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Salazar Cuts 16.60 Metres (15.60m True) Averaging 3.66 g/t Gold, 117.40 g/t Silver, 4.88% Copper, 5.36% Zinc Northeast of the El Domo Deposit at Its Curipamba Project

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Salazar Cuts 16.60 Metres (15.60m True) Averaging 3.66 g/t Gold, 117.40 g/t Silver, 4.88% Copper, 5.36% Zinc Northeast of the El Domo Deposit at Its Curipamba Project

Salazar Cuts 16.60 Metres (15.60m True) Averaging 3.66 g/t Gold, 117.40 g/t Silver, 4.88% Copper, 5.36% Zinc Northeast of the El Domo Deposit at Its Curipamba Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2017) - Salazar Resources Limited (TSX:SRL)(FRANKFURT:CCG) ("Salazar" or the "Company") is pleased to report results from the additional six holes (1,888 meters) of the phase V diamond drill program in progress on the Company's 100-per-cent owned (21,500 ha) Curipamba volcanogenic massive sulphide (VMS) project in Ecuador. These holes represent new exploratory drilling and were not included in the latest El Domo resource estimate which was released on January 16th, 2015.

HIGHLIGHTS:

Hole CURI-224
16.60 metres (15.60m true) averaging 3.66 g/t gold, 117.40 g/t silver, 4.88% copper, 5.36% zinc,
Including:
6.35 metres (5.97m true) averaging 7.72 g/t gold, 180.05 g/t silver, 2.28% copper, 8.24% zinc, and
6.50 metres (6.11m true) averaging 1.32 g/t gold, 99.22 g/t silver, 8.89% copper, 4.48% zinc

PROGRAM RESULTS

The Company has now drilled 5,251.05 meters as part of the Phase V drilling program which encompassed 40 holes (10,000 meters) designed to further expand the El Domo volcanogenic massive sulphide ("VMS") deposit and explore its margins, as well as to test geophysical anomalies and surface showings (Figure 1). The latest six holes (1,888 metres) (Table 1) were drilled as part of this program. It is anticipated that the drill program will be completed by the third quarter of this year.

CURI-224 intersected 16.60 meters (15.60 meters true width) of massive and semi-massive chalcopyrite-sphalerite-pyrite grading 3.66 g/t gold, 117.40 g/t silver, 4.88% copper, 5.36% zinc beneath an andesite sill that occurs in the vicinity of the hole (Figure1). The intersection in CURI-224 is located approximately 120 meters east of the intersection in CURI-173 (2.74 meters averaging 0.677 g/t gold, 6.5 g/t silver, 0.39% copper and 0.37% zinc) and 75 meters south from CURI-198 (7.40 meters averaging 2.498 g/t gold, 74.61 g/t silver, 3.45% copper and 5.07% zinc; see News Release of August 27, 2012). The mineralization in CURI-187, CURI-198 and CURI-224 is currently interpreted to be part of a separate zone of mineralization. The intercept in CURI-224 is gold-rich; the top of the mineralization grades 7.72 g/t gold over 6.35m (225.40 - 231.75m). Further drilling is planned to test this area.

Fredy Salazar, President and CEO, commented: "We are thrilled with the recent results from hole CURI-224 located in the north east of the El Domo resource. The mineralization encountered is thicker and of better grade to the last hole drilled in this area: CURI-198. This new intersection indicates significant potential for finding thicker mineralization in the north-east area of El Domo resource which will increase the size and quality of the resource. So far we are very satisfied with the results to date from this Phase V drilling program and will continue working to expand the resource."

The latest six holes (1,888 metres) (Table 1) were drilled as part of the planned 40-hole (10,000 meters) drill program that is designed to further expand the El Domo volcanogenic massive sulphide ("VMS") deposit and explore its margins, as well as to test geophysical anomalies and surface showings (Figure 1). It is anticipated that the drill program will be complete by the third quarter of this year.

Holes CURI-219 and CURI-221 were drilled west of the El Domo deposit to further test the area of the CURI-213 (which intersected two zones of mineralization: 4.14 meters (true width) averaging 1.01 g/t gold, 16.78 g/t silver, 0.67% copper, 0.95% lead and 4.77% zinc, and 29.37 metres (true width) averaging 0.5 g/t gold, 77.93 g/t silver, 0.17% copper, 0.17% copper and 0.89% zinc (See News Release of March 23, 2017). CURI-219 and CURI- 221 were collared approximately 350 metres west of El Domo deposit and 50 meters north and south from the CURI-213 respectively. No significant mineralization was encountered and no further drilling is planned in this area.

Hole CURI-220 was drilled vertically from the same collar as the CURI-218 (See News Release of March 23, 2017). CURI-220 did not encounter significant mineralization, however, the horizontal separation between CURI-220 and the mineralization in CURI-218 is estimated to be approximately 138 metres. The eastern limit of the mineralization intersected in CURI-218 remains to be established. As well, the mineralization in CURI-218 remains open to the north and south.

Hole CURI-222, drilled steeply due east from the same platform as CURI-224, intersected 2.66 meters averaging 0.13 g/t gold, 5.56 g/t silver, 0.31% copper and 1.15% zinc.

Holes CURI-223 was drilled vertically 50 meters north from the historic hole CURI-155 which cut two mineralized zones with gold and silver values and anomalous zinc and copper values (see News Release of January 26, 2012). CURI-223 encountered similar lithology to that in CURI-155 with one interval grading 3.61 meters of 0.77 g/t gold, 37.54 g/t silver, 0.15% copper and 1.68% zinc.

TABLE 1

Hole ID East North Elev

(m)
Azimuth Dip Depth

(m)
CURI-219 694567.2 9855144.9 829.73 90° -65 317.70
CURI-220 695565.2 9855188.9 1097.34 270° -90 401.50
CURI-221 694532.4 9855052.2 861.18 90° -75 290.75
CURI-222 695488.6 9855540.9 1027.06 90° -87 302.70
CURI-223 695743.3 9855201.3 1083.91 -90 311.70
CURI-224 695488.6 9855540.9 1027.06 260° -70 263.70

PSAD_1956_UTM_Zone_17S

To view Figure 1, El Domo Deposit - Pierce Point Map, please visit the following link: http://media3.marketwire.com/docs/srl0515fig1.pdf.

TABLE 2

SIGNIFICANT INTERSECTIONS

Hole ID From

(m)
To

(m)
Width

(m)
Au

(g/t)
Ag

(g/t)
Cu

(%)
Pb

(%)
Zn

(%)
CURI-219 No significant mineralization encountered in this hole, located 50m north from CURI-213
CURI-220 No significant mineralization encountered in this hole, located 138m east from CURI-218
CURI-221 218.75 221.95 3.2 - - 0.16 - 1.46
234.35 235.95 1.6 0.14 10.3 0.11 0.88 1.26
CURI-222 224.28 226.94 2.15 0.13 5.56 0.31 0.11
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