San Lorenzo Completes MAG Survey on its 100% Owned Large Scale Copper-Gold Porphyry Salvadora Project, Chile

(TheNewswire)



 

Calgary, Alberta - TheNewswire - June 22, 2021: San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (tsxv :slg) announces that it has completed its previously announced 260 line kilometer magnetometer (“MAG”) survey on its 100% owned Salvadora Copper – Gold Project (“Salvadora”) located in Chile.  Processing of the MAG survey data is underway and is expected to be completed soon.  The 100% owned Salvadora Project is 8,796 hectares and is geologically situated in one of the productive copper belts in Chile and is approximately 15 km from the world class El Salvador open pit copper-gold mine (see Figure 1).

 

The main objective of the MAG survey is to outline structures and phases of intrusive activity and the results of the MAG survey will help in planning an Induced Polarization (“IP”) geophysical survey.  The planned IP survey which is expected to commence in the next month will cover most of the property and will follow up on positive results from previous limited sized IP surveys.  

 

Salvadora Copper – Gold Project Highlights

  • - Potential to discover large bulk mineable copper – gold porphyry

    - 15 km from world class billion+ tonne El Salvador copper – gold porphyry mine

    - Geologically very similar to El Salvador mine including:

    • - Style of mineralization;

      - Alteration;

      - Favourable copper bearing rocks are similar age;

 

  • - Project has not been fully and systematically explored leaving potential untapped;

    • - Limited geophysics and diamond drilling;

 

  • - Drilling has returned encouraging copper – gold grades;

    • - 156 metres of 0.28% copper and 0.08 g/t gold

      - 35 metres of 0.28% copper and 0.11 g/t gold;

    - Additional upside from two extensive epithermal vein systems;

    • - Outcrop and underground sampling returned:

      • - 5.1 - 154.5 g/t gold, 1.3 - 61.8 g/t silver and 0.16 - 1.75% copper over 1.5–2.1 metres;

    - Located at relatively low elevation and readily accessible year round.

 


Click Image To View Full Size

 

Figure 1 – Salvadora Project

 

The Company also announces that it is bolstering its marketing efforts and has retained Volt Strategic Partners (“Volt Strategic”) as its capital markets and communications advisor and Venture Liquidity Providers (‘VLP”) for market-making services, subject to regulatory approval.

 

Volt Strategic is a market communications and business optimization firm working with senior business leaders and innovators to help grow organizational value, build business, and accelerate market appreciation for emerging tech, sustainability, and promising natural resource public companies. 

 

VLP is a specialized consulting firm providing a variety of services focused on Exchange listed stocks.  VLP’s exclusive market-making service, for the purpose of maintaining an orderly trading market and improving the liquidity of the Company’s shares, is provided by W.D. Latimer Co. Limited, in compliance with the policies of the TSX Venture Exchange and other applicable laws.

Under the terms of the agreement with Volt Strategic, San Lorenzo will pay $30,000 over six months and the agreement may be terminated at any time by mutual agreement of both parties. The Company and Volt Strategic act at arm’s length, and Volt Strategic has no present interest, directly or indirectly, in San Lorenzo or its securities. For its services, the Company has agreed to pay VLP $5,000 per month for a period of three months, continuing on a month-to-month basis thereafter. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm’s length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer.

The Company has also granted incentive stock options to consultants of the Company to purchase up to 400,000 common shares in the capital of the Company, pursuant to the share option plan of the Company.  The options are exercisable on or before June 21, 2023 at an exercise price of $0.18 per share and will vest quarterly in equal amounts over the first twelve months.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Terence Walker, M.Sc., P.Geo., who is a "qualified person" within the meaning of National Instrument 43-101.  

 

For further information on the Company, readers are referred to the Company’s website at www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR at www.sedar.com.

 

About San Lorenzo Gold Corp.

San Lorenzo Gold is in the business of exploring for and advancing mineral properties.  The Company currently has two 100% owned properties in Chile: Salvadora and Nancagua. The Salvadora property is being explored for large scale copper-gold porphyry targets and Nancagua is a high grade epithermal gold property.

 

For further information, please contact:        Ken Booth

                                                Email:  [email protected]

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 

Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

  

Cautionary Note Regarding Forward-Looking Information

This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo.  All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties.  There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information.  Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.

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