VANCOUVER,
April 2, 2015 /CNW/ - Mirasol
Resources Ltd. (Mirasol) (TSX-V: MRZ, Frankfurt: M8R) has been
advised by First Quantum Minerals Inc. (First Quantum) that it has
relinquished its option to earn up to 75% of the Rubi project in
the Eocene - Oligocene porphyry belt of northern Chile. First Quantum is exiting prior to
the first earn-in point as defined in the terms of the JV Agreement
(see press release 18th September
2013 and 27th August
2014) and so retains no equity or royalties in the Rubi
project. Mirasol President and CEO Stephen Nano stated that Mirasol would like to
thank First Quantum for the investment at Rubi and the contribution
that their team of skilled geoscientists have made to advance the
understanding of the project geology.
On the 16th January 2015 First Quantum completed a 6,054 m,
16 hole combined reverse-circulation and diamond drill program at
the Rubi project (Figure 1). The drilling was focused on a
series of covered targets (see news release 10th
November 2014) at the Lithocap
prospect and a large gravel pediment-covered area at Pampa del
Inca. Assays from this drilling returned low-level Cu and Mo
associated with visible chalcopyrite and chalcocite, over narrow
intervals of 2 to 6 m, in some case with several intersections of
this type per drill hole. Preliminary review of these data
shows the highest assays are within the range 500 to 3,150 ppm Cu
and 20 to 165 ppm Mo (Figure1). Drill holes with these
anomalous assays cluster predominantly in the Lithocap area where
they are associated long intervals of sericite-clay-chlorite
alteration with abundant disseminated pyrite and gypsum veins.
Propylitically altered diorite dykes with epidote-pyrite stockworks
where also noted.
In the period from October 2013 to February
2014 First Quantum completed over US$2.8 million of exploration at Rubi exceeding
its first-year spending and exploration commitments. First
Quantum generating a large exploration database consisting of
airborne magnetics, gravity, IP and MT electrical geophysics,
extensive soil geochemistry grids, hand-held spectrometer
alteration studies and drill hole geology and geochemistry. Prior
to determining the next steps for exploration at Rubi, Mirasol will
compile and analyse the data received from First Quantum. This
analysis will focus on the Lithocap, Portezuelo and Quebrado del
Salado areas to determine if there are exploration vectors in the
data that may indicate untested Cu-Mo and Au drill targets at these
prospects.
About the Rubi Project
The Rubi Project covers approximately 13,400 ha
and was identified and staked by Mirasol through its Chilean
project generation program in 2007. Rubi is located within the
Eocene- Oligocene age porphyry belt of northern Chile that hosts many world class porphyry
copper deposits. The Rubi Project is centred within a regional
scale cluster of large porphyry copper mines including the
El Salvador (1.2 Bt at 0.49% Cu,
0.022% Mo and 0.1 g/t Au) and the Potrerillos (670 mt at 0.6% Cu)
mines.
Mirasol's exploration at Rubi has identified
areas of alteration with indications of Cu, Mo and Au
mineralization. These include the 7 sq km Lithocap prospect
defined by a large area of advanced argillic alteration; the copper
and molybdenum anomalous sheeted vein zone at the Portezuelo; and
the Quebrada del Salado gold prospect. Extensive gravel cover at
the project may conceal as yet unrecognised mineralization.
First Quantum elected not to drill at the
Portezuelo and Quebrada del Saldo prospects. At Portezuelo,
sheeted veins with anomalous Cu and Mo are intermittently exposed
through thin gravel cover and road cuts over a 1 km strike length.
Portezuelo received limited shallow drilling in the 1980's but has
been drilled subsequently. At Quebrado del Salado small scale
historic gold workings are locally developed on an epithermal
veinlet zone that outcrops intermittently over a 2.2 km strike
length. Select surface rock chip and dump sampling by Mirasol
and First Quantum retuned assays up to 14.1 g/t Au at (average of
all six samples collected 3.34 Au g/t) Quebrada del Salado. There
has been no previous drilling of this gold prospect.
Stephen Nano,
President and CEO of Mirasol Resources has approved the technical
content of this news release and is a Qualified Person under NI 43
-101.
Quality Assurance/Quality Control of exploration
programs:
First Quantum Minerals operated 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.
Assay results from diamond drill core samples
may be higher, lower or similar to results obtained from surface
samples due to surficial oxidation and enrichment processes or due
to natural geological grade variations in the primary
mineralization.
Forward Looking Statements: The above contains
forward looking statements that are subject to a number of known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those anticipated in our
forward looking statements. Factors that could cause such
differences include: changes in world commodity markets, equity
markets, costs and supply of materials relevant to the mining
industry, change in government and changes to regulations affecting
the mining industry. Forward-looking statements in this release
include statements regarding future exploration programs, operation
plans, geological interpretations, mineral tenure issues and
mineral recovery processes. Although we believe the expectations
reflected in our forward looking statements are reasonable, results
may vary, and we cannot guarantee future results, levels of
activity, performance or achievements
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.