VANCOUVER, July 24, 2017 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, OTCPK: MRZLF "Mirasol") is pleased to
announce that it has defined three large-scale porphyry Cu-Mo-Au
targets, and also expanded its claim holdings, at its 100% owned
Rubi Project ("Rubi") situated adjacent to the giant El Salvador copper mining district in northern
Chile.
Rubi (Figure 1) lies at relatively low elevation within 20 km of
El Salvador and Portrerillos
porphyry Cu-Mo-Au mines, with highly favourable infrastructure
advantages such as year-round access, adjacent townships with a
trained mining workforce, nearby roads, power, water grid and an
operating mill and smelter.
Rubi has a prospective geological setting centered on structural
intersections with the Domeyko Fault System, a through-going
regional-scale structure and the Ojos del Salado trans-orogen
structure, interpreted to have influenced the emplacement of the
near-by giant El Salvador and
Potrerillos Cu-Mo-Au deposits.
Mirasol has systematically consolidated claims holdings at Rubi
over the past 12 months and has expanded the claim area to a total
of nearly 26,000 ha.
Mirasol recently completed field evaluation and targeting
programs at Rubi identifying three large-scale Cu-Mo-Au targets at
the Lithocap, Zafiro, and Portezuelo prospects (Figure 1).
The targets were defined by integrated analysis, including
re-logging of drill holes and the re-interpretation of geophysics
and geochemistry from previous Joint Venture (JV) partner
exploration at Rubi. This was combined with recent Mirasol
geological mapping, rock chip sampling and target vector modelling
from field-based measurements of alteration minerology.
"The company has rapidly built a portfolio of quality copper
targets at Rubi and at its recently announced Odin project located
35 km north of BHP's Escondida Mine. These and other recently
staked copper projects strategically position Mirasol in the
premier copper belt of northern Chile." stated Stephen
Nano the company's CEO and President.
Lithocap
The Rubi Lithocap ("Lithocap") target (Figure 2) covers a 3.5 km
by 2.0 km area centred on a large, deeply weathered, advanced
argillic alteration zone, surrounded by thin gravel cover.
Geochemically barren Lithocap alteration zones of the type seen at
Rubi can form above or adjacent to large porphyry copper
deposits.
At Lithocap, previous explorers have drilled peripheral to, but
not beneath or adjacent to the post-mineral gravel covered western
edge of the anomaly. New Mirasol mapping and re-logging of
previous drill holes has defined veining and brecciation with
anomalous Cu and Mo mineralization and alteration patterns that
vector toward potentially concealed porphyry mineralization to the
north and north-west of the previous drill holes. The
southern edge of Lithocap was "clipped" by a previous JV partner´s
IP geophysical survey, which identified a large open-ended
chargeability anomaly extending from 200 m to more than 400 m depth
beneath the cap.
This pattern suggests the presence of a deep weathering profile
overlying a buried source of the chargeability anomaly, which may
indicate the presence of sulphide(s) in the unoxidized basement
rocks. This type of deep weathering in porphyry environments
in northern Chile is often
conducive for the development of supergene enriched Cu
mineralization as at the nearby El
Salvador mining district.
Zafiro
The Zafiro prospect (Figure 3) features a 2.8 km by 2.2 km
gravel covered area characterized by a subtle circular magnetic
high surrounded by an incomplete, doughnut-shaped magnetic
low. This magnetic signature may be indicative of a large
gravel-covered intrusive with an alteration halo. The gravel
cover in this area ranges from approximately 25 m to more than 200
m in thickness concealing the central target area. However, a
large canyon 1 km to the north of the target cuts through the
gravel profile exposing the basement rock. Mirasol's stream
sediment sampling of gullies that traverse this area have returned
widespread strongly anomalous Cu up to 1,030 ppm (0.1%), suggesting
either an "exotic" source of copper in the gravels and / or a
primary porphyry source for the Cu in the gravel-covered basement
of the Zafiro prospect.
Reconnaissance mapping of the basement rocks in the area of the
stream sediment anomalies has identified pervasive propylitic and
advanced argillic alteration and zones of breccia and
quartz-carbonate veins and stock-working that have returned
strongly anomalous Cu-Mo-Pb-Zn (Au-Ag-Sb) rock chip assays.
These types of alteration and mineralization may be found in the
halo to porphyry copper deposits and suggest a vector to the south
under gravel cover, which supports the concept for a concealed
porphyry in the area of the Zafiro prospect.
High grade "exotic" copper or a supergene enriched porphyry are
both attractive exploration targets at the Zafiro prospect.
Significant ore bodies of these types of mineralization occur at
the nearby El Salvador mining
district.
Portezuelo
At the Portezuelo prospect (Figure 4), the 4.5 km by 2.7 km
target area is characterized by relatively thin gravel cover and
intermittent outcropping. Analysis of Mirasol and previous JV
partner data shows widespread anomalous Cu and Mo in soils,
spatially associated with an oval-shaped magnetic feature that may
represent a partially gravel-covered intrusive complex.
Strongly oxidized, porphyry-like stock-works and sheeted
veining with anomalous Mo and Cu, is locally exposed in road cuts
and has been recently identified by Mirasol outcropping in creek
beds in the north of the target area.
A limited number of reverse circulation (RC) holes from prior
operators were drilled into the southern part of the Portezuelo
target prior to Mirasol staking these claims. The holes are
estimated to have been drilled in the late 1980's to early
90's. The assays for these drill holes are not available to
Mirasol, however sampling of residual RC chips on the drill pads
returned anomalous Mo and Cu assays. Reconnaissance mapping
and sampling to the southwest of the target has identified a
multi-kilometre long zone of Au-Ag base metal veinlets that may
represent a style of polymetallic mineralization commonly developed
in the halo surrounding a porphyry centre. No
systematic geological mapping, rock chip sampling or electrical
geophysics has yet been undertaken at Portezuelo by the Company or
its previous JV partners. Mirasol believes this large prospect
warrants detailed exploration to define drill targets.
Mr. Nano added: "Mirasol's Rubi and Odin projects have received
strong interest and we are actively seeking JV partners to drill
test and develop these projects".
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
Information on the Inca Trail:
Remnants of the Inca Trail are recorded over a 30,000 sq km area
of western South America. A strand of the trail network
passes in proximity to the El
Salvador mine and the Inca de Oro mine development near the Rubi
Project. A 7.6 km segment of the trail, passes through the
Rubi Project.
Where preserved at Rubi the trail in seen as 2 to 3 m wide earth
path. The exploration targets identified by Mirasol in this news
release are separated from the Trail. Mirasol and its
previous Joint Venture partner engaged independent Archaeological
consultants to survey the Trail marking its location and to
recommend preservation protocols to safeguard the Trail.
In 2014 Mirasol's joint venture partner drilled tested a series
of targets at the Rubi project operating under the Chilean
exploration drilling permitting call a "carta de
pertinencia". As part of the permitting process the
archaeological report was presented to the Chilean environmental
and cultural authorities who ratified the drill program and the
procedures to preserve the Trail.
Quality Assurance/Quality Control of the Rubi exploration
program:
All exploration on the project was supervised by Mirasol CEO
Stephen C. Nano, who is the
Qualified Person under NI 43-101. Mirasol applies industry standard
exploration sampling 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 surface rock, channel, trench, and 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.