VANCOUVER, Aug. 27, 2018 /CNW/ - Mirasol Resources Ltd
(TSX-V: MRZ, OTCPK: MRZLF "Mirasol" "Company") is
pleased to report additional encouraging results from the 100%
owned Nico Project with high grade Ag and Au assays from saw-cut
channel and rock chip samples collected at the Resolution and
Aurora prospects, Santa Cruz,
Argentina.
Highlights:
- 208 rock chip samples from the Resolution Prospect returned
assays of up to 544.9 g/t Ag and 0.87 g/t Au, with the top 79 Ag
samples averaging 127.6 g/t Ag. These samples were collected from
structures peripheral to the core of the prospect and expand the
known area of mineralization.
- Saw-cut channel samples from the Resolution Main and peripheral
structures return length-weighted average assays that include
1.34 m at 155 g/t Ag and 0.04 g/t Au
(2.6 g/t AuEq60), 0.7 m at
369.5 g/t Ag and 1.41 g/t Au (7.6 g/t AuEq60) and
0.3 m at 950 g/t Ag and 4.27 g/t Au
(20.1 g/t AuEq60) at an AuEq60*
1.0 g/t cut off.
- Initial follow-up rock chip sampling at the Aurora Ar1 target
has identified two new high grade Ag-Au vein-breccia trends.
- 55 rock chip samples of oxidized vein-breccia from these
trends, averaged 44.46 g/t Ag and 4.03 g/t Au and (4.8 g/t
AuEq60), with a peak assay of 454.1 g/t Ag and 21.40 g/t
Au (28.9 g/t AuEq60).
- Mirasol is completing an integrated analysis of the Nico
project data to identify targets for an initial shallow Reverse
Circulation (RC) drill test at Resolution and systematic surface
exploration at the Aurora prospect to identify potential targets
for drilling during the coming Southern Hemisphere Summer
exploration season.
Resolution Prospect
Mirasol has previously reported
bonanza grade Ag and Au assays for rock chip sampling from the 1.4
km long Resolution Main Trend (Figure 1, and see news release of
July 12, 2018).
Recently, Mirasol collected 208 rock chip outcrop, sub-crop and
float samples that outline a series of structures peripheral to,
and in the hanging wall and at the SW end of the Main Resolution
Trend (Figure 2). Assay results report from a series of 0.20
to 0.35 m wide, oxidized epithermal
vein and vein-breccia structures. A total of 79 (38 %) of these
samples assayed from 30.4 to 544.9 g/t Ag, averaging 127.6 g/t
Ag. Gold assays from the peripheral structures are more
subdued than gold assays reported from the Main Trend, with a peak
assay of 0.87 g/t Au and average of 0.11 g/t Au, for the 79
samples. This pattern of silver dominant mineralization in the
peripheral structures may represent a primary metal zoning pattern
in the Resolution epithermal system.
The Company's rock chip database for Resolution now contains 699
samples with the top 25% (on an AuEq60 basis) of the
samples averaging 313.3 g/t Ag and 1.12 g/t Au (6.4 g/t
AuEq60).
Mirasol also collected outcrop saw-cut channel samples from 52
channel-sample lines which cross the Main and subsidiary structures
of the Resolution prospect. The aim of this work was to test if
this systematic sampling approach would confirm the presence of
high grade mineralization identified in rock chip sampling, and to
also test the grade of the Main Structure with locally developed
"stringer" veinlet halos. A total of 25 saw-cut channel lines
returned length-weighted assay intervals at ≥ 1.0 g/t
AuEq60 cut off (Figure 3). Intersections typically
ranged between 1.34 m at 155 g/t Ag
and 0.04 g/t Au (2.6 g/t AuEq60), and 0.2 m at 579 g/t Ag and 4.57 g/t Au and (14.2 g/t
AuEq60), with the highest grade intercept of
0.3 m at 950 g/t Ag and 4.27 g/t Au
(20.1 g/t AuEq60).
The combined dataset of geological mapping, electrical
geophysics, and rock chip and saw-cut channel assay results has
outlined a target zone up to 2,100 m
long and up to 230 m wide, that is
considered prospective for epithermal Ag-Au mineralization at
Resolution. Mirasol is now undertaking an integrated analysis
of this data to identify and prioritize targets for an initial
shallow drill test of the Resolution prospect, anticipated for the
4th Quarter of calendar 2018. The program will
target the down-dip extension of the outcropping high-grade
structures and the upper portions of the geophysical anomalies (see
news release July 5, 2018), testing
areas where narrow surface structures may broaden at depth to
present potentially minable widths of Ag-Au
mineralization.
Aurora Prospect
In July
2017 Mirasol reported (see news release July 5, 2017) reconnaissance rock chip assay
results with high grade Au-Ag from multiple oxidized vein and
vein-breccia structures over a 4.0 by 2.1 km area at the Aurora
Prospect. These results were used to define nine priority
Target areas at Aurora (Ar1 to Ar9, Figure 1).
Initial follow-up prospecting and rock chip sampling at Target
Ar1 was completed in June 2018, prior
to the end of the field season. A total of 63 rock chip outcrop,
subcrop and float samples were collected, defining new vein-breccia
trends, that combined with previous sampling, suggest a total
cumulative strike of mineralized structures in the Ar1 target of
> 1,000 m in four trends (Figure
4). 55 of the 63 rock chip samples report to sub-cropping,
vein-breccia trends estimated to be 0.1 to 0.35 m wide while the remaining 8 samples were of
the altered wall rock. The 55 vein-breccia samples assayed an
average of 4.03 g/t Au and 44.46 g/t Ag (4.8 g/t
AuEq60), with a peak assay of 21.40 g/t Au and 454.1 g/t
Ag (28.9 g/t AuEq60).
The true width of the vein-breccia zones at Aurora Target Ar1 is
not known at this time due to the recessive weathering character of
the vein-breccia mineralization; however, these results are
considered encouraging, suggesting the presence of multiple
high-grade Au-Ag trends at this target, one of the nine targets in
the larger Aurora prospect. Results to date suggest that the
Aurora prospect is more gold-rich in comparison to the silver
dominant Resolution prospect.
Mirasol in currently planning mapping, sampling and geophysical
programs to systematically evaluate the nine exploration targets at
Aurora. It is anticipated exploration will re-commence at Aurora
during September 2018 (Southern
Hemisphere Spring), with the aim of defining targets for potential
drill testing later in the 2018-19 summer exploration season.
The Nico project is located in an area of active mining and
precious metal ore processing, approximately 80 km from the
Manantial Espejo Mine (Pan American Silver), and 45 km from Martha
(Hunt Mining). Pan American Silver also recently purchased the
Cap-Oeste Sur Este (COSE) project and is working toward developing
this and the Joaquin Au-Ag satellite deposit 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.
Stephen Nano, President and CEO
of Mirasol, has approved the technical content of this news
release. Mr Nano is a Charter Professional geologist and Fellow of
the Australasian Institute of Mining and Metallurgy (CP and
FAusIMM) and Qualified Person under NI 43 -101.
Additional Explanatory Notes:
* AuEq60 is the sum of the value of gold and silver
in a given interval represented as a gold equivalent g/t value
calculated via the formula: Au assay in g/t + (silver assay in g/t
÷ 60)
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.