VANCOUVER, Nov. 20, 2018 /CNW/ - Mirasol Resources Ltd.
(TSXV: MRZ), (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to update the Company's shareholders
on exploration activities in progress and scheduled at the
company's projects in Chile and
Argentina for the coming exploration season.
Mirasol's President and CEO, Stephen
Nano, stated, "The company looks forward to reporting to
shareholders the exploration results from what is anticipated to be
one of the most active exploration season in the Company's history,
and that will include drill programs on a number of its Au+Ag
projects in Chile and
Argentina."
- Joint Venture partners' budgets total in-excess of C$7 million confirmed for this financial year (to
June 30th, 2019) for our
Au+Ag projects in Chile and
Argentina (Figure 1):
-
- Altazor: Newcrest Mining has C$4.3
million budgeted for an extensive surface exploration
program starting in the late in the fourth quarter of 2018and Phase
I drilling program anticipated for second quarter of 2019,
contingent on completion of the permitting process.
- Indra: Hochschild Mining has a commitment of C$1.0 million over the first 18 months of the
agreement, with a budget of approximately C$370,000 to December
2018 for surface exploration and target definition for a
planned 2019 drill program.
- Claudia and Curva JVs: OceanaGold Corporation has budgeted
C$1.56 million to December 2018, which includes a 3,000 meter drill
program that is currently underway at Curva.
- Nico: The Company has budgeted C$1.51
million to explore this high-grade Au+Ag project where
exploration teams are currently advancing target definition, in
parallel with permitting for Phase I drilling planned for the first
quarter of 2019.
JV partners Newcrest Mining, OceanaGold Corporation and
Hochschild Mining have notified Mirasol they have budgeted a
combined total in excess of C$7
million for drill programs and extensive surface exploration
at Mirasol's Joint Venture projects in Chile and Argentine this financial year (to
June 30th, 2019). In
Chile, this spend will be directed to testing compelling high
sulfidation epithermal drill targets at the Altazor Au project and
Intermediate Au+Ag targets adjacent mine infrastructure at the
Indra project. In Argentina our JV partner OceanaGold
Corporation has committed C$1.56
million (US$1.2 million)
through to December 2018 for
exploration for the Claudia project and a 3,000 m drill program currently underway at the
Curva Au project.
Over the same period, Mirasol will invest approximately
C$4.5 million advancing exploration
of the Company's prospective Mio-Pliocene and Paleocene Au+Ag+Cu
pipeline projects in Chile and the
Nico high-grade Au+Ag project in Argentina. Mirasol is well
advanced with a program of geophysics, geological mapping and
detailed geochemical sampling at the Nico project's Aurora and
Vittoria prospects, in preparation for drill testing. In parallel,
Mirasol is progressing drill permitting for the Nico project, where
the company is targeting a January
2019 start-up for a phase I drill test of the Resolution,
Aurora and Vittoria prospects.
Mirasol strong commitment to business development is timely.
There is a surge in interest in the Company's Au+Ag+Cu project
portfolio in Chile and in
Argentina from companies
interested in new JVs. Expressions of interest are broad
based, coming from mid-tier to major producers, as well as private
and publicly traded junior resource companies. The Company's
business development team is focused on completing new joint
ventures that will secure further partner funding to advance
exploration of the project portfolio. Notably, expressions of
interest for potential new joint ventures for the Argentine
projects are being received from in-country precious metal
producers as well as from companies interested in making new or
first-time investments in the country.
Argentina is again experiencing high inflation and has
implemented a new temporary export tax to increase government
revenues. Neither event has had a measurable impact on
Mirasol's day-to-day operations as a project generator and
exploration company in Argentina.
The Company is continually monitoring the investment and
operational environment in Argentina and will adjust its activities if
conditions adversely change.
Mirasol's exposure to Argentina is balanced with its activities
in Chile where the Company has
three active joint ventures and a strong commitment to business
development and early stage project exploration, designed to
deliver new quality Au and Cu projects to the development
pipeline.
Mirasol remains in a strong financial position with
approximately C$24 million in
treasury as of Q1, financial year 2019 and anticipates receiving in
excess of C$1.5 million in option
payments and joint venture management fees this financial year,
including the recently announced C$650,000 (US$500,000) option payment received from
Newcrest Mining when it exercised its Farm-in option at the large
Altazor Au project in Chile.
Mirasol invites its shareholders to follow the progress of this
season's exploration via our website (mirasolresources.com).
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. 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 gold - silver
district of Santa Cruz Province
Argentina.
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.
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.