VANCOUVER, Nov. 10, 2014 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, Frankfurt: M8R)
- IP and MT geophysical surveys completed; anomalies detected in
two prospects.
- Integrated target selection is complete for this phase of
drilling.
- Drill permit granted late August; and drill contract
signed.
- Drilling of phase 1 program commenced mid-October, 2014.
Mirasol is pleased to report that First Quantum Minerals (First
Quantum) has commenced the Phase I drilling campaign at the Rubi JV
porphyry copper – gold project in the El
Salvador district in northern Chile. This program will focus on
priority-ranked targets (Figure 1) in the Glenlivet (Lithocap) and
Wild Turkey (Eastern Zone) prospects, and could include up to
eleven holes of between 500 to 1,000 m depth, totaling up to 5,000
m. If all planned holes are drilled this program may take up
to 3 months to complete. The drilling will be carried out by
Geotec Boyles, a Chilean company with over 30 years experience in
the sometimes challenging conditions of the Atacama region.
The program will use a multi-purpose rig which will allow a
combination of reverse circulation (RC), and diamond core (DDH)
drilling through the diverse post-mineral cover over the target
zones.
Prior to commencing this drill program, First Quantum completed
a 37 line-km program of IP electrical and Magneto
Telluric1 (MT) geophysics comprising 10 lines over six
prospect areas (Figure 1); geophysics has not yet been carried out
over the Portezuelo target on the eastern side of the
property. This geophysics program represents the culmination
of an extensive 12-month pre-drill exploration program, adding to
the JV datasets that include a 2,460 line-km helicopter magnetic
survey, extensive property-wide soil and gravity surveys, as well
as geological mapping, rock chip sampling and alteration mineral
assemblage mapping with a hand-held infrared spectrometer.
Integrated analysis of these JV datasets by First Quantum has
identified a series of targets for testing during the Phase I drill
program. Drilling will focus on target areas where a
combination of outcropping alteration, rock chip or soil anomalies
and geophysical features outlined a series of covered targets that
warrant testing for porphyry copper mineralization.
At Glenlivet, the surface expression of the prospect is in-part
defined by a large outcropping advanced argillic alteration zone (a
lithocap) that may extend to the south and east for an unknown
distance under gravel cover. This alteration may represent
the high-level expressions of a porphyry-related alteration system.
Rock chip sampling has returned strongly anomalous copper,
gold and molybdenum in narrow structures at several areas around
the lithocap. The recently completed IP geophysics at
Glenlivet (Figure 2) has outlined two moderate intensity (+10 to 30
msec) IP chargeability anomalies up to 1 km in length, beneath the
southern edge of the lithocap. The MT survey at Glenlivet has
mapped "finger"-like resistive bodies underlying the IP
chargeability features. The geometry of the geophysical
anomalies at Glenlivet show some similarities to the
geophysical responses over the El Salvador and Inca de Oro porphyry2 (see Figure 2) where
MT resistivity and IP chargeability have been used to map
mineralized zones in these porphyry systems.
The Wild Turkey prospect is largely gravel-covered, however
small outcrops through the cover show granodiorite with some
limonite and localized copper oxides and some porphyry-style veins
and breccias. These styles of alteration can occur on the
margin of a porphyry system. An Enzyme Leach3
geochemical soil survey over the prospect has highlighted a strong
multi-element anomaly over 1 km in length in the gravel cover that
could suggest mineralization present in the underlying
basement. The Wild Turkey geophysical line does not test this
soil anomaly, passing 500 m to the east. However the IP
survey (Figure 3) has mapped two low order chargeable (+10 to 15
msec) anomalies associated with MT features in the basement.
A combination of Enzyme Leach soil anomalies and IP / MT
geophysical anomalies have been targeted for drill testing at Wild
Turkey.
This drill program will provide a first pass test of a range of
covered targets that are supported by coincident geophysical /
geochemical and geological information at two of the key prospects
at the Rubi Project. Mirasol's management are pleased that First
Quantum have advanced the project to rapidly test these
targets.
Stephen Nano, President and CEO
is the Qualified Person under NI 43-101 who has prepared and
approves the technical content of this news release.
Quality Assurance/Quality Control:
First Quantum
Minerals operates the Rubi Joint Venture and generated the
geological, geophysical and geochemical information reported to
Mirasol Resources. First Quantum uses industry accepted
procedures for the collection and analysis of this information
including a formal quality assurance and quality control (QA/QC)
program and ISO 9001:2000-accredited assay laboratories for
geochemical analysis. Mirasol has performed an independent
analysis of the information and reports provided by First Quantum.
Stephen Nano has reviewed the data and prepared this news
release, and is a qualified person as defined by National
Instrument 43-101.
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.
Additional Explanatory notes
1The Magneto Telluric geophysical technique measures
variations in resistivity and conductivity of an area of rock being
surveyed using the natural magnetic fields and electrical currents
generated by the planet as a power source, rather than using an
induced current from a manmade generator as with the IP
technique. MT does not map chargeability responses, but has
an advantage over IP in that it can map resistive / conductive
features to depths in excess of 1 km in areas where traditional IP
can be impeded by conductive cover sequences.
2Inca de Oro
porphyry: Porphyry copper-gold project (an incorporated joint
venture with PanAust and Codelco) located approximately 40 km to
the southwest of Rubi. The project has a current resource
(supergene and primary) of 389 Mt at 0.39 % Cu and 0.1 g/t Au
(PanAust 2014 Mineral Resource and Ore Reserve Statements).
3Enzyme partial leach soil sampling: Actlabs Enzyme
Leach SM used at the Rubi Project is a partial
leach technique that selectively extracts elements from amorphous
manganese oxide coatings on soil materials. Under the right
circumstances, these elements potentially derived from underlying
concealed mineralization are transported through the soil profile
and concentrate in the oxide coatings. The Enzyme Leach soil
technique has been successfully used to detect soil or
gravel-covered mineralization by other companies in Chile and at other locations around the
world.
SOURCE Mirasol Resources Ltd.