(TheNewswire)
CALGARY, AB – TheNewswire - June 12, 2023 - San Lorenzo Gold Corp.(" San Lorenzo " orthe " Company ")(TSXV:SLG ) - or - ( OTC:SNLGF) is pleased to provide the followingcorporate update pertaining to its flagship Salvadora property.
The PorphyryTarget Zone (Caballo Meurto)
On Oct 5 and 17, 2022 San Lorenzo released assay results from thethird drilling campaign conducted on its Salvadora property –located within the Andean mega porphyry belt of Chile. The thirddrilling program involved the drilling of 10 holes – 7 holes intothe Caballo Meurto porphyry target located approximately in the middleof the property and 3 additional holes into the Arco de Oro epithermalvein system located within the southern and western propertyboundaries.
Of significance was the drilling of hole SAL 03-22 into the CaballoMeurto porphyry target – adiscovery hole . Hole SAL 03-22 encountered thephyllic-potassic alteration zone within the porphyry system which iswhere the economic grades of gold and copper are encountered in theAndean mega porphyry belt and is similar in nature to the El Salvadordeposit (and mine) located approximately 15 kilometers north of theSalvadora property. Hole SAL 03-22 was mineralized throughout andencountered 112 meters grading 1.44 grams/tonne gold which issignificantly higher than a great number of the world’s largestporphyry deposits ( 2004 – Cooke,Holdings and Walshe ). The assay values are summarized in thetable 1 below ( NR issued Oct 17,2022 ):
Table 1: SAL 03-22 Assay Results
Hole # | Sector | Intercept | From(m) | To (m) | Width (m) | Cu % | Au g/t | Ag g/t | Cu% Eqv | Au g/t Eqv |
SAL-03-22 | CMZ | A | 171.0 | 197.0 | 26.0 | 0.15 | 0.13 | 0.4 | 0.24 | 0.34 |
B | 233.0 | 515.3 | 282.3 | 0.10 | 0.66 | 0.6 | 0.57 | 0.81 | ||
including | 308.0 | 420.0 | 112.0 | 0.14 | 1.44 | 0.8 | 1.17 | 1.67 | ||
356.0 | 392.0 | 36.0 | 0.27 | 3.7 | 1.1 | 2.91 | 4.15 |
Figure 1 below provides drill locations under the 2016, 2018 and 2022drill campaigns as well as IP line locations – all on the CaballoMeurto porphyry target of the Salvadora property:
Regarding the drill results achieved during the 2022drill campaign on the Caballo Meurto porphyry target, Terry Walker VPExploration commented: ‘The discovery hole cut a gold-copper bearingporphyry alteration system. Importantly, it encounteredphyllic-potassic alteration matching typical massive gold - copperporphyry deposits found in the Andean Mega Porphyry Copper Belt ofChile - most of which are included on the list of the largest depositsin the world” ( 2004 –Cooke, Holdings and Walshe ). This discovery holeneeds to be followed up with a program of further drilling designed tostep out from the discovery hole - enabling San Lorenzo to begin todetermine the size and scope of the porphyry system”. Mr. Walkercontinued: “the results achieved in the discovery hole are reflectedby strong geochemical surface anomalies where soil analysis hasreturned anomalous copper and gold values of 300 – 900 ppm Cu and0,01 – 0.039 ppm Au”.
All of the other 6 holes drilled into the CaballoMeurto porphyry system were to the east and north of the discoveryhole to test an IP anomaly that had yet to be penetrated. While allholes were mineralized, they were on the flank of the systemencountering mainly propylitic alteration with the IP results havingresponded to elevated pyrite values.
Porphyritic deposits in the L. Eocene to OligoceneAndean belt within Chile include the nearby El Salvador deposit andmine which commenced production in 1959 and has produced over 13billion pounds of copper and over 3.1 million ounces ofgold (1) and also includes the Escondida Mine (32Mt @ 1.15% Cu, .5Mt@ .19g/t Au (2005)).
1) source: Corporación Nacional del Cobre de Chile– “Codelco”.
The Arco De OroEpithermal Vein Target Zone (“the other zone of interest”)
The 2022 drill campaign also included the drilling of 3holes on the epithermal vein system located on the Salvadora property. Historically, San Lorenzo conducted 2 drilling campaigns on thatsystem, referred to as the Arco De Oro trend. Drilling in the firsttwo drilling campaigns were shallow holes (to maximum depths of 100meters) that followed trends indicated by surface artisanal miningthat was carried out historically. Management of San Lorenzo hasalways been of the view that the epithermal vein systems located onSalvadora are indicators of the proximity of a “classic porphyrydeposit” – the intrusive which generated the porphyry systemhaving been the source of the high-grade veining established in thefirst two drilling campaigns. As a result, management decided totest the Arco de Oro zone at a much deeper depth to establish thecontinuity of the system – hence the drilling of the 3 holes intothe Arco de Oro zone in the 2022 campaign. The table below providesthe assay results received from those 3 holes during the 2022 drillcampaign ( NR issued Oct 5,2022 ):
It is important to note that hole SAL 04-22 encounteredsignificant intercepts at depths exceeding 300 meters – indicatingthat the intercepts obtained at shallower depths would seem tocontinue to significant depth – meaning significant tonnagepotential. Management is of the view that over 300 meters of strikelength has been established by drilling on the Arco de Oro trend andit appears that the system continues to depths of at least 300meters.
Commenting on the results of the 3 holes drilled intothe Arco de Oro zone, Terry Walker commented: “within the confinesof NI 43-101, it is impossible to state that the vein system extendsdown to over 300 meters all along the entire 3 kilometers of strikelength that has been confirmed with drilling and surface mapping andsampling so far. However, it behooves management to conduct more confirmatory drilling at depths of 300 - 400meters along strike, or to even deeper perhaps, to confirm the extentof the Arco de Oro vein systems at depth and along strike. With whatwe know so far, the value within the Arco de Oro system is significantindeed”.
AdditionalZones
IP surveys have identified two additional zones ofinterest, the CMS Zone that lies to the SE of Cabballo Meurto and theCerra Blanco zone which lies to the east of the Caballo Meurto zone. IP Chargeability anomalies together with visible alteration atsurface make these interesting additional targets. However,management has decided to focus its efforts on the Cabello Meurtoporphyry target and the Arco de Oro epithermal vein systems for thetime being.
Readers are invited to visit San Lorenzo Gold’s website for moreinformation and specifics including an overview of a typical porphyrystructure showing El Salvador at www.sanlorenzogold.com .
About San LorenzoGold
San Lorenzo Gold is in the business of exploring for and advancingmineral properties. The Company currently has three 100% ownedproperties in Chile: Salvadora, Nancagua and Punta Alta. The Salvadoraproperty is being explored for large scale copper-gold porphyrytargets and high-grade epithermal gold-silver-copper vein systems,Nancagua is a high grade mesothermal gold-silver prospect and PuntaAlta is a copper - gold porphyry prospect with related disseminatedand vein style copper-gold-silver-cobalt mineralization.
For further information, pleasecontact:
Gordon Aldcorn, VP Corporate Development
Email: galdcorn@sanlorenzogold.ca
Ph: 403-618-6507
Or:
Terence Walker, VP Exploration
Email: twalker@goldenrock.cl
Or:
Al Kroontje, CEO
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.
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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, including statements pertaining to the completionof a private placement, are forward-looking information. Suchforward-looking information involves various risks and uncertainties,including the risk that the TSX Venture Exchange does not approve theprivate placement. There can be no assurance that such informationwill prove to be accurate, and actual results and future events coulddiffer materially from those anticipated in such information. Anyforward-looking statements are made as of the date of this releaseand, other than as required by applicable securities laws, San Lorenzodoes not assume any obligation to update or revise them to reflect newevents or circumstances.
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