(TheNewswire)
CALGARY, ALBERTA – TheNewswire- June 15, 2023 – SanLorenzo Gold Corp. (“ SanLorenzo ” or the “ Corporation ”) ( TSXV:SLG),(OTC:SNLGF) is pleased to announce thecommencement of the Phase 4 drilling program on the Caballo Muerto Zone (“ CMZ Zone ”) on its Salvadora property inChile.
The Phase 4 program is designed to expand on thediscovery hole that was drilled during the 2022 drilling program. That hole, SAL 03-22, encountered significant porphyry stylemineralization returning grades of 1.4 g/t gold over 112 meters. ThePhase 4 program is targeted for up to 2000 meters of drilling over upto 6 holes. The final number of drill holes and their depths will bedetermined by field evaluation of mineralization as drillingprogresses.
Figure 1 below provides the locations and directions ofthe intended drill holes. The porphyry copper-gold system discoveredin hole SAL 03-22 is open to the north, the north-west and west and atdepth.
Figure 1
Terry Walker, San Lorenzo’s VP Exploration stated:“The 2022 CMZ Zone drill program achieved a major milestonereturning a discovery hole that cut a copper-gold bearing porphyryalteration system on the Salvadora property. We are excited that themineralization and associated phyllic-potassic alteration in thecopper, gold and molybdenum enriched zone of hole SAL 03-22 is similarto that of the copper-gold porphyry deposits found in the Andean MegaPorphyry Copper Belt of Chile. SAL 03-22 encountered mineralizationright from surface with significant grades being encountered at truevertical depths between approximately 250 to 360 meters from surface. Not only do we intend to test the areal extent of the significantgrades, we also intend to obtain grades at shallower depths where ourprevious surface geo-chem suggests that mineralization continues rightto surface.”
Mr. Walker continued: “Hole 03-22 was a discoveryhole that set the stage for the delineation drilling program about tobe undertaken. We are excited to obtain information from drilling tothe west and north-west of the discovery hole to determine the size ofthis system.”
Key Results of hole SAL 03-22 are reflectedbelow:
Hole # | Sector | Intercept | From(m) | To (m) | Width (m) | Cu % | Au g/t | Ag g/t |
SAL-03-22 | CMZ | A | 171.0 | 197.0 | 26.0 | 0.15 | 0.13 | 0.4 |
B | 233.0 | 515.3 | 282.3 | 0.10 | 0.66 | 0.6 | ||
including | 308.0 | 420.0 | 112.0 | 0.14 | 1.44 | 0.8 | ||
356.0 | 392.0 | 36.0 | 0.27 | 3.7 | 1.1 |
Management of San Lorenzo believes that both holes SAL03-22 and SAL 06-18 intercepted a porphyry deposit similar in natureto that of the El Salvador deposit – located 15 kilometers to thenorth-east. From the period that the El Salvador mine commencedproduction in 1959 up to 2000, over 13 billion pounds of copper andover 3.1 million ounces of gold have been produced (1) . The El Salvador mine has continued inproduction since that time and its operator, Codelco, has recentlyextended its mine life to 2067.
1) source: Corporación Nacional del Cobre de Chile –“Codelco”.
Drilling is expected to take several weeks with assaysbeing shipped to ALS Laboratories for analysis. Results will bereleased as assay results are available.
On next steps, Mr. Walker also commented: “The CMZ zone represents but one of several porphyrytargets at Salvadora evident from surface alteration, copper-goldenrichment in soil and continuous chip samples augmented by inducedpolarity surveys carried out by San Lorenzo over the past 3 years thatshow significant conductivity/resistivity anomalies.”
Figure 2 below highlights the principal alterationzones with associated strong surface copper geochemical and IPanomalies identified to date at Salvadora.
Figure 2
About San Lorenzo Gold Corp.
San Lorenzo Gold is in the business of exploring forand advancing mineral properties. San Lorenzo currently has three100% owned properties in Chile: Salvadora, Nancagua and Punta Alta. The Salvadora property is being explored for large scale copper-goldporphyry targets and high-grade epithermal gold-silver-copper veinsystems. Nancagua is a high grade mesothermal gold-silver prospect. Punta Alta is a IOCG prospect with related disseminated and veinstyle copper-gold-silver-cobalt mineralization.
For further information on the Corporation, readers arereferred to the Corporation’s website at www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR at www.sedar.com .
For further information concerning this press release,please contact:
Gordon Aldcorn
V.P. Corporate Development
Email: galdcorn@sanlorenzogold.ca
Phone: 587-430-0333
Or:
Terry Walker
VP Exploration
Email: twalker@goldenrock.cl
Or:
Al Kroontje
Email: al@slgold.ca
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
Not for distribution to UnitedStates newswire services or for release, publication, distribution ordissemination directly, or indirectly, in whole or in part, in or intothe United States
Cautionary Note RegardingForward-Looking Information
This press release may containforward-looking information that involves substantial known andunknown risks and uncertainties, most of which are beyond the controlof San Lorenzo. All statements included herein other than statementsof historical fact, including statements pertaining to the drillingprogram, are forward-looking information. Such forward-lookinginformation involves various risks and uncertainties. There can beno assurance that such information will prove to be accurate, andactual results and future events could differ materially from thoseanticipated in such information. Any forward-looking statements aremade as of the date of this release and, other than as required byapplicable securities laws, San Lorenzo does not assume any obligationto update or revise them to reflect new events orcircumstances.
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