Salazar Resources (SRL) has finished Phase 1 drilling at its Los Osos project in El Oro, Ecuador.
The company owns a 100-per-cent interest in the project.
The Vancouver company is also reporting the results from the final three holes drilled.
During the Phase 1 program, a total of six holes were completed, comprising 3,785 metres.
Drill rigs have been redeployed across the Salazar Resources portfolio, in preparation for exploration drilling in conjunction with Adventus Mining and also on Salazar's wholly-owned properties.
"Salazar Resources successfully encountered abundant sulphide mineralization in holes five and six prior to completing Phase 1 drilling at Los Osos. While we review all the data from Los Osos to decide our next steps, the rigs are being redeployed across Salazar's portfolio of assets; exploration crews are busy exploring at Los Santos and preparing for drilling at Rumiñahui, in line with our strategy to rapidly conduct exploration and make Ecuador's next commercial copper-gold discovery.
With newly inaugurated President Lasso intent on attracting investment into businesses in Ecuador, and a strong metal price environment, the Company is well-placed to deliver results from its portfolio of projects during 2021," said Salazar Resources CEO and President Fredy E. Salazar.
Salazar Resources has a wholly-owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm out non-core assets.
The high-grade vein structures in the northeast of the licence area remain undrilled.
Salazar Resources is down 2.63 per cent, trading at $0.37 at 9:30 am ET.