Salazar Resources Provides Corporate Update
Salazar Resources Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA, March 03, 2023 -- SALAZAR RESOURCES LIMITED (TSXV: SRL, OTC QX:
SRLZF, Frankfurt: CCG.F) (“Salazar Resources” or the "Company") is pleased to report on explora�on
ac�vi�es on the 1,175 hectare Correa-Jiron concession (“El Potro”) project in the Loja porphyry district of
southern Ecuador. Salazar Resources has iden�fied a porphyry system at El Potro with significant
explora�on poten�al.
Highlights:
• Copper and molybdenum coincident anomalies 1.5 km x 0.5 km
• Large porphyry complex with breccias and stockworks
• Green Rocks Vectoring report indicates Tier-1 porphyry characteris�cs
Fredy E. Salazar, President and CEO of Salazar Resources said, "El Potro has great exploration potential.
The copper and molybdenum anomalies are open along strike and the geology indicates a highly active
mineral system. El Potro is located in the main fairway of a prolific Miocene age belt hosting a number of
copper and gold deposits. Salazar Resources has the potential to add to the list of discoveries with
exploration success at El Potro."
Background
As previously reported (November 30, 2021) , El Potro is located in the Western Cordillera in the Loja
Province, south Ecuador. The license area lies within the mineralized Miocene Belt, only 40 km to the north
of the giant Rio Blanco1 deposit in Peru. The USGS reports that Rio Blanco hosts resources of 1,257 Mt @
0.57% and 228ppm Mo. The Bramaderos Project, a new discovery, is 66 km to the northwest.
Salazar Resources believes t he project is prospective for porphyry and epithermal mineralization
throughout its concession.
In 2022 Salazar Resources carried out extensive fieldwork at El Potro. Explora�on has iden�fied two areas,
approximately 1 km apart from each other, with elevated to anomalous copper and molybdenum in rock
samples (Figures 3 and 4). In addi�on, a Green Rocks V ectoring report was carried out by the Natural
History Museum, London, UK.
1 Zijin Mining Group 2023 (51%); Tongling Nonferrous Metals Group (35%); and Xianmen C&D Corp. (14%)
2
Figure 1: Regional geology Figure 2: Location map
El Potro (La Wayra Anomaly)
Exploration results from a mineralized lithocap at La Wayra were reported in a news release dated
November 30, 2021. The anomaly exhibits intense silica-argillic alteration, free gold and a trench result
of with 44.7m @ 2.54 g/t Au.
El Potro (Osos Negros Anomaly)
This newly identified Cu -Mo anomaly is a complex of porphyries + hydrothermal breccias + quartz
stockworks intrusive into metamorphic rocks (quartzites + schists) at 3400 to 3600 meters asl. There is
phyllic and sodic -calcic alteration with pyrite, chalcopyrite, molybdenite and magnetite. The anomaly
currently measures approximately 1.5 km x 0.5 km. To-date, 619 chip and channel samples ranging from
2m to 5m in length have been collected (Table 1).
Table 1
Osos Negro Anomaly - 619 Rock Samples
Au (ppm) # Samples Cu (ppm) # Samples Mo (ppm) # Samples
<0.05 592 <100 373 <10 490
0.05-0.01 23 100-300 145 10-25 78
0.1-0.5 4 300-500 45 25-50 34
>0.5 0 >500 56 >50 17
Max. 0.266 Max. 1982.8 Max. 1325
The geochemistry confirms the presence of copper-molybdenum porphyry mineralization. The geology
indicates the apical to intermediate part of the system.
3
Figure 3 Rock sampling - copper Figure 4 Rock sampling - molybdenum
Figures 5 & 6: Hydrothermal sodic-calcic breccia; magnetite-pyrite matrix and copper sulphates
4
Figures 7 and 8: Porphyry with intense quartz stockwork with pyrite and traces of chalcopyrite
Green Rocks Vectoring
Salazar Resources Ltd sent rock samples to the Natural History Museum (“NHM”), London, UK for a
Green Rock Vectoring (“GRV”) study. Fifteen samples were analysed from across the concession area. As
Figures 3 and 4 show, the eastern half of the concession is dominated by metamorphic quartzites , and
Salazar Resources interprets these rocks to represent the country rock, into which porphyry bodies have
intruded.
The GRV study noted stronger chlorite development in the intrusive rocks than in the metamorphic
rocks. The first pass results provide clear evidence of porphyry -related propylitic alteration in the west
and chlorite in the east that is strongly indicative of a metamorphic origin. A fertility assessment of the
data by the NHM confirms that two of the samples potentially belong within the halos of significant
deposits.
Future Work
Salazar Resources may commission GRV analysis of additional rock samples to support and enhance the
initial interpretation. The Company is also reviewing options for carrying out a ground geophysics survey
of the main anomalous areas within the concession.
Salazar will be attending PDAC in Toronto next week
Salazar Resources Ltd. Will be attending the PDAC convention next week. Please visit at booth 2945 in
the main exhibit hall.
QA/QC
Salazar maintains a rigorous chain of custody control and quality assurance/control program that
includes insertion of certified standard control samples and blanks, and reanalysis of samples with high
levels (overlimit) of gold, copper, and zinc. All samples were analy zed by SGS Del Ecuador S.A., an ISO
17025:1999 and ISO 9001:2000 certified laboratory. The laboratory also maintains a QAQC program that
5
includes insertion of blanks, standards, and duplicate reanalysis of selected samples. Gold was analyzed
by standard fire assay – atomic absorption spectroscopy and also by metallic screen assay. Silver, copper,
zinc and other elements were analyzed by aqua regia extraction followed by inductively coupled plasma
(ICP-ES) analysis.
Qualified Person
Kieran Downes, Ph.D., 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.
About Salazar
Salazar Resources is focused on crea�ng value and posi�ve change through discovery, explora�on and
development in Ecuador. Salazar Resources has a por�olio of copper-gold explora�on projects in Ecuador
with a strategy to make another commercial discov ery and farm -out non -core assets. The Company
already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has
a 25% stake fully carried through to produc�on. A feasibility study completed in October 2021 generated
a base case NPV(8%) of US$259 million. At two copper -gold porphyry projects, Pijili and San�ago, the
Company has a 20% stake fully carried through to a construc�on decision.
For further informa�on from Salazar please contact Merlin Marr-Johnson, Execu�ve Vice President and
Corporate Secretary at [email protected] or [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts r esponsibility for the adequacy or accuracy of this news
release.
This press release contains “forward -looking informa�on” within the meaning of applicable securi�es
laws. Any statements that express or involve discussions with respect to predic�ons, expecta�ons,
beliefs, plans, projec�ons, objec�ves, assump�ons or future events or performance (o�en, but not
always, iden�fied by words or phrases such as “believes”, “an�cipates”, “expects”, “is expected”,
“scheduled”, “es�mates”, “pending”, “intends”, “plans”, “seeks”, “forecasts”, “targets”, or “hopes”, or
varia�ons of such words and phrases or statements that certain ac�ons, 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 informa�on herein includes,
but is not limited to, statements that address ac�vi�es, events, or developments that Salazar expects or
an�cipates will or may occur in the future. Although Salazar has atempted to iden�fy important factors
that could cause actual ac�ons, events or results to differ materially from those described in forward -
l o o k i n g i n f o r m a � o n , t h e r e m a y b e o t h e r f a c t o r s t h a t c a u s e a c � o n s , e v e n t s o r r e s u l t s n o t t o b e a s
an�cipated, es�mated or intended. There can be no assurance that such informa�on will prove to be
accurate, and actual results and future events could differ materially from those an�cipated in such
informa�on. Accordingly, readers should not place undue reliance on forward -looking infor ma�on.
Salazar undertake to update any forward -looking informa�on in accordance with applicable securi�es
laws.