San Lorenzo Provides Results from Salvadora Follow up Drilling Program – Porphyry Style Mineralization with GOLD Grades Encountered IN All 4 Holes Including Intercept of 74M of 1.20 G/T Au + 0.10% Cu
SAN LORENZO PROVIDES RESULTS FROM SALVADORA FOLLOW UP DRILLING
PROGRAM – PORPHYRY STYLE MINERALIZATION WITH GOLD GRADES
ENCOUNTERED IN ALL 4 HOLES INCLUDING INTERCEPT OF 74M OF 1.20 G/T
AU + 0.10% CU
CALGARY, ALBERTA, October 4, 2023 – San Lorenzo Gold Corp. (“ San Lorenzo ” or the
“Corporation”) (TSXV – SLG, OTCQB – SNLGF) is pleased to provide assay results from the
recently completed drilling program on the Cabello Muerto Zone (“ CMZ Zone”) of its flagship
Salvadora property in Chile. The program was conducted to follow-up the gold-copper porphyry
discovery hole drilled in 2022.
Cabello Muerto Zone Phase 4 2023 Drill Program Holes + Significant Intercepts
Prop Hole #
Intercept From(m) To(m) Width(m) Au g/t Ag g/t Cu %
SAL-01-23
A 194.0 320.0 126.0 0.89 0.5 0.06
including 194.0 240.0 46.0 0.51 0.2 0.01
246.0 320.0 74.0 1.20 0.8 0.10
SAL-02-23
A 222.0 391.0 169.0 0.59 0.8 0.06
including 232.0 271.0 39.0 1.42 2.6 0.09
335.0 363.0 28.0 0.73 0.3 0.08
SAL-03-23
A 166.0 177.0 11.0 0.74 0.5 0.22
B 202.0 242.0 40.0 0.22 0.2 0.03
C 296.0 304.0 8.0 0.76 0.5 0.08
SAL-04-23
A 196.0 287.0 91.0 0.59 0.5 0.07
Including 240.0 258.0 18.0 1.17 1.0 0.13
278.0 287.0 9.0 1.81 0.7 0.16
The 2023 Phase 4 program was undertaken to offset Hole 3 of the 2022 program - a discovery
hole that established the existence of a significant gold-copper porphyry system (see San
Lorenzo press release dated Oct 17, 2022). The objective of the 2023 drill program was to
establish an extension to the system.
San Lorenzo is pleased to announce that Holes 1, 2 and 4 of the 2023 Phase 4 program, direct
east-west offsets to Hole 3 of the 2022 program, did confirm extensions to the higher grades
and widths of porphyry style alteration that were hoped. The mineralization and alteration
encountered in hole 3-23 also appears to indicate the existence of an adjacent, slightly older,
porphyry system which is in keeping with the cluster of mineralized systems found at the El
Salvador deposit.
Figure 1 - Rendering of drill hole results
Terry Walker, San Lorenzo’s VP Exploration stated: “We are excited that the mineralization and
associated phyllic-potassic alteration in the copper, gold and molybdenum enriched zone of
Holes 01-23, 02-23 and 04-23 match those of the copper-gold porphyry deposits found in the
Andean Mega Porphyry Belt.
Commenting on next steps, Mr. Walker continued: “While there are several more porphyry
targets at Salvadora evident from surface alteration, copper-gold enrichment in soil and rock
samples and IP/Resistivity geophysical anomalies, we will evaluate these new results in more
detail to determine next steps given the potential in the Cabello Muerto zone of the Salvadora
property”.
Figures 2 and 3 below provide the locations of Holes 1-4 of the 2023 Phase 4 program together
with Hole 3 of the 2022 Phase 3 program – looking towards North and looking towards Southwest.
The porphyry gold-copper system remains open to the north, north-west, east, at depth and to
surface.
Figure 2 (View: to North)
Figure 3 – (View: to Southwest)
Gordon Aldcorn, VP of Corporate Development added:” We are extremely pleased with the
results from the recent 4-hole drill program at Salvadora”.
“We have established continuity of the gold mineralization in the CM Zone across several drill
holes. The system is open to the east, north and north-west, as well as to surface and at depth.
With these drill results in hand, we are confident that additional exploration efforts are warranted
on the CM Zone at Salvadora”.
Figure 4 below shows the Salvadora property and the El Salvador porphyry deposit currently
being mined to the north-east – which is located in a similar structural setting.
Figure 4
Regarding the nearby El Salvador mine, Mr. Walker expanded on his previous comments: “It
appears that mineralized intercepts encountered in Hole 03-22, in addition to the intercepts
encountered in Holes 01-23, 02-23 and 04-23, have cut the top or the outer edge of a gold rich
porphyry system similar to that at El Salvador – located 15 kilometers to the north-east”.
From the period that the El Salvador mine commenced production in 1959 up to 2000, over 13
billion pounds of copper and over 3.1 million ounces of gold have been produced(1). The El
Salvador mine has continued in production since that time and has had its mine life recently
extended to 2064.
1) source: Corporación Nacional del Cobre de Chile – “Codelco”.
Figure 5 below highlights the principal alteration zones associated with strong surface copper
geochemical and IP/Resistivity anomalies identified to date at Salvadora which formed the basis
for the drilling programs undertaken to date.
Figure 5
Qualified Person
Mr. Eric Hanson, P. Geo, Senior Exploration Geologist and qualified person within the meaning
of National Instrument 43-101, has reviewed the contents of this news release. During the
drilling program all samples were cut from the drill core using a diamond saw by experienced
San Lorenzo staff under the supervision of Mr. Hanson, P. Geo. Each sample, consisting of one
half of the core interval selected, was bagged and sealed on site and delivered by San Lorenzo
staff to the ALS prep-lab in La Serena, Chile for processing. ALS subsequently shipped a small
sub-sample of pulp to their laboratory in Lima, Peru where they were analyzed for gold by fire
assay pre-concentration, AA finish and 35 other elements, including copper and silver, by the
ICP technique following Agua Regia digestion.
About San Lorenzo Gold Corp.
San Lorenzo Gold is in the business of exploring for and advancing mineral properties. The
Corporation 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. Punta Alta is an IOCG prospect with related disseminated
and vein style copper-gold-silver-cobalt mineralization.
For further information, readers are referred to the Corporation’s website at www.sanlorenzogold.com and
its Canadian regulatory filings on SEDAR+ at www.sedarplus.com.
For further information concerning this press release, please contact:
Gordon Aldcorn
V.P. Corporate Development
Email: [email protected]
Phone: 587-430-0333
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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 drilling program, are forward-looking information. Such forward-looking
information involves various risks and uncertainties. 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.