VANCOUVER,
May 30, 2013 /CNW/ - Mirasol
Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R). Mirasol Resources
is pleased to announce the start of an initial drill program at its
100%-owned Titan gold project in the Miocene belt of northern
Chile. Mirasol has planned a
15 hole, 2500 metre reverse circulation (RC) drill program to test
a range of outcropping oxide gold targets and covered geophysical
targets identified by Mirasol's exploration at this new gold
project.
Mirasol previously reported a large, low grade,
surface oxide gold anomaly (news release January 21, 2013) defined by trenching at Titan,
in addition to a series of covered geophysical anomalies (news
release March 1, 2013) which are
outlined by detailed ground magnetics and a 26.6 line-kilometre
pole-dipole (PDP) induced polarization (IP) electrical geophysical
survey.
At surface, the Titan gold mineralization is
associated with a large zone of intense high-level advanced
argillic alteration, indicative of a high sulphidation epithermal
(HSE) precious metal system. HSE deposits have produced a number of
world class bulk-mineable gold and silver mines in the Miocene-age
volcanic belt of northern Chile
and Argentina (La Coipa, Veladero,
Refugio), and represent an attractive exploration target. Favorable
access and workable altitudes of approximately 4300 metres have
facilitated Mirasol's ability to rapidly advance the Titan project
to drill stage.
Mirasol's trenching program at Titan outlined a
700 by 660 metre open-ended zone of anomalous gold (at + 50 parts
per billion), with length weighted average channel intersections of
up to 194 metres at 0.41 g/t gold, and including better intervals
of 31 metres at 1.36 g/t gold and 10 metres at 2.13 g/t gold, and
includes individual assays of up to 1 metre of 17.0 g/t gold.
These results report to oxidized surface material with little to no
preservation of sulphide at surface.
Mirasol's drill campaign has two objectives (see
Figure 1). The primary target is near-surface (<150 metres
depth), oxide gold mineralization. The planned drilling is designed
to test for improved precious metals grades underlying gold
anomalies in trenches, and also to test if the large,
non-chargeable resistive geophysical anomaly blanket may represent
oxidized material with silica accumulations. By analogy with other
HSE deposits in the region, silicification may host higher precious
metal grades.
The secondary target is defined by the large,
semi-coincident chargeable and magnetic geophysical anomalies that
are evident at depth beneath the Titan project (Figure 1).
Magnetic and chargeable anomalies of this magnitude and shape may
be related to a magnetite-sulphide bearing intrusion, and possibly
related to porphyry Cu-Au mineralization at depth. These anomalies
largely underlie the resistive "blanket". Drill holes
targeting these features are designed to test down to depths of 250
metres below surface. These holes are not anticipated to
fully test this target, but are designed to gather preliminary
vectoring information to aid possible deeper drilling at a later
date.
About Mirasol
Mirasol is focused on the discovery, exploration
and acquisition of high-potential precious metals deposits in the
Americas, utilizing leading edge technology for strategic
advantage. The Company holds 100% interest in the Rubi
copper-gold porphyry target, strategically located in the
El Salvador copper mining district
of northern Chile, and a new
precious metal property portfolio, including the Titan Project,
located in an emerging gold exploration belt in Chile. Mirasol currently holds 100% of
the rights of seven active exploration projects and twelve
early-stage precious metals prospects in Santa Cruz Province, in the Patagonian region
of southern Argentina, identified
through the Company's proprietary exploration methodology.
Strategic joint ventures and partnerships with
producers have enabled Mirasol to pursue success in project
generation. In December, 2012, Mirasol completed the sale of
the Joaquin silver-gold property in Santa
Cruz, Argentina, to its
partner Coeur d'Alene Mines, from which proceeds will provide
funding for exploration programs at its priority projects for
several years. Mirasol operates subsidiary companies in
Chile and Argentina, and is engaged in generative
exploration in high-potential regions elsewhere in the
Americas. For further information, visit Mirasol's web page
at www.mirasolresources.com
Stephen C. Nano,
Vice President of Exploration for Mirasol, is the Qualified Person
under NI 43-101 who prepared and approved the technical content of
this news release.
Quality Assurance/Quality Control:
Exploration at the Titan Project is supervised by Stephen C. Nano, Vice President of Exploration,
who is the Qualified Person under NI 43-101. All technical
information for the Company's projects is obtained and reported
under a formal quality assurance and quality control (QA/QC)
program. All Drill Rock chip and stream sediment samples are
collected under the supervision of Company geologists in accordance
with standard industry practice. Samples are dispatched via
commercial transport to an ISO 9001:2000-accredited laboratory in
Chile for analysis. All rock
chip and drill samples are submitted to the Laboratory with
independently sourced, accredited standard and blanks and where
appropriate duplicate samples to facilitate monitoring of
laboratory performance. Certified Results are examined by an
independent qualified consultant to ensure laboratory performance
meets required standards.
Assay results from diamond drill core or RC
drill samples may be higher, lower or similar to results obtained
from surface samples.
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 release.
SOURCE Mirasol Resources Ltd.