VANCOUVER, Sept. 14, 2016 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, OTCPK: MRZLF, Frankfurt:
M8R) (the "Company"). Mirasol Resources has expanded its
claims holdings in the Virginia
silver district in Santa Cruz Province
Argentina via open ground staking and the purchase of
mineral rights from a privately owned prospecting company (Figure
1). The newly acquired claims add a total of 27,017 ha to
Mirasol's holdings at Virginia
(Figure 2), bringing the total area of contiguous claims controlled
by Mirasol in the district to 59,747 ha. Mirasol retains 100%
of all mineral rights to the new claims, with no royalties or
payments due beyond the US$ 178,000
purchase price for the 3,009 ha claim block payable to the original
property owner.
Drilling at Virginia by Mirasol
between 2010 and 2012 defined an open-pit constrained Indicated
resource of 1,197 Mt at 310 g/t Ag (11.9 Moz), and additional
Inferred resources of 460 kt at 207 g/t Ag (3.1 Moz) at the
Virginia silver project (Table 1;
see news release March 29, 2016, and
amended NI 43 -101 technical report filed February 29, 2016) which are 100% owned by
Mirasol Resources. Preliminary prospecting south of the limit
of Mirasol drilling on the newly acquired lands (Figure 3), has
identified quartz vein and vein breccia float scattered along a 2
km trend. The float samples have epithermal textures which
are similar to those which characterize the outcropping
Virginia vein zone. Results
from 11 rock float samples collected along this trend include six
samples with assays ranging from 50.0 to 1,084 g/t Ag (average 369
Ag g/t; Figure 4). Assay results from additional
reconnaissance samples collected along this trend are
pending. Field relationships and assays received to-date
suggest that the new claims may host previously unrecognized
soil-covered extensions of the Virginia silver system.
With the start of the 2016 southern hemisphere spring
exploration season, Mirasol has mobilized geological teams to
Virginia to begin systematic
exploration of the new claims. This will include further
prospecting, geological mapping, geochemical sampling and gradient
array electrical geophysics. Gradient-array surveys completed
by Mirasol's geophysics team proved to be an effective predictive
tool for mapping covered vein extensions and defining targets for
the original Virginia drill
programs (Figure 4). This geophysical technique will again be
used to explore for the potential covered southern extension of the
Virginia vein zone in the new
claims.
Mirasol Resources is actively seeking a Joint Venture partner to
advance exploration drilling and evaluate the potential to develop
the Virginia Silver project. This would include testing of a range
of undrilled silver targets adjacent to the existing resource,
systematic exploration and potential drill testing of targets on
the new claims and the evaluation of the potential to mine and
truck the Virginia mineralization
to one of the existing mine processing facilities in Santa Cruz province.
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.
Current Exploration at the Virginia Projects is supervised by
Stephen C. Nano a qualified person
under NI 43-101 and Mirasol's Principal Geologist Leandro
Echavarria. Previous exploration at the Project was supervised by
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.