VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2011) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) - is pleased to report new assay results from the ongoing diamond drilling program on its 100% owned (30,327 ha), precious metals rich Curipamba volcanogenic massive sulphide project in Ecuador. Hole 106, a 50 meter stepout from hole 104, intersected 36.33 meters of high grade mineralization grading 3.74 g/t gold, 35.85 g/t silver, 4.39% copper and 1.5% zinc (Figure 1; Table 1). The intersection indicates the highly prospective area of the deposit containing copper and gold-rich mineralization extends to the west (Figure 1). In contrast, hole 104 cut 21.23 meters of 4.01 g/t gold, 34.42 g/t silver, 3.23% copper and 1.47% zinc (Table 2). Salazar currently has two drills delineating and extending the deposit.
(To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/srl510i.jpg)
Mr. Salazar says, "We are delighted with the results of hole 106 which shows the area of high grade mineralization remains open to the west."
Two areas of particularly high grade mineralization are now recognized within the precious metals' rich El Domo volcanogenic massive sulphide deposit (Figure 1). Other, similar areas may be identified with continued exploration.
| Table 1 Significant Intersections | ||||||||||||||||
| Hole | From (m | ) | To (m | ) | Width*(m | ) | Gold (g/t | ) | Silver (g/t | ) | Copper (% | ) | Lead (% | ) | Zinc (% | ) |
| CURI-105 | 147.6 | 152.43 | 4.83 | 3.383 | 97.99 | 2.88 | 1.07 | 3.24 | ||||||||
| CURI-106 | 57 | 93.33 | 36.33 | 3.739 | 35.85 | 4.39 | 0.17 | 1.5 | ||||||||
| Including | 59 | 80.12 | 21.12 | 5.9 | 54.11 | 6.42 | 0.28 | 2.52 | ||||||||
| including | 64.18 | 72.42 | 8.24 | 10.93 | 90.27 | 10.5 | 0.33 | 5 | ||||||||
| CURI-107 | 81.03 | 82.33 | 1.3 | 4.1 | 89 | 3.69 | 0.08 | 5.3 | ||||||||
| and | 88.9 | 90.54 | 1.64 | 4.84 | 32.3 | 0.8 | 0.37 | 1.73 | ||||||||
| CURI-108 | 135.6 | 159.05 | 23.45 | 0.112 | 15.47 | 0.04 | 0.06 | 0.56 | ||||||||
| including | 135.6 | 141 | 5.4 | 0.36 | 61.14 | 0.03 | 0.19 | 0.37 | ||||||||
| * Widths represent down hole core lengths. |
| Table 2 Hole locations and targets | ||||||||
| Drill Hole | Section | Azimuth | Dip | Elevation (m | ) | Hole Depth (m | ) | Location of nearest significant intersection |
| DDH 105 | 5550 N | 0˚ strike | -90˚ | 978.84 | 224.9 | 50 m east of DDH 941– 3.27 g/t Au; 74.88 g/t Ag; 0.99% Cu and 3.60% Zn over 16.08 meters | ||
| DDH 106 | 5250 N | 90˚ strike | -85˚ | 903.31 | 134.95 | 50 m west of DDH 1042 – 4.01 g/t Au; 34.42 g/t Ag; 3.23% Cu and 1.47% Zn over 21.43 meters | ||
| DDH 107 | 5350 N | 90˚ strike | -75˚ | 929.75 | 149.95 | 50m north of DDH 393 – 3.62 g/t Au; 51.75 g/t Ag; 1.19% Cu and 4.54% Zn over 12.37 meters | ||
| DDH 108 | 5200 N | 90˚ strike | -75˚ | 943.78 | 216.05 | 50m north of DDH 941 – 3.27 g/t Au; 74.88 g/t Ag; 0.99% Cu and 3.60% Zn over 16.08 meters | ||
| 1: News release of March 3, 2011; 2: News release of April 28, 2011; 3: NI 43-101 report of October 8, 2010 |
Hole 105 was drilled approximately 50m east of hole 94 to test for continuation of the massive sulphide horizon beneath an andesite sill. It intersected a fault at the target depth together with massive sulphides of chalcopyrite and sphalerite. The massive sulphide mineralization appears to have been dragged into the fault which suggests the massive sulphide mineralization may continue eastwards beneath the andesite sill. There are also black sphalerite clasts in the fault, possibly derived from other massive sulphide lenses at a deeper level. The mineralized fault may, in part, represent a re-activated feeder zone. Further drilling is warranted in this locale.
Hole 107 was drilled 50m north of hole 39. It intersected a mixed sequence of massive to semimassive sulphide, marker horizon grainstone, volcanics and faulting. The grainstone horizon typically caps the massive sulphide – three thin horizons were intersected. The two narrow intersections together with the three grainstone horizons suggest local structural disruption of the massive sulphide horizon and marker horizon relative to surrounding holes.
Hole 108 was drilled 50m north of hole 94, near the north end of the El Domo deposit. The 23.45m mineralized intersection indicates potential for significant discoveries. Additional drilling is required to fully explore this area.
In conjunction with the diamond drilling program the Company is also conducting regional prospecting, mapping, stream sediment sampling and soil sampling to identify and develop new targets.
Drill core samples are analyzed by ALS Chemex Labs Ltd., an ISO 9001:2000 certified laboratory. Prospecting, soil and stream sediment samples are analyzed byBSI Inspectorate Services an ISO 9001:2000 certified laboratory which also has an accreditation of ISO 17025. Salazar maintains a QC program is used 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 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 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.
This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is 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.
Contact Information:
1.866.580.8891
info@salazarresources.com
www.salazarresources.com