VANCOUVER, March 21, 2016 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, Frankfurt: M8R) ("Mirasol")
Mirasol's Joint Venture partner at the Atlas gold
project Yamana Gold Inc. has completed 2,677 m of reverse
circulation (RC) with diamond core (DD) tails in 6 drill holes
(Tables 1 and 2) to December 2015.
Also, an additional 59.4 line-km of deep-penetrating pole -
dipole IP geophysics was completed at the project, bringing the
total IP since inception of the Joint Venture to 124.4 line-km (see
news release July 28th
2015).
The drill holes provide a first pass test of the
Atlas Gold and Silver Zones, and at Pampa & Oculto prospects
(Figure 1) and have returned some encouraging low-level Au and Ag
assays. Anomalous intervals are associated with high
sulphidation epithermal (HSE) styles of alteration, including vuggy
silica and silica - alunite developed in volcanic & brecciated
host rocks. These intervals also show strong trace element
association (As, Hg, Te, Sb, Bi and Pb) typical of the target style
of mineralization.
The more anomalous intervals of mineralization include:
CLATRD0001
- 38 m at 0.11 g/t Au, 0.5 g/t Ag
- 4 m at 1.12 g/t Au, 0.7 g/t Ag
CLATRD0004
- 14m at 0.06 g/t Au, 154.3 g/t Ag.
The intervals reported are down-hole
intersections in angled reverse circulation drilling; all are in
oxidized material. The depth of oxidation in the holes drilled to
date ranges between 88 & 248 m down hole & is typically
greater than 200 meters down hole suggesting relativity deep
oxidation at the project. RC drilling is less expensive that
DD, and is used at early stages of an exploration program to probe
for subsurface mineralization in a large mineral system such as
Atlas. These results encourage further drilling to determine
the geometries of these anomalous intersections, and if they are
spatially associated with (halos to) higher-grade mineralization.
The IP geophysical surveys completed to date by
Yamana have tested 46.5 sq. km of the Atlas alteration system.
Processing of the growing geophysical database has provided a new
perspective of the Atlas mineralizing system, outlining an aerially
extensive, 4 to 5 km diameter resistivity feature which has a
series of discrete, kilometre-scale, resistivity bodies within it
(figure 1). Visualisation of these discrete bodies with 3D
imaging software in the context of previous geological mapping,
surface rock chip sampling, has highlighted a series of large
as-yet untested targets (Figure 2). Some of these new targets
have geometries suggestive of concealed breccia pipes (Figure 3),
which are important host rocks to precious metal mineralisation in
many HSE deposits.
The IP survey used 400 m line spacing with 150 m
dipoles, parameters designed to detect large-scale geophysical
features that may represent mineralized bodies concealed by post
mineral cover, or hydrothermally altered cap rocks that are
typically depleted of precious metals in HSE deposits, but which
conceal underlying precious metal mineralization. In addition
to the targets mentioned above, the survey has yielded a number of
larger-scale features worthy of drill testing.
Yamana plans to drill an additional 2,500 m
during the January to March 2016
quarter at Atlas. This campaign will be directed to test some
of the newly recognized geophysical targets and to extend drill
hole CLATRD0004 testing for higher grade mineralization associated
with the anomalous Au-Ag intersected in this hole to
date. Further updates will be reported as assay results
are received by Mirasol.
Stephen Nano,
President and CEO of Mirasol, has approved the technical content of
this news release and is the Qualified Person under NI 43
-101.
Quality Assurance/Quality Control of the
Gorbea exploration program:
Under the terms of the Gorbea Agreement, all
exploration is managed by Yamana. All previous exploration on the
projects was supervised by Mirasol CEO Stephen C. Nano, who is the Qualified Person
under NI 43-101. All information generated from the Gorbea
Joint Venture program is reviewed by Mirasol prior to release. The
technical interpretations presented here are those of Mirasol
Resources Ltd.
Yamana applies industry standard exploration
methodologies and techniques. All geochemical rock and drill
samples are collected under the supervision of the Yamana's
geologists in accordance with industry practice. Geochemical assays
are obtained and reported under a quality assurance and quality
control (QA/QC) program. Samples are dispatched to an ISO
9001:2000-accredited laboratory in Chile for analysis. Assay results from 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 information in
this news release 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. Mirasol disclaims any obligations to update or revise
any forward looking statements whether as a result of new
information, future events or otherwise, except as may be required
by applicable law.
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.
Table 1: Atlas Project Drill Hole Positions
and Details
Prospect
|
Drill Hole
ID
|
Collar
Easting (m)
|
Collar
Northing (m)
|
Azimuth
(°)
|
Dip
(°)
|
From
(m)
|
To
(m)
|
Drilling
Type
|
Atlas Gold
Zone
|
CLATRD0001
|
502,047
|
7,193,244
|
045
|
-45
|
0
|
346
|
RC
|
Atlas Gold
Zone
|
CLATRD0002
|
502,270
|
7,193,456
|
225
|
-50
|
0
|
254
|
RC
|
254
|
377
|
DD
|
Atlas Silver
Zone
|
CLATRD0003
|
502,170
|
7,191,363
|
045
|
-55
|
0
|
256
|
RC
|
256
|
808.4
|
DD
|
Oculto/BX
Norte
|
CLATRD0004
|
502,825
|
7,192,321
|
045
|
-55
|
0
|
300
|
RC
|
Pampa Zone
|
CLATRD0005
|
501,138
|
7,190,364
|
045
|
-50
|
0
|
522
|
RC
|
Oculto
|
CLATRD0006
|
503,987
|
7,191,167
|
045
|
-61
|
0
|
66
|
RC
|
Oculto
|
CLATRD0006B
|
503,966
|
7,191,199
|
045
|
-61
|
0
|
258
|
RC
|
|
|
|
|
|
|
|
|
|
Collar coordinates
are in datum and projection PSAD56 / UTM zone 19S
|
Drilling types are
Diamond Core (DD) and Reverse Circulation (RC)
|
|
|
|
|
Table 2: Atlas Down Hole
Intersections - Holes 1-6b
Drill Hole
ID
|
From
(m)
|
To
(m)
|
Down Hole
Intersections
(m)
|
Gold *
(g/t)
|
Silver *
(g/t)
|
CLATRD0001
|
108.0
|
112.0
|
4
|
1.12
|
0.7
|
CLATRD0001
|
148.0
|
186.0
|
38
|
0.11
|
0.5
|
|
|
|
|
|
|
CLATRD0002
|
22.0
|
46.0
|
24
|
0.18
|
13.1
|
CLATRD0002
|
190.0
|
210.0
|
20
|
0.20
|
0.7
|
|
|
|
|
|
|
CLATRD0003
|
36.0
|
42.0
|
6
|
0.14
|
0.3
|
CLATRD0003
|
377.5
|
382.2
|
5
|
0.17
|
0.3
|
|
|
|
|
|
|
CLATRD0004
|
230.0
|
244.0
|
14
|
0.06
|
152.3
|
|
|
|
|
|
|
Manually
selected intervals typically > 0.1 g/t gold and/or > 40 g/t
silver
|
* Grades reported are
length weighted average intersections calculated as
Sum product of grade & Length / Sum of
Length
|
Reverse
circulation sampling interval were every 2 m and diamond
samples
collected on geological basis (approximately 0.5-2 m
intervals)
|
SOURCE Mirasol Resources Ltd.