Salazar Reports High Grade Gold & Silver from Santiago Project, Ecuador

in Uncategorized / by admin / on February 23, 2012 at 12:43 pm /

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 23, 2012) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) (or “the Company”) is pleased to provide an update on its Santiago project in Ecuador. In addition to the Curipamba Project the Company also holds a 100% interest in the Ruminahui, Mendez, and Santiago projects. While the focus of the Company’s current exploration activities is on advancing the Curipamba project, the Company has conducted initial field visits to each of its other Projects and at this time is pleased to report on initial exploration results from the Santiago Project.

The 2,350 hectare Santiago property comprises a large mineralized hydrothermal system with the upper parts dominated by a rhyolite/dacite intrusive complex displaying intense quartz-alunite alteration. The veins and structures sampled and reported here occur in volcanic rocks adjacent to a felsic intrusive. Further exploration is required to determine the orientation(s) of the structures which control the development and distribution of the quartz veins/breccias. The project is located within Tertiary volcanics, in a geological setting similar to the Quimsacocha deposit (Iamgold Corp.) and the Rio Blanco deposit (International Minerals Corp.) Located 110 km west of the FDN gold deposit (Kinross Gold Corp.) and 60 km south from the Quimsacocha project.

Sulphide-bearing quartz veins/breccias in the northern part of the property were targeted for initial sampling (Figure 1). Reconnaissance chip sampling (52 samples) of five major vein/breccia systems returned significant (Table 1) anomalous gold, silver, and molybdenum values including:

•

Española Vein

2.0m @ 28.1 g/t Au and 231 g/t Ag

1.0m @ 26.0 g/t Au and 242 g/t Ag

1.0m @ 18.2 g/t Au and 252 g/t Ag

1.0m @ 4.8 g/t Au and 442 g/t Ag

•

Quartz-Tourmaline Vein

1.9m @ 1.19 g/t Au, 14.3 g/t Ag and 296 ppm Mo

3.3m @ 0.59 g/t Au, 36.6 g/t Ag and 390 ppm Mo

•

Ribs Zone and Ancha Vein

1m @ 1.29 g/t Au and 100 g/t Ag

1m @ 1.65 g/t Au and 100 g/t Ag

•

F.U. Structure

1.40m @ 4.8 g/t Au and 378 g/t Ag

1.20m @ 6.4 g/t Au and 136 g/t Ag

1.20m @ 4.2 g/t Au and 183 g/t Ag

To view the map associated with this press release, “Figure 1,” please visit the following link: http://media3.marketwire.com/docs/2302SRLfigure1.pdf.

Anomalous values of mercury and antimony were also encountered which is indicative of a high level epithermal system with potential for the discovery of significant gold and silver mineralization.

Table 1: Analytical results

Sample

Estructura

Width
(m)

Au
(g/t)

Ag
(g/t)

As
(g/t)

Hg
(g/t)

Sb
(g/t)
150556

Veta Qz-Tourmaline

1,90

1,19

14,30

-1

-5
150557

Veta Qz-Tourmaline

3,30

0,59

36,60

-1

-5
150558

Española Vein

1,20

1,22

22,00

573

72
150559

Española Vein

1,00

0,39

6,00

866

47
150560

Española Vein

1,00

18,20

251,70

626

344
150561

Española Vein

1,00

0,25

4,90

1275

79
150562

Española Vein

1,00

1,19

13,00

640

45
150563

Española Vein

1,00

25,97

242,00

1035

511
150564

Española Vein

1,00

0,78

5,70

975

186
150565

Española Vein

0,50

4,85

442,00

906

1004
150566

Española Vein

0,50

8,30

79,30

803

372
150601

Española Vein

2,00

28,10

231,10

1412

825
150602

Española Vein

1,50

4,06

31,20

832

115
150603

Española Vein

1,50

18,15

148,00

1180

259
150604

Española Vein

1,50

0,46

8,20

652

130
150605

Española Vein

1,20

0,42

11,30

1574

72
150606

Española Vein

2,50

12,80

113,40

657

358
150607

Española Vein

1,20

1,11

20,80

476

144
150629

Española Vein

0,40

0,49

14,40

162

xx
2216

Ribs-Veta Ancha

1,00

1,29

100

244

134
2217

Ribs-Veta Ancha

1,00

1,65

100

301

103
150570

Ribs-Veta Ancha

3,00

0,17

69,20

1471

478
150571

Ribs-Veta Ancha

3,00

0,18

28,20

851

-1

165
150572

Ribs-Veta Ancha

4,00

0,06

2,40

314

-1

63
150573

Ribs-Veta Ancha

3,00

0,28

6,60

1391

-1

106
150574

Ribs-Veta Ancha

10,00

0,20

2,00

350

35
150608

Ribs-Veta Ancha

1,70

0,03

0,50

-1

8
150609

Ribs-Veta Ancha

1,20

0,02

0,20

-1

5
150610

Ribs-Veta Ancha

2,50

0,53

2,80

-1

17
150612

Ribs-Veta Ancha

2,50

0,91

3,60

156

-1

65
150613

Ribs-Veta Ancha

1,50

0,39

1,70

-1

14
150614

Ribs-Veta Ancha

1,50

0,47

3,60

150

-1

28
150615

Ribs-Veta Ancha

0,45

0,05

8,00

375

89
150622

Ribs-Veta Ancha

1,40

0,12

1,90

13
150623

Ribs-Veta Ancha

2,00

0,46

3,10

166

-1

15
150624

Ribs-Veta Ancha

2,00

0,21

2,30

149

15
150625

Ribs-Veta Ancha

1,00

0,04

2,60

187

21
150626

Ribs-Veta Ancha

1,60

0,11

17,80

684

211
150616

Estructura FU

1,40

4,81

378,00

764

351
150617

Estructura FU

1,00

1,94

82,60

528

152
150618

Estructura FU

1,20

4,22

183,30

325

217
150619

Estructura FU

1,50

1,08

48,90

245

76
150620

Estructura FU

1,20

6,40

135,90

666

276
150627

Estructura FU

1,50

0,65

55,90

418

175
150628

Estructura FU

1,50

0,49

14,40

162

45
150633

Salado

2,00

0,04

2,80

53
150634

Salado

2,00

0,10

0,50

151

129
150635

Salado

3,00

-0,01

0,70

-1

31
150636

Salado

1,80

-0,01

0,30

101

615
150637

Salado

1,80

-0,01

0,30

312

-1

1323
2214

Quartz -Alunite Breccia

0,57

2,7

248

831
2215

Quartz -Alunite Breccia

0,47

2,1

492

Fredy Salazar, President and CEO commented: “This project was acquired in December 2010. The results obtained from initial reconnaissance exploration are very encouraging as they indicate the potential of the property to deliver significant discoveries.”

Technical Highlights

The Española Vein varies in width from 1 to 2 meters with a strike length defined at surface of 200 meters. A total of 17 samples were collected (Table 1). Gold values ranged from 0.25 to 28.1 g/t and silver values from 26 to 442 g/t. Five samples contained greater than 12 g/t gold and more than 113 g/t silver.

The Quartz-Tourmaline Vein is approximately 3 meters wide with a strike length of 70 meters. Two samples returned anomalous gold and silver values (Table 1).

The Ribs Zone and Ancha Veins/structures are up to 5 meters wide and at least three have been traced over a minimum strike length of 500 meters at surface. The veins/structures display strong silicification and pyrite development. Nineteen chip samples were collected (Table 1).

The Fierro Urco (FU) structure is approximately 1.5 meters wide x 150m long. Seven chip samples were collected – three returned significant gold and silver values (Table 1).

Hydrothermal breccias displaying quartz-alunite alteration cover an area of approximately 1.5 X 0.5 kilometers. Two chip samples from the northern part of the breccias returned anomalous gold and silver values (Table 1).

Rock samples were analyzed by ALS Chemex Labs Ltd. (4 samples) and IBS Inspectorate (48 samples). Both are ISO 9001:2000 certified laboratories. ALS Chemex did not re-assay over limit silver with the result that two samples (Table 1) show as 100 g/t silver. Salazar maintains a QAQC 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, is responsible for the technical information provided in this release.

ON BEHALF OF THE BOARD OF DIRECTORS OF SALAZAR RESOURCES LIMITED

Fredy Salazar, President CEO

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.