Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

February 23, 2011 10:47 ET

Salazar Discovers New Gold Zone 300m From El Domo VMS Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) - Mr. Fredy Salazar, President and CEO, is pleased to announce the latest assay results from recent drilling at the El Domo deposit in the Las Naves Central area of its Curipamba Volcanic Massive Sulphide (VMS) Project in Ecuador.

The latest results from the Curipamba exploration project are from a drill hole located 300 m south east of the known El Domo mineralization (see Figure 1: http://media3.marketwire.com/docs/SRL0223.pdf). DDH 88 encountered an elevated gold and silver intersection typical of that expected at the margins and uppermost parts of major VMS systems.

Highlights:

  • Curi-88 intersected 3.82 meters of mineralization averaging 4.77 g/t gold and 181.76 g/t silver.

"This new gold zone is a very important discovery for Salazar as it reinforces the potential for the discovery of significant and numerous precious metal deposits typically found at the periphery of VMS style systems such as El Domo," says Fredy Salazar, President and CEO. "We plan to conduct additional drilling in this area determine if there is a direct link between this new gold zone and the massive sulphide horizon at El Domo, or if it is related to another entirely new system."

The following table provides a summary of the significant intersections in DDH 88:

  From To Width* Gold Silver Copper Lead Zinc
Hole (m) (m) (m) (g/t) (g/t) (%) (%) (%)
                 
CURI-88 142.32 146.13 3.81 4.77 181.76 0.11 0.37 0.64
                 
  Including 142.95 144.10 1.15 6.07 268.1 0.19 0.75 1.29
*widths reported are not true width

Technical Highlights:

          Hole  
Drill       Elevation Depth Location of nearest  
Hole Section Azimuth Dip (m) (m) significant intersection
DDH 88 4700N 270˚ strike -75˚ 951.2 191.90 300 m south east of DDH 85 at El Domo Deposit and 450 m east of DDH 86

Exploration hole DDH 88, collared 300 m to the southeast of the known nearby El Domo massive sulphide deposit, was targeted on the presence of a strong geophysical anomaly, the proximity to a number of surficial mercury anomalies and local geological mapping. The intersection containing excellent precious metal values occurs at the contact between two major dacite lava flows. The mineralization comprises disseminated pyrite, yellow sphalerite, barite and minor galena. Although clearly stratiform, this new, relatively gold-rich, style of mineralization differs from the massive sulphide horizon encountered to date at the El Domo VMS deposit.

Furthermore, DDH 88 opens up the possibility that dacite lava flows to the south, originally considered barren, host stratiform gold-enriched massive sulphide mineralization. Salazar Resources plans to scout drill these areas, in particular those with strong geophysical (Induced Polarization chargeability) anomalies, to test this potential. 

The above information has been prepared under the supervision of Tom Healy P.Eng. who is designated as a Qualified Person as defined by NI-43-101 with the ability and authority to verify the authenticity and validity of the data.

A QC program was used whereby 5% of all samples sent to the laboratory were standard samples with known silver and gold values. Sample preparation was performed by BSI Inspectorate Quito, Ecuador, using standard industry practices (sample prep minus 32). Analytical work was carried out at the BSI Inspectorate Laboratory in Lima, Peru, using fire assay methods for gold (Au-25 procedure). Standard samples, blanks and duplicate check samples were randomly inserted to the sample batch to ensure quality control.

ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED

Fredy Salazar, President & CEO

Salazar Resources Limited

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 an Ecuadorian based company gives the company a strategic advantage enabling the company 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.

Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in the forward looking statements. Although we believe that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.

Neither 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 release.

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