VANCOUVER, March 29, 2016 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, Frankfurt: M8R) (the "Company")
announced that it has filed an amended technical report on SEDAR
titled "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina – Initial Silver Resource
Estimate" dated 29th February, 2016, that was
prepared by independent resource consultants and Qualified Persons
Donald F. Earnest P.Geo. and Michael J.
Lechner P. Geo. (the "Amended Report").
The Amended Report was prepared to address specific technical
comments received from the BC Securities Commission (the
"BCSC") following their routine review of technical
disclosure. This review identified aspects of the original
Virginia Mineral Resource Report dated January 23, 2015, (the "Original Report")
which were non-compliant with NI 43-101 guidelines. The BCSC has
now confirmed that the Amended Report adequately addresses the
comments raised by their review. Refer to the Amended Report, which
is available under the Company's profile on SEDAR, and from the
company's website (Amended Technical Report, Virginia Project,
Santa Cruz Province, Argentina - Initial Silver Mineral Resource
Estimate)
The base case Mineral Resource estimate for the Virginia Project
described in the Original Report remains unchanged in the Amended
Report, standing at open-pit constrained Indicated Mineral
Resources totaling 1.197 million tonnes at an average grade of 310
g/t Ag and containing 11.9 million ounces of silver, and an
additional 0.460 million tonnes of Inferred Mineral Resources
having an average grade of 207 g/t Ag, containing 3.1 million
ounces of silver. These Mineral Resources are based on a
US$20/oz Ag metal price and a 63 g/t
Ag cut-off grade, and all are contained within seven outcropping
veins of high-grade silver mineralization (see Table 1 and the
Mirasol News Release of January 28,
2015).
Due to the prevailing lower silver price compared with the price
at the time of filing of the Original Report, the BCSC suggested
that Mirasol consider including an additional low-price sensitivity
case for comparison to the base case Mineral Resource estimate
disclosed in the Amended Report. This lower price sensitivity
case (US$15/oz Ag at a cutoff of 84
g/t Ag) defined open-pit constrained Indicated Mineral Resources
totaling 0.999 million tonnes averaging 343 g/t Ag and containing
11.03 million ounces of silver, and an additional 0.314 tonnes of
Inferred Mineral Resources averaging 239 g/t Ag and containing 2.41
million ounces of silver, as shown in Table 2. This low-price
sensitivity case captures 90% of the contained metal in the
Original Report, at a higher average silver grade, attesting to the
robustness of the Mineral Resource at Virginia.
Since the time of the drilling campaign which defined the
Mineral Resources disclosed in the Amended Report, Mirasol has
integrated electrical geophysical survey data with new surface
mapping and trench sampling to define new drill targets (Figure
1). Some of the rock chip and trench assay results indicate
localized high-grade silver mineralization, suggesting there maybe
potential to expand the current Mineral Resource base by further
drilling at the project.
Mirasol sees the recent improvement in the investment climate in
Argentina and the Company's
March 2016 announcement of the new
Claudia joint venture with Cerro
Vanguardia mines (see Mirasol News Release dated
March 1st 2016) as
evidence of renewed exploration interest in Argentina in general, and in Santa Cruz Province specifically.
Mirasol continues to consolidate its land position at Virginia, recently staking an additional
17,200 ha of adjoining claims, bringing its total land package in
the Virginia district to
approximately 56,600 ha. Mirasol is actively seeking a joint
venture partner to advance exploration at the Virginia silver project.
Stephen C. Nano, the President
and CEO of the Company has approved the technical content of this
news release and is a Qualified Person under NI 43 -101.
Mirasol is a project generation company focused on the discovery
of precious metals and copper resources in the Americas. Strategic
joint ventures with metal producers have enabled Mirasol to advance
its priority projects, focused in high-potential regions in
Chile and Argentina. Mirasol employs an integrated
generative and on ground exploration approach combining leading
edge technologies and experienced exploration geoscientists to
maximize the potential for discovery. Mirasol is in a strong
financial position and has a significant portfolio of drill ready
gold-silver exploration projects located in Chile and Argentina.
Stephen C. Nano
President, CEO, Director and QP
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.
Exploration at the Virginia Projects was supervised by
Stephen C. Nano, then the Vice
President of Exploration; Timothy
Heenan, Exploration Manager; and Paul Lhotka, the former Principal Geologist who
is the Qualified Person under NI 43-101 for the surface exploration
and drilling used in the mineral resource estimate. All technical
information for the Virginia
project was obtained and reported under a formal quality assurance
and quality control (QA/QC) program. Drill core, rock channel and
rock chip samples were collected under the supervision of Company
geologists in accordance with standard industry practice. Samples
were dispatched via commercial transport to an ISO
9001:2000-accredited laboratory in Argentina for analysis. Results of this
exploration program where regularly audited to confirm the
Company's QA/QC process/procedures and laboratory performance met
required standards.
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.
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.