VANCOUVER, Dec. 16, 2016 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, OTCPK: MRZLF "Mirasol") is pleased to
announce additional encouraging intersections of Au+Ag
mineralization from Phase II drilling of the Curahue Trend at
Mirasol's Claudia project in Santa Cruz
Province Argentina. Exploration is being managed by
Mirasol's 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), which owns and operates the adjacent multi-million ounce
Cerro Vanguardia Au+Ag mine.
Seven reverse circulation (RC) holes and 21 diamond drill core
(DDH) holes totaling 3,886 metres have been completed, constituting
the Phase II drilling within the "Io" Vein Trend, a campaign which
complements Phase I drill results reported in July this year (see
news release July 26, 2016).
The "Io" Trend is a 2 km long zone of epithermal veining and
is one of six such trends (including Europa, Sinope, Callisto,
Ganymede and Themisto) that define the 15 km long Curahue prospect,
which is one of a number of Au+Ag prospects identified within the
large Claudia project (Figure 1).
The phase II drilling at "Io" Trend (Table 1) intersected Au+Ag
mineralization along a 2.2 km portion of the "Io" vein zone
suggesting the presence of a large precious metal system at the
prospect. As with the Phase I drill results (Table 2), the
better grades and mineralized widths for the Phase II drilling are
concentrated at the northwest end of the "Io" Vein Zone (Figure 2),
defining a 600 m long body of mineralization. Preliminary
interpretations of the shape of the body suggests mineralization
remains open to the northwest and southeast.
Assay results from Phase II drilling (Table 1) show 0.6 to 1.8 m
wide zones of higher-grade Au+Ag within a broader zone of
lower-grade mineralization that ranges in width from a few metres
to a maximum true width of up to 60 m wide. Au+Ag
mineralization reports to a large zone of mapped and
drill-intersected low sulphidation epithermal veins and veinlet
halos. The mineralization shows variable Ag:Au ratios but is
often silver-dominant with Ag:Au ratios in some intersections
exceeding 1,000:1. To assist in visualizing the Au+Ag assay
results, they are presented as both Au and Ag assays and as an
AuEq60* (Au equivalent) value.
Selected higher grade intervals from the Phase II drilling
include:
- 0.6m at 11.72 g/t Au and 1,224 g/t Ag (0.6m at 32.13 g/t
AuEq60)
- 1.0m at 5.59 g/t Au and 199 g/t Ag (1.0m at 8.92 g/t
AuEq60)
- 0.6m at 1.48 g/t Au and 1,448 g/t Ag (0.6m at 25.62 g/t
AuEq60)
Selected broader intervals of lower grades, at 0.3 g/t AuEq60
cut off include:
- 16.3m at 0.75 g/t Au and 75.9 g/t Ag (16.3m at 2.01 g/t
AuEq60)
Including 2.2m at 2.89 g/t Au and 135.8 g/t Ag (2.2m at 5.15 g/t
AuEq60)
- 15.9 m at 0.52 g/t Au and 77.2 g/t Ag (15.9 m at 1.81 g/t
AuEq60)
Including 3.9m at 1.90 g/t Au and 166.3 g/t Ag (3.9m at 4.67 g/t
AuEq60)
- 9.3m at 1.40 g/t Au and 134.6 g/t Ag (9.3 m at 3.65 g/t g/t
AuEq60)
including 3.0m at 3.16 g/t Au and 332.6 g/t Ag (3.0m at 8.71 g/t
AuEq60)
Mirasol's preliminary cross section interpretations (Figures 3
and 4) shows a "pinch and swell" shape to the mineralized zone,
typical of epithermal veins. These mineralized shoots within
the vein zone, can develop both along strike and down-plunge
depending upon the sense of movement (displacement) along the
vein-controlling structure. At "Io" the mineralized zone can
be unusually wide reaching interpreted maximum widths of up to 60
m. Mineralization starts within a few metres of surface, as
bedrock is covered by thin, unconsolidated post-mineral gravel
cover, and has been tested to depths of 135 m below surface.
The preliminary interpretation of the "Io" Zone suggests the
mineralized body may dip at between 60 and 80 degrees to the
southwest.
The daylighting nature, broad width and interpreted cross
sectional form to the "Io" mineralization could make portions of
the "Io" Zone mineralization favourable for open-pit bulk minable
extraction techniques used at the Cerro Vanguardia Mine. CVSA has
commenced a preliminary "back of the envelope" evaluation of the
"Io" Trend mineralization to determine the grade and tones of
mineralization outlined by exploration to date.
CVSA has informed Mirasol that since the start of the JV through
the end of September 2016 that it had
spent US$1.82 million, against the
US$5 million required to earn 51% in
the project, and had completed 7,526 m of drilling of at Claudia
since start of drilling in May 2016. CVSA also informed that
it has been allocated its 2017 exploration budget for the
CVSA-Claudia JV and plans to start the next round of drilling in
March 2017.
CVSA and Mirasol are collaborating to design PIMA alteration
studies, geophysical programs and to select drill targets for the
2017 program to optimally test the Europa and Themisto trends at
the Curahue prospect, as well as the Celine and Rio Seco prospects
where Mirasol's previous exploration has identified Au+Ag
mineralization.
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 claims. The objective is to
identify higher-grade material that could be trucked to the mill
and / or lower-grade ore suitable for on site heap-leaching, which
could be rapidly brought into production using the established
Cerro Vanguardia mine
infrastructure.
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 is the sum of the value of gold and silver in a given
interval represented as a gold equivalent g/t value calculated via
the formula : Au assay in g/t + (silver assay in g/t ÷
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 and diamond core samples are
a 50% split of HQ core. All samples are collected on 0.5, 1
and 2m intervals decided upon by the site geologist. The reverse
circulation samples and selected diamond core 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. The other split and remaining
diamond core samples are 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 drill
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.