VANCOUVER, Sept. 19, 2018
/CNW/ - Mirasol Resources Ltd (TSX-V: MRZ) (OTCPK: MRZLF) (the
"Company" or "Mirasol") has received the US$200,000 option payment confirming that
OceanaGold Corporation (TSX: OGC) (ASX: OGC) will continue
into the 2nd year of the La Curva Joint Venture (JV),
Santa Cruz Argentina. OGC has
met the first-year minimum JV commitments spending approximately
US$ 1.50M to the end of May 2018 (against US$
1.25M committed) and drilling 3,020
m at the Castora Trend (see news release May 25th 2017).
Mirasol's President and CEO, Stephen
Nano stated: "We are pleased to continue working with the
team at OceanaGold. Mirasol and OGC are currently designing an
aggressive 2nd season drill program for La Curva
project, which is anticipated to start in the 4th
quarter of 2018. The program will provide a first pass drill
test of exciting new targets at Curva West and a second phase of
drilling on the Castora Trend focused at the SouthWest and
Cerro Chato prospects."
Highlights from the First Seasons Exploration at the La Curva
JV
Last season's drilling was concentrated on the Castora Trend
where 3020 m of diamond core was
drilled in 19 holes, including a follow-up deep stratgraphic drill
hole to test for the presence of permissive hosts rocks a depth at
the Cerro Chatto prospect. Drilling for last seasons exploration is
interpreted to have intersected the upper portion of a Au dominated
epithermal system with both lower-grade, broader zones of
disseminated style Au+Ag mineralization and narrow, high-grade
epithermal veinlets. Assays Results include, from
the SouthWest prospect, 106.2 m
at 0.61 g/t Au and 2.7 g/t Ag, from a dome margin breccia and up to
1.80 m at 6.88 g/t Au and 84.9 g/t Ag
from banded epithermal veining (see news release February 28, 2018).
In addition, Surface exploration from last season confirmed the
presence of a prospective geological environment for epithermal
Au+Ag mineralization at the undrilled Curva West and the Castora
Trend SouthWest prospects. Hydrothermal alteration was shown to be
associated with Jurassic-age rhyolite to dacite flow domes and dyke
emplacement and is interpreted to be contemporaneous with
development of a large syn-volcanic horst and graben structural
setting. This geological setting is the outcome of regional scale
crustal extension, that produces large scale normal faulting, a
permissive structural environment that can foster significant vein
development when associated with active epithermal systems as seen
at the Curva project (Figure 1).
Geological mapping at Curva West has outlined epiclastic
sedimentary breccia units hosting angular clasts (up to
5 m in diameter) of sinter,
silicified volcanics crosscut by epithermal veining and individual
clasts of Au+Ag bearing epithermal veins. The angular
mineralized clasts cluster in specific sites along the
fault-bounded margin and over the "roof" of a pre-volcanic
Permo-Triassic age horst block, suggest minimal alluvial transport
of the clasts and proximity to source.
Rock chip sampling of mineralized clasts at Curva West returned
geochemically anomalous to high grades of Au+Ag with a best sample
of 20.73 g/t Au and 18.0 g/t Ag. The mineralized clasts cluster in
five target areas, often with distinctive vein textures and Au/Ag
ratios, suggesting the presence of several distinct, potentially
covered sources of Au+Ag mineralization.
PXRF geochemical grid soil sampling of the epiclastics over
Curva West prospect (Figure 2) delineated areas of coincident
epithermal pathfinder (As+Sb+Hg ± base metals) anomalies in the
soils often at sites coincident with clusters of Au+Ag bearing
clasts. Handheld infrared spectrometer (IRSpec) alteration
studies of the soils also showed the epiclastic matrix to be
hydrothermally altered to an argillic mineral assemblage (kaolinite
– dickite) characteristic of the upper levels of a classic
epithermal alteration system.
The superposition of near-source Au+Ag mineralized vein clasts
in an epiclastic sediment, where the sedimentary matrix has been
hydrothermally altered, suggests erosion of the upper mineralized
interval of an epithermal system, contemporaneous with the burial
of the late stages of the active hydrothermal system, causing
alteration of the epiclastic matrix. Similar geological settings
have been documented for significant Jurassic age Au-Ag deposits
elsewhere; including the Marianas-San Marcos vein
system1 in Santa Cruz
province, that hosts approximately 70 % of Au+Ag resources of the
estimated 6.7 Moz Au equivalent
reserves and resources in the Cerro Negro district, and the
world-class Fruta del Norte Au+Ag deposit2 in
Ecuador. The analogies in geological setting between Curva
West / SouthWest and significant gold systems elsewhere, lends
support for the drill testing of targets at the Curva Project.
3D models of ground magnetics and IP electrical geophysics were
generated from a combination of existing Mirasol data and new
surveys completed this season under the OGC JV (Figure 3 and Figure
4). The models show features that support the horst and graben
geological setting for Curva West and the SouthWest prospects, and
have been integrated with other datasets to select and prioritize
drill targets for this season's program.
Stephen Nano, President and CEO
of Mirasol, has approved the technical content of this news
release. Mr Nano is a Chartered Professional geologist and Fellow
of the Australasian Institute of Mining and Metallurgy (CP and
FAusIMM) and is a Qualified Person under NI 43 -101.
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1 Vidal,
C.P. et al. (2016). The Marianas-San Marcos vein system:
characteristics of a shallow low sulfidation epithermal Au-Ag
deposit in the Cerro Negro district, Deseado Massif, Patagonia,
Argentina. Miner Deposita, 51, 725-748.
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2 Leary,
S. et al. (2016). Discovery, Geology, and Origin of the Fruta del
Norte Epithermal Gold-Silver Deposit, Southeastern Ecuador.
Economic Geology, 111(5), 1043-1072.
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Quality Assurance/Quality Control of the La Curva 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.