(TheNewswire)
CALGARY, ALBERTA – TheNewswire - November 30, 2023 - San LorenzoGold Corp. (TSXV:SLG) (“ SanLorenzo ” or “ theCompany ”) is pleased to provide the following corporateupdate:
San Lorenzo has recently completed a detailed in-house evaluation ofthe prospective targets contained within its flagship Salvadoraproperty. That review was prompted by the need to formulate a goingforward strategy for the Company given the results of the recentlycompleted drilling program on the Caballo Muerto zone – in whichsignificant gold intercepts were obtained in porphyry stylealteration. Follow-up work has commenced at CabelloMuerto and at several other targets as well. Results from individualtarget areas will be released in coming weeks as they are received.The work will generate a set of high priority drill targets, includingCabello Muerto itself.
Management has determined that a relatively inexpensive program ofsurface work, including rock and soil geochemistry, mapping, chipsampling, trenching and IP surveying can be completed across severaltarget areas during the next few months. This program shouldgenerate expanded and more closely defined targets which will beranked for follow-up drilling based on grade and scale potential andto optimize cost efficiency and logistics.
Salvadora Property Target Zones (8796Ha)
Salvadora contains several targets that have generated high-grade goldand copper results from limited work programs. Management considersall of them highly prospective.
The target zones on the Salvadoraproperty are:
CM - Cabello Muerto | TA - Tres Amigos |
CB - Cerro Blanco | CS - Cabello South |
ADO - Arco De Oro | 24K - 24 K |
CM – Cabello Muerto
Location and Traits : The CMZone is situated in the north central portion of the Salvadoraproperty – as outlined above. It is approximately 1.5 x 1 km insize. Extensive surface sampling of exposed outcrops returned gradesthat ultimately spurred the two drilling programs conducted over thepast 2 years.
Work to Date : Between 2011 and2021, surface sampling and IP surveys were completed. San Lorenzodrilled 5 holes in the zone during the 2022 drilling program whichincluded discovery hole SAL-03-2022 which returned an intercept of112m of 1.44 g/t Au. The 2022 drill program was followed by a 4-holedrilling program during 2023. Assay results from the 2023 drillingprogram were released during October 2023.
Results : The 2023 drillingprogram encountered extensions to the gold bearing zone in hole SAL03-2022 - both to the east and to the west such that approximately300m of strike length has been investigated. All holes encounteredmineralization including significant gold and copper interceptsindicating to management the potential for the existence of a largeunderlying porphyry system.
Objective : Caballo Muerto hasthe indications of being a massive porphyry target. Drillingencountered gold in quartz tourmaline veins similar in nature to thoseat other gold enriched porphyry deposits in the same metallogenic beltas Salvadora.
Next Steps: A program ofdetailed surface sampling and trenching to the north-west - in thedirection of the strongest IP anomalies - is warranted to expand thetarget zone and establish hole locations prior to the next drillphase. This investigative work is already underway in the field.
CB – Cerro Blanco
Location and traits : The CerroBlanco Zone lies 4 km to the east of the CM Zone and consists of a 6+sq km area of argillic–phyllic alteration that is exposed at surfaceand on the adjacent river embankment. Significant alteration over200m vertically and over a strike length of approximately 1 km isvisible from the river valley below. A picture of that alteration isincluded below.
Work to date : Geologicalmapping together with drainage sediment geochemical and rock samplinghas been completed on approximately 30% of the surface area of thetarget. Only 4.2 km of IP – in only 2 lines – has been completedto date. No drilling has occurred on this target area.
Results : Mineralized outcropand float sampling returned assay values of 0.1 – 1.55% Cu and 0.02– 0.287 g/t Au. The drainage geochemical survey identified a 3+ sqkm strong copper anomaly with values ranging from 300 – 1290 ppm Cuwithin the surface argillic-phyllic alteration zone which remains opento the SW. The central and easter sectors of the zone are underlain byan IP chargeability/resistivity anomaly.
Objective : Surface alterationand sample results indicate good potential for an underlying porphyrystyle copper-gold deposit at Cerro Blanco.
Next Steps: Next stepsinclude establishing the most favorable access routes into the area toenable expanded detailed surface sampling. The removal of a thinlayer of caliche (cemented carbonate), common in the region - viatrenching - will allow for a more meaningful and detailed IP programto be shot which will help identify optimal drill locations on thislarge target.
Alteration on Cerro Blanco visiblefrom below along river embankment
ADO – Arco De Oro
Location and traits : The ArcoDe Oro Zone is located in the SW corner of the Salvadora Property andhas a history of artisanal mining on its epithermal gold-silver-coppervein systems. The ADO epithermal veins are well-defined. Geochemical work conducted to date along with historical mining data- coupled with drilling conducted by San Lorenzo - suggests that thevein system extends for over 2 km in a NW/SE direction. The systemremains open at depth due to limited drilling having been done todate.
Work to Date : San Lorenzoconducted surface geological investigations based on artisanal miningvisible at surface followed by detailed sampling of the surfaceworkings and their extensions along strike followed by IP surveys anddrilling. A total of 5 holes have been drilled by San Lorenzo in 3drill programs completed in 2016, 2018 and 2022.
Results : Surface chip samplestaken from old workings and outcrops along the vein systems range from8.2 g/t Au and 15.5 g/t Ag over 0.9m to 154.5 g/t Au and 18.2 g/t Agover 1.3m width.
Drill intercepts range from 12m grading 1.74 g/t Au with 2.9 g/t Agand 0.27% Cu (SAL-04-18) to 32m grading 1.66 g/t with 2.3 g/t Ag and0.32% Cu.
The broad zones noted above centered on higher grade cores rangingfrom 4m grading 6.84 g/t Au with 6.0g/t Ag and 0.57% Cu (SAL-04-18) as well as 6.5m grading 16.27 g/t Auwith 9.9 g/t Ag and 0.39% Cu (SAL-04-22).
Objective : San Lorenzo hasalready established a strike length of over 2 km, with veiningstarting at surface. Of the 5 holes drilled to date, 4 were designedto intercept the vein at shallow depth (less than 100 meters) whileonly one hole tested the vein system at depth (300 meters). This 5 th (and deepest) hole, SAL-04-22, intersectedmassive sulphide grading 16.27 g/t Au over 6.5 meters including 58.18g/t Au over 1.5 meters. This 5 th intercept suggests that theveining at surface continues to depths of at least 300 meters suchthat ARO may be regarded as a very significant system.
Next Steps : Trenching and bulksampling across the system to expand the zone along strike - includingsampling for grade confirmation with a view to future resourcemodelling - is required. Further drilling to intercept the system atdepth at different locations along strike is warranted as part of thenext drilling program undertaken at Salvadora.
TA – Tres Amigos
Location and traits : The TresAmigos Zone is found to the NW of the CM Zone.
Work to Date : As recently as2006, mining on the east side of the Tres Amigos Zone occurred from aspiral decline over 100m in length from which high grade - up to 14%Cu - oxide ore was extracted. During the late 1990´s the Sin Codiciamine on the NW flank of the zone also produced oxide copper ore.
Results : Soil and rockgeochemical sampling have shown that the whole target area is a strongcopper anomaly with values greater than 500ppm within which two 1 –1.5 sq km areas average 0.2 - 0.28% Cu in soils. Mineralized outcropand float samples from these two sectors returned values of 0.3 –5.6% Cu and 0.174 – 2.88 g/t Au.
The 2 phases of drilling completed to date by San Lorenzo on the TresAmigos system established a high-grade copper-gold-silver richepithermal vein system that is 25 – 60 m wide grading 0.47 – 1.48% Cu, 0.17 – 0.25 g/t Au and 3.1 - 26.9 g/t Ag that extends over 2km and is open at depth.
Objective : Expansion andfurther delineation of the vein system for potential resourceestablishment.
Next Steps : Surface mapping,trenching and soil sampling followed by IP surveys will be carried outin the two 1 – 1.5 sq km sectors of very high surface copper values.The combination of geochemistry and IP will be used to site drill padsto further test these targets. Sampling and detailed mapping workhas commenced at the Tres Amigos Zone.
CS – Cabello South
Location : Cabello South Zoneis located S-SE of the Cabello Muerto Zone.
Work to Date : Geologicalmapping, soils and geochemical indicate CS Zone is a 2+ sq kmpartially leached porphyry style argillic to phyllic alteration zoneassociated with several acid intrusive bodies with an associatedhigh-grade copper/gold soil anomaly. A preliminary IP survey was alsocarried out.
Results : Surface samplingreturned rock chip sample grades to 0.15% Cu and 0.14 g/t Au. Results from the IP survey were inconclusive due to problems withsurface caliche cover but do suggest an IP resistivity anomalyunderlies the northern half of the target zone. The CS Zone has notbeen drill tested.
Objective : Further detailedgeochemistry, including the removal of caliche cover is requiredtogether with additional IP data acquisition to optimize drill holelocations to test beneath this large leach cap area.
Next Steps : Detailed geochemsampling has commenced on the Cabello South Zone which is expected tobe followed up by additional IP line acquisition to identify optimaldrilling locations.
24K
Location : The 24K Zone liesmidway between ADO to the east and CM to the west.
Work to Date : Geologicalmapping indicates that that 24K Zone covers an area of strongpropylitic to phyllic alteration plus quartz/tourmaline veins andbreccias. In addition to surface geophysics and IP surveys conductedon the zone, the 24K Zone has had 3 holes drilled on it as part of the2016 program. Detailed soil sampling and in 2015 indicated thepresence of a copper geochemical anomaly and the IP survey indicatesan underlying anomaly.
Results : In 2016 three shallowholes were drilled to test the southeast sector of a combined soil andIP anomaly. All three intersected mineralization with grades of 0.15– 0.28% Cu, 0.1 - 0.19 g/t Au and 0.3 - 0.6 g/t Ag over widths of 35- 39m.
Objective : The mineralizationencountered in the 3 shallow holes - together with a significant IPanomaly – suggest the need to conduct deeper drilling on the 24Kzone.
Next Steps : A program ofsurface trenching and channel sampling is required as a first nextstep. Additional IP surveying may also be required before furtherdrilling is undertaken. While the IP anomaly is intriguing, the IPsignatures on the Caballo Muerto, Caballo Muerto South and Cerro Blanozones are more intense and consequently, further work on 24K Zone willbe postponed for the time being.
About San Lorenzo Gold Corp.
San Lorenzo Gold is involved in the exploration andadvancement of mineral properties. The Company currently has three100% owned properties in Chile: Salvadora, Nancagua and Punta Alta.
The Salvadora property is being explored for largescale copper-gold porphyry targets and high-grade epithermalgold-silver-copper vein systems.
Nancagua is a high grade mesothermal gold-silverprospect.
Punta Alta is an IOCG prospectwith related disseminated and vein style copper-gold-silver-cobaltmineralization. Punta Alta also has potential for copper/goldpotential in porphyry style alteration.
For further information, pleasecontact:
Gordon Aldcorn, VP Corporate Development
Email: galdcorn@sanlorenzogold.ca
Ph: 403-618-6507
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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 are forward-looking information. Suchforward-looking information involves various risks and uncertainties.There can be no assurance that such information will prove to beaccurate, and actual results and future events could differ materiallyfrom those anticipated. Any forward-looking statements are made as ofthe date of this release and, other than as required by applicablesecurities laws, San Lorenzo does not assume any obligation to updateor revise them to reflect new events or circumstances.
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