VANCOUVER, May 10, 2018 /CNW/ - Mirasol Resources
Ltd. (TSX-V: MRZ, OTCPK: MRZLF) (the
"Company" or "Mirasol") is pleased to report that
prospecting and reconnaissance mapping has resulted in the
discovery of new high grade silver mineralization at its 100% owned
Virginia Project in Santa Cruz,
Argentina.
High-grade rock chip assays results have been returned from the
recent sampling program (Figure 1). These results add
exploration potential to the Virginia project, including:
- Extending the strike-length of the undrilled Margarita vein
located 300 m west of the
Virginia resource area
- Infilling and extending the new Julia
South Dome Trend
- Identifying a series of high-grade silver-vein breccia trends,
suggesting the presence of undiscovered veins at the new East Zone
target.
Rock chip sampling of silver mineralization at Margarita has
returned assays ranging from below detection (BDL, <0.5g/t Ag)
up to 1,723.3 g/t Ag from outcrop, subcrop and float blocks of
epithermal veins up to 1.5 m wide.
Surface silver mineralization at Margarita has now been traced over
a 450 m strike-length as defined by
65 trench and rock chip samples which have an overall average of
366.0 g/t Ag (11.8 oz/t1 Ag).
The newly recognized Julia South Dome
Trend is defined by intermittent vein and vein-breccia
subcrop and float samples which extend 2.15 km south from the
limits of drilling defining the resources at Virginia (Figure 2). This trend is
currently defined by 144 rock chip samples with assays ranging from
BDL to a peak assay of 6,586.3 g/t Ag, averaging 186.8 g/t Ag
(6.0 oz/t Ag). Assays report to epithermal vein-breccia blocks that
range up to 0.88 m in width.
The new East Zone target covers a 1.2 km x 600 m area where rock chip sampling of
subcropping epithermal vein-breccia and aligned float blocks have
returned high-grade silver assays defining multiple NW and NE
oriented, interpreted structural trends (Figure 3), which are
individually up to 1 km in length. Rock chip assays from the
East Zone range from BDL to a peak of 2,609.7 g/t Ag. A total
of 150 Rock chip samples have been collected at the prospect,
returning an average of 176.2 g/t Ag (5.7 oz/t Ag), with 15 samples
exceeding 500 g/t Ag. The angular shape of the vein block float in
this area (Figure 4) indicates that they have not been transported
far from source, suggesting the potential for undiscovered,
high-grade veins, under thin soil cover.
The high-grade silver assays returned from Margarita,
Julia South Dome and East Zone
targets suggests the potential to significantly expand the district
size of Virginia Project. Detailed exploration, including
surface electrical geophysics, trenching and shallow drilling are
required to further test these new target areas. Mirasol has
recently announced (see news release May 2,
2018) a non-brokered private placement with the objective of
funding accelerated exploration and drilling of targets at
Virginia and other gold and silver
projects in Mirasol´s Santa Cruz
portfolio.
Virginia Project History
High-grade silver
mineralization was discovered in Virginia by Mirasol during November 2009, while following up high-priority
targets identified from interpretation of satellite imagery and
regional structural interpretation. The 30 initial rock chip
assays of outcropping epithermal banded and brecciated hematite
rich veins returned between 21.9 g/t Ag and 2,660 g/t Ag with very
low-grade gold assays range from < 0.01g/t Au to 0.14 g/t Au.
The average silver grade of the initial 30 samples was 645 g/t Ag
(20.74 oz/t Ag). Between 2010 and 2012 Mirasol drilled over
23,000 m of diamond core at
Virginia outlining an outcropping
open-pit constrained2 Indicated Resource of 11.9
Moz Ag contained within 1,197 Mt
grading 310 g/t Ag, with additional Inferred Resource of 3.1
Moz Ag contained within 0.460 Mt
grading 207 g/t Ag (see amended NI 43 -101 technical report filed
February 29, 2016). The Virginia resources are 100% owned by
Mirasol.
During the fourth quarter of 2016 the Company staked and
purchased new exploration claims contiguous with the southern
boundary of the land containing the Virginia resources, bringing the total area of
contiguous Mirasol claims at Virginia to over 59,000 ha (September 14, 2016 news release).
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.
About Mirasol Resources Ltd.
Mirasol is a 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 gold and copper mineral
belts of Chile and the Jurassic
age gold and silver district of Santa
Cruz Province, Argentina.
Quality Assurance/Quality Control of the Virginia exploration program:
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.
____________________
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1
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All instances of Ag
assays represented by the abbreviation oz/t = troy ounces per
metric tonne
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2
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The resources used
for determining the Conceptual Pits comprise globally 28% Inferred
tonnes which contribute 20% of contained metal to the modelling.
These Conceptual Pits estimates are limited by the following: there
are no geotechnical studies to support assumed pit slopes; no
hydrogeological studies to examine groundwater flows/dewatering;
limited (scoping study level) of metallurgical studies; there are
no estimates of taxes or costs of financing included.
Mineral resources which are not Mineral reserves do not have
demonstrated economic viability. Inferred Mineral Resources have a
high degree of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an Inferred Mineral Resource
will ever be upgraded to a higher category. Tonnes, grade values,
and contained silver metal quantities may differ due to
rounding.
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SOURCE Mirasol Resources Ltd.