San Lorenzo Gold Provides Drilling Update at Cerro Blanco and Advances San Juan Exploration
The completed C$80 million financing accompanies expanded drilling capacity, while initial Cerro Blanco assays remain pending.
Sentiment and the balance of points
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Rhea-AI Summary
San Lorenzo Gold (SNLGF) is advancing drilling at Cerro Blanco with two rigs and preparing a follow-up program at San Juan. The company closed a C$80 million financing on November 10, 2026. Cerro Blanco drilling totaled 1,818 metres as of November 4, including four completed holes. Three exceeded planned depths; CB-04-26 reached 513 metres versus 350 metres planned. Initial assays remain pending, with results expected in the coming weeks.
The internally approved San Juan program targets a potential northwest extension along a geophysical trend extending approximately 1.5 kilometres from discovery holes. San Lorenzo targets drilling in December 2026, subject to regulatory and operational readiness. It is also refining an 18-to-24-month exploration strategy across Salvadora and expanding technical and field capacity to support sustained drilling and further rigs.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointC$80 million financing closed November 10, 2026, adding funding for San Lorenzo.
- Minor pointTwo rigs operate at Cerro Blanco; 1,818 metres and four holes were completed as of November 4.
- Minor pointExpanded drilling coverage extends approximately 350 metres east of SAL-04-25, then approximately 250 metres farther north.
- Minor pointThree completed holes exceeded planned depths; CB-04-26 reached 513 metres versus 350 metres planned.
- Minor point. Forward-looking: it has not happened yet and may not happen.Internally approved San Juan drilling targets a potential extension along a geophysical trend extending approximately 1.5 kilometres northwest.
7 minor points
- Minor pointTechnical and operational capacity expansion is underway to support sustained exploration and additional rigs.
- Minor point18-to-24-month exploration strategy is being refined for Cerro Blanco, San Juan and additional Salvadora targets.
- Minor pointHistorical Cerro Blanco hole SAL-01-24 returned 153.5 metres grading 1.04 g/t gold.
- Minor pointHistorical Cerro Blanco hole SAL-02-24 returned 85.7 metres grading 1.02 g/t gold.
- Minor pointHistorical Cerro Blanco hole SAL-04-25 returned 132.2 metres grading 1.09 g/t gold.
- Minor pointHistorical San Juan hole SAL-10-25 returned 102.3 metres at 1.33 g/t and 52.6 metres at 1.67 g/t gold.
- Minor pointHistorical San Juan hole SAL-09-25 returned 58.5 metres at 1.07 g/t and 60.3 metres at 1.01 g/t gold.
Negative
- Minor point. Forward-looking: it has not happened yet and may not happen.Current Cerro Blanco assays remain pending; initial results are expected in the coming weeks.
- Minor point. Forward-looking: it has not happened yet and may not happen.December 2026 San Juan drilling target depends on the regulatory process, drill pad construction and operational readiness.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Two rigs operating at Cerro Blanco with initial assays pending; drilling at San Juan targeted for December
CALGARY, Alberta, Nov. 12, 2026 (GLOBE NEWSWIRE) -- San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (TSXV: SLG) is pleased to provide an update on ongoing exploration activities at its flagship Salvadora Project in Chile's Atacama Region, following the recent closing of its C
The Company is advancing its diamond drilling campaign at Cerro Blanco, where two drill rigs are now operating, and preparing for the next phase of exploration at San Juan. In parallel, San Lorenzo is strengthening its technical and operational capabilities and developing a comprehensive exploration strategy to systematically evaluate multiple targets across the ~12,000-hectare Salvadora property in support of a continuous multi-rig program.
Exploration Highlights
- Cerro Blanco drilling advancing: Two diamond drill rigs operating, with 1,818 metres drilled as of November 4, 2026, including four completed holes.
- Expanded geological coverage: Drilling has progressed from an initial platform approximately 350 metres east of historical hole SAL-04-25 to a second platform approximately 250 metres farther north.
- Drilling extended beyond planned depths: Three of the four completed holes exceeded their originally planned depths, including CB-04-26, which reached 513 metres compared with an initial planned depth of 350 metres.
- Initial assays pending: Samples representing roughly 1,000 metres of drilling from the first three holes were delivered to the Andes Analytical Assay laboratory in Santiago on October 24, with an additional batch received on November 6. Initial results are expected in the coming weeks.
- San Juan exploration advancing: The Company has internally approved its next phase of drilling, designed to systematically evaluate a potential northwest extension of the San Juan discovery area toward induced polarization (IP) line D11, with drilling targeted to commence in December 2026, subject to regulatory and operational readiness.
Management Commentary
Brandon Gaspar, Chief Executive Officer of San Lorenzo Gold, commented:
“With our financing complete, two rigs operating at Cerro Blanco and preparations advancing for drilling at San Juan, San Lorenzo is entering a new phase of exploration at Salvadora. Our strengthened balance sheet gives us the flexibility to scale our activities in a disciplined manner while continuing to expand our technical team and operational capabilities to support sustained drilling across multiple targets. Our objective is not simply to drill more metres, but to follow the geological evidence, systematically evaluate Salvadora’s potential and allocate capital where we believe it can create the greatest long-term shareholder value.”
Terence Walker, Vice President of Exploration, commented:
"Our initial drilling at Cerro Blanco identified thick intervals of gold mineralization that remain open in all directions. What we’re doing now is stepping out to understand the system around those intervals, and the early logging is encouraging from a geological standpoint. Two hundred and fifty metres north, CB-03-26 cut a broad zone of intrusive rocks and an interval of interpreted hydrothermal breccia, features we hadn’t seen this clearly at Cerro Blanco before. We’re careful not to get ahead of the assays, but these are exactly the kinds of observations that help us understand where the fluids moved. We’re looking forward to combining the logs with the first assay results. I'm also particularly excited about returning to San Juan, where the scale and strength of the IP anomaly northwest of our discovery holes presents a compelling target for systematic step-out drilling."
Cerro Blanco – Drilling Progress and Geological Observations
Cerro Blanco is characterized by a lithocap with a surface footprint measuring approximately 2 kilometres across, representing an extensive zone of hydrothermal alteration. Previous drilling has identified substantial intervals of gold mineralization in the area, including 153.5 metres grading 1.04 g/t gold in hole SAL-01-24, 85.7 metres grading 1.02 g/t gold in hole SAL-02-24 and 132.2 metres grading 1.09 g/t gold in hole SAL-04-25, with the holes located hundreds of metres apart (see Company news releases dated March 3, 2025, March 17, 2025 and January 26, 2026, respectively). The current drilling program aims to build on these results, systematically testing areas surrounding known mineralization, evaluating potential extensions and advancing the Company's geological model to guide further exploration.
Diamond drilling commenced at Cerro Blanco in September 2026, and a second rig began operating on October 31. As of November 4, the Company had completed 1,818 metres of drilling, including four completed holes, and both rigs continue to advance the campaign.
Expanded Drilling Coverage
The first two holes of the 2026 drill program, CB-01-26 and CB-02-26, were drilled from a common platform approximately 350 metres east of historical hole SAL-04-25. The two holes were drilled in opposing directions, providing additional geological information in the area east of the historical drill hole. Drilling subsequently progressed approximately 250 metres north to a second platform, where CB-03-26 and CB-04-26 were completed. Additional drilling is underway from the northern platform and the historical SAL-04-25 platform. Together, these step-outs are extending geological coverage across a broader portion of the Cerro Blanco target area.
Figure 1: Cerro Blanco drill plan showing historical drilling, completed and active holes.
Preliminary Geological Observations at Cerro Blanco
Geological logging of the initial drill holes has identified a varied assemblage of volcanic and intrusive rocks, including andesitic flows, porphyritic andesites, intermediate to felsic volcanic rocks, and volcaniclastic units comprising ash tuffs, lapilli tuffs and volcanic breccias.
The volcanic succession is locally associated with intrusive lithologies, including diorite porphyry, diorite and monzodiorite, together with intervals of alteration and brecciation.
At the initial eastern drilling locations, logging of CB-01-26 and CB-02-26 documented variations in volcanic lithology, alteration and oxidation characteristics, providing additional geological information for comparison with historical drilling.
Approximately 250 metres farther north, logging of CB-03-26 identified volcanic and intrusive lithologies, together with intervals of volcanic and interpreted hydrothermal brecciation. Geological observations from CB-04-26 are being incorporated into the Company's ongoing interpretation.
Together, these observations are adding to the Company's understanding of the distribution and relationships of volcanic, intrusive and altered rock units across Cerro Blanco. Detailed geological correlation between drill holes is ongoing, including the evaluation of lithological contacts, breccia characteristics, alteration and structural features.
Sampling and Assays
Core logging, sampling and laboratory submissions are ongoing. Samples representing approximately 1,000 metres of drilling from the first three holes were delivered to the laboratory on October 24, 2026, with an additional shipment received by the laboratory on November 6. Assay results from the current drilling remain pending. The Company expects to receive initial results in the coming weeks and will report them once they have been compiled, reviewed and interpreted in the context of the geological logging.
San Juan – Advancing the Next Phase of Exploration
In parallel with ongoing drilling at Cerro Blanco, San Lorenzo is advancing preparations for the next phase of exploration at San Juan, where previous drilling identified significant gold mineralization associated with the D8 IP anomaly. The Company has internally approved a follow-up drilling program designed to systematically evaluate the potential northwest extension of the San Juan mineralized system, progressing from the existing discovery area near IP line D8 toward line D11.
The planned drilling will target a geophysical trend extending approximately 1.5 kilometres northwest of the discovery holes SAL-10-25 (102.3 metres grading 1.33 g/t gold and 52.6 metres grading 1.67 g/t gold) and SAL-09-25 (58.5 metres grading 1.07 g/t gold and 60.3 metres grading 1.01 g/t gold) (see Company news releases dated March 2, 2026, May 8, 2026 and June 4, 2026), allowing the Company to evaluate the geological characteristics and potential continuity of the system over a substantially larger area.
Figure 2: San Juan plan view showing 2025 drill holes, IP lines D8 to D11 at 500-metre spacing, and the conceptual target area extending northwest from discovery holes SAL-09-25 and SAL-10-25.
Drilling will advance through systematic step-outs, with hole depths and subsequent drill locations refined based on geological observations and results as exploration progresses.
The Company is preparing the required exploration drilling notification for submission to Chile's National Geology and Mining Service (SERNAGEOMIN) and advancing operational preparations for the program. San Lorenzo is targeting commencement of drilling in December 2026, subject to completion of the applicable regulatory process, drill pad construction and operational readiness.
Figure 3: Photographs of the two diamond drill rigs operating at Cerro Blanco
Expanding Exploration Capacity and Longer-Term Planning
With its financing complete, San Lorenzo is refining a comprehensive exploration strategy for the next 18 to 24 months, encompassing ongoing drilling at Cerro Blanco, planned follow-up exploration at San Juan, and the systematic evaluation of additional targets across Salvadora. The addition of a second diamond drill rig at Cerro Blanco represents an initial step in expanding the company’s drill capacity.
Alongside drilling, San Lorenzo is strengthening its technical and operational capabilities, including geological personnel, core logging and processing capacity, sampling infrastructure, and supporting field operations, to support sustained exploration across multiple targets and the addition of further drill rigs.
Beyond Cerro Blanco and San Juan, the property hosts several additional exploration targets, including Caballo Muerto, Arco de Oro Epithermal Vein trend, Tres Amigos, 24K, Caballo Muerto South, Quebrada Salada and Rubi Lithocap prospective areas identified through geological mapping, surface sampling, geophysical surveys and limited reconnaissance drilling.
San Lorenzo is refining exploration priorities, drilling schedules, infrastructure requirements and associated budgets across these targets, and intends to provide further guidance on its exploration plans as this work progresses.
Figure 4: Aerial photograph of the Company's core logging and processing facilities.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Eric L. Hanson, P.Geo., Senior Geologist at the Company's Salvadora Project and a registered member of the Association of Professional Engineers and Geoscientists of the Province of Manitoba (APEGM). Mr. Hanson is a Qualified Person as defined under National Instrument 43-101 ("NI 43-101") and is not independent of the Company.
Historical Qualified Person Disclosure
The Company has determined that Terence Walker, Vice President of Exploration, who was identified as the Qualified Person in certain historical news releases issued since October 1, 2022, did not maintain the professional registration required to qualify as a Qualified Person under NI 43-101 during the relevant period.
The Company has appointed Eric L. Hanson, P.Geo., as its Qualified Person for scientific and technical disclosure. Mr. Hanson has reviewed and approved the scientific and technical information contained in the Company's historical disclosure during the relevant period and confirmed that no material corrections to that information are required.
About San Lorenzo
San Lorenzo Gold Corp. is a Canadian mineral exploration company advancing its
For further information, please contact:
San Lorenzo Gold Corp.
Brandon Gaspar, Chief Executive Officer
Email: info@slgold.com
Investor Relations: Acuity Advisory Corp.
Telephone: +1-604-837-5440
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. Forward-looking statements in this news release include, but are not limited to, the Company’s planned exploration and drilling programs at the Salvadora Project, including the nature, scope and timing of drilling and other exploration activities; the interpretation of exploration results and the potential extension and continuity of mineralization; the anticipated timing of receipt and reporting of assay results; the expansion of the Company’s technical and operational capabilities and drilling capacity; the Company’s exploration strategy and the timing of further guidance; and the Company’s future plans, objectives and growth strategy. Forward-looking information is based on assumptions management believes are reasonable, including the availability of drilling and laboratory capacity and the timely completion of regulatory processes, and is subject to risks including the uncertainties inherent in mineral exploration, delays in assay results, metal prices and conditions in Chile. 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.
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.
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/0f29f5f8-b426-4841-a82d-16085e4efc56
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FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much drilling has San Lorenzo Gold completed at Cerro Blanco?
San Lorenzo completed 1,818 metres of Cerro Blanco drilling as of November 4, 2026, including four completed holes. Two diamond drill rigs are operating, with the second having started on October 31.
When does San Lorenzo Gold plan to start drilling at San Juan?
San Lorenzo targets December 2026 for the start of San Juan drilling, subject to completion of the applicable regulatory process, drill pad construction and operational readiness. The internally approved program will evaluate a potential northwest extension from the discovery area near line D8 toward line D11.
How will San Lorenzo Gold choose follow-up drill locations at San Juan?
San Juan drilling will proceed through systematic step-outs, with hole depths and subsequent locations refined using geological observations and exploration results. The approach is intended to evaluate the geological characteristics and potential continuity of the mineralized system.