VANCOUVER, July 11, 2019 /CNW/ - SALAZAR RESOURCES
LIMITED (TSXV: SRL) (Frankfurt: CCG.F) ("Salazar" or the
"Company") is pleased to provide the following update on
its wholly-owned portfolio:
Highlights
- 9.94 g/t Au in soil, 29.60 g/t Au in rock samples from Macara,
application for drilling and associated environmental and water-use
permits underway
- Drilling and environmental permits received for Rumiñahui,
awaiting water-use permit
- New copper-gold-rich concession, Los Osos, added to 100%-owned
portfolio
Fredy Salazar, CEO of Salazar
Resources commented, "We have had an active first half of the
year. The work programme at Macara returned excellent results with
robust anomalies helping us to generate a number of drill targets.
What makes the Macara prospect so intriguing is that it is only
90km away from the giant VMS deposits of Tambo Grande, Peru, and in similar geology. At Rumiñahui
ongoing community dialogue has enabled Salazar to advance towards
drilling, with only water-use permits required before we can drill
there. Elsewhere, we are pleased to add to the wholly-owned
portfolio a new property 'Los Osos' that was optioned for
US$250,000. All told, this progress
show-cases our core expertise, which is to identify local
opportunities (Los Osos), to work with local communities
(Rumiñahui), and to identify and advance geological potential
(Macara).
The Company is focused on its strategy of advancing its
100%-owned projects prior to seeking partnership with mid-tier or
major mining companies. Meanwhile, in parallel, funded work at
Curipamba, Pijili and Santiago
with Adventus Mining continues to progress well."
FURTHER DETAIL
Macara, Province of Loja, Ecuador
Phase 1 exploration at Macara, consisting of mapping and
sampling (soils and rocks), has been completed. 240 soil samples,
on a 100m x 100m grid have been taken, with results as high
as 9.94 g/t Au helping to define a 600m x 300m anomaly
(see Figure 2, below). 152 rock samples (outcrop and float) have
been taken, with the highest grade chip sample returning 29.6 g/t
Au over 1.0 metre. Applications for appropriate drill, water-use
and environmental permits have been submitted. Salazar Resources
anticipates executing a first pass drill programme of up to
3,000m during 2020.
The geology at Macara consists largely of volcanic rocks of
Cretaceous age. In Ecuador the
sequences are known locally as the Celica formation whereas in the
same basin over the border in Peru
the same aged rocks are called the Lancones Formation. And the
Lancones Basin hosts the Tambo Grande Cu-Zn-Au-Ag volcanogenic
massive sulphide (VMS) deposits of northern Peru. Three unusually large VMS deposits occur
within the vicinity of the town of Tambo Grande approximately 90km
from Macara. The deposits are estimated to contain over
300Mt of material, comprising: TG1:
109 Mt of sulphide ore grading 1.6%
Cu, 1.0% Zn, 0.5 g/t Au and 22 g/t Ag plus 16.7 Mt grading 3.5 g/t
Au and 64 g/t Ag in oxide ore; TG3: 82 Mt grading 1.0% Cu, 1.4% Zn,
0.8 g/t Au and 25 g/t Ag; and B5: resource not fully
defined.1
Mapping at Macara has identified a suite of basalts, andesites,
and pillow lavas interpreted to be part of a tholeiitic volcanic
arc. Gold and base metal mineralisation is spatially related to a
complex of hydrothermal breccias and stockworks in pillow lavas
that are silicified to varying degrees and that occasionally host
barite. Where the pillow lavas are brecciated the pillows contains
<1% pyrite, chalcopyrite and bornite with occasional sphalerite
in the matrix, and there is less intense mineralization in the
pillows themselves. Where the stockworks contain barite veinlets
and exhibit more intense silicification, often characterized by
iron oxide staining, the gold and silver grades are elevated.
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 — Mass Spectroscopy (ICP-MS) finish.
__________________________
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1
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Tegart, P., Allen,
G., Carstensen, A., 2000, Regional Setting, Stratigraphy,
Alteration And Mineralization Of The Tambo Grande Vms District,
Piura Department, Northern Perú. In VMS Deposits Of Latin America,
Edited By R. Sherlock And M.A.V. Logan, Geological Association Of
Canada, Mineral Deposits Division, Special Paper No.2., pp
305-335.
|
Rumiñahui, Province of Pichincha, Ecuador
In the first half of 2019, Salazar Resources continued community
liaison at Rumiñahui (see Figure 1. for location), supporting the
Community Association with projects such as road repairs and
agri-initiatives. A scout drilling plan and associated
environmental impact assessment have been approved. The application
for a water-use permit is underway. Salazar anticipates a Phase 1
drill programme of approximately 3,000m to start in H2 2019 or early 2020.
See website for a map showing the Rumiñahui concession
areas.
Los Osos, El Oro state, Ecuador
Salazar Resources has entered into an option agreement with the
vendor, Mr Francisco Soria Venegas,
to earn the right to acquire 100% of Los Osos via a series of
staged payments over 48 months for a total sum of US$250,000. The process of transfer of the
mineral rights to Salazar Resources began after the first payment
was made.
Los Osos is a 229 hectare, single concession, exploration
licence well located in the Cerro Pelado-Cangrejos mineral district
within the Province of El Oro in southwest Ecuador. The licence area hosts a system of
veins rich in gold and silver, combined with hydrothermal breccias
and mineralised gold-copper porphyries. Several quartz-tourmaline
breccias mineralised with chalcopyrite and pyrrhotite are present
on the property.
Under previous tenure, the area has been mapped, sampled, and
subject to airborne geophysical surveys (magnetic and radiometric).
Artisanal miners have historically worked some of the veins, and
small scale mining has been active on Los Osos and the adjacent
properties for over fifteen years. Salazar Resources is
currently digitising available historic exploration and other data
on the property.
See website for a map showing the Los Osos concession
areas.
Outlook for H2 2019
In H2 2019 Salazar Resources will carry out Phase 1 geological
exploration fieldwork at the Los Osos project, Ecuador and potentially the Alisales project,
Colombia (see Figure 1). The
Company continues to review new opportunities regularly.
Depending on the issuance of drill permits from the government,
Salazar Resources is anticipating several drill programmes in the
next twelve months. Applications have been made for a 3,000m programme at Rumiñahui, and a scout
drilling programme at Macara that will give the right to drill from
up to twenty drill pads at the discretion of the Company. In
addition, Adventus Mining previously announced plans for a
6,000m drilling programme at the
Curipamba project, and to drill at Santiago and Pijili in 2019 and beyond. Joint
Venture discussions are in progress, and it is anticipated that the
Salazar Drill rigs, through Perforaciones Andesdrill S.A. will be
used.
Qualified Person
Kieran Downes, 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 Limited
(SRL.V) (CCG.F) mineral resource company engaged in the
exploration and development of mineral deposits in Ecuador. The company has a proven Ecuadorian
discovery team led by ex-head of Newmont Ecuador, Fredy Salazar; a team of 40 people including 15
geologists; three drill rigs and an unrivalled Ecuadorian 'grass
roots' network. The Salazar team has been involved with many
discoveries in Ecuador, including
Aurelian's Fruta Del Norte discovery, the Mozo deposit,
ex-Newmont's Cangrejos Project and International Minerals'
Rio Blanco; and Gaby Deposit.
Salazar Resources aspires to be Ecuador's leading project generator with the
right partners at the right time making the company
self-funding.
Salazar Resources has a joint venture 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 2024. A
feasibility study is expected to be completed during 2020, 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 two other projects, Pijili and Santiago , within a defined Area of
Interest.
Salazar Resources is advancing its 100% owned Rumiñahui, Macara,
Los Osos and Alisales projects with the aim of making Ecuador's next significant copper-gold
discovery.
ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED
" Fredy Salazar "
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 information.
Forward-looking information herein includes, but is not limited
to, statements that address activities, events or developments that
Salazar expect or anticipate will or may occur in the future, such
as the expected timing of the feasibility study for the Curipamba
VMS discovery. 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 does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
SOURCE Salazar Resources Limited