Salazar Resources Ltd (CVE:SRL), the copper and gold-focused project generator, reported highly encouraging exploration results from the Los Osos project in Ecuador, where targets have been located for an imminent drill program.
The firm also announced in today's statement the promotion of Merlin Marr-Johnson to executive vice-president.
"What makes the Osos project so compelling is that it is only 10 km south of the 17 Moz Cangrejos gold project and Pacho Soria, our Chief Geologist, led the discovery team at Cangrejos," said Fredy Salazar, CEO.
"He knows the geology at Cangrejos intimately, and recognizes a very similar mineralizing system at Los Osos. Extensive artisanal work at Los Osos historically focused on high-grade, narrow veins. The potentially higher tonnage bodies with disseminated mineralization will be drill-tested for the first time by Salazar Resources this year."
The firm reported extensive sulphide mineralization within porphyries, metamorphic rocks and hydrothermal breccias, with a highlight of 14.5 g/t gold over 0.6 metres (m) in a veined quartzite. There was also 8.1 g/t of the yellow metal over 0.5 m.
There is an apparent correlation of gold and copper grades with sulphide intensity, the firm added.
A new role
Salazar also congratulated Marr-Johnson on his new role as executive vice-president.
"Merlin is already an integral member of the management team and will continue to contribute leadership as Salazar Resources focuses on delivering value through discovery in Ecuador," he said.
The company aspires to be Ecuador's leading project generator. It boasts a proven Ecuadorian discovery team led by the ex-head of Newmont Ecuador, Fredy Salazar, a team of 40 people, including 15 geologists, three drill rigs and an unrivalled Ecuadorian 'grassroots' network.
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