VANCOUVER,
Nov. 25, 2013 /CNW/ - Mirasol
Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) Mirasol is pleased
to report results for its 15 hole, 3,218 metre reverse circulation
(RC) drill program at its 100%-owned Titan gold project, in the
prospective Miocene-aged gold - copper belt of northern
Chile.
The Titan project is part of a large alteration
system (Figure 1) outlined by ASTER satellite imagery and
magnetic anomalies, and further delineated by recently completed
extensions to ground magnetic surveys at the project. Other than
Mirasol's work at the Titan drill target, there has been no
previous systematic exploration of this alteration system. Mirasol
has recently expanded the Titan claim block from 4,312 to 5,515
hectares with the addition of contiguous claims that are part of
Mirasol's recently announced option agreement with a private
Chilean company (Mirasol news release of June 26, 2013). Titan is located adjacent to
Mirasol's 100% owned Atlas gold silver project, where Mirasol
reported encouraging gold and silver trench intersections from
vuggy silica structures and hydrothermal breccias (Mirasol news
release of September 16, 2013).
The Titan drill program provided a first-pass
test of a number of geochemical, geophysical and conceptual
geological targets. Drilling was centred upon a 700 by 600 m
oxide gold anomaly delineated last field season by Mirasol's
trenching program, that overlies strong buried resistivity and
chargeability geophysical anomalies (Mirasol news releases of
January 21 and March 1, 2013). The strongest length-weighted
averaged trench assay results from this area included 194 m of 0.41
g/t Au and 31 m at 1.36 g/t Au.
Fourteen of the 15 recently completed drill
holes (Figure 2) returned anomalous gold intersections at an 0.1
g/t cut off, including a best length-weighted average down hole
intersection of 44 m at 1.21 g/t Au from hole TIRC_01B. Table
1 presents intercepts calculated using a 0.25 g/t Au cut-off.
Higher grade down-hole drill intersections include
TIRC_01B with 18 m at 2.16 g/t Au, including 10
m at 3.85 g/t Au
TIRC_05A with 10 m at 1.87 g/t Au including 8 m at 2.24 g/t Au
TIRC_02 with 24 m at 0.63 g/t Au including 12 m at 0.86 g/t Au
The gold intersections in drill hole TIRC_01B
correlate with a zone of intensely-altered breccias and veinlets in
trench TR_01, which returned length-weighted average channel
samples of 31 m grading 1.36 g/t Au. Initial interpretations
suggest that the mineralized zone intersected in TR_01 and TIRC_01B
may dip shallowly to the east under soil cover.
The gold intersections in hole TIRC_05A
correlate with the down-dip extension of a hydrothermal breccia
exposed in trench TR_07, which returned a length-weighted average
channel intersection of 11 m at 1.08 g/t Au. Recent selective
sampling of one of the breccia phases within trench TR_07 returned
assays of up to 6.95 g/t Au from silicified clasts, and up to 0.85
g/t Au from the matrix, indicating the majority of the gold is
contained in the clasts. These breccia clasts are interpreted
to be fragments of higher-grade mineralization that have been
transported from depth during breccia formation.
Further drilling is being contemplated to test for the source of
this higher grade mineralization.
Table 1 - Titan phase 1 drilling
Drillhole sample Length Weighted Average - Gold / Silver
results
Hole ID |
PSAD
566
Easting |
PSAD
566
Northing |
Azimuth7 |
Dip7 |
Length
Meters |
From
Meters |
To
Meters |
Interval3,3a
meters |
Gold
g/t |
Silver
g/t |
Gram
meter2
Gold |
Average8
Calculated
Recovery % |
CHA-TIRC-001 |
500394 |
7182075 |
224 |
-65 |
60.0 |
2 |
6 |
4 |
0.73 |
0.08 |
2.93 |
80.23 |
|
|
|
|
|
|
10 |
22 |
12 |
0.68 |
0.88 |
8.12 |
57.42 |
|
|
|
|
|
incl. |
14 |
20 |
6 |
1.06 |
1.20 |
6.35 |
43.02 |
|
|
|
|
|
|
38 |
46 |
8 |
0.79 |
0.24 |
6.34 |
79.41 |
CHA-TIRC-001A |
500398 |
7182078 |
223 |
-66 |
200.0 |
6 |
16 |
10 |
0.41 |
0.17 |
4.11 |
77.42 |
|
|
|
|
|
incl. |
10 |
12 |
2 |
0.51 |
0.08 |
1.02 |
82.11 |
|
|
|
|
|
also incl. |
14 |
16 |
2 |
0.62 |
0.43 |
1.25 |
73.40 |
|
|
|
|
|
|
20 |
24 |
4 |
0.38 |
0.42 |
1.52 |
76.59 |
|
|
|
|
|
|
36 |
50 |
14 |
2.13 |
0.90 |
29.88 |
83.22 |
|
|
|
|
|
incl. |
36 |
48 |
12 |
2.42 |
0.63 |
29.01 |
83.19 |
CHA-TIRC-001B |
500392 |
7182077 |
223 |
-65 |
50.0 |
6 |
8 |
2 |
0.63 |
0.22 |
1.26 |
93.96 |
|
|
|
|
|
|
10 |
26 |
16 |
0.74 |
1.68 |
11.83 |
66.78 |
|
|
|
|
|
incl. |
10 |
14 |
4 |
1.06 |
3.52 |
4.23 |
60.79 |
|
|
|
|
|
also incl. |
16 |
20 |
4 |
0.91 |
1.45 |
3.63 |
86.96 |
|
|
|
|
|
also incl. |
24 |
26 |
2 |
0.70 |
1.07 |
1.39 |
42.28 |
|
|
|
|
|
|
28 |
46 |
18 |
2.16 |
0.33 |
38.81 |
80.47 |
|
|
|
|
|
incl. |
34 |
44 |
10 |
3.58 |
0.48 |
35.82 |
76.11 |
CHA-TIRC-002 |
500379 |
7182365 |
228 |
-60 |
200.0 |
36 |
38 |
2 |
0.56 |
0.15 |
1.11 |
61.42 |
|
|
|
|
|
|
42 |
66 |
24 |
0.63 |
0.07 |
15.08 |
63.35 |
|
|
|
|
|
incl. |
48 |
60 |
12 |
0.86 |
0.06 |
10.33 |
63.21 |
|
|
|
|
|
also incl. |
62 |
64 |
2 |
0.60 |
0.04 |
1.20 |
76.58 |
CHA-TIRC-003 |
500652 |
7182403 |
240 |
-62 |
266.0 |
116 |
118 |
2 |
0.90 |
3.66 |
1.81 |
72.26 |
|
|
|
|
|
|
120 |
124 |
4 |
0.90 |
3.77 |
3.59 |
71.32 |
|
|
|
|
|
including |
120 |
122 |
2 |
1.53 |
5.10 |
3.06 |
78.08 |
CHA-TIRC-005 |
500513 |
7181725 |
226 |
-71 |
64.0 |
14 |
22 |
8 |
1.22 |
0.07 |
9.73 |
74.11 |
|
|
|
|
|
|
24 |
32 |
8 |
0.44 |
0.20 |
3.49 |
83.76 |
|
|
|
|
|
including |
24 |
26 |
2 |
0.79 |
0.06 |
1.58 |
70.39 |
CHA-TIRC-005A |
500509 |
7181726 |
226 |
-67 |
202.0 |
14 |
24 |
10 |
1.87 |
0.08 |
18.72 |
69.04 |
|
|
|
|
|
including |
16 |
24 |
8 |
2.24 |
0.09 |
17.88 |
68.23 |
|
|
|
|
|
|
174 |
178 |
4 |
0.44 |
0.08 |
1.75 |
114.86 |
CHA-TIRC-006 |
500712 |
7182472 |
229 |
-59 |
222.0 |
18 |
22 |
4 |
0.28 |
0.08 |
1.12 |
66.43 |
|
|
|
|
|
|
68 |
72 |
4 |
0.81 |
0.03 |
3.23 |
90.80 |
|
|
|
|
|
including |
70 |
72 |
2 |
1.32 |
0.04 |
2.63 |
93.35 |
CHA-TIRC-007 |
500525 |
7181737 |
210 |
-84 |
204.0 |
0 |
2 |
2 |
0.65 |
0.05 |
1.29 |
40.61 |
|
|
|
|
|
|
8 |
12 |
4 |
0.61 |
0.02 |
2.45 |
74.13 |
|
|
|
|
|
incl. |
8 |
10 |
2 |
0.91 |
0.02 |
1.82 |
48.81 |
|
|
|
|
|
|
16 |
20 |
4 |
0.38 |
0.01 |
1.51 |
89.44 |
|
|
|
|
|
|
30 |
36 |
6 |
0.80 |
0.09 |
4.80 |
87.92 |
|
|
|
|
|
including |
32 |
34 |
2 |
1.55 |
0.08 |
3.09 |
100.90 |
CHA-TIRC-012B |
500408 |
7182271 |
228 |
-63 |
144.0 |
22 |
24 |
2 |
0.67 |
0.21 |
1.35 |
87.47 |
CHA-TIRC-013 |
500343 |
7182029 |
46 |
-68 |
170.0 |
0 |
6 |
6 |
0.39 |
0.73 |
2.31 |
56.74 |
|
|
|
|
|
including |
0 |
2 |
2 |
0.62 |
0.21 |
1.25 |
33.58 |
|
|
|
|
|
|
10 |
18 |
8 |
0.38 |
0.21 |
3.05 |
93.19 |
|
|
|
|
|
including |
14 |
16 |
2 |
0.59 |
0.19 |
1.18 |
106.29 |
|
|
|
|
|
|
30 |
34 |
4 |
0.31 |
0.23 |
1.22 |
116.21 |
At a 0.1 g/t Gold cut-off CHA-TIRC-001A (2-54m) gave
52m@0.77g/t Gold / 0.4g/t Silver - 39.9 gram meter
At a 0.1 g/t Gold cut-off CHA-TIRC-001B (6-50m) gave 44m@1.21g/t
Gold / 0.8g/t Silver - 53.4 gram meter
At a 0.1 g/t Gold cut-off CHA-TIRC-002 (42-80m) gave 38m@0.46g/t
Gold / 0.05g/t Silver - 17.4 gram meter
At a 0.1 g/t Gold cut-off CHA-TIRC-005A (14-30m) gave
16m@1.27g/t Gold / 0.1g/t Silver - 20.3 gram meter
1. All individual sample intervals are 2m
2. Gram meter Gold (Au) is calculated using Au x
interval meters
3. Length Weighted Average Intervals have been calculated at
0.25 g/t Gold Cut-off,
3a Including intervals
composited at 0.5 g/t Gold Cut-off
4. Results are limited to those with a gram meter product
larger than 1
5. Highlighted results are those with a gram meter product
larger than 5
6. Drillhole collar location is presented in PSAD56 / UTM
zone 19 South
7. Drillhole Azimuth and Dip is an average
8. Determination of Calculated Recovery - (π x Bit
radius2 x sample length x assigned SG) / 1000 = expected
sample weight in kilograms if 100% rec.
(Actual recovered sample weight /
calculated sample weight if 100% recovered) x 100 = calculated
sample recovery as a percentage
Higher-grade gold drill intersections
encountered to date are located within the top 50 m from surface
within the zone of oxidation, confirming the presence of the
conceptualized near-surface oxide gold mineralization at the
project. The depth of oxidation encountered in the drilling
varies, but typically extends to deeper than 100 m down-hole and in
some holes extended deeper than 200 m. The oxidized zone
encountered in drilling shows a good correlation to the "resistive
blanket" outlined by the previously reported geophysical survey
(Mirasol news release of March 1,
2013). The underlying chargeability anomaly correlates
to the un-oxidized sulphide zone.
Preliminary petrology and PIMA alteration
studies on drill chips have confirmed the gold is typically
associated with the alteration minerals opaline silica - kaolinite
- alunite. Some samples showed evidence of overprinting of
alteration events with earlier alteration minerals alunite - quartz
- pyrophyllite, and minor sulphides pyrite - enargite - covellite /
chalcocite. This confirms that the Titan project is a
high-sulphidation epithermal gold system and that drilling to-date
has only tested the upper parts of the mineral system.
Mirasol recently commenced exploration at Titan
and the adjoining Atlas claims for the 2013-14 southern hemisphere
spring and summer season. This exploration will initially focus on
first-pass geochemical prospecting of the unexplored claims that
surround the Titan drill project, including the large 100% owned
Mirasol claim block and the adjoining claim accessed through an
option agreement.
Comments on drilling conditions and
calculated sample recovery
Intense alteration related to the Titan
mineralizing system combined with strong surface weathering and
related oxidation that is characteristic in northern Chile has produced very friable rock in the
near surface. In the areas of more intense alteration, which are
often associated with gold mineralization, the host rock can have a
fine-grained, powdery texture with the consistency of
unconsolidated sand. These characteristics, while indicative of a
strong alteration system, lead to challenging drilling
conditions. In some instances, this may result in loss of
air-pressure down-hole, partial hole collapse or loss of the fine
powdery drill cuttings during drilling and sample collection.
These drilling conditions have affected the
recovery of reverse circulation drilling samples to varying degrees
at Titan, and may have compromised sample integrity. Where the wall
rock of the drill hole is friable, localized collapse or wall rock
erosion can occur due the flow of high pressure drilling air. If
this occurs, the recovery of sample for the affected interval may
actually increase above the expected sample weight (i.e.
greater than 100% recovery). Conversely, if a portion of the
fine powdery component of the sample is lost during drilling or
sampling, lower-than-expected sample recovery will result for that
interval (i.e. less than 100% recovery). There may have been
significant sample loss for some sample intervals, and lesser
oversampling of other intervals during the Titan reconnaissance
drill program.
Mirasol uses a method of Calculated Sample
Recovery to estimate the actual sample recovered during RC drill
sampling (see Appendix 1) for determining contained Au and
Ag. Based upon this method, the values presented in Table 1
of this news release have some uncertainty. Due to the early
stage of exploration at Titan, the knowledge base is limited.
Consequently, recovery calculations as reported have significant
inherent uncertainties, principally related to the low number of
specific gravity (SG) determinations of the sample material used in
the calculations, and unintentional bias that could be introduced
by the geological logging process. These uncertainties, while
normal in the early stage of project exploration, could mean that
the calculated recoveries may improve or be downgraded as more data
is gathered.
The impact of sample loss or over-sampling can
have a varied effect on the precious metal content of the sample
and assay results, including upgrading, downgrading or no
effect. In this news release Mirasol has presented
length-weighted average gold intersections from re-drilled holes
that show some differences in assay results compared to adjacent
holes. It is unclear if variations in gold grade between holes are
due to natural variability in the distribution of gold in the rock,
or if this reflects a sampling bias introduced by sample loss
during drilling.
Mirasol cautions that the calculated recoveries
in some of the intersections reported in this news release are
below those considered reliable and/or acceptable for use in
resource calculations, and therefore should treated as indicative
of the gold grade only.
Stephen C. Nano,
Vice President of Exploration for Mirasol, is the Qualified Person
under NI 43-101 who has prepared and approves 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 43-101and
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. 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 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.
Appendix 1 - Determination of Calculated
Sample Recovery
The determination of Calculated Sample Recovery
involves a number of steps and determination of a number of
variables:
|
1. |
Assigned Specific Gravity (SG): Mirasol sent nine
samples of altered and mineralized material from the Titan trenches
to SGS Laboratory Services for standard SG determination (via the
water displacement method). This returned SG values between
1.1 g/cm3 for an intensely argillized, but unsilicified sample, to
2.21 g/cm3 for an intensely argillized, strongly silicified
sample. SGs were then assigned to each sample interval based
upon the intensity of argillic alteration and silicification in the
geological drill logs.
|
|
|
|
|
2. |
Calculation of the Expected Sample Weight (kg) if
100% is recovered, equals: |
|
|
|
|
|
(Area
of the drill bit x sample length (cm) x assigned SG) /
1000 |
|
|
|
|
|
with drill bit diameter measured on site, and
sample length of 200 cm for this program |
|
|
|
|
3. |
Calculated sample recovery as a percentage
equals: |
|
|
|
|
|
(Actual
recovered sample weight / Expected Sample Weight) x 100
|
SOURCE Mirasol Resources Ltd.