VANCOUVER, Feb. 17, 2017 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, OTCPK: MRZLF "Mirasol") has received
notice from Cerro Vanguardia S.A.
(CVSA), a majority owned subsidiary of AngloGold Ashanti, of
termination of the Exploration and Option (JV) Agreement signed
February 29, 2016 for the Claudia
Gold-Silver Project, Santa Cruz Province
Argentina. The Claudia project adjoins the southern border
of CVSA's Cerro Vanguardia mining operation.
Mirasol exploration at the Claudia project identified five
epithermal gold and silver (Au+Ag) prospects which are separated by
areas of no sampling due to post-mineral gravel cover. The
prospects lie between 15 and 35 km to the south of the Cerro
Vanguardia mine. CVSA has completed a combined 7,525 m of
reverse-circulation (RC) and diamond core (DDH) drilling at the
project during the 11 month JV period, and reported to Mirasol
cumulative JV expenditures of US$ 1.89
million to end of January
2017.
The majority of the CVSA JV drilling has been focused along a
2.2 km section of the Io vein, one of six trends identified to-date
in the 15 km long Curahue prospect. The Io drilling has
outlined a 600 m long, open-ended body of Ag+Au mineralization that
starts from a few metres below surface and has been tested to
depths of 135 m (see news release December
16, 2016). Drilling intercepts report to thin,
high-grade epithermal veins which occur within thicker vein and
veinlet zones defining broader composited intervals of lower-grade
mineralization, such as:
- High-grade vein: 0.6 m at 11.72 g/t Au and 1,224 g/t Ag (0.6m
at 32.13 g/t AuEq60 *).
- Vein and veinlet composite: 9.3 m at 1.40 g/t Au and 134.6 g/t
Ag (9.3 m at 3.65 g/t g/t AuEq60).
In a number of areas, CVSA conducted "scout drilling" of other
multi-kilometre long structures within the Curahue Trend with the
best intersection from an RC drill hole on the Europa vein
returning an assay of 2 m at 4.90 g/t Au and 14.2 g/t Ag, starting
from surface. CVSA also drilled three DDH holes at the Rio
Seco prospect. The three holes intersected multiple downhole
intervals of epithermal veining between 0.5 and 5.75 metres wide
returning anomalous assays of Au+Ag mineralization. Vein
textures in the Rio Seco holes are consistent with those occurring
at the top of a epithermal precious metal system, suggesting the
potential for higher Au+Ag grades at depth. Further
exploration drilling at these scout initiatives at Curahue and Rio
Seco is warranted.
Mirasol also notes that CVSA has left untested the
multi-kilometre long Themisto vein trend (Figure 1) at Curahue as
well as the Laguna Blanca, Alien and Cilene prospects. At these
prospects Mirasol has identified indications of mineralization with
trench channel and surface rock chip samples, returning assays of
up to 1.2 m at 5.74 g/t Au and 42.7 g/t Ag, and 10.17 g/t Au and
49.0 g/t Ag respectively, reporting to epithermal veins.
Mirasol expresses its appreciation to CVSA for their commitment
to the initial phase of drill testing at the Claudia project.
Mirasol remains fully committed to advancing exploration at the
Claudia Project and will undertake a comprehensive review of all
new technical information generated by CVSA before reporting on
further plans for the project.
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.
* AuEq60 Gold Equivalent (AuEq) is calculated using following
formula: assays in g/t Gold + (Silver / 60)
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 of the Company and its joint venture partners, 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.