Salazar Resources Starts 3,000 Meter Drill Program at Rumiñahui, Pichincha, Ecuador
October 22nd, 2021
Salazar Resources Starts 3,000 Meter Drill Program at Rumiñahui,
Pichincha, Ecuador
VANCOUVER, BRITISH COLUMBIA, October 22nd, 2021 -- SALAZAR RESOURCES LIMITED (TSXV: SRL, OTC
QX: SRLZF, Frankfurt: CCG.F) (“Salazar Resources” or the "Company") is pleased to announce that it has
started a c. 3,000 meter (m) diamond drill program at its 100% held Rumiñ ahui project in northern
Ecuador.
Highlights
• The Rumiñahui concessions cover 2,910 hectares and exhibit several historic adits and workings
at the Company’s primary target, the San Francisco anomaly
• Mapping and sampling have indicated the presence of gold -bearing sulphide mineralization ,
porphyry-style alteration, multiple shear and breccia zones, and veining
• Trench results include 55 m @ 2.76 g/t Au at surface
Fredy E. Salazar, President and CEO of Salazar Resources said, "We are excited to have started our drill
program at Rumiñahui. The style of the gold and copper mineralization I have seen at surface here
indicates that there could be a major porphyry copper system at depth. This drill program is a seminal
event for the Company and our team has worked closely with the local community and forged strong
relationships to enable the work to advance.”
RUMIÑAHUI
The geology of the property consists primarily of Cretaceous rocks from the Malute Formation and Pilaton
Formation. The former consists of sandstones, limestones to marls, and volcanoclastic andesite . The
Pilaton Formation consists of massive volcanoclastics, breccia, and green limey shales. These formations
have been intruded by granodiorite, diorite, and quartz diorite stocks and dikes. Alteration consists
primarily of chlorite, sericite, carbonate and silicification. These rocks have been cut by extensive faulting
and shearing with local injection of quartz, sulphides and occasionally enrichment in gold.
The main target area at Rumiñahui is the San Francisco anomaly. The area is of interest because of the
potential for additional gold-copper-(silver) mineralization that is found in an exploration area where very
little historical mineral exploration had been done. Salazar Resources sampling in 2006 indicated 2.76 g/t
of gold over 55m and the San Francisco Prospect was previously mined by informal miners. The anomaly
is a large (>60 m wide) multiple shear/breccia zone with quartz breccia veins, semi- massive pyrite and
chalcopyrite.
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Figure 1. Schematic cross-section of diamond drillhole, RUMI-01
Source: Salazar Resources Ltd
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.
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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
PEA 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.
For further information from Salazar please contact Merlin Marr- Johnson, Executive 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 responsibility for the adequacy or accuracy of this news
release.
This press release contains “forward - looking information” within the meaning of applicable 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”, “expect s”, “is expected”, “scheduled”,
“estimates”, “pending”, “intends”, “plans”, “seeks”, “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 d evelopments 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 in formation, 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 undertake to update any forward -looking information in accordance with applicable securities
laws.