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salazar resources ltd (SRL) Snapshot

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03/3/14 - C$0.34
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Market Cap
14.0M
Average Volume 10 Days
100.6
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C$-0.04
Shares Outstanding
56.1M
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salazar resources ltd (SRL) Details

Salazar Resources Limited, a mineral resource company, is engaged in the acquisition, exploration, and development of mineral properties in Ecuador and Colombia. The company primarily explores for copper, zinc, lead, gold, and silver deposits. Its principal asset consists of the Curipamba project, which comprises 7 concessions covering an area of approximately 30,327 hectares and is located to the southwest of Quito, in central-west Ecuador. The company was incorporated in 1987 and is headquartered in Vancouver, Canada.

Founded in 1987

salazar resources ltd (SRL) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$129.9K
Chief Financial Officer and Director
Total Annual Compensation: C$77.9K
Compensation as of Fiscal Year 2012.

salazar resources ltd (SRL) Key Developments

Salazar Resources Limited Announces Preliminary Economic Assessment El Domo Project

Salazar Resources Limited reported the results of the Preliminary Economic Assessment ("PEA") at its 100% owned El Domo project in Ecuador. The PEA evaluated the economics of an initial open pit operation followed by underground mining feeding to a conventional froth flotation plant. The report also studied several alternative sites for waste dump, tailings reservoir, processing plant and ancillary facilities, while at the same time, identified the most likely sources for process-water and electricity. Mine life of 14 years split into 9 years for open pit (at 2,000 tonnes per day) + 5 years for underground mining (at 1,000 tonnes per day). Total open pit production -which has been factored for mining extraction and mining dilution- of 6,213,029 tonnes (79% Indicated and 21% Inferred resources) at 2.06% Cu, 2.98% Zn, 0.39% Pb, 2.90 gr/t Au and 57 gr/t Ag. Total waste production for open pit of 46,220,572 tonnes. Mining strip ratio of 7.44. Total underground production -which has been factored for mining extraction and mining dilution- of 1,751,204 tonnes (35% Indicated and 65% Inferred resources) at 2.10% Cu, 1.39% Zn, 0.08% Pb, 1.09gr/t Au and 31 gr/t Ag. Pre-Operational CAPEX of $110.28 million including studies, mine equipment, pre-stripping, processing plant, tailing reservoir, waste dump, power supply and ancillary services. Price assumptions were $3.06/lb for Copper, $0.86/lb for Zinc, $0.95/lb for Lead, $1,200/Oz for Gold and $20/Oz for Silver.

Salazar Resources Limited Reports Positive Metallurgical Testwork at El Domo

Salazar Resources Limited reported positive results from the ongoing metallurgical testwork program for the 100% owned El Domo volcanogenic massive sulphides deposit ("VMS"). The metallurgical testwork is part of the upcoming Preliminary Economic Assessment ("PEA") report. Highlights include: Preliminary metallurgical testworks confirmed that El Domo feed is amenable for conventional flotation technology. Testwork also confirmed the production of commercial quality flotation concentrates from "El Domo" deposit. The metallurgical testwork was completed in December 2013 under the direction of Transmin Metallurgical Consultants ("Transmin") in Lima, Peru. The strategy devised to produce commercial concentrates was to split the deposit into geometallurgical domains based on the relative abundance of copper and zinc in the feed; based on this criteria, three composite samples were collected from existing drill holes to represent each of the three major geometallurgical domains at El Domo that were identified as follow: Composite CPO-003: Copper Feed-type, where Cu/(Zn+Pb) is greater than or equal to 3. One concentrate would be produced. This Cu-concentrate would have 90% Cu recovery with a grade of 24% Cu and low As, Sb and Bi grades. No Zn-concentrate would be produced from this type of feed due to low Zn head grade. Composite CPO-002: Mixed Feed-type, where Cu/(Zn+Pb) is between 0.33 and 3. Two concentrates would be produced The Cu-concentrate would have 75% Cu recovery with 21% Cu grade while there would be a moderate 50% recovery of Zn to a Zn-concentrate of 42% Zn grade. Composite CPO-001: Zinc Feed-type, where Cu/(Zn+Pb) is less than or equal to 0.33. Three concentrates would be produced. The Cu-concentrate would have a Cu recovery of 58.2% with approximately 20% Cu concentrate grade with high Zn content. It is possible that further testwork will allow the projections for Zn content in the copper concentrate to be reduced further. The Zn-concentrate would have a Zn recovery of 85% with 45% Zn grade and 14 g/t Au grade. Some Pb-concentrate would also be produced from CPO-001 feed-type.

Salazar Resources Limited Announces an Updated National Instrument 43-101 Standards of Disclosure for Mineral Projects Compliant Mineral Resource Estimate for the Volcanogenic Massive Sulphide El Domo Deposit on its Curipamba Project in Ecuador

Salazar Resources Limited announced an updated National Instrument 43-101 Standards of Disclosure for Mineral Projects compliant mineral resource estimate for the volcanogenic massive sulphide El Domo deposit on its 100% owned (30,327 ha) Curipamba project in Ecuador. Buenaventura Ingenieros S.A. of Lima, Peru, an independent consultant, has prepared and authorized the release of the mineral resource estimate. Highlights of the updated mineral resource estimate include: Indicated mineral resource of 6.080 million tonnes at an average grade of 2.33% Cu, 3.06% Zn, 0.28% Pb, 2.99 g/t Au, and 55.81 g/t Ag, containing 312.95 million pounds Cu, 409.56 million pounds Zn, 37.76 million pounds Pb, 584,457 ounces Au, and 10.91 million ounces Ag. The current indicated mineral resource estimate shows the increases relative to the 2012 indicated mineral resource estimate: 7% increase in contained copper, 34.4% increase in contained zinc, 17.4% increase in contained gold, and 26.8% increase in contained silver. The inferred mineral resource is 3.882 million tonnes at an average grade of 1.56 % Cu, 2.19% Zn, 0.16 % Pb, 2.03 g/t Au, and 42.92 g/t Ag, containing 133.46 million pounds Cu, 187.39 million pounds Zn, 13.96 million pounds Pb, 253,607 ounces Au and 5.36 million ounces Ag. The current inferred mineral resource estimate shows the following increases relative to the 2012 indicated mineral resource estimate: 118.1% increase in contained copper, 108.0% increase in contained zinc, 125.2% increase in contained gold and a 118.7% increase in contained silver. The Government of Ecuador, in recent months, presented changes to the Mining Law and has introduced a new medium-sized mining category. The government approval process for production capacity up to 1,000 tonnes of ore per day for underground operations, and up to 2,000 tonnes per day for open pit operations, has been significantly simplified and will be governed by the Mining Law versus having to negotiate taxation and royalty terms with the Government as is the case for larger scale projects. This is of significant importance as these medium sized mining companies will no longer be required to sign a Production Contract with the State and, therefore, will not be subject to windfall taxes but rather have a fixed 4% royalty rate. The scale of operations being considered in the PEA for El Domo fall within this range and will be classified as a medium sized mining operation. This will significantly benefit the Company in the form of reduced tax rates. At the present time, the Ministry of Non Renewable Natural Resources is drafting the regulations allowing for an immediate application of these reforms. The company is confident the regulations will confirm the rules and provide encouragement for mining development in Ecuador. As part of the PEA, additional studies are also being conducted to define and refine metal recovery factors and metallurgical processes. The updated resource estimate supports a mining-engineering study that includes both open-pit and underground mining scenarios, as well as design alternatives for infrastructure and support facilities. The Company anticipates having the PEA completed shortly, and looks forward to announcing the results. The December 2013 mineral resource estimate for El Domo was completed by BISA on behalf of Salazar. The mineral resources are classified as indicated and inferred resources in accordance with the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on reserve definitions and adopted by CIM Council. The mineral resource estimate in El Domo is derived from a total of 168 diamond drill holes (31,770 metres). This updated mineral resource adds 51 new drill holes (10,248 metres) to the 117 drill holes (21,522 metres) used in the January 2012 mineral resources estimate. The average drill hole spacing is approximately 50 meters within the El Domo area. A total of 7736 samples were assayed. A 3D geological interpretation was performed with Leapfrog Mining and the block modelling for the mineral resource estimation was carried out with Vulcan software.

 

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