VANCOUVER, April 13, 2018 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, OTCPK: MRZLF) (the
"Company" or "Mirasol") announces that it has been
advised by Yamana Gold Inc ("Yamana") of its decision to
terminate the Gorbea Joint Venture ("JV") in Chile.
On March 25, 2015, Yamana, Mirasol
and their respective Chilean subsidiaries, entered into a Letter
Agreement (the "JV Agreement"), whereby Yamana had the right
to acquire up to a 75% interest in nine exploration stage
high-sulfidation epithermal ("HSE") gold projects in the
Mio-Pliocene age mineral belt of northern Chile, which are collectively referred to as
the Gorbea Joint Venture (figure 1).
During the three years of the Gorbea JV, Yamana focused its
drilling activity exclusively on the Atlas and Titan
projects. At Atlas, Yamana has identified a significant body
of HSE gold mineralization positioned approximately 265 m below drill collar which has returned the
best drill intercept of 114 m grading
1.07 g/t Au, including 36 m grading
2.49 g/t Au. During the 2017-2018 exploration season, Yamana
initiated reconnaissance level surface exploration at the Ventura,
Orion and Siro projects. Since inception of the JV Agreement,
Yamana has incurred exploration expenditures in-excess of
US$ 8,000,000 on the properties which
includes 11,640 m of drilling; Yamana
has made US$580,000 in option
payments to Mirasol.
Stephen Nano, CEO of Mirasol,
stated that "we have appreciated working with the Yamana's
exploration team over the past three years and value the
significant investment made on the Gorbea projects. Mirasol will
shortly receive this season's drill and surface assays from Yamana
and following analysis will report on these results and our future
plans for the Gorbea Projects."
Mirasol is operating four other large-scale JVs on Mirasol
projects with its JV partners in Chile and Argentina, which are budgeted to
deliver CA$ 7.5 million in JV partner exploration expenditures
this fiscal year. At the Altazor and Zeus projects in
Chile, Mirasol and JV partner
Newcrest Mining are exploring for multi-million ounce HSE Au
projects in the prospective Mio-Pliocene mineral belt. In
Santa Cruz province of Argentina, Mirasol will be drilling at the
Claudia and Curva projects targeting high grade low sulfidation
epithermal Au + Ag mineralization with JV partner OceanaGold.
About Mirasol Resources Ltd:
Mirasol is an premier project generation company that is focused on
the discovery and development of profitable precious metal and
copper deposits, operating via the joint venture business model.
Strategic joint ventures with precious metal producers have enabled
Mirasol to maintain a tight share structure while advancing its
priority
projects that are focused in high-potential regions in
Chile and Argentina. Mirasol
employs an integrated generative and on-ground exploration
approach, combining leading-edge technologies and experienced
exploration geoscientists to maximize the potential for discovery.
Mirasol is in a strong financial position and has a significant
portfolio of exploration projects located within the Tertiary Age
Mineral belts of Chile and the
Jurassic age Au+Ag district of Santa Cruz
Province Argentina.
Quality Assurance/Quality Control of the Zeus exploration
program:
Under the terms of the Gorbea Agreement, all exploration is
managed by Yamana. All pre-Joint Venture 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 Gorbea
Joint Venture program is reviewed and validated by Mirasol prior to
release. The technical interpretations presented here are those of
Mirasol Resources Ltd.
Yamana 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
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.