Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

February 08, 2011 03:00 ET

Salazar Intersects 28 m of 2 g/t Gold & 5% Copper at High-Grade El Domo VMS Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 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.

The results obtained from the last five drill holes at the El Domo deposit and surrounding areas have returned promising results. The El Domo deposit mineralization has been extended 50 meters to the North and 50 meters to the East in the southern portion of the deposit. The deposit now has a N-S strike length of 800m, averaging 200m width and averaging a 10m thickness (see Figure 1), and is still open in three directions: north, south and west. 

Highlights:

  • Curi-87 intersected 27.61 meters of mineralization averaging 2.12 g/t gold, 24.65 g/t silver, 4.97% copper and 1.11% zinc; and including 5.33 meters at 5.43 g/t gold, 87.87 g/t silver, 13.59% copper and 4.81% zinc.
  • Curi-83 intersected 4.05 meters at 2.13 g/t gold and 43.03 g/t silver within more than 20 mof mineralization.
  • Curi-84 intersected 1.95 meters at 2.02 g/t gold; 98.08 g/t silver; 2.43 % copper and 7.81 % zinc within 3.75 m of mineralization.

"These drill results continue to demonstrate the outstanding high grade mineralization of the El Domo deposit." says Fredy Salazar, President and CEO. "We look forward to continued success and are eagerly awaiting the arrival of our second drill rig, expected in the next few weeks, in order to increase our efforts in developing this very exciting new VMS district."

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-83   96.60   100.65   4.05   2.13   43.03   0.01   0.06   0.16
and   114.00   116.00   2.00   0.40   10.40   0.22   0.04   2.62
CURI-84   82.00   85.75   3.75   1.16   54.94   1.40   0.15   4.16
including   83.80   85.75   1.95   2.02   98.08   2.43   0.27   7.81
CURI-85   83.30   89.30   6.00   0.39   14.05   0.75   0.10   0.41
including   88.21   89.30   1.09   1.21   27.50   2.06   0.01   0.25
CURI-86   211.46   213.50   2.04   0.46   2.63   0.14   0.10   1.61
CURI-87   39.95   67.56   27.61   2.12   24.65   4.97   0.07   1.11
including   45.40   67.56   22.16   2.56   29.73   6.10   0.08   1.25
and   45.40   50.73   5.33   5.43   87.87   13.59   0.29   4.81
*widths reported are not true width

Technical Highlights:

Hole 86 was sited to test a small and moderate response IP geophysical anomaly midway between the drill indicated El Domo deposit and the outcropping mineralization at El Gallo. At El Gallo semi massive sulphide is hosted in faulted upper tuffaceous unit (utu) rocks that form the hanging wall to the El Domo deposit. The drill hole shows that the utu rocks are an erosional remnant with the absence of the VMS marker horizon. The IP anomaly is explained by the approximately 50m of weakly disseminated and veinlet hosted base metal mineralization in the footwall rocks.

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

Drill
Hole
  Section   Azimuth   Dip   Hole
Depth
(m)
  Location of
nearest significant
intersection
DDH 83   5600 N   90˚
strike
  -80˚   124.05   100m north of DDH 77 -
10 g/t Au;
130 g/t Ag;
8.5% Cu
and 8.0% Zn
over 11.5 m
DDH 84   4950 N   90˚
strike
  -70˚   144.25   50 m east of DDH 71 -
23.86g/t Au;
1252 g/t Ag;
2.29% Cu;
5.69% Pb
and 26.28% Zn
over 1.91 m
DDH 85   4900 N   270˚
strike
  -85˚   132.00   50m east of DDH 70 -
2.28% Zn
over 8.36 m
DDH 86   4700 N   90˚
strike
  -80˚   224.70   250 m southwest of
the known
El Domo deposit
DDH 87   5150 N   90˚
strike
  -75˚   107.95   50 m south of DDH 56 -
11.32 g/t Au;
195 g/t Ag;
3.75% Cu
and 8.19% Zn
over 15.9 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.

To view "Figure 1", please visit the following link: http://media3.marketwire.com/docs/SZR1.pdf.

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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