Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

March 03, 2011 06:00 ET

Salazar Expands El Domo Resources With 16.08 m of 3.27 g/t Gold, 74.88 g/t Silver and 3.60% Zinc

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 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 Hosted Massive Sulphide Project in Ecuador.

Results from the most recent six drill holes (To see Figure 1, please visit the following link: http://media3.marketwire.com/docs/SZR_ELDOMO.pdf) demonstrate that the deposit remains open to the north east, to the east beneath the andesite cover and also to the south west.

The El Domo deposit now has a strike length of 850m North-South and an East-West width of between 200 to 300 m.

Highlights

  • Curi 94 intersected 6.41 meters at 3.38 g/t gold, 101.38 g/ t silver, 2.40% copper and 6.63% zinc within 16.08 m of mineralization.
  • Curi-90 intersected 2.90 meters of mineralization averaging 6.80 g/t gold and 238.53 g/t silver and 8.30% zinc.

"The 16 meter intersection in DDH 94 is particularly important due to its position relative to a 3.13 m high-grade intersection in DDH 22located approximately 180 m to the north east" says Fredy Salazar, President and CEO. "We are optimistic that additional drilling in this area will establish continuity of potentially economic mineralization between these two drill holes and the current resource boundary further adding to what is already an exciting resource".

The following table provides a summary of the significant intersections of each drill hole:

Hole   From
(m)
  To
 (m)
  Width*
(m)
  Gold
(g/t)
  Silver
(g/t)
  Copper
(%)
  Lead
 (%)
  Zinc
(%)
CURI-89   40.58   46.18   5.60   0.43   13.18   0.03   0.06   0.42
and   52.77   54.00   1.23   0.23   6.50   0.16   0.66   2.03
and   82.50   85.65   3.15   0.38   7.64   0.10   0.41   1.13
CURI-90   45.00   47.90   2.90   6.80   238.53   0.99   1.33   8.30
CURI-91   59.47   61.00   1.53   4.87   73.65   2.32   2.26   5.35
CURI-92   152.06   153.87   1.81   2.19   23.84   0.94   0.08   0.99
CURI-93   187.67   189.12   1.45   5.30   134.10   0.43   0.41   2.56
and   212.64   213.60   0.96   5.60   21.10   0.01   0.03   0.06
CURI-94   84.69   100.77   16.08   3.27   74.88   0.99   0.43   3.60
including   84.69   86.80   2.11   8.26   70.92   0.06   0.34   1.09
including   88.26   90.40   2.14   4.39   144.02   0.07   1.52   4.83
including   94.36   99.62   5.26   3.85   116.99   2.75   0.40   7.93
and   119.70   122.95   3.25   1.05   18.77   1.25   0.05   0.91
*widths reported are not true width

Technical Highlights:

The presence of a high grade massive sulphide intersection in DDH 94 expands the known mineralization an additional 50 m to the north and east. DDH 94 is located approximately 180 m south east of DDH 22 (4.77 g/t Au; 53.37 g/t Ag; 3.69% Cu and 1.62% Zn over 3.13m). Additional drilling is planned to test the strong geophysical anomaly present between DDH 94 and DDH 22.

Intersections in DDH 90 and 91, located in the southwest quadrant demonstrate the continuation of strong gold and zinc grades in the south west quadrant of the deposit.

The presence of almost 40 meters of lower grade sulphide mineralization in DDH 89 and including several zinc rich zones keep the western exploration limit of the deposit open, where additional follow up drilling is planned.

DDH 92 and 93 tested the extension of the massive sulphide body easterly below the sub-horizontal andesite intrusion over a 100 m strike length. The precious metal and zinc grades in DDH 93 offer further encouragement for the continuation of potentially economic mineralization to the east beneath the andesite cover.

Details of each drill hole and location relative to other significant intersections are described as follows:

Drill
Hole
  Section   Azimuth   Dip   Elevation
(m)
  Hole
Depth
(m)
  Location of nearest significant intersection
DDH 89   5200 N   90˚ strike   -75˚   857.79   128.95   100m west of DDH 48–3.41 g/t Au; 61.08 g/t Ag; 2.83% Cu and 3.18% Zn over 18.95 m
DDH 90   5050 N   90˚ strike   -75˚   878.00   99.00   50m west of DDH 53 - 3.52 g/t Au; 240 g/t Ag; 4.62% Cu and 3.76% Zn over 7.93 m
DDH 91   5000 N   90˚ strike   -70˚   876.45   134.95   50m west of DDH 54–3.03 g/t Au, 93.28 g/t Ag, 2.30% Cu and 10.96% Zn over 4.05 m
DDH 92   5400 N   270˚ strike   -80˚   963.97   248.85   50m west of DDH 42–1.78 g/t Au, 47.94 g/t Ag, 0.90% Cu and 7.53% Zn over 8.58 m
DDH 93   5450 N   90˚ strike   -70˚   977.22   260.80   50m east of DDH 60–3.75 g/t Au; 39.18 g/t Ag; 3.67% Cu and 1.44% Zn over 32.36 m
DDH 94   5550 N   90˚ strike   -75˚   950.80   134.95   70m northeast of DDH 77–10.09 g/t Au, 129.65 g/t Ag, 8.51% Cu and 8.00% Zn over 11.53 m

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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