VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/14/12 -- Salazar Resources Ltd. (TSX VENTURE: SRL)(FRANKFURT: CCG) is pleased to report the latest drill results from its recently completed Phase IV diamond drill program on the Company's 100%-owned (30,327 ha) Curipamba volcanogenic massive sulphide (VMS) project in Ecuador. The Phase IV drill program comprised 51 holes (10,245.92 meters) of new exploratory drilling and none of the holes were included in the updated resource estimate released by Salazar on January 12, 2012 (Figure 1).
Figure 1: El Domo Deposit Updated Resource Estimate January 12, 2012
Con- Con- Con- Con- Con-
Cate- Cut- Ton- Cop- Sil- tained tained tained tained tained
gory off nes per Lead Zinc Gold ver Copper Lead Zinc Gold Silver
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(M (M (M
$ (MT) (%) (%) (%)(g/t) (g/t) lbs) lbs) lbs) (Kozs) (ozs)
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Indi-
cated 50 5.53 2.4 0.3 2.8 2.8 48.4 292.6 36.5 304.8 498.0 8605.0
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Infer-
red 50 1.46 1.9 0.3 2.4 2.4 52.2 61.2 9.6 90.1 112.6 2450.0
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Eleven holes (2,047.90 metres) are being released today, and with the exception of hole CURI-184, today's results are from exploratory drilling completed east and west of the El Domo deposit (Figure 2). To date, results have been press released for 30 holes of the Phase IV drill holes, with the remaining 21 holes pending.
Hole CURI-184 was drilled within but near the eastern limit of the Indicated resource. It intersected significant gold, silver copper and zinc mineralization (Table 1) and confirmed the persistence of the mineralization in this area. Hole CURI-185, drilled near the projected northern limit of the andesite sill, that in part caps the mineralization to the west, also intersected significant mineralization that is open to the north, west and south. Step out holes CURI-175, 176 and 179 intersected anomalous precious metal (+ copper) mineralization beneath the andesite sill. Holes CURI-177, 178 and 180, drilled east of the El Domo deposit, intersected anomalous precious metal mineralization.
Fredy Salazar, President and CEO, commented: "We have now completed the Phase IV drill program at El Domo and drill rigs have been de-mobilized. We await final results from the drill program and then will begin planning on how to best advance the future development of El Domo to maximize shareholder value. While the Phase IV drill program has concluded, we are continuing with our surface geological program with the objective of identifying and proving up new targets. While additional results from the Phase IV drill program are pending, we are very pleased with the results to date which continue to demonstrate the presence of mineralization outside the established resource blocks. The Phase IV drill program has successfully identified new areas with potential to increase the El Domo resource."
Table 1: Significant Intersections
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FROM TO Width Au Ag Cu Pb Zn
HOLE ID (m) (m) (m)(i) (g/t) (g/t) (%) (%) (%)
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CURI-175 285.00 290.75 5.75 0.350 3.51 0.09 0.01 1.76
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including 287.40 290.75 3.35 0.210 4.35 0.14 0.01 2.99
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CURI-176 253.70 265.45 11.75 0.456 3.49 0.49 0.48
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including 253.70 256.65 2.95 0.476 7.22 0.79 0.01 0.05
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including 259.75 265.45 5.70 0.670 3.27 0.60 0.01 0.96
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CURI-177 81.40 86.00 4.60 2.260 59.27 0.06 0.50 0.68
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CURI-178 34.13 37.00 2.87 0.052 6.48 0.07 0.42 0.82
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CURI-179 236.92 238.27 1.35 1.088 66.10 0.01 0.07 0.10
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242.00 244.00 2.00 0.030 0.50 0.13 1.39
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260.77 264.77 4.00 0.180 3.69 0.10 1.53
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CURI-180 49.23 50.95 1.72 0.570 23.61 0.02 0.01
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CURI-181 No significant mineralization encountered in this hole
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CURI-182 No significant mineralization encountered in this hole
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CURI-183 No significant mineralization encountered in this hole
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CURI-184 38.00 43.07 5.07 1.490 13.81 0.03 0.05 0.10
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54.00 57.64 3.64 3.050 51.24 0.86 0.85 7.88
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73.48 75.62 2.14 3.900 102.77 0.53 0.68 5.99
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CURI-185 91.80 94.98 3.18 3.047 57.48 2.14 0.31 4.45
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(i) Widths represent down hole core lengths.
To view "Figure 2: Map of El Domo Pierce Points with Resource Outlines", please click the following link: http://media3.marketwire.com/docs/Piercepoints.pdf.
Table 2: Drill Hole Specifications
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Hole ID Easting Northing Elev Az Dip EOH
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CURI-175 695401 9855250 1043.3 90 -60 308.75
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CURI-176 695334 9855200 1056.7 90 -85 395.80
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CURI-177 694903 9855050 864.5 270 -60 124.15
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CURI-178 694897 9855150 843.9 270 -60 95.95
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CURI-179 695501 9855300 1019.8 90 -75 292.35
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CURI-180 694836 9855200 854.7 90 -75 149.95
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CURI-181 694833 9855200 854.9 270 -55 94.55
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CURI-182 694884 9855246 856.4 90 -75 91.45
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CURI-183 695446 9855400 1023.4 90 -80 243.00
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CURI-184 694961 9855300 883.7 90 -75 128.95
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CURI-185 695349 9855650 972.2 270 -70 123.00
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TOTAL 2047.90
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Drill core samples were analyzed by ALS Chemex Labs Ltd. and IBS Inspectorate, ISO 9001:2000 certified laboratories, in Ecuador. Salazar maintains a QA/QC program whereby standard samples and blanks are inserted into each batch of samples to ensure quality control.
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.
ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED
Fredy Salazar, President & CEO
Salazar Resources Limited
About Salazar Resources: Salazar Resources Ltd. is a publicly-listed (TSX VENTURE: SRL)(FRANKFURT: CCG) mineral resource company engaged in the exploration and development of new highly-prospective areas in Ecuador. Led by a senior Ecuadorian management team, and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador. Being based in Ecuador, thus have thorough knowledge of local human and environmental issues, gives the Company a strategic advantage, enabling it to complete exploration at a rapid pace. With an excellent property portfolio (3 projects - 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America.
This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. 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. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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
Contacts:
Salazar Resources Ltd.
Investor Relations
647-925-8981
info@salazarresources.com
www.salazarresources.com
