VANCOUVER, March 2, 2017 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, "Mirasol") is pleased to announce initial
exploration results from a new porphyry copper target at its 100%
owned Odin project, located 20 km north of BHP's La Escondida
Copper Mine in Northern Chile.
The Odin Project was staked by Mirasol as part of its ongoing
Atacama-Puna generative program which is focused on prolific
mineral belts in northern Chile
and Argentina. Mirasol holds 100 percent of four copper
projects in this region. These total 26,700 hectares and are
located along the world class late Eocene to Oligocene age
porphyry-copper belt that hosts many large-scale copper mines in
Northern Chile (Figure 1).
The Odin claims cover a 2 sq. km alteration anomaly detected from
Landsat satellite imagery, and are located on the north-south
oriented Domeyko fault system, a +700 km long continent-scale
feature that controlled the emplacement of giant porphyry-copper
deposit clusters of this age, including the La Escondida and
Chuquicamata mining districts.
Stephen Nano, Mirasol's CEO
commented: "Odin is one of a number of projects Mirasol has staked
as part of the company's Chilean copper exploration program.
The Odin lithocap target represents an intriguing conceptual
exploration target for large-scale porphyry copper mineralization
located on one of the world's premier copper belts, and warrants
testing with systematic electrical geophysical surveys followed by
drilling. Mirasol is actively a seeking strategic joint
venture partner to further explore and developed Odin and Mirasol's
other copper projects in its Chilean portfolio".
Previous exploration at Odin by a large copper producer focussed
on an area of structurally hosted copper-oxide mineralization
exposed in trenches and outcrops over 0.5 sq. km. Mirasol
does not have access to this previous exploration data; however,
field observations by our geologists have identified the collars
from a number of shallow (estimated ~150 m deep) drill holes, some
trenches and evidence of ground geophysical surveys.
Mirasol's exploration work at Odin includes geological mapping
and rock-chip sampling of the historic trenches and outcrops, and
multi-element geochemistry and alteration mineralogy acquired with
portable X-ray Fluorescence (pXRF) and portable Near Infrared
Spectrometers (pIR-Spec) field analytical equipment: (learn more
about these exploration technologies)
Outcropping alteration and mineralization at Odin is developed
within a Carboniferous age east-dipping rhyoltic pyroclastic
volcanic unit which overlies a Carboniferous age intrusive
body. Both these rocks are interpreted to be older basement
that are host to the later porphyry copper mineralization, the age
of which needs to be confirmed by radiometric dating, but is
expected to be similar to the late Eocene to Oligocene porphyry
mineralization in the belt.
Mapping of alteration minerals identified in pIR-Spec provide
exploration vectors to distinguish between relatively
lower-temperature, intermediate argillic alteration mineral
assemblages associated with oxide copper found in the trenches,
from higher-temperature, advanced argillic and phyllic alteration
assemblages found in the alteration cap, situated in the eastern
portion of the alteration anomaly.
Interpretation of results from Mirasol's trench mapping and chip
channel sampling shows copper oxide mineralization is associated
with argillic altered structures and breccia zones (< 10 m wide)
that have assayed up to 0.58% Cu over 3.3 m (0.1% Cu cut-off) with
anomalous Mo up to 185 ppm. Assay results from the trenches
show a general increase in copper grade toward the alteration cap
to the east.
Mirasol has integrated findings from recently published
generalized porphyry models (General Porphyry Model) with its
project-specific field information and has developed a new
exploration model for Odin (Figure 2 and Figure 3). Mirasol's
model suggests that the oxide copper mineralization may be
peripheral geochemical leakage from a possibly large, untested
porphyry target centred beneath an unmineralized alteration cap
rock in the eastern portion of the Odin claims. Alteration
caps of this type, termed "lithocaps", are typically devoid of
significant mineralization, but can conceal large mineralized
porphyry systems at depth.
Stephen Nano, Vice President of
Exploration for the Company, a Qualified Person under NI 43-101, is
responsible for the technical content of this release.
Quality Assurance/Quality Control of the Odin 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 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.