VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 12, 2011) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) reports it has retained Roscoe Postle Associates Inc. to prepare an updated NI 43-101 compliant resource estimate for the precious metals' rich El Domo volcanogenic massive sulphide deposit on the Curipamba project, Ecuador.
Subsequent to receipt of a NI43-101 compliant resource estimate report from Scott Wilson Roscoe Postle Associates Inc. (SEDAR filed October 13, 2010), Salazar has completed significant diamond drilling on the deposit with the goal of infilling on nominal 50 meter centres and testing for extensions to the deposit. Drilling, to-date, has outlined a curvilinear deposit with a strike length of approximately 850 m north-south and with east-west widths ranging between 200 to 300 meters, and an average thickness of approximately 10 meters. The body is sub-horizontal and lies at depths of between 50 and 180 meters below surface. Significantly, mineralization has been intersected in exploratory drilling beneath an andesite sill that flanks the deposit to the east. The persistence of the mineralization beneath the andesite is a very important discovery as the andesite had previously been considered to cut off the mineralization.
Scott Wilson Roscoe Postle Associates Inc. estimated the following resources for the El Domo deposit:
| Table 1: El Domo Mineral Resource Estimate (October 2010) | |||||||||||
|
Category |
Tonnes | Copper | Lead | Zinc | Gold | Silver | Copper | Lead | Zinc | Gold | Silver |
| (*000) | (%) | (%) | (%) | (g/t) | (g/t) | (M lbs) | (M lbs) | (M lbs) | (ozs) | (ozs) | |
| Indicated | 623 | 3.7 | 0.41 | 4.16 | 3 | 98 | 50.8 | 5.6 | 57.1 | 60,000 | 1,963,000 |
| Inferred | 2,499 | 3.24 | 0.37 | 4.28 | 4.3 | 79.5 | 178.5 | 20.4 | 235.7 | 346,000 | 6,388,000 |
| Notes: | |||||||||||
| 1. CIM definitions were followed for mineral resources. | |||||||||||
| 2. Mineral resources are estimated at a net smelter return cut-off of US$50 per tonne. | |||||||||||
| 3. Metal prices used are US$3.25/lb Cu, US$1.10/lb Zn, US$0.90/lb Pb, US$1,050/oz Au and US$18.00/oz Ag. | |||||||||||
| 4. Metallurgical recovery factors assumed were 75% Cu, 85% Zn, 50% Pb, 60% Au and 55% Ag. | |||||||||||
| 5. Common industry values for smelter terms were assumed. | |||||||||||
| 6. A density of 3.6 t/m3 was used for the massive sulphides and a density of 2.7 t/m3 for two small hanging wall mineralized lenses, based on specific gravity determinations on core samples. | |||||||||||
Mr. Salazar comments, "The infill drilling since the date of the last report has added to the confidence level of the reported results and we look forward to receipt of an updated resource estimate. We are extremely pleased with the progress being made on delineation of the deposit and with the step out drilling which is adding additional areas to be tested. The discovery of mineralization below the andesite sill augurs well for expanding the deposit eastwards and we will be following up on this discovery."
Salazar's diamond drill program is continuing. The Company currently has two drills delineating and extending the deposit.
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"
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 Salazar Resources Ltd. 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 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:
Greig Hutton
519-473-9998
ghutton@salazarresources.com
www.salazarresources.com