Shares of Salazar Resources Limited (OTCMKTS:SRLZF) went higher last week, extending its monthly gains to 20%.
On Friday, SRLZF stock remain unchanged at $0.3118 with more than 9 shares, compared to its average volume of 7.48K shares. The stock has moved within a range of $0.3118 – 0.3118 after opening the trade at $0.3118.
Company focused on creating value and positive change through exploration in Ecuador, Salazar Resources Limited (OTCMKTS:SRLZF) on October 22, 2021 announced commencement of a c. 3,000 meter (m) diamond drill program at the Rumiñahui project in northern part of the country.
The project covers an area of 2,910 hectares and demonstrates number of historic aditsas well as workings at its primary target, San Francisco anomaly. Furthermore, mapping and sampling have given an inkling on presence of gold-bearing sulphide mineralization, porphyry-style alteration as well as multiple shear and breccia zones.
Fredy E. Salazar, President and CEO of the company said that the firm is optimistic on its drill program at the site and the mineralisation indicates on the possibility of a major porphyry copper system at depth. Salazar added that the drill initiative is an important event for the firm and the company’s leadership is diligently working with local community besides ensuring robust relationships.
The property’s geology comprises of Cretaceous rocks from the Malute and Pilaton Formation. While the former comprises of limestones, sandstones and volcanoclastic andesite, Pilaton has volcanoclastics, breccia as well as green limey shales. The rocks are cut by extensive faulting with local injection of quartz, sulphides as well as enrichment in gold.