Salazar Resources has completed the acquisition of Macara project in the Occidental Cordillera of Andean province of Loja in south-west Ecuador.
Currently, the project comprises two concessions comprising the 288ha Macara Mina concession leased from a third-party, and the 1,519ha Bonanza mining concession granted by the Government of Ecuador.
The project lies within Célica volcano-sedimentary rock known as the Lancones Formation in neighboring Peru, which is intruded by the Cretaceous-age Tangula granodiorite batholith.
Salazar president and CEO Fredy Salazar said: “Now that our Curipamba-El Domo project is being funded through feasibility stage by a joint venture with Adventus Zinc, Salazar will utilise its knowledge and experience in exploration in Ecuador to acquire new regional opportunities that we believe can add value for our shareholders in 2018.”
It is reported that the Macara project is highly prospective for epithermal gold-silver, gold-copper porphyry, and volcanogenic massive sulphide (VMS) deposits.
The project is located 100km north of the Tambogrande VMS deposit in the Cretaceous Lancones basin of north-west Perú, which hosts some of the largest Cu-Zn-Au-Ag-bearing massive sulphide deposits in the world.
In 2015, Cornerstone Capital Resources received a letter from Newmont Ventures Limited, terminating the strategic alliance and venture agreement between the two parties concerning the Macara project.
Canada-based Salazar Resources is engaged in the exploration and development of new highly prospective areas in Ecuador.