(TheNewswire)
Calgary, Alberta - TheNewswire - October 4, 2023 - San Lorenzo Gold Corp. (“ SanLorenzo ” or the “ Corporation ”) ( tsxv:slg) ( OTC:snlgf ) is pleased to provide assay resultsfrom the recently completed drilling program on the Cabello MuertoZone (“ CMZ Zone ”) of its flagship Salvadora property in Chile. Theprogram was conducted to follow-up the gold-copper porphyry discoveryhole drilled in 2022.
The 2023 Phase 4 program was undertaken to offset Hole3 of the 2022 program - a discovery hole that established theexistence of a significant gold-copper porphyry system (see San Lorenzo press release dated Oct 17,2022) . The objective of the 2023 drill programwas to establish an extension to the system.
San Lorenzo is pleased to announce that Holes 1, 2 and4 of the 2023 Phase 4 program, direct east-west offsets to Hole 3 ofthe 2022 program, did confirm extensions to the higher grades andwidths of porphyry style alteration that were hoped. Themineralization and alteration encountered in hole 3-23 also appears toindicate the existence of an adjacent, slightly older, porphyry systemwhich is in keeping with the cluster of mineralized systems found atthe El Salvador deposit.
Figure 1 -Rendering of drill hole results
Terry Walker, San Lorenzo’s VP Exploration stated:“We are excited that the mineralization and associatedphyllic-potassic alteration in the copper, gold and molybdenumenriched zone of Holes 01-23, 02-23 and 04-23 match those of thecopper-gold porphyry deposits found in the Andean Mega PorphyryBelt.
Commenting on next steps, Mr. Walker continued: “While there are several more porphyry targetsat Salvadora evident from surface alteration, copper-gold enrichmentin soil and rock samples and IP/Resistivity geophysical anomalies, wewill evaluate these new results in more detail to determine next stepsgiven the potential in the Cabello Muerto zone of the Salvadoraproperty”.
Figures 2 and 3below provide the locations of Holes 1-4 of the 2023 Phase 4 programtogether with Hole 3 of the 2022 Phase 3 program – looking towardsNorth and looking towards Southwest. The porphyry gold-copper systemremains open to the north, north-west, east, at depth and tosurface.
Figure 2 (View: toNorth)
Figure 3 –(View: to Southwest)
Gordon Aldcorn, VP of Corporate Development added:”We are extremely pleased with the results from the recent 4-hole drillprogram at Salvadora”.
“We have established continuity of the goldmineralization in the CM Zone across several drill holes. The systemis open to the east, north and north-west, as well as to surface andat depth. With these drill results in hand, weare confident that additional exploration efforts are warranted on theCM Zone at Salvadora”.
Figure 4 belowshows the Salvadora property and the El Salvador porphyry depositcurrently being mined to the north-east – which is located in asimilar structural setting.
Figure 4
Regarding the nearby El Salvador mine, Mr. Walkerexpanded on his previous comments: “It appears that mineralizedintercepts encountered in Hole 03-22, in addition to the interceptsencountered in Holes 01-23, 02-23 and 04-23, have cut the top or theouter edge of a gold rich porphyry system similar to that at ElSalvador – located 15 kilometers to the north-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 has had its mine life recently extendedto 2064.
1) source: Corporación Nacional del Cobre de Chile –“Codelco”.
Figure 5 belowhighlights the principal alteration zones associated with strongsurface copper geochemical and IP/Resistivity anomalies identified todate at Salvadora which formed the basis for the drilling programsundertaken to date.
Figure 5
Qualified Person
Mr. Eric Hanson, P. Geo, Senior Exploration Geologistand qualified person within the meaning of National Instrument 43-101,has reviewed the contents of this news release. During the drilling program all samples were cut from thedrill core using a diamond saw by experienced San Lorenzo staff underthe supervision of Mr. Hanson, P. Geo. Each sample, consisting of onehalf of the core interval selected, was bagged and sealed on site anddelivered by San Lorenzo staff to the ALS prep-lab in La Serena, Chilefor processing. ALS subsequently shipped a small sub-sample of pulp totheir laboratory in Lima, Peru where they were analyzed for gold byfire assay pre-concentration, AA finish and 35other elements, including copper and silver, by the ICP techniquefollowing Agua Regia digestion.
About San Lorenzo Gold Corp.
San Lorenzo Gold is in the business of exploring forand advancing mineral properties. The Corporation currently hasthree 100% owned properties in Chile: Salvadora, Nancagua and PuntaAlta. The Salvadora property is being explored for large scalecopper-gold porphyry targets and high-grade epithermalgold-silver-copper vein systems. Nancagua is a high grademesothermal gold-silver prospect. Punta Alta is an IOCG prospectwith related disseminated and vein style copper-gold-silver-cobaltmineralization.
For further information, readers are referred to theCorporation’s website at www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR+ at www.sedarplus.com .
For further information concerning this press release,please contact:
Gordon Aldcorn
V.P. Corporate Development
Email: galdcorn@sanlorenzogold.ca
Phone: 587-430-0333
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 drillingprogram, are forward-looking information. Such forward-lookinginformation involves various risks and uncertainties. There can be noassurance that such information will prove to be accurate, and actualresults 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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