VANCOUVER, Feb. 8, 2017 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, "Mirasol") is pleased to announce that Yamana Gold
Corporation (Yamana) has commenced the 2nd year of
exploration at the Gorbea JV, completing a systematic surface
mapping program in December 2016 and
initiating a minimum 3,500 metre, eight hole drilling program on
January 17, 2017 at the Atlas
gold-silver project Chile.
Atlas is one of nine properties within the Yamana - Gorbea JV,
signed with Mirasol on May 10, 2015
(see news release March 26,
2015). This agreement grants Yamana the option to acquire a
51% interest in the property portfolio by incurring exploration
expenditures of US$10 million and by
making staged cash payments to Mirasol totalling US$2 million over a four-year period. Yamana can
earn up to 75% in the JV by making a decision to mine and by
funding to production Mirasol's 25% project interest.
Mirasol's Gorbea projects are situated in the prolifically
mineralized Mio-Pliocene-age mineral belt of Chile (Figure 1). The exploration
program is targeting large, bulk-mineable, high-sulphidation
epithermal (HSE) oxide gold deposits. Multi-million-ounce gold
discoveries have recently been announced in this mineral belt by
Barrick Gold Corp at the Alturas Project
([1] Inferred resource of 5.5 Moz Au @ 1.25 g/t Au) and Gold Fields at the
Salares Nortes Project ([2] Mineral Resources of 3.3
Moz Au, 42.1 Moz Ag @ 3.9 g/t Au, 48.9 g/t Ag).
Results from Yamana's first year of exploration at the Atlas
Project returned encouraging gold and silver drill intersections
(see news release April 25, 2016),
while too deep to be considered as indications of an open-pittable
body of mineralization, these intersections show similarities in
grade and mineralization style to bulk mineable HSE deposits
elsewhere in the belt. This suggested potential exists for the
Atlas property to host a significant precious-metal bearing HSE
system and warrants further drill testing for shallower
open-pittable occurrences of oxide gold and silver
mineralization.
Table 1: Atlas 2016 Drilling, Higher Grade Gold-Silver
Intersections
Drill Hole
ID
|
From
(m)
|
To
(m)
|
Down-hole
Intersections
(m)
|
Gold *
(g/t)
|
Silver
*
(g/t)
|
AuEq60
**
(g/t)
|
AuEq60 gm
** (g x m)
|
Report
Date
|
CLATRD0004
|
230
|
244
|
14
|
0.06
|
150.1
|
2.6
|
35.9
|
March 21,
2016
|
CLATRD0007
|
556
|
596
|
40
|
1.38
|
17.9
|
1.7
|
67.3
|
April 25,
2016
|
including
|
556
|
584
|
28
|
1.82
|
22.0
|
2.2
|
61.2
|
April 25,
2016
|
CLATRD0010
|
468
|
522
|
54
|
0.35
|
5.5
|
0.4
|
23.9
|
April 25,
2016
|
including
|
472
|
482
|
10
|
1.02
|
6.2
|
1.1
|
11.2
|
April 25,
2016
|
Manually selected
intervals typically >0.1 g/t gold and/or >10 g/t silver
* Grades reported are length weighted average intersections
calculated as Sum product of grade and length / sum of length
** Gold equivalent (Au Eq60) is calculated as Gold g/t + (Silver
g/t / 60)
Gold equivalent gram metre (AuEq gm) is calculated as AuEq x Down
hole intersection metre
|
______________________
1 Barrick Annual Report, 2015
2 Gold Fields Mineral Resource and Mineral Reserve
Supplement to the Integrated Annual Review, 31 December 2015
This season's geological mapping program leveraged knowledge
gained from last year's drilling of the Altas Project, focusing on
a series of breccia zones that are dominantly located within a 4 to
5 km, circular resistivity feature defined by the 2016 Atlas IP
geophysics program (Figure 1; also see news release March 21, 2016). Brecciation can be an
important rock preparation mechanism and may act as a host for
mineralization in HSE gold deposits (see further information on HSE
gold – silver deposits by clicking on this link), as has been
demonstrated at the recent multi-million-ounce Alturas and Salares
Note discoveries that are predominantly hosted within breccia
bodies.
The 2017 Atlas JV drill program is designed to test for oxide
gold mineralization to a depth of 300 metres below surface.
Targets include the up-dip (nearer surface) extensions of
mineralization intersected in last year's drilling, as well as
first pass testing of new targets at the Fox, Apollo, NN and Falda
zone breccias that have been prioritized with a combination of
geological, geochemical and geophysical information. First
results from this season's drilling are anticipated by mid Q2,
2017.
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 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.
SOURCE Mirasol Resources Ltd.