VANCOUVER, Dec. 1, 2014 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, Frankfurt: M8R)
- Mirasol initiates reconnaissance program on Frontera JV in
Mirasol's Miocene Arc generative program in northern Chile, targeting large epithermal gold and
porphyry copper deposits.
- The Frontera JV encompasses 15 early-stage claim blocks
covering approximately 22,400 hectares, including claim blocks that
are contiguous with Mirasol's 100%-owned Atlas and Titan
Projects.
- Satellite image analysis shows large-scale alteration systems
and prospective structural settings within some of the claims that
are analogous to other prolific Mio-Pliocene age precious metal and
copper mineral systems in the belt.
Mirasol Resources is pleased to announce that it has initiated
its field reconnaissance program for the Frontera JV that
encompasses an underexplored section of the highly prospective
Mio-Pliocene age volcanic arc of northern Chile.
A chain of world-class gold and copper deposits occurs along an
850 km length of the Chilean / Argentine Mio-Pliocene volcanic arc
(Figure 1). These deposits stretch from the giant El Teniente
copper mine in the Southern Porphyry Belt through to the La Coipa
and Esperanza silver–gold mines at the northern end of the
Maricunga Belt. In Chile,
the Miocene volcanic arc extends a further 950 km northwards from
the Maricunga gold-copper belt before encountering the next notable
deposit of Miocene-age mineralization, at the Choquelimpie gold
mine. This northern segment is underexplored but hosts
numerous large scale alteration systems; however, until recently
exploration had not identified large Mio-Pliocene age metal
deposits in this area.
The Frontera JV lies within the northern segment and encompasses
a portfolio of 15 claim blocks totalling approximately 22,400
hectares, situated between 50 and 170 km north of the Maricunga
gold and copper Belt. This section of Mio-Pliocene volcanic
arc has become the focus of recent exploration activity following
Mirasol's announcements in early 2013 of widespread, outcropping,
gold and silver mineralization at the Titan and Atlas projects, and
the late 2013 announcement by Gold Fields Ltd. of their Salares
Norte project (3.1 million ounce gold resource, grading 4.2 grams
per tonne (g/t) Au).
The Frontera claim blocks fall into 3 geographic groups;
Frontera North, Central and South located at mean altitudes of
between 3,630 to 4,950 metres. While challenging, these
altitudes compare favourably to those of Kinross' Maricunga and La Copia open cut mines
in the Maricunga Belt of the Chilean cordillera.
The Frontera Central claims are located within the Gorbea Belt
where Mirasol has optioned 100% of nine claim blocks totalling
approximately 20,700 hectares. In some cases, the Frontera
Central Claims are contiguous with Mirasol's 100%-owned claims
including the Titan and Atlas projects. This season's
exploration will focus on the Frontera North and South groups. Many
of these claims have had little to no previous exploration,
presenting the potential for the discovery of new outcropping
mineralization. While some Frontera claims blocks have good
access, some claims are located in remote and logistically
challenging areas.
In preparation for the field campaign Mirasol has designed a
detailed exploration program and logistical plan, including an
in-depth alteration and structural interpretation using Aster and
high-resolution satellite imagery, which will optimize
on-the-ground reconnaissance sampling programs. The 2014
summer field exploration campaign was initiated in early November
with the first-pass sampling of the Frontera North and South claims
blocks scheduled for completion by February of 2015.
The Frontera JV Deal terms.
On 26 June 2013 the Company
announced a definitive exploration and option agreement (the
Frontera JV) with an arms-length private Chilean company, to
explore a portfolio of prospective early-stage mineral properties.
The Frontera JV provides for Mirasol to earn a 51% interest
in any, or all, of the exploration properties by expending US
$3 million within a four year period
which commenced on December 26, 2012,
of which US $300,000 was committed to
be spent in the first year (completed). After vesting, each
party will contribute in proportion to its equity position.
Should a discovery be put into production, a 1.5% net smelter
return royalty ("NSR") is payable by Mirasol to its venture partner
from Mirasol's percentage of production, capped at 51% of
attributable production. If either party dilutes below 10%
interest, its ownership will convert to a 1% NSR.
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:
Exploration on the
Frontera JV is supervised by Stephen C.
Nano, who is the Qualified Person under NI 43-101,
Exploration Manager Timothy Heenan
and Principal Geologist Leandro Echavarria. 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.