Salazar Resources Limited

Salazar Resources Limited

November 22, 2011 17:07 ET

Salazar Intercepts 9.94 Meters of 3.48 g/t Gold, 91.95 g/t Silver, 4.40% Copper and 14.83% Zinc

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2011) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) reports new high grade intersections from the ongoing diamond drill program on its 100% owned (30,327 ha), precious metals' rich, Curipamba volcanogenic massive sulphide (VMS) project in Ecuador. The six holes reported here are part of the on-going diamond drilling program on the El Domo VMS deposit (Tables 1 & 2; Figure 1) which continues to intersect significant VMS mineralization under the andesite sill. These intersections, along part of the western margin of the andesite sill, clearly show there is significant, as yet untested, exploration potential beneath the andesite sill to the east.

  • CURI-137 intersected 9.94 meters grading 3.48 g/t gold, 91.95 g/t silver, 4.40% copper and 14.83% zinc, including 3.72 meters grading 7.79g/t gold, 187.66 g/t silver, 10.35% copper and 34.26% zinc in massive to semi-massive sulphide mineralization under the andesite sill (Figure 1). This mineralization is open and additional drilling is required in this area.
  • CURI-139 intersected 4.96 meters grading 1.14 g/t gold, 15.43 g/t silver and in massive sulphide under the andesite sill (Figure 1). This mineralization is open and additional drilling is required in this area.
  • CURI-136 intersected 1.25 meters grading 1.20 g/t gold, 29.8 g/t silver and 2.02% copper in massive sulphide mineralization. This is a new area of high grade massive sulphide mineralization at the southern end of the deposit. The mineralization is open to the southwest (Figure 1). Additional drilling is required in this area.
  • CURI-138 intersected 16.36 meters grading 0.87 g/t gold, 31.68 g/t silver, 0.12% copper.

To view Figure 1 click on:

Mr. Salazar commented, "We are pleased with these six hole results since they confirm that El Domo is still open in several directions and demonstrate potential to continue encountering massive sulphide mineralization."

CURI-136 and CURI-139 were collared close together approximately 130 meters east of CURI-129, to test for mineralization under the andesite sill. Both holes intersected semi-massive to massive sulphide mineralization under the andesite (Table 1). The presence of semi-massive to massive mineralization in this locale, approximately 75 meters from the edge of the andesite, is clear evidence that high grade mineralization is to be found beneath the andesite. Further exploration drilling is required in this area.

CURI-137 and CURI-138 were drilled from the same platform to test for mineralization under the andesite sill. CURI-137 intersected semi-massive to massive sulphide mineralization approximately 37 meters below the andesite sill. CURI-137 was drilled approximately 55 meters south of CURI-135 which intersected 9.66 meters grading 6.23 g/t gold, 183.43 g/t silver, 1.36% copper, 1.13% lead and 6.93% zinc (News Release of November 3, 2011). The continuation of high grade mineralization southwards from CURI-135, beneath the andesite, is extremely encouraging.

CURI-140, collared approximately 65 meters east of CURI-131 intersected faulted semi-massive and stockwork mineralization under the andesite.

CURI-141 was drilled approximately 55 meters SSW of CURI-136, intersected a broadly similar interval of mineralization (Table 1).

Table 1: Significant Intersections

Hole From To Width* Gold Silver Copper Lead Zinc
# (m) (m) (m) (g/t) (g/t) (%) (%) (%)
CURI-136 193.25 194.50 1.25 1.20 29.80 2.02 0.02 0.93
CURI-137 103.87 113.81 9.94 3.48 91.95 4.40 0.52 14.83
including 106.61 110.33 3.72 7.79 187.66 10.35 0.85 34.26
CURI-138 151.64 168.00 16.36 0.87 31.68 0.12 0.12 0.66
including 151.64 157.50 5.86 1.36 68.40 0.13 0.29 1.00
CURI-139 176.78 181.74 4.96 1.14 15.43 1.65 0.02 0.15
CURI-140 208.73 208.93 0.20 1.16 34.50 0.68 0.30 2.65
CURI-141 221.68 222.90 1.22 1.04 38.67 1.49 0.73 2.88
*Widths represent down hole core lengths except for CURI-141.

Table 2: Drill Hole Specifications

Drill Hole Easting Northing Elev. (m) Azimuth Dip EOH (m)
CURI-136 695251 9855300 975 270° -75° 236.8
CURI-137 695247 9854950 950 90° -85° 180
CURI-138 695248 9854950 950 90° -60° 215.8
CURI-139 695255 9855300 975 90° -85° 257.8
CURI-140 695201 9855150 967 90° -82° 243.8
CURI-141 695227 9855250 976 90° -90° 309

Drill core samples are analyzed by ALS Chemex Labs Ltd. and IBS Inspectorate, ISO 9001:2000 certified laboratories. 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.


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 having 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, 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 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.

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