VANCOUVER, Sept. 18, 2013 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, Frankfurt: M8R) ("Mirasol") is pleased to
announce that it has signed a binding Letter Agreement with First
Quantum Minerals Ltd. ("First Quantum") (the "Agreement") for the
exploration and development of its 100%-owned, 13,659-hectare Rubi
Property, located in the historic El
Salvador copper-gold mining district of Region III, northern
Chile.
The Agreement provides for First Quantum to earn
a 55% interest in the Rubi Property upon completion of a
US$6.5 million investment in
exploration over four years from the date of signing the Agreement,
and a total of US $1.1 million in
staged cash payments. The Agreement provides for exploration
expenditure commitment during the first year of US$1.5 million, to include a commitment for
magnetic survey of the claims and 3000m of drilling. After
earn-in, First Quantum's participating interest may be increased to
65% on completing a N.I. 43-101 compliant resource estimate and PEA
(Preliminary Economic Assessment) on a minimum size resource of 1
million tonnes of contained Cu. First Quantum may further increase
its interest to 75% by declaring a "decision to mine", and will
provide mine financing at commercial terms if requested by Mirasol.
Financing terms include interest calculated at LIBOR+4% and
repayment of Mirasol's proportional mine finance from 50% of cash
flow.
"Mirasol's management is pleased to have First
Quantum, a highly respected metals miner, as our partner for
exploring the Rubi Property", said Mirasol's president and CEO,
Mary Little. "First Quantum
brings valuable local expertise and capability for future project
development. We look forward to an exciting and productive
association with First Quantum in Chile".
About the Rubi Project
The Rubi Project was identified and staked by
Mirasol through its Chilean project generation program (see news
releases of November 26, 2012 and
June 12, 2007). Rubi is located
within the premier porphyry belt of northern Chile that hosts many world class porphyry
copper deposits. The Rubi Project is centered within a regional
cluster of large, gold-bearing porphyry copper deposits (Figure1)
including the 3.8 Bt El Salvador and 1Bt Potrerillos districts as
well as the 770 Mt Inca Del Oro mine development.
Mirasol's exploration has identified a number of
discrete priority drill targets at the Rubi project. These
include the 9 sq km Lithocap prospect defined by a large area of
untested anomalous copper, molybdenum and gold geochemistry; the
underexplored porphyry stockwork zone at the Portezuelo project
that received limited shallow drilling in the 1980's but has seen
no modern exploration; and the untested gold-silver vein target at
Quebrada del Salado. Additional conceptual gravel covered
copper targets exist at Pampa del Inca and Corner Zone
prospects.
About Mirasol Resources Ltd.
Mirasol is a well-funded exploration and
development company focused on the discovery, exploration and
acquisition of high-potential precious metals deposits in the
Americas, utilizing leading edge technology for strategic
advantage. In December, 2012, Mirasol sold its interest in
the Joaquin Silver project to Coeur Mining Inc., for a value of
US$ 60 million in cash and shares.
Mirasol holds 100% of the rights to the Rubi copper-gold porphyry
target, strategically located in the historic El Salvador copper mining district,
Chile, and has identified,
trenched and drilled 100%-held, high-sulphidation gold exploration
targets in a new district of northern Chile, including the Titan and Atlas
properties. Mirasol operates through subsidiary companies in
Chile and Argentina is engaged in generative exploration
in high-potential regions in the Americas.
Quality Assurance/Quality Control:
Exploration at Mirasol's Rubi Project is supervised by Stephen C. Nano, Vice President of Exploration,
the N.I. 43-101 qualified person for Rubi, and Timothy Heenan, Exploration Manager. All
technical information for the Company's projects is obtained and
reported under a formal quality assurance and quality control
(QA/QC) program. Drill core, 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. Results are
routinely examined by an independent geochemist to ensure
laboratory performance meets required standards.
Assay results from surface samples may be
higher, lower or similar to results obtained from drill
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.