Salazar reports 20.2 g/t Au and 1,217 g/t Ag in grab sample, and visible gold in drill core at Los Santos, partial assays received from Rumiñahui
February 23, 2022
Salazar reports 20.2 g/t Au and 1,217 g/t Ag in grab sample, and visible gold in
drill core at Los Santos, partial assays received from Rumiñahui
VANCOUVER, BRITISH COLUMBIA, February 23, 2022 -- SALAZAR RESOURCES LIMITED (TSXV: SRL; OTC
QX: SRLZF; Frankfurt: CCG.F) (“Salazar” or the "Company") is pleased to announce sampling results and
an update on drilling progress. At Los Santos, channel and rock chip samples from the Brecha Sur and Leon
prospect areas confirm gold, copper, and silver mineralization.
A Phase 1 drill program is underway at Los Santos, El Oro Province, with two holes completed for a total
of 526 meters (“m”). Initial core samples from these two holes are at the laboratory, with assays pending.
A second rig has been mobilized to site. An additional 2,500 m of drilling is planned to be completed in H1
2022, taking the drill program to approximately 3,000 m.
Following the completion of drilling two holes at Rumiñahui, the rig was moved to Los Santos. Almost all
the assays have been received from the holes, without significant mineralized intersections. Assays from
the last 64 m of the first hole are pending.
Highlights:
• Brecha Sur target – grab sample results include 20.2 g/t Au and 1,217 g/t Ag
• Esperanza target – drillhole SAN-001 at a downhole depth of 132 m intersected a 10 m wide
sheared and veined, sulphide-rich zone with fine visible gold
• 2 rigs at site, with the next holes planned for Leon and Brecha Sur
Fredy E. Salazar, CEO, commented: “ Intersecting visible gold in core in the first hole is an encouraging
start, even if we have to wait for the assay results to confirm the gold content . The VG, plus great rock
chip results, and the fact that Los Santos is a large concession area with many drill targets, has prompted
us to send a second rig to site.
In the south of Los Santos we have discovered a series of hydrothermal breccias, Brecha Sur, with some
grab samples returning good gold and silver grades. Interestingly it is along strike from Esperanza, where
the first holes went in, so it could be linked to the same mineralizing system. Given its volume, Brecha Sur
has good tonnage potential and it is a high priority drill target.
With two rigs we can advance quickly and we should complete the drilling by the end of April, with assays
to follow.”
Los Santos
Background i nformation to Los Santos is available at the Salazar Resources website:
https://salazarresources.com/projects/100-salazar-owned/los-santos/
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Exploration at Los Santos is currently underway, including mapping, sampling, and drilling. Several targets
to be drill- tested have been identified (see Figure 1.) Drilling is in progress, and Phase 1 is expected to
consist of up to 3,000 m. The drilling is exploratory in nature, and the program will remain live and flexible.
Figure 1. Los Santos exploration targets and drill plan
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Esperanza
Two drill holes were collared in weakly sheared, partially metamorphized tonalites, oriented almost due
west, with a dip of 60 o. The core has been logged, and assays are pending. Drillhole DDHSAN-001A was
completed at a downhole depth of 299 m, having intersected three principal zones of interest.
Table 1. Diamond drillhole SAN-001A, azimuth 270o, dip 60o
From (m) To (m) Width (m) Notes
122.0 132.0 10.0 Sheared, i ntense sub -parallel quartz veins, microbreccias . Fine
pyrite (5%), arsenopyrite (0.5%), chalcopyrite (0.5%), traces of
sphalerite and a fine grain of visible gold at 125.6 m.
142.0 144.1 2.1 Sheared, intense sub -parallel quartz veins, microbreccias. Pyrite
(5%), chalcopyrite (1%) and arsenopyrite (0.5%)
151.0 154.0 3.0 Sheared, intense sub -parallel quartz veins, microbreccias. Fine
pyrite (5%), traces of chalcopyrite, arsenopyrite, and pyrrhotite.
Drillhole DDHSAN-002 was collared approximately 100 m south of the first hole, and c ompleted at a
downhole depth of 227 m, having intersected one zone of interest.
Table 2. Diamond drillhole SAN-002, azimuth 273o, dip -60o
From (m) To (m) Width (m) Notes
130.4 135.3 4.9 Sheared, intense sub -parallel quartz veins. Fine pyrite ( 2%),
arsenopyrite (1%), chalcopyrite (0.5%), and traces of sphalerite.
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Figure 2. Plan and Cross-Section of Drilling at Esperanza, SAN-001 and SAN-002
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Leon
As previously reported, Leon hosts a series of N-S sheeted vein sets, varying in intensity across
approximately 180 m of E-W outcrop. The sheeted veins are characterised by the presence of quartz,
chalcopyrite, pyrite, pyrrhotite, and oxidised sulphides. Alteration minerals include chlorite, actinolite,
albite, biotite and carbonates. The vein sets are within a weakly sheared and metamorphized tonalite.
As previously reported, samples were collected in three batches of 29, 20, and 51 samples respectively .
Results for the first batch of 29 samples (including a standard) have been returned, with a highlight
intersection of 7.5 m @ 0.27 g/t Au and 0.25 % Cu (see Figure 3, and Table 3). Samples 305281 and 305304
were previously reported. Assays are pending for the remainder of the outcrop. Drillhole SAN-003, drilling
east underneath the main outcrop, is currently in progress, with a planned downhole depth of 500 m.
Figure 3. Outcrop map of sheeted vein sets at Leon
Table 3. Channel sampling results, Batch #1, Leon
Sample # Width (m) Au_ppm Cu_ppm Ag_ppm As_ppm
305304 4.0 0.058 1475 2.4 77
306143 1.5 0.036 94 0.2 75
306144 2.0 0.025 50 0.1 88
306146 1.5 0.023 66 0.1 36
306147 1.5 0.044 154 0.1 116
306148 2.0 0.145 68 0.1 29
305281 3.1 0.138 2351 3.2 58
306149 2.4 0.138 2491 3 48
306150 2.0 0.644 2807 2.9 25
306151 2.0 0.061 92 0.1 96
306152 2.0 0.014 78 0.1 44
306153 2.0 0.03 426 0.5 32
306154 2.0 0.055 373 0.5 18
306155 2.8 0.023 146 0.2 39
306156 1.2 0.029 115 0.2 32
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Table 3. Channel sampling results, Batch #1, Leon
Sample # Width (m) Au_ppm Cu_ppm Ag_ppm As_ppm
306157 2.0 0.006 48 0.1 16
306158 2.5 0.469 67 0.1 21
306159 2.0 0.13 569 0.9 20
306161 2.0 0.019 111 0.1 6
306162 2.0 0.126 90 0.1 2.5
306163 1.5 0.014 146 0.3 12
306164 1.8 0.016 50 0.1 8
306165 1.8 0.017 58 0.1 5
306166 1.8 0.028 51 0.1 8
306167 2.0 0.107 104 0.1 2.5
306168 2.0 0.22 994 1.4 16
306169 2.0 0.023 52 0.1 6
306170 2.0 0.017 53 0.1 6
306171 1.8 0.016 82 0.1 26
306172 2.0 0.008 27 0.1 14
Brecha Sur
Brecha Sur translates as ‘South Breccia’ and is a broad anomalous zone characterized by breccias in the
south of the concession. The numerous breccia outcrops exhibit a variety of characteristics, including
some quartz-tourmaline breccias with specularite and iron oxides, and others further south with a matrix
of oxidised mat erial and clasts of quartz-feldspar porphyry . Associated with some of the breccia
stockworks are zones of argillic alteration and of silicification associated with fine dark grey sulphides. As
previously reported (news release dated December 13, 2021), a highlight of the reconnaissance sampling
was 1.5 m @ 4.6 g/t Au and 8.6 g/t Ag.
Current work is focused on detailed mapping and sampling of the southernmost breccias, ahead of drilling.
Since the December 13, 2021 release, assays have been returned for nine samples taken on an outcrop
with an approximately 30 m diameter. Of the nine samples (see Table 4, below), eight were above 0.2 g/t
Au and five returned grades above 1 g/t Au, with the highest being sample #305919 with 20.2 g/t Au and
1217 g/t Ag . As at Esperanza, the mineralization at Brecha Sur is oriented in line with the regional
structural fabric NNE-SSW.
Table 4. Grab sample results, Brecha Sur
Sample ID Au (g/t) Ag (g/t) Notes
305919 20.2 1217 Breccia, stockwork
305972 18.3 35 Vein, structure
305696 4.6 9 Breccia blocks, with oxides
305918 3.3 4 Weathered breccia
305977 1.5 2 Altered granodiorite
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Table 4. Grab sample results, Brecha Sur
Sample ID Au (g/t) Ag (g/t) Notes
305982 0.9 8 Altered tonalite
305981 0.7 9 Altered tonalite
305912 0.3 1 Breccia
305978 0.1 - Altered granodiorite
Figure 4. Photos of two main mineralizing styles at Brecha Sur, in breccias and silicified zones
Rumiñahui
In 2021 two diamond drillholes were completed at Rumi ñahui for a total depth of 1, 327 m. The holes
were designed to test the San Francisco anomaly that centered on a system of quartz veins with pyrite,
chalcopyrite, and significant gold grades, related to a regional shear zone.
The two holes, RUMI -001 and RUMI -002 intersected a thick comple x of serpentinites intercalated with
serpentinized basalts and diorite intrusions. The alteration and metamorphism appears to be related to
the regional shear zone, with the dominant minerals being chlorite, serpentine, illite, and actinolite.
Sulphide mineralization is weak with small amounts of pyrite and traces of disseminated chalcopyrite
associated with localized micro-veinlets, and very ocasionally in larger veins.
The collars of the holes were set back 250 m from the main anomaly due to access issues, and RUMI-001
was drilled at dip of 60º, to pass approximately 400 m below the San Francisco river and anomaly. RUMI-
001 was terminated at a downhole depth of 978 m, with assays returned for the first 914 m. RUMI -002
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was terminated at a depth of 349m and all assays have been returned. No material intersections have
been reported, and a ssays are pending for the final 64 m of RUMI -001. The drill rig has moved to Los
Santos and the Company is evaluating options for the property.
QAQC
Salazar maintains a rigorous chain-of-custody and quality assurance/quality control program that includes
the insertion of certified standard control samples and blanks, and re-analysis of samples with high levels
(over limit) of gold, copper and zinc. All samples were analysed by Inspectorate Services Perú S.A.C.
(Bureau Veritas), a certified ISO 17025:1999 and ISO 9001:2000 laboratory. The laboratory also maintains
a QAQC program that includes insertion of blanks, standards and duplicate reanalysis of selected samples.
Gold was analysed by fire assay – atomic absorption spectroscopy (FA-AAS). Silver, copper, zinc and other
elements were analyzed by aqua regia extraction with an Inductively Coupled Plasma (ICP-ES) finish.
Qualified Person
Kieran Downes, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed
and verified the technical information provided in this release.
About Salazar Resources
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 Ecuadorian communities and together with the Salazar family it co -founded The Salazar
Foundation, an independent non-profit organisation 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% stake fully carried through to production. A feasibility study for initial open -pit
development announced in October 2021 (the “Feasibility Study”) generated a base case NPV(8%) of
US$259 million (for further information, please refer to the Company’s news release dated October 26,
2021). At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried
through to a construction decision.
For further information about Salazar Resources, please contact Merlin Marr- Johnson, Executive Vice
President and Corporate Secretary, at [email protected] or [email protected] or at +1
604 685 9316.