Salazar Resources Ltd

Salazar Resources expects several drill programs over next year, as it updates on busy first half

Salazar added that at the Rumiñahui property, ongoing community dialogue had enabled the company to advance towards drilling

Ecuador flag
The company is focused on Ecuador

Salazar Resources Ltd (CVE:SRL), the Ecuador-focused explorer, updated on progress in the first half of this year, saying it expects to carry out several drill programs across its portfolio in the next 12 months.

Highlights have included samples of 9.94 g/t (grams per ton) gold in soil, and 29.6 g/t gold in rock from the Macara project, where the first phase of exploration has been completed.

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"We have had an active first half of the year," said CEO Fredy Salazar.

"The work program at Macara returned excellent results with robust anomalies helping us to generate a number of drill targets. What makes the Macara prospect so intriguing is that it is only 90km away from the giant VMS deposits of Tambo Grande, Peru, and in similar geology."

Salazar added that at the Rumiñahui property, ongoing community dialogue had enabled Salazar to advance towards drilling, with only water-use permits required.

"Elsewhere, we are pleased to add to the wholly-owned portfolio a new property 'Los Osos' that was optioned for US$250,000. All told, this progress show-cases our core expertise, which is to identify local opportunities (Los Osos), to work with local communities (Rumiñahui), and to identify and advance geological potential (Macara)," he said.

In the second half, Salazar said it will carry out Phase 1 geological exploration fieldwork at the Los Osos project, Ecuador and potentially the Alisales project, Colombia.

Several drill programs eyed

Depending on the receipt of government drill permits, the firm said it was anticipating several drill programs in the next 12 months.

"Applications have been made for a 3,000m program at Rumiñahui, and a scout drilling program at Macara that will give the right to drill from up to 20 drill pads at the discretion of the company.

"In addition, Adventus Mining previously announced plans for a 6,000m drilling program at the Curipamba project, and to drill at Santiago and Pijili in 2019 and beyond. Joint venture discussions are in progress, and it is anticipated that the Salazar drill rigs, through Perforaciones Andesdrill S.A. will be used,"  added the company.

Salazar shares were unchanged in Toronto at $0.19.

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Quick facts: Salazar Resources Ltd

Price: 0.17 CAD

Market: TSX-V
Market Cap: $21.5 m


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