VANCOUVER, March 2, 2018 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, OTCPK: MRZLF, "Mirasol", the "Company") is pleased
to announce significant developments at the Company's 100% owned
Nico project, Santa Cruz Province
Argentina (Figure 1), including:
- The receipt of additional Au-Ag rock chip assay results which
upgrade the Resolution Trend prospect.
- The delineation of a new Au+Ag vein corridor at the Vittoria
Vein Trend.
Resolution Trend developments
- Further prospecting at the Resolution Trend (see news release
August 8, 2017) has returned rock
chip assays of up to 5.73 g/t Au and 528 g/t Ag, identifying new
parallel en echelon mineralized structures with intervening zones
of sheeted and stockwork veinlets (figure 2).
- As currently defined by anomalous Au+Ag rock chip assays, the
Resolution Trend is a 1.25 Km long zone, defined by parallel 0.1 to
1.0 m wide veins and intervening
stockwork veinlets, that combine to from up to 80 m wide zones of veining and stockwork. The
Resolution Trend represents an attractive drill target for bulk
mineable Au+Ag mineralization.
Vittoria Vein Trend delineations
- Recent reconnaissance exploration at Nico has also identified
an additional new Au+Ag prospect, the Vittoria Vein Trend, that to
date has been traced over a 1.6 km strike length.
- The Vittoria Vein Trend as known to date, ranges from sub-meter
to locally up to 10 m wide trend,
characterized by multiple parallel 0.3-0.5m wide chalcedonic quartz vein outcrops and
sub-cropping blocks, that have returned rock chip assays of up to
1.44 g/t Au and 174 g/t Ag (figure 3).
Stephen Nano, the Company's CEO
stated: "Our exploration efforts continue to expand the Nico
district and are identifying new high-grade Au+Ag vein structures
that are developing into drill targets. Nico's Resolution,
Vittoria and Aurora prospects remain untested by drilling, but have
a logistical advantage to other, more remote prospects due to their
proximity to a provincial road and two operating mines needing mill
feed".
The Nico project is now known to contain, three strike extensive
Au+Ag vein prospects at Resolution, Vittoria and Aurora (see news
release July 5, 2017), and
mineralization known from a previous round of drilling at the
Endeavor prospect (see Nico Project history below).
Resolution, Vittoria and Aurora are new prospects with no previous
drilling that contain mineralized vein trends ranging from 1.2 to
4.0 km in length with wide-spread anomalous to bonanza-grade Au+Ag
rock chip assays of up to 35 g/t Au and 6181 g/t Ag from surface
sampling.
Mirasol interprets the Nico mineralization to be an example of
Ag-rich epithermal intermediate sulfidation system. This
class of mineralization has produced a number of high-grade Au+Ag
vein and bulk-mineable ore bodies in Santa Cruz Province, including the Yamana's
Cerro Morro and the Hochschilds /
McEwen mining's San Jose
mines.
The company anticipates the next stage of exploration at the
Nico project will include geological mapping, systematic rock chip
sampling, and electrical geophysical surveys. Results from
this exploration program will be used to drive integrated analysis
for drill target selection and potential drill testing during the
Southern Hemisphere summer 2018 season.
Mirasol continues to consolidate its claims holdings at the Nico
project where it now controls a 73,000 ha area of 100% owned
contiguous claims, securing extensions of the volcanic complex
related to mineralization.
Nico is located in an area of active mining and precious metal
ore processing, being located approximately 85 km from Pan American
Silver´s Manantial Espejo Mine, and 45 km from Hunt Mining´s Martha
mine. Pan American Silver also recently purchased the
Cap-Oeste Sur Este (COSE) project and is working toward developing
the Joaquin Au+Ag satellite deposits which are located 160 km and
130 km respectively from Manantial Espejo. Pan American plans
to truck ores mined at COSE and Joaquin through Mirasol's
Nico Project properties to the Manantial Espejo mine facilities for
processing. Nico is well positioned to benefit from Pan
American's announced development and processing plans.
Nico Project History
Au+Ag mineralization at the Nico project was first discovered by
Mirasol geologists in 2004 while following up high priority targets
from the Company's Santa Cruz
generative program. Mirasol completed a surface exploration
program at Nico comprising geological mapping, rock chip sampling,
ground magnetics and electrical geophysics, defining a series of
drill targets at the Endeavor (Nico
Main) Prospect. In February
2009 Mirasol joint ventured Nico to Coeur Mining (Coeur) who
were at the time operating the bonanza grade Martha Ag+Au mine in
the area. Coeur completed one program of diamond core
drilling totalling 1,472 m in 11
shallow holes at Endeavor with best result of 8.25 m @ 0.43 g/t Au and 37 g/t Ag, including
1.25 m at 2.17 g/t Au and 197 g/t Ag
(AuEq60 5.45 g/t). No follow-up drilling was undertaken
and Nico was returned to Mirasol without Coeur retaining any equity
in the project. Mirasol kept Nico on "care and maintenance" until
the recent changes in the Argentine investment climate encouraged
Mirasol to recommence exploration late in 2016.
Mirasol invites investors to follow Nico epithermal precious
metal exploration story by visiting our
website www.mirasolresources.com and signing up to receive our
news releases.
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 Nico 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 soil, stream, 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 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.