VANCOUVER, July 26, 2016 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, OTCPK: MRZLF "Mirasol") is pleased to
announce encouraging intersections of Au+Ag mineralization in
shallow reverse-circulation (RC) drilling at the 100% owned Claudia
project in Santa Cruz Province
Argentina. These preliminary results are from the
drilling campaign just completed by Joint Venture partner
Cerro Vanguardia S.A. (CVSA - 92.5 %
owned by AngloGold Ashanti, the controlling shareholder, and 7.5 %
by Fomicruz S.E., the Santa Cruz
provincial mining company). Since commencing drilling during
May 2016, CVSA has completed 39
shallow RC drill holes totaling 3,543 m across the Curahue
prospect, primarily focused on the "Io" trend (Figure 1).
Assays have been received for 18 of the 26 RC holes that provide
a shallow test of the 2 km long "Io" vein zone in the Curahue
prospect. Curahue is one of five prospect areas identified
within the Claudia project (Figure 2), and is defined by a 15 km
long Au+Ag bearing epithermal vein corridor where Mirasol
exploration has outlined six large, previously undrilled, vein
trends, including: Io, Europa, Sinope, Calisto, Ganymede and
Themisto (see news release July 27,
2015, Claudia Project Summary).
Gradient array geophysical surveys previously conducted by
Mirasol at Curahue have proved to be a very reliable tool for
targeting veins concealed by gravel on the "Io" trend. The
current RC drilling campaign has tested some of the high-priority
"Io" trend targets to depths of between 20 and 120 m below surface
and intersected a series of sizable epithermal veins and
stockworks. Interpretation of preliminary cross-sections
suggest the "Io" vein zone attains estimated maximum true widths
ranging up-to approximately 40 m.
RC assay results (Table 1) have defined both narrow zones of
higher-grade and multiple broad zones of lower-grade Au+Ag
mineralization including:
Select plus 4 g/t Au down hole intervals,
- IORC38 13.0 to 13.5m - 0.5 m at 7.35 g/t Au and 448.9 g/t Ag,
(14.8 g/t AuEq60*)
- IORC41 80.0 to 81.0m - 1.0 m at 5.15 g/t Au and 580.6 g/t Ag,
(14.8 g/t AuEq60)
- IORC58 50.0 to 51.0m - 1.0 m at 4.58 g/t Au and 180.5 g/t Ag,
(7.6 g/t AuEq60)
Select lower grade down hole intervals, at 0.3 g/t AuEq60 cut
off:
- IORC27 30.0 to 57.5m - 27.5m at 0.56 g/t Au and 48.33 g/t Ag
(1.37 g/t AuEq60)
Including 2.5 m at 1.16 g/t Au and 165.6 g/t Ag (3.92 g/t
AuEq60)
- IORC41 32.5 to 99.0m - 66.5m at 0.42 g/t Au and 64.74 g/t Ag,
(1.50 g/t AuEq60)
including 13m at 0.81 g/t Au and 105.0 g/t Ag (2.56 g/t AuEq60)
- IORC58 43.0 to 82.5m 39.5m at 0.70 g/t Au and 74.89 g/t Ag,
(1.95 g/t AuEq60)
including 12.5 m at 1.38 g/t Au and 102.5 g/t Ag (3.08 g/t
AuEq60)
The majority of the assay results received to-date are from the
northwest-end of the "Io" trend where the primary vein zone is
interpreted to reach its maximum true width ranging up to
approximately 40 m in the RC drilling. In the southeast area
where assays are still pending, drill logs record narrower but
still significant vein development with downhole intersections
suggesting a vein zone of up to 5 to 15 m wide. The assay
results from hole IORC-38, the most southeasterly hole with results
to date, has returned the highest-grade intersection of 0.5 m at
7.35 g/t Au and 448.9 g/t Ag, suggesting there is potential for
further mineralized intersections in this part of the vein
zone. The central portion of the "Io" trend remains largely
undrilled at this time.
Preliminary cross section down-hole assay plots (Figure 3) of
the "Io" RC drill results combined with Mirasol trench
channel-sample assays suggest that the Au+Ag grades may be
increasing with depth; however deeper drilling will be required to
determine if this Au+Ag grade trend continues. Drill logs
show the "Io" structure and associated Au+Ag mineralization is
oxidized, an early indicator for potentially favourable
metallurgical characteristics to the mineralization.
RC drilling has been used by CVSA to provide a rapid test of the
Curahue prospect. The majority of mineralized intervals from
reported RC holes were collected from below the water table
resulting in wet samples. "Wet" RC drilling under some
circumstances can deliver lower sample recoveries and may produce
smearing of samples. Given these possible uncertainties
caution in interpreting these results is advised until confirmation
is provided by the diamond drill core results. None the less
Mirasol's management is encouraged by these assay results that
provided an initial near surface test at "Io" suggesting potential
for both mill and near surface heap-leach type Au+Ag mineralization
at Curahue.
This phase of the RC drilling at Curahue was completed on
June 29, with CVSA promptly
commencing follow-up diamond core drilling at the prospect.
Diamond core holes will initially target depth extensions of the
mineralization intersected in RC holes at the "Io" trend but will
also test sections of the Europa, Calisto, Sinope and the as yet
un-drilled 3 km long Themisto trend. Assay results are
currently pending for a further 8 RC holes from "Io" and 13 holes
for the other trends; 6 holes from Europa, 4 holes from Calisto and
3 holes from Sinope. These results will be reported as they
are delivered to Mirasol by CVSA.
The Claudia – CVSA Joint Venture is targeting Au+Ag
mineralization that could be mined and processed through CVSA
facilities located 28 km over flat terrain to the north of Curahue,
through Claudia project and CVSA lands. The objective is to
identify higher-grade material that could be trucked to the mill
and / or lower-grade ore suitable for an on site heap-leaching,
which could be rapidly brought into production using the
established mine infrastructure.
The Cerro Vanguardia Mine produced 300,000 oz of Au during 2015
and over 1.25 Moz Au in the last
five years, mining from a series of open pits, heap leach and
underground operations. The Claudia – CVSA Joint Venture (see
new release March 01, 2016) requires
CVSA to drill 12,000 m, spend US$5
million on exploration and pay US$1
million in staged cash payments over 2 years to earn 51% of
the Claudia project. CVSA can earn up to 75% of the project
over six years by delivering a decision to mine with a minimum
resource of 350,000 oz Au and provide funding to production for
Mirasol's 25% equity proportion of the mine. The earn-in timeline
can be accelerated at CVSA's discretion by early delivery on the
drill, exploration spend and payments schedule.
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.
Additional Explanatory Notes
* AuEq60 Gold Equivalent (AuEq) is calculated using following
formula: assays in g/t Gold + (Silver / 60)
Quality Assurance/Quality Control of the Claudia exploration
program:
Under the terms of the Claudia-CVSA Agreement, all exploration
is managed by CVSA. 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 Claudia-CVSA Joint Venture program
is reviewed by Mirasol prior to release. The technical
interpretations presented here are those of Mirasol Resources
Ltd.
CVSA applies industry standard exploration methodologies and
techniques. All geochemical rock and drill samples are collected
under the supervision of CVSA's geologists in accordance with
industry practice. Geochemical assays are obtained and reported
under a quality assurance and quality control (QA/QC) program.
Reverse circulation samples are collected at the drill rig either
with a dry or a wet hydraulic splitter. Samples were collected on
0.5, 1 and 2m intervals decided upon by the site geologist. The
Reverse circulation samples are split into two samples at the CVSA
mine laboratory where one split is assayed by the mine laboratory
for quick turnaround of results to provide feedback for the program
and the other split dispatched to an ISO 9001:2000-accredited
laboratory in Argentina for
analysis. CVSA supplied to Mirasol the independent accredited
laboratory analysis results only and these are reported here. Au is
assayed by 50g Fire Assay with an AAS finish. Ag is assayed by a
multi-acid digest with an ICP finish and results > 200 ppm were
reassayed by 50g Gravimetric method. Assay results from reverse
circulation 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.
SOURCE Mirasol Resources Ltd.