New 2020 Field Programme and Strengthened Management Team
July 2, 2020
New 2020 Field Programme and Strengthened Management Team
VANCOUVER, BRITISH COLUMBIA, July 2nd, 2020 -- SALAZAR RESOURCES LIMITED (TSXV: SRL)
(Frankfurt: CCG.F) (“Salazar” or the "Company") the well-funded high-grade copper and gold Ecuadorian
project generator with a proven track record of discovery, is pleased to provide the following update on
three of its 100% owned properties, Los Osos, Rumiñahui & Macara:
Highlights
● New 2020 work programme includes d rilling mineralised porphyries and breccias at Los Osos ,
ground geophysics at Macara, and sampling at Rumiñahui
● Geologists are back in the field at the 100%-owned projects Rumiñahui, Los Osos and Macara after
the partial lifting of COVID-related restrictions
● Appointment of Dr. Leonardo Elizalde as Manager, Project Development strengthens the
management team in Ecuador
Fredy Salazar, CEO of Salazar Resources said, “We are pleased to be back in the field to deliver a full
programme of work at three very exciting wholly-owned properties . Of course, w e are working very
carefully, with stringent health & safety protocols and where we can progress safely, we do, with the full
support of the local community.
The team has been keen to get back into the field, and it feels good to be mobilizing for drilling at Los Osos.
It is also exciting to see geologists at Rumiñahui for the first time in many years thanks to our excellent
community-relations work. By solving a seemingly intractable problem Salazar Resources has yet again
demonstrated its uncommon ability to work with local communities and access high priority mineral areas.
We look forward to reporting mapping and sampling results from that project in the coming months. And
at Macara we are finishing a topographic survey ahead of a ground gravity survey that will help us in the
hunt for buried large high-grade VMS bodies.
Finally, I welcome Leonardo Elizalde to the team as Manager, Project Development. Leonardo is a senior
statesman in the Ecuadorian mineral sector who brings a distinguished 50-year record of achievement as
an academic, minerals ambassador and project manager to Salazar Resources. In 1999 h e started
consulting for Ecuacorriente and since then he played an increasingly key role in bringing its US$1.4 billion
Mirador mine into production, which was successfully completed last year. Leonardo’s recent experience
of the largest mine development in Ecuador’s history will be a great asset as we advance our portfolio of
exciting projects.”
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Work Programs:
1. At Los Osos preparations for drilling are underway, finalizing geochemical data and logistics. The
plan is to drill up to 3,000m starting in August to test the depth -extent of gold-copper
mineralization that is visible at the surface in porphyries and hydrothermal bre ccias.
Environmental and Water Permits to enable drilling to take place have been issued.
2. The Macara licence area in the South of Ecuador hosts the potential for buried volcanogenic
massive sulphide (VMS) deposits with gold caps at surface. Ahead of dril ling to target gold
resources and VMS accumulations a ground gravity geophysical survey is planned, with
preparation underway. A drone survey to provide a high -resolution digital elevation model
(accurate topography) is in the final stages of completion. G ravity surveys are a recognized tool
for pin-pointing VMS deposits that are not exposed at surface. The gravity survey will use Peruvian
geophysical contractors, and will take place once the cross -border quarantine logistics are
resolved. Salazar Resources is aiming to drill Macara targets in Q1 2021 or earlier if possible.
3. Fieldwork at Rumiñahui recently started with stream sediment sampling, mapping and rock chip
sampling. It is the first time that geologists have carried out systematic technical work at
Rumiñahui since 2007 given the complexity of community relations initially encountered by the
Company in the area. After lengthy community engagement and dialogue, the Company has now
signed an access agreement allowing field work to progress. The sampling and mapping work will
help to delineate targets that are planned to be drilled in 2021.
Management Team
Dr. Leonardo Elizalde Calle has been appointed as Manager, Project Development. Dr Elizalde adds
significant management experience to the team at a time when Salazar Resources is working at multiple
sites within Ecuador and entering the drill phase on its wholly -owned propert ies. In addition, Salazar
anticipates expanding its property portfolio in-country when the mining cadastre processes the licences
that were applied for in 2018, and these permits will fall within his remit. He will work closely with Fredy
E. Salazar (President and CEO) and Francisco Soria (Manager, Exploration).
His role is to maintain oversight of all of the 100% Salazar projects, at grass-roots and subsequent more
advanced stages. Dr Elizalde is tasked with laying down sound operating foundations and principles now
to help the projects run smoothly in the future. He will focus on engagement with communities, local
authorities and government . Dr Elizalde has twenty years of direct experience working on Ecuador's
largest mineral development to date and his relationship-building experience will be invaluable as the
various projects advance up the development curve.
After a BSc in engineering geology and an MSc in geochemistry, Dr Elizalde earned his doctorate in
geomathematics from Kentucky University, USA, in 1977. Subsequently he held a number of high profile
academic and governmental positions in the natural resources sector unt il 1991. In 1992 he entered the
private sector and he worked as country -manager and general manager for several mining companies
including Echo Bay Mines, Corriente Resources (Ecuacorriente S.A), COMINCO, Gencor, Billiton, and BHP-
Billiton. From 2006 to 2018, Dr Elizalde was Vice-President of Corporate Affairs of Ecuacorriente S.A during
which time the US$1.4 billion Mirador copper was developed. Production at Mirador, targeted at 95,000
tonnes per annum of copper, started in 2019. Dr Elizalde was the Director of the Chamber of Mines from
2001 to 2008. He is widely published on the subject of geomathematics and the economic mineral
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potential of Ecuador, among other subjects. He has represented the Ecuadorian resources sector at
international conferences on the subject of general economic potential as well as the topic of
geomathematics.
Restarting fieldwork
Salazar Resources is working closely with regulators in Ecuador and has established detailed health &
safety protocols to enable field work on its 100%-owned licences to restart. The non-renewable resources
sector has been designated as strategic and vital to the economy by the government. As such, field work
is actively encouraged, while keeping the safeguarding of local communities, employees, and contractors
as a priority. Key aspects include strict hygiene, physical distancing and appropriate quarantining.
About Salazar
Salazar Resources (SRL.V) (CCG.F) is a mineral resource company engaged in the exploration and
development of mineral deposits in Ecuador and Colombia. The company has a proven Ecuadorian
discovery team led by ex -head of Newmont Ecuador, Fredy Salazar; a t eam of 40 people including 15
geologists; 3 drill rigs and an unrivalled Ecuadorian 'grass roots' network. The Salazar team has been
involved with many discoveries in Ecuador, including Curipamba (Adventus Mining and Salazar
Resources), Fruta Del Norte (Lu ndin Gold), the Mozo deposit, Cangrejos (Lumina Gold) Rio Blanco
(Junefield Mineral Resources and Hunnan Gold), and Gaby (ENAMI).
Salazar Resources aspires to be Ecuador's leading project generator with the right partners at the right
time making the com pany self -funding. Salazar Resources has an agreement with Adventus on the
Curipamba VMS discovery, whereby Adventus can earn 75% of the project by funding exploration and
development expenditures of US$25 million before October 2022. A Feasibility Study is expected to be
completed in the first half of 2022, after which Adventus is required to fund 100% of the development
and construction expenditures to commercial production.
In addition, Salazar Resources has a funded exploration alliance with Adventus on 2 other projects, Pijilí
and Santiago, within a defined Area of Interest. The exploration alliance is 80% -owned by Adventus and
20%-owned by Salazar, with Adventus fully funding project activities to a construction decision.
Salazar Resources is advancing its 100% owned Rumiñahui, Macara, and Los Osos projects with the aim
of making Ecuador's next significant copper-gold discovery.
ON BEHALF OF THE BOARD OF THE SALAZAR RESOURCES LIMITED
Fredy Salazar
Salazar Resources (Chief Executive Officer)
Tel: +593 (0) 99 733 6152
Merlin Marr-Johnson
Salazar Resources (Executive Vice President)
Tel: +44 7803 712 280
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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.
This press release contains "forward -looking information" within the meaning of applicable Canadian
securities laws. Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often,
but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected",
"scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations
of such words and phrases or statements that certain actions, events or results "may", "could", "would",
"will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking information herein includes, but is not limited to, statements that address activities,
events or developments that Salazar expects or anticipates will or may occur in the future. Although
Salazar has attempted to identify important factors that could cause actual actions, events or results to
differ materially from those described in forward -looking information, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on
forward-looking information. Salazar undertakes to update any forward -looking information except in
accordance with applicable securities laws.