VANCOUVER, April 25, 2016 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, Frankfurt: M8R) ("Mirasol")
At Mirasol's Atlas gold-silver project, Joint Venture partner
Yamana Gold Inc. (Yamana) has completed this season's exploration
program with an additional 2,759 m drilled since January 2016 in holes 7 through 10, and a diamond
drill core "tail" extending the depth of hole 6B. This brings
the total campaign meterage to 5,436 m drilled (Table 1) in 10
holes (Figure 1) since October 2015.
Drill holes 7, 9 and 10 returned strongly anomalous Au+Ag
intersections over significant down-hole intervals from reverse
circulation (RC) drilling (Table 2; and refer to comments on the
application of RC drilling to early-stage exploration contained
within news release March 21, 2016). Results from the
diamond core "tail" to drill hole 6B (see news release March 21, 2016) are pending.
The best drill intersections from this current round of drilling
include:
40 m at 1.38 g/t Au and 17.9 g/t Ag, including 28 m at 1.82 g/t
Au and 22.0 g/t Ag
30 m at 0.67 g/t Au and 5.1 g/t Ag, including 18 m at 0.90 g/t Au
and 7.4 Ag
54 m at 0.35 g/t Au and 5.5 g/t Ag, including 10 m at 1.02 g/t
Au and 6.2 g/t Ag
68 m at 0.17 g/t Au and 9.9 g/t Ag.
Drill holes 7 and 10 were angled at - 60° along opposing
azimuths of 045° and 225°, respectively, to probe the depth-extent
of strong geophysical anomalies revealed from the surface IP
(resistivity and chargeability) surveys (Figure 2). The
encouraging Au+Ag intersections encountered in drill holes 7 and 10
occur at relatively deep depth, approximately 350 m vertically
below surface; however, they offer important confirmation of the
presence of a significantly mineralized high sulphidation
epithermal (HSE) precious metal system at Atlas.
Additionally these intersections are predominantly hosted by
oxidized to locally transitional (minor residual sulphide)
material, demonstrating deep oxidation at the project.
Review of the geological logs from all drilling to-date shows
significant intervals of vuggy silica and hydrothermal
silicification in holes 4, 6, 8, 9 and 10 which correspond to
individual resistivity anomalies. These anomalies combine to
outline a 4 to 5 km, circular resistivity feature (Figure 1) in the
Atlas IP geophysics. This large accumulation of vuggy and
hydrothermal silica is consistent with the interpretation of a
substantial HSE alteration system present at Atlas.
Preliminary spectral (PIMA) alteration analysis of the mineralized
drill intersections show the Au+Ag mineralization is directly
associated with vuggy and hydrothermal silica, localized within
zones of strong advanced argillic (kaolinite-dickie-alunite)
alteration, possibly representing feeder zones.
Drill holes 7 and 10 lie at the northwest margin of the
resistivity feature. To-date there has been no drilling above
the intersections in hole 7 and 10 to test for shallower
mineralization. However, it is encouraging to note that the
intersections in hole 7 are hosted by a 300 to 400 m diameter
conductive pipe-like geophysical feature (Figure 1 and Figure 2)
which is interpreted to project to surface into an area
predominantly covered by scree. Further surface mapping and
sampling, followed by drilling, will be required to test this
concept and determine the geometry of any mineralization present.
A number of similar conductive features, in some cases with
associated surface rock chip gold anomalies, are evident at Atlas
and following the receipt of these drill results are now considered
priority targets for future drill testing.
Stephen Nano, Mirasol's CEO has
stated that he is pleased with the progress made to date by Yamana
at the Atlas project and especially in the light of the current
round of drill results that represent a significant step forward in
the exploration of the Atlas project for HSE bulk mineable oxide
gold mineralization.
Yamana has also completed a 1,000 m trenching and 600 m drilling
program at Mirasol's nearby Titan gold project where previous
exploration by Mirasol identified trench intersections of 194 m at
0.41 g/t Au (see news release January 21,
2013), and where a scouting drill program returned shallow
oxide intersections of up to 44 m at 1.21 g/t Au including 10 m at
3.58 g/t Au (see news release November
25, 2013). Results of Yamana's recent
exploration at Titan will be reported once they have been
received.
Stephen Nano, President and CEO
of Mirasol, has approved the technical content of this news release
and is a 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 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.
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Table 1: Atlas
Project Drill Hole Positions and Details
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Prospect
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Drill Hole
ID
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Collar
Easting (m)
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Collar
Northing (m)
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Azimuth
(°)
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Dip
(°)
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From
(m)
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To
(m)
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Drilling
Type
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Atlas Gold
Zone
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CLATRD0001
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502,047
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7,193,244
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045
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-45
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0
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346
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RC
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Atlas Gold
Zone
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CLATRD0002
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502,270
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7,193,456
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225
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-50
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0
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254
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RC
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254
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377
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DD
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Atlas Silver
Zone
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CLATRD0003
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502,170
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7,191,363
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045
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-55
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0
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256
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RC
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256
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808.4
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DD
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Oculto/BX
Norte
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CLATRD0004
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502,825
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7,192,321
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045
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-55
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0
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300
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RC
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300
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600
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DD
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Pampa Zone
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CLATRD0005
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501,138
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7,190,364
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045
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-50
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0
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522
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RC
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Oculto
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CLATRD0006
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503,987
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7,191,167
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045
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-61
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0
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66
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RC
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Oculto
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CLATRD0006B
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503,966
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7,191,199
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045
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-61
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0
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258
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RC
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258
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550
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DD
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Breccia
Norte
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CLATRD0007
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503,509
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7,193,000
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045
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-58
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0
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600
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RC
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Breccia
Norte
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CLATRD0008
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504,099
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7,193,601
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225
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-85
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0
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336
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RC
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Oculto
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CLATRD0009
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503,751
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7,191,602
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045
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-85
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0
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326
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RC
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326
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580.95
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DD
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Breccia
Norte
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CLATRD0010
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503,509
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7,193,000
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225
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-60
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0
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650
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RC
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Collar coordinates
are in datum and projection PSAD56 / UTM zone 19S
Drilling types are Diamond Core (DD) and Reverse Circulation
(RC)
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Total DD = 1,522
m
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}
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5,436 m drilled
at the Atlas project to date
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Total RC =
3,914 m
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Table 2: Atlas
Down Hole Intersections - Holes 1-10
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Drill
Hole
ID
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From
(m)
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To
(m)
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Down
Hole
Intersections
(m)
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Gold
*
(g/t)
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Silver
*
(g/t)
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AuEq60**
(g/t)
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AuEq60
gm**
(gram x
metre)
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Reported:
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CLATRD0001
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108
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112
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4
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1.12
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0.7
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1.1
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4.5
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March 21,
2016
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CLATRD0001
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148
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186
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38
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0.11
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0.5
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0.1
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4.5
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March 21,
2016
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CLATRD0002
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22
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46
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24
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0.18
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13.1
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0.4
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9.5
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March 21,
2016
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CLATRD0002
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190
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210
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20
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0.20
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0.7
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0.2
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4.2
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March 21,
2016
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CLATRD0003
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36
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42
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6
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0.14
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0.3
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0.1
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0.8
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March 21,
2016
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CLATRD0003
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377.5
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382.2
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4.7
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0.17
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0.3
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0.2
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0.8
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March 21,
2016
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CLATRD0004
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230
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244
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14
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0.06
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150.1
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2.6
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35.9
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March 21,
2016
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CLATRD0007
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440
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446
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6
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0.87
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1.2
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0.9
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5.3
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April 25,
2016
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CLATRD0007
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458
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488
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30
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0.67
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5.1
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0.8
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22.7
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April 25,
2016
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inc.
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470
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488
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18
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0.90
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7.4
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1.0
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18.4
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April 25,
2016
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CLATRD0007
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556
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596
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40
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1.38
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17.9
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1.7
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67.3
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April 25,
2016
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inc.
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556
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584
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28
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1.82
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22.0
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2.2
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61.2
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April 25,
2016
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CLATRD0009
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276
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302
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26
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0.04
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13.7
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0.3
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6.9
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April 25,
2016
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CLATRD0010
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468
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522
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54
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0.35
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5.5
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0.4
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23.9
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April 25,
2016
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inc.
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472
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482
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10
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1.02
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6.2
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1.1
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11.2
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April 25,
2016
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CLATRD0010
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560
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628
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68
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0.17
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9.9
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0.3
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22.7
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April 25,
2016
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Manually selected
intervals typically > 0.1 g/t gold and/or > 10 g/t
silver
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*
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Grades reported are
length weighted average intersections calculated as
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Sum product of grade
and length / sum of length
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**
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Gold equivalent
(AuEq60) is calculated as Gold g/t
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+
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Silver g/t
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60
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Gold equivalent
grammetre (AuEq gm) is calculated as AuEq x Down Hole Intersection
metre
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Reverse circulation
sampling intervals were every 2 m and diamond samples
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were collected on a
geological basis (approximately 0.5-3 m intervals)
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SOURCE Mirasol Resources Ltd.