VANCOUVER, July 18, 2014 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, Frankfurt: M8R)
- AGZ prospect - Rock chip samples from this gold-enriched zone
outline an 800 by 500 m area hosting multiple vuggy silica
structures with up to 50.3 g/t Au and 56.9 g/t Ag.
- ASZ prospect - Rock chip samples from this silver-enriched zone
outline 700 m long trend with hydrothermal breccia and silicified
tuffs returning new silver results up to 215.0 g/t Ag and anomalous
gold from recent sampling.
- Atlas Pampa prospect - Float and subcrop rock chip samples have
outlined this new gold-silver prospect.
- An IP electrical geophysical survey over the central part of
the Atlas alteration system outlined a series of large highly
resistive anomalies spatially associated with gold-silver bearing
surface rock chips.
Mirasol closed the southern hemisphere 2013-14
summer exploration season in early June. At season's end
approximately 80% of the +25 sq. km Atlas alteration system had
been systematically reconnaissance sampled with over 2,479 surface
rock chip (Figure 1) and 334 stream sediment samples collected this
season (also see news release of February
26, 2014). These results have expanded the dimensions and
upgraded the potential of the Atlas Gold Zone (AGZ) and the Atlas
Silver Zone (ASZ) prospects as well as defining a large gold-silver
anomaly at the new Pampa prospect.
At the Atlas Gold Zone new assay results from
detailed surface prospecting have outlined a series of
northwest-oriented mineralized trends in float and subcrop (thought
to be very near its source outcrop), extending away from last
season's trenches (see news release of September 16, 2013). Rock chip sampling of the
trends has returned multi-gram gold and silver assays over an 800
by 500 m area, including best assays of 30.70 g/t Au with 42.3 g/t
Ag and 50.30 g/t Au with 5.24 g/t Ag. Higher grades are
associated with subcrop of vuggy silica structures and hydrothermal
breccias, typical of high-sulphidation epithermal systems. Some of
these trends correlated to mineralization exposed in last season's
trenches. However the recently identified higher-grade trends
have not yet been trenched, suggesting the potential for
significant new zones of mineralization underlying the rock chip
anomalies and surrounding soil cover.
At the Atlas Silver Zone systematic prospecting
and mapping has outlined a 700 m long zone of anomalous silver-gold
mineralization in rock chip float and subcrop samples, surrounded
by widespread soil and alluvium. This cover may conceal
additional mineralization. At the ASZ high-grade silver
assays in the range 112.0 to 639.0 g/t Ag (with anomalous gold to
0.15 g/t), are associated with silicified tuffs and high-level
upward flaring breccia bodies. The breccia hosts clasts of
mineralization containing silver sulphide minerals, which are
interpreted to be fragments of mineralized rock transported from
depth during hydrothermal eruption that also formed the breccia.
Where exposed in last season's trenches, the ASZ mineralization is
associated with prominent native sulphur and highly anomalous
epithermal pathfinder elements. The funnel- shaped form of the
breccia combined with the element association suggest that the
current outcrop level of the ASZ is near the top of the mineralized
interval in a typical epithermal system, and may suggest potential
for more extensive mineralization at depth.
The new Pampa prospect is less well understood
due to limited outcrop, however assay results from surface rock
chip sampling, suggest further exploration is warranted. Here rock
chip float and subcrop samples have returned anomalous gold and
silver assays over an area of approximately 500 by 500 m. To
date, assays from this prospect correspond to narrow (< 30 cm
wide) quartz-alunite altered breccias and pervasively altered
tuffs. Assay results fall into two groups. Those with
similar amounts of gold and silver, with assays up to 2.91 g/t Au
and 5.70 g/t Ag; and those where silver is dominant over gold, with
highest silver assays in the range 248.0 to 421.0 g/t and gold up
to 0.08 g/t. This may suggest two distinct sources of
mineralization in the area or overprinting phases of
mineralization.
A 5.4 sq. km, 100 to 200 m line-spacing IP
electrical geophysical survey (Figure 2) has been completed over
the centre of the alteration system, identifying a series of
resistivity anomalies associated with surface alteration and rock
chip/trench gold-silver assays. These anomalies have locally
returned very high resistivity readings in the range 5,000 to
15,400 Ohm/m and in some cases form part of large, open-ended
resistive zones in excess of 1 km in strike length. In epithermal
systems such as Atlas, resistive anomalies of this nature can map
the distribution of hydrothermal silica accumulations that can be
associated with precious metal mineralization. At Atlas the
resistivity anomalies associated with the AGZ, Pampa prospect and a
larger, high intensity covered resistive anomaly in the northeast
of the survey area are considered by Mirasol to represent priority
drill targets.
The previously mentioned resistive anomalies
show only weak associated chargeable anomalies in this survey,
suggesting low sulphide content in these areas, possibly a result
of deep supergene oxidation. This is consistent with the 100 to 150
m depth of oxidation encountered by Mirasol whilst drilling the
adjacent Titan project, and highlights the potential for oxide-gold
mineralization at the Atlas project.
Mirasol is very encouraged by the results
received this season from the Atlas project where exploration has
to date has identified anomalous gold and silver mineralization in
multiple centres over a 6.7 sq. km area, in what is emerging as a
large precious metal system with potential to develop multiple
drill targets.
Atlas is a 100% Mirasol-owned, newly discovered
gold-silver system in the prolifically mineralized Miocene-age
volcanic arc of northern Chile.
This arc hosts a number of world-class gold and copper mines.
Atlas and the adjacent Titan project are the most advanced projects
of Mirasol's nine 100%-owned properties in its Gorbea Belt
portfolio. In keeping with Mirasol's project generator Joint
Venture business model, the company is actively seeking a strong JV
partner to advance the Gorbea Belt properties to drill testing.
Stephen Nano 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 Atlas Project is supervised by Stephen C. Nano, who is the Qualified Person
under NI 43-101 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. 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 transport to an
ISO 9001:2000-accredited laboratory in Chile for analysis. All drill, and rock
chip samples are submitted to the Laboratory with independently
sourced, accredited standards 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.
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.