• Salazar Resources has acquired the mineral title to the 1,175 hectare (“ha”) Correa-Jiron Concession 601062 (“El Potro”) in the mineral-rich Loja porphyry district, Ecuador for an initial payment of US$50,000. See here for a news release dated September 20, 2021.

    “EL POTRO” CORREA JIRON 601062

    El Potro lies in the southeast of Loja Province, southern Ecuador. Altitudes in the single contiguous concession area range from 3,000 m to 3,700 m and access is via gravel roads and mule track from the town of El Airo which is seven km to the west. The project area has been subject to small-scale artisanal mining activity since the Mining Concession was granted in 2010. El Potro has been held by a consortium of private holders since 2010 and the area has not been subject to any recorded systematic exploration.

    Figure 1. Location of “El Potro” Correa Jiron  601062

    Source: Salazar Resources Ltd

    Geology

    The area is crossed by a large system of transpressional faults, running north-northeast. A suite of Miocene Portacheula rocks is intruded into older (Jurassic) Chigüinday Très Lagunas units.

    Preliminary mapping has identified porphyrytic intrusions, argillic and Ca-K alteration signatures, locally intense stockworks, and a siliceous lithocap. The main stockwork is hosted in porphyry, and exhibits intense quartz veining with visible magnetite and molybdenite. The lithocap is estimated to be 60 m thick and several hundred meters wide. Artisanal mining has concentrated on sulphide-rich portions of the lithocap. Guides to the area demonstrated the gold content by sampling, crushing, and panning.

    Work to Date

    During due diligence, preliminary geological mapping on traverses was undertaken and 89 rock samples were collected. Assay results showed that 25 of the rock samples were below detection limit for gold, 13 samples were between 6 ppb and 100 ppb, and 49 were greater than 100 ppb. Table 1 highlights samples from nine areas with either gold above 0.1 ppm (g/t) or copper above 1000 ppm (0.1%).

    Table 1. Highlights from Due Diligence sampling programme
    Sample
    ID
    Width
    (m)
    Au
    ppm
    Mo
    ppm
    Cu
    ppm
    Ag
    ppm
    Notes on alteration and mineralization
    M543110.200.32811.6Argillic, manganese oxides and hematite
    M543125.000.13201051.9Phyllic veinlets of quartz, oxidised pyrite
    M543154.000.0422835.7Phyllic, epi, cpy veinlets, py, malachite, traces of bornite
    M543188.000.8<2273.0Intense argillic stockwork, drusy qtz, py, aspy, jarosite
    M5431910.000.12221.7Intense argillic stockwork, drusy qtz, py, aspy, jarosite
    M543213.0026.639711.3Intense oxidised stockwork, py, jarosite
    M543223.009.0<2955.1Intense oxidised stockwork, py, jarosite
    M543231.000.8<2340.5Argillic, intense oxidation, hematite
    M543792.000.06111091.0Quartz-sericite
    M543802.000.08519660.9Stockwork, qtz-mag-mo. Contact between porphyry / met

    Samples 54321 and 54322 show excellent gold grades, returning 3 m @ 26.6 g/t Au and 3 m @ 9.0 g/t Au in rock chips respectively. These samples were located at the site of artisanal activity, at the lower portion of an area of the lithocap (see photograph below).

    Photograph 1. El Potro, samples M54321 and M54322

    Samples 54312 and 54315 were located on a series of porphyry outcrops, both returning 0.2% copper over several meters of rock chip. Of particular interest is the silver content (51.9 g/t Ag) in sample 54312, and the fact that traces of bornite were visible in sample 54315.  Samples 54379 and 54380 were taken on a stockwork zone within porphyry and showed evidence of elevated molybdenum in the system (see photograph below).

    Photograph 2. El Potro, Sample M54380

    Figure 2. El Potro, sample location map

    Source: Salazar Resources Ltd

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