VANCOUVER, Feb. 21, 2017 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, "Mirasol") Recent exploration at the 100%-owned La
Curva gold project Santa Cruz
Argentina, has identified a 300 m-long zone of Au+Ag-bearing
epithermal veinlets which crosscut a well-developed barren silica
cap at the Cerro Chato prospect. The veinlets assay up to
10.76 g/t Au and 24 g/t Ag, and directly overlie a portion of a 1.2
km-long IP geophysical resistivity anomaly centred at shallow
depths beneath the Au+Ag barren silica cap. Mirasol's
geologists interpret the veinlets as possible indications of
"geochemical leakage" from a concealed zone of Au+Ag mineralization
beneath the silica cap evidenced by the large IP resistivity
anomaly at the Cerro Chato prospect.
La Curva is a 100% Mirasol-owned, 36,100 ha project at low
attitude with excellent infrastructure on the maritime side of
Santa Cruz Province. The
Company has recently announced the signing of a letter of intent
(LOI) for a JV with gold and copper producer OceanaGold Corporation
(OGC) to explore and develop the project (see news release
January 30, 2017). The LOI is
subject to due diligence currently being completed by OGC.
Mirasol has granted OGC an exclusivity period ending on
March 31, 2017, to negotiate and
enter into a binding JV agreement with Mirasol.
Mirasol has previously reported on the La Curva Project where
the Company's exploration has led to the discovery of wide-spread,
undrilled precious metal mineralization (Figure 1; see news
releases; January 23, 2014,
February 24, 2009 and April 11, 2008). Between 2008 and 2014,
Mirasol conducted several phases of exploration at the project
which identified the three drill-ready prospects at Cerro Chato,
Loma Arthur and SouthWest; these are aligned along the 6 km-La
Castora gold trend. These prospects are characterized by
coincident large-scale outcropping alteration, IP geophysical
anomalies, and wide-spread anomalous rock chip assays ranging up to
66.8 g/t Au. Additionally, a series of early-stage prospects
have also been identified in the Curva West area where rock chip
anomalies ranging up to 20.73 g/t Au and 153.6 g/t Ag are found in
a prospective geological setting which warrants further exploration
to define drill targets.
During December 2016, Mirasol
re-initiated exploration at La Curva, initially focused on the
Cerro Chato prospect where select veinlet rock chip samples were
collected along recently recognized veinlet trends that transect a
500 m by 650 m silica cap (Figure 2). These veinlets are
individually up to 20 cm wide, defining three parallel trends that
together encompass a 300 m by 55 m wide veinlet zone. The 109
select rock-chip samples from the veinlets returned; a maximum
assay of 10.76 g/t Au, an average assay of 1.21 g/t Au, and with 50
samples assaying greater than 0.5 g/t Au and 14 samples assaying
greater than 2 g/t Au (Table 1). The veinlets have textures
typical of the upper zones of high-grade, low-sulphidation
epithermal precious vein and stockwork deposits, suggesting the
potential for improving Au+Ag grades at depth beneath the silica
cap.
These anomalous veinlet trends overlie a portion of a 1.2
km-long northwest-trending IP geophysical resistivity anomaly that
in plan view has a northwest-trending, sigmoidal ("s") shape
(Figure 2) and in cross section has an upward flaring funnel shape,
as in seen three dimensional models developed by Mirasol from the
IP resistivity sections (Figure 3). The
northwest-trend, plan view and cross sectional shape of the Cerro
Chato IP resistivity anomaly are characteristics of a number of
important Au+Ag deposits in Santa Cruz
Province, where IP resistivity has been used to "map" the
dimensions of Au+Ag deposits developed in large extensional
faults.
Table 1: Cerro Chato Veinlet Rock Chip Assay Summary,
December 2016
Samples
|
% of
Samples
|
Au g/t
|
Ag g/t
|
Min
value
|
|
< 0.01
|
< 2.0
|
Max
value
|
|
10.76
|
24.1
|
Average
value
|
|
1.21
|
1.7
|
50
Samples
|
46%
|
> 0.5
|
> 2.1
|
28
Samples
|
26%
|
> 1.0
|
> 3.0
|
14
Samples
|
13%
|
>
2.0
|
> 5.1
|
7
Samples
|
6%
|
>
5.0
|
> 13.0
|
Cerro Chato hosts a number of features indicative of the
presence of concealed high grade vein and bulk mineable stockwork
Au+Ag mineralization, marking this prospect as a priority
conceptual drill target. These include; a large-area of
alteration evidenced by the silica cap, the structural fabric of
Au+Ag veinlets, and a large-scale IP resistivity anomaly mapping
out a potentially concealed zone of stockwork and veining.
Mirasol's exploration has developed additional compelling drill
targets at Loma Arthur and SouthWest prospects at La Curva.
Mirasol is pleased to be partnering with OceanaGold at La Curva.
Mirasol has initiated drill permitting of the La Curva project to
facilitate a rapid first-pass drill test following the anticipated
late March execution of the JV. Further updates on
additional La Curva prospects will be provided as we progress
toward the start of drilling at 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.
Quality Assurance/Quality Control of the La Curva exploration
program:
All previous exploration on the projects was supervised by
Mirasol CEO Stephen C. Nano, who is
the Qualified Person under NI 43-101. The technical
interpretations presented here are those of Mirasol Resources
Ltd.
Mirasol applies industry standard exploration methodologies and
techniques. All geochemical rock and drill samples are collected
under the supervision of the Company'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 9001:2008 accredited
laboratory in Argentina 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.