CALGARY / April 23, 2025 – TheNewswire - San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (TSXV: SLG) is pleased to announce that a geophysical crew has been mobilized to the Company’s flagship Salvadora gold-copper property in Chile to commence a detailed and expanded geophysical survey of induced polarization (“IP”).

Induced Polarity Geophysical Program

The IP program will consist of approximately 32 line-kilometers of expanded and infill coverage over two key priority target areas previous surveyed by San Lorenzo within the project: Cerro Blanco and Arco de Oro.

At Cerro Blanco the survey will include infill coverage and increased geophysical data from between the two existing survey lines and expand coverage with additional lines to the north, south, east and the west.

At the Arco de Oro feature the survey will extend the geophysical coverage in a northwesterly direction where the feature’s IP signature is strongest and is supported by surface artisanal workings. The survey will also extend coverage to the southeast where additional artisanal workings continue for approximately two additional kilometers.

IP data collection is expected to take approximately 40 days with interpretation and reporting up to an additional 14 days, thereafter.

San Lorenzo’s VP Exploration, Terence Walker commented: “The occurrence of mineralization during drilling on Cerro Blanco correlated very well with IP.  We look forward to receipt of results from the expanded coverage on Cerro Blanco to confirm the strongest IP anomaly on line 2 – located east of recently drilled Hole SAL 03–24.  Additionally, we are confident that expanding IP coverage over an extended strike length on the Arco do Oro feature will lead to the delineation of compelling drilling locations on the system.”

San Lorenzo drilling at Arco de Oro has now intercepted significant gold grades over 1.3 kilometers of strike length and at depths up to 300 meters.  The vein system remains open in both directions and at depth. The results from the upcoming geophysical survey, when integrated with existing geochemical results from previous sampling and drilling, will provide an important detailed dataset to facilitate drill target delineation in advance of a subsequent phase of drilling”.

Terence Walker, P. Geo. and QP, has reviewed and approved the contents of this release.

Closing of Previously Announced Credit Facility

On November 19, 2024, the Company announced the implementation of a $1,000,000 credit facility (the “Credit Facility”) with a company controlled by an officer and director of the Company.  The Credit Facility provided that advances could be drawn by the Company up to $1,000,000 and be treated as a term loan maturing on November 30, 2026 (the “Loan”).

The Corporation neglected to announce the closing of the Credit Facility as required by the policies of the TSX Venture Exchange.

The Loan bears interest at 8% and is convertible at the option of the lender into common shares of the Company at a price of $0.20 per share until maturity.  At the time of the Credit Facility’s implementation, the closing price of the Company’s common shares was $0.065.  If converted, the lender has agreed to a contractual hold period such that the share certificate representing the common shares will bear a legend restricting the trading of such shares for a period of 1 year from the date of their issuance.  

Neither the Company, nor to the knowledge of the Company after reasonable inquiry, did a related party have knowledge of any material information concerning the Company or its securities that had not been previously disclosed.

The Offering was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as it was a distribution of securities for cash and neither the fair market value of the Credit Facility, nor the consideration received from interested parties, exceeded $2,500,000. The Credit Facility was unanimously approved by the board of directors of the Company, excluding the director providing the Loan who abstained from voting on such approval.

None of the securities that may be issued in connection with the conversion rights associated with the Loan have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

About San Lorenzo

San Lorenzo is focused on advancing its flagship Salvadora property located in Chile’s mega-porphyry belt.  Results obtained from drilling programs already conducted on 4 different targets have convinced management that several significant gold and copper enriched epithermal and porphyry style systems are contained within the Salvadora property.

For further information, please contact:

Terence (Terry) Walker, VP Exploration

Email: twalker@goldenrock.cl

Ph: + 56 9 5179 5902

Or:

Roger Blair or Jeff Wilson, Acuity Advisory Corp.

Email: info@acuityadvisorycorp.com

Ph: +1 604 351 0025 or +1 604 837 5440

Or:

Al Kroontje

Email: al@slgold.ca

Ph: +1 403 607 4009

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

Cautionary Note Regarding Forward-Looking Information

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo.  All statements included herein other than statements of historical fact are forward-looking information. Such forward-looking information involves various risks and uncertainties. This is especially true of statements related to geological interpretations and drilling programs conducted based on IP results.  There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.