Salazar Resources Gears Up for Busiest Ever Exploration Program, Drilling Four Copper and Gold Exploration Licences; Drilling Resumes at Los Osos
January 14, 2021
Salazar Resources Gears Up for Busiest Ever Exploration Program, Drilling Four
Copper and Gold Exploration Licences; Drilling Resumes at Los Osos
VANCOUVER, BRITISH COLUMBIA, January 14th, 202 1 -- SALAZAR RESOURCES LIMITED (TSXV: SRL)
(OTCQB: SRLZF) (“Salazar Resources” or the "Company") is pleased to announce plans for the most active
exploration program in its 14 -year history which will see drilling undertaken at four of its 100% owned
properties, in addition to work carried out in partnership with Adventus Mining Corporation.
Highlights:
• Drilling resumes at Los Osos. OSO-03 starts, and assays from OSO-01 and OSO-02 are pending
• Copper-gold targets to be tested in a 3,000m drill program at Rumiñahui in Q2
• Field work at Los Santos has already started to generate targets for a 3,000 m drill program in H2
• Field geophysics at Macara Mina is complete, with interpretation ongoing. Drilling is planned to
start as soon as relevant permits are received
Fredy Salazar commented: “2021 represents the culmination of many years of significant engagement
with the Ecuadorian communities where we work, and careful preparation of drill targets by our geological
team. Never before have we drilled more than one project in a year, but this year we plan to drill at least
three properties, hopefully four, providing us with numerous potential value catalysts. We are particularly
mindful of Ecuador’s need for local job creation after a year of disruption. Salazar is investing in exploration
across the country this year and we hope to make a new mineral discovery that will stimulate further
investment and create long-term wealth for the community and for Ecuador as whole.”
“In addition, we are thrilled with the tremendous progress at El Domo. The feasibility study is on track for
completion later this year, and it is great that infill drilling results, such as the recently reported 4.2 m at
45% copper equivalent, reaffirm the quality of the deposit.”
100% Salazar Resources Work Plan
Los Osos
This week Salazar has resumed drilling at its 100% owned property , Los Osos porphyry gold targe t.
OSO-03, with a planned depth of approximately 500m, is targeting mineralization in the northwest of the
concession area. The second hole, OSO-02, was completed at a depth of 576m in December and the rig
underwent maintenance over the holiday period. Assays from OSO-01 and OSO-02 are pending.
Rumiñahui
At Rumiñahui, preparations for a preliminary drill program of 3,000m to test gold-copper targets during
Q2 2021 are underway. Drilling will be the culmination of years of positive and constructive dialogue with
the local community. The drill program is being designed to test historic adits, old workings, near surface
veins and stockworks that Salazar believes may be linked to an underlying porphyry.
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Los Santos
The gold -copper Los Santos project will be t he third project to be drilled indepen dently by Salazar
Resources this year. Mapping and sampling have already started at the Los Santos project with a view to
generating drill targets that can be drilled later in the second half of the year. Key areas of interest are
situated where artisanal activity has been concentrated and also where areas of anomalous mineralization
have been highlighted in previous exploration. Los Santos is the recently optioned 2,215 hectare property
situated adjacent to the concessions hosting the 16.7 Moz Cangrejos deposits and it is approximately 10
km northeast of Los Osos.
Macara Mina
The geophysical survey at the gold and volcanogenic massive sulphide (VMS) Macara Mina project was
completed in December. Raw data has been received and confirms the main geological and geochemical
anomalies at Macara Mina. Interpretation of the gravity and magnetic data is ongoing and a final report
is being prepared. Meanwhile, Salazar is advancing a 3,000 m scout drilling application. The plan is to drill
Macara as soon as relevant permits are granted , a timetable which may enable the project to be drilled
this year.
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 is underway and a 2019
preliminary economic assessment generated a base case NPV (8%) of US$288 million. At two copper-gold
porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction
decision.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that te rm is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
Qualified Person
Kieran Downes, P. Geo., a Qualified Person as defined by National Instrument 43 -101, has reviewed and
approved the scientific and technical disclosure set out in this news release.
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Forward-looking Information
This press release contains “forward -looking information” within the meaning of applicable Canadian
securities laws. Any statements t hat 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 Resources expects or anticipates will or may occur in the future.
Although Salazar Resources has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those de scribed 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 Resources does not undertake to update any
forward-looking information except as required in accordance with applicable securities laws.