is required. Further drilling
to intercept the system at depth at different locaƟons along strike is warranted as part of the next drilling
program undertaken at Salvadora.
TA – Tres Amigos
LocaƟon and traits: The Tres Amigos Zone is found to the NW of the CM Zone.
Work to Date: As recently as 2006, mining on the east side of the Tres Amigos Zone occurred from a
spiral decline over 100m in length from which high grade - up to 14% Cu - oxide ore was extracted.
During the late 1990´s the Sin Codicia mine on the NW flank of the zone also produced oxide copper ore.
Results: Soil and rock geochemical sampling have shown that the whole target area is a strong copper
anomaly with values greater than 500ppm within which two 1 – 1.5 sq km areas average 0.2 - 0.28% Cu
in soils. Mineralized outcrop and float samples from these two sectors returned values of 0.3 – 5.6% Cu
and 0.174 – 2.88 g/t Au.
The 2 phases of drilling completed to date by San Lorenzo on the Tres Amigos system established a high-
grade copper-gold-silver rich epithermal vein system that is 25 – 60 m wide grading 0.47 – 1.48 % Cu,
0.17 – 0.25 g/t Au and 3.1 - 26.9 g/t Ag that extends over 2 km and is open at depth.
ObjecƟve: Expansion and further delineaƟon of the vein system for potenƟal resource establishment.
Next Steps: Surface mapping, trenching and soil sampling followed by IP surveys will be carried out in
the two 1 – 1.5 sq km sectors of very high surface copper values. The combinaƟon of geochemistry and
IP will be used to site drill pads to further test these targets. Sampling and detailed mapping work has
commenced at the Tres Amigos Zone.
CS – Cabello South
LocaƟon: Cabello South Zone is located S-SE of the Cabello Muerto Zone.
Work to Date: Geological mapping, soils and geochemical indicate CS Zone is a 2+ sq km parƟally
leached porphyry style argillic to phyllic alteraƟon zone associated with several acid intrusive bodies with
an associated high-grade copper/gold soil anomaly. A preliminary IP survey was also carried out.
Results: Surface sampling returned rock chip sample grades to 0.15% Cu and 0.14 g/t Au. Results from
the IP survey were inconclusive due to problems with surface caliche cover but do suggest an IP
resisƟvity anomaly underlies the northern half of the target zone. The CS Zone has not been drill tested.
ObjecƟve: Further detailed geochemistry, including the removal of caliche cover is required together
with addiƟonal IP data acquisiƟon to opƟmize drill hole locaƟons to test beneath this large leach cap
area.
Next Steps: Detailed geochem sampling has commenced on the Cabello South Zone which is expected to
be followed up by addiƟonal IP line acquisiƟon to idenƟfy opƟmal drilling locaƟons.
24K
LocaƟon: The 24K Zone lies midway between ADO to the east and CM to the west.
Work to Date: Geological mapping indicates that that 24K Zone covers an area of strong propyliƟc to
phyllic alteraƟon plus quartz/tourmaline veins and breccias. In addiƟon to surface geophysics and IP
surveys conducted on the zone, the 24K Zone has had 3 holes drilled on it as part of the 2016 program.
Detailed soil sampling and in 2015 indicated the presence of a copper geochemical anomaly and the IP
survey indicates an underlying anomaly.