Announcement • 1h
Salazar Resources Defines 650m x 500m Gold-Bearing Barite Horizon at El Tigre, Ecuador; Surface Sampling Returns 45m at 8.94 g/t AuEq
SALAZAR RESOURCES LIMITED reported results from rock chip sampling and geologic mapping at its 100%-owned El Tigre Project in Loja Province, Ecuador. The program builds on previously reported geological, geochemical, and geophysical work and marks a significant step in defining a priority drill target. The current program was designed to expand and infill previously identified geochemical anomalies and mapped mineralized zones. When integrated with historical datasets and geological work (see news releases dated July 11, 2019; November 12, 2020; January 14, 2021; and April 13, 2021), the results added more detail to the gold-bearing, barite-rich hydrothermal breccia where the Company previously reported grades of up to 9.94 g/t Au in soil and 29.60 g/t. Au in rock samples. As previously reported (July 11, 2019), the mineralization is hosted in Cretaceous pillow lavas of the Celica formation. The mineralization is associated with hydrothermal breccias and stockworks containing barite veinlets, intense silicification and sporadic silver sulphosalts. This horizon is accompanied by iron oxide staining and elevated gold and silver values. Fifteen of the newer samples were aligned with historical rock chip samples to form trench-like intervals and the remaining were taken from other sites where the breccia was mapped. (Image1) As a result, this laterally extensive, gold-bearing, barite-rich horizon is found to be exposed at surface over approximately 650 m by 500 m and locally within a ravine with up to 60 m of vertical relief (see cross-section), providing an excellent natural exposure through the ravine. Although the higher-grade intervals vary within this horizon, its surface footprint has been mapped in detail as seen on Map 1 and Map 2. A total of 66 rock chip samples were collected between March and June of this year throughout the property, of which, 15 samples returned values above 0.4 g/t Au representing 23% of the total. Those 15 samples are related to hydrothermal breccia. The sampling followed exposed outcrops along small horse trails (T1-T4) and following a ravine (T5), controlled primarily by outcrop exposure. Sampling is non-contiguous and spacing between samples varies. The exception is T1, which represents a continuous trench sampled with 3-meter intervals (Table 1). Reported intervals do not represent true widths, and the geometry and continuity of mineralization at depth have not yet been established. However, the pervasive alteration and elevated gold values indicate a high-priority exploration target. Regional setting and correlations to Tambo Grande, Peru. The Company considers this a compelling target based on its scale, association with barite-rich mineralization, spatial relationship with hydrothermal brecciation and sulphide mineralization. Zones of oxidation and locally developed gossan occur both directly above the interpreted barite- rich horizon and more broadly across the surrounding area (Map 4). These features show similarities to the gold-bearing barite cap and oxide zones at the TG1 deposit in the Tambo Grande district of northern Peru, hosted within correlative Lancones Formation stratigraphy¹. In both settings, mineralization is associated with barite-rich horizons, oxidation zones, hydrothermal breccias, and stockwork veining within volcanic sequences². This comparison remains conceptual, and insufficient work has been completed to confirm a direct analogue. However, the observed similarities provide a useful exploration framework and support the potential for a vertically developed hydrothermal system with possible underlying sulphide mineralization. Tambo Grande is a giant Volcanogenic Massive Sulfide with an estimated resource of: TG1: 109 Mt tons of 1.6% Cu, 1.0% Zn, 0.5 g/t Au and 22 g/t Ag; and TG3 (Algarrobos): 82 Mt 1.0% Cu, 1.4% Zn, 0.8 g/t Au and 25 g/t Ag³. Integration with Geophysics The geological model is supported by ground-based magnetic and gravity surveys completed in late 2020 (see January 14, 2021 and April 13, 2021 news releases). Magnetic data define an anomaly underlying the central portion of the property, spatially associated with gold-in-soil anomalies and interpreted as a potential structural or hydrothermal feature. Gravity data outline a relative low-density zone coincident with mapped hydrothermal brecciation and surface geochemical anomalies, supporting the presence of alteration and potential fluid pathways. These geophysical features are considered preliminary and require further validation. Exploration Upside and Next Steps The identification of a large-footprint, gold-bearing barite horizon provides a well-defined target for both continued surface work and drill testing. Planned activities include: Additional mapping and systematic channel sampling where outcrop exposure permits. Refinement of priority drill targets. Design of a scout drilling program to test surface mineralization and potential subsurface sulphide mineralization at depth.
