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Salazar Resources Limited (TSXV: SRL,OTC:SRLZF) (OTCQB: SRLZF) (FSE: CCG) ("Salazar" or the "Company") has evaluated its wholly owned portfolio of properties throughout Ecuador, conducting baseline geological work to define appropriate development strategies for each project. The Company has identified the 100% owned Monja Project as a cornerstone asset on which the Company will focus its exploration programs, while continuing to advance and assess its remaining properties.
The decision to focus on its 100% owned Monja Project, which is located in the Loja Province and covers 9,088ha across two licenses, is based on the results achieved to date, and the work required to advance the project to the next stage.
Surface mapping in the Monja project has defined a copper-gold porphyry system containing a two kilometer by one kilometer central core, within a Paleocene-Miocene metallogenic belt known to host multiple significant copper deposits in southern Ecuador. Mineralization observed to date includes hydrothermal breccias with pyrite-chalcopyrite matrix, quartz-sulphide stockwork veining, and locally bornite, together with well-mineralized tourmaline breccias, all considered strong indicators of porphyry fertility.
Sampling has returned elevated copper and gold values from the central portion of a concentric porphyry system, while epithermal veins higher in the system show evidence of historical small-scale gold extraction, confirming the presence of a vertically preserved mineralizing environment.
Salazar has planned a high-impact mapping, sampling and ground geophysics program to further define drill targets. The concession benefits from year-round exploration access and is considered a priority early-stage target within the Company's Ecuadorian portfolio.
CEO Fredy Salazar, commented:
"We are very pleased to be advancing our 100%-owned Monja concession. The identification of a complete copper-gold porphyry system through our own fieldwork highlights the strength of Salazar's exploration team. With clear fertility indicators including bornite and tourmaline breccias, and a sizeable alteration footprint already mapped, Monja represents an exciting new greenfields discovery with strong discovery potential."
Monja Copper-Gold Project, Ecuador
The Monja Copper-Gold Project is located in Loja Province, Ecuador, covering 9,088 hectares across two licenses (Map 1). A review of historical data and field reconnaissance has been completed.
The project lies on the northeast margin of the Lancones Basin, which hosts recognized volcanogenic massive sulfides and porphyry deposits including the giant volcanic-hosted Tambo Grande massive sulphide deposit¹ and the Rio Blanco porphyry² in Peru. The project is also in close proximity to the Sunstone Metals' Bramaderos³ porphyry project in Ecuador.
1. www.mdru.ubc.ca/projects/giant-volcanic-hosted-massive-sulfide-deposits-the-volcanologic-and-structural-setting-of-tambo-grande-peru/
2. Geology and Geochronology of the Miocene Rio Blanco Porphyry Cu-Mo Deposit, Northern Peru - Astrophysics Data System
3. www.sunstonemetals.com.au/site/projects/bramaderos-gold-copper-project/overview
Map 1. Monja project map
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Sampling Program:
A total of nine rock chip samples were collected from mineralized outcrops. Three samples (51584, 51583 and 51587) returned encouraging results (Table 1). The best result came from sample 51584 which returned 4.77% Cu, 1.12 g/t Au, 19.5 g/t Ag, 74 ppm Mo. The samples were taken from outcropping granodiorite and hydrothermal breccias hosting Cu-porphyry–style mineralization: hydrothermal breccias with pyrite-chalcopyrite matrix, quartz-sulphide stockwork veining, and traces of bornite.
Rock chip samples are selective by nature and may not be representative of the underlying mineralization. The result is preliminary, and additional work is required to determine the extent, continuity, and significance of the mineralization.
Table 1. Samples
Conversion: Cu_ppm x 0.0001 = Cu%
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QAQC
Samples were submitted to Inspectorate Services Perú S.A.C., an independent accredited laboratory, for analysis. Samples were prepared and analyzed using 44 elements aqua regia digestion with ICP-AES finish. Gold analysis was completed by lead collection fire assay fusion with AAS finish. The Company implements a quality assurance/quality control (QA/QC) program that includes the insertion of standards, blanks, and duplicates.
Qualified Person
The technical data referenced in this release has been reviewed and approved by Kieran Downes, P.Geo., a Qualified Person as defined under NI 43-101.
About Salazar Resources
Salazar Resources Limited 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. Salazar Resources actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. At its maiden discovery, El Domo – Curipamba Project, Salazar Resources has a 25% stake fully carried through to production. Salazar Resources now holds 100% ownership of the Santiago, PijilÃ, Monja, Tigre and Tarqui-Quimi exploration projects. For further information from Salazar Resources, please contact Nick DeMare, Director, at ndemare@chasemgt.com or at 604-685-9316. Please also visit the Salazar Resources website at www.salazarresources.com.
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