VANCOUVER, May 8, 2019 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to announce the start of drilling at
the Gorbea project and also to provide an update on exploration
activities at its projects located in Chile and Argentina (figure 1).
Mirasol's President and CEO, Norm
Pitcher, stated: "We are pleased to provide this update on
both our partnered projects with Newcrest and Hochschild, as well
as Mirasol controlled properties. Newcrest recently commenced
drilling at Gorbea, and although the drill program at Altazor has
been delayed, we look forward to results from that program later in
the year. Hochschild's surface exploration at Indra returned
encouraging results and drilling is planned to commence in early
June. Mirasol is well positioned this year to advance its key
projects and expects a steady news flow with three active
agreements in place, together with our own year-round exploration
work".
Short updates are provided below.
Projects currently under option to joint venture
agreements:
- Gorbea Project – Atacama Puna Region, Chile: Funded and operated by
Newcrest
The Gorbea package is a high sulfidation epithermal (HSE) gold
project that covers nine claim blocks totalling approximately
28,600 ha, which includes the Atlas and Titan projects, located in
the prolifically mineralized Mio-Pliocene age mineral belt of
Northern Chile. On January 28, 2019, the Company announced that it
had signed an agreement with Newcrest Mining Limited
("Newcrest") under which Newcrest is committed to spending a
minimum of US$4 million, US$3.5 million of which is allocated to the end
of June 2019, and to completing a
minimum of 3,000 m of drilling over
an initial 18-month period. Subsequently Newcrest has
worked diligently on upgrading and expanding the exploration
camp and supplied all the required documentation to complete
the initial drill program. Additional surface exploration work
including CSMAT resistivity geophysics, geological mapping and
geochemical sampling have been completed in order to define
drill targets for this season's program and Newcrest is relogging
the Atlas diamond drill core and reverse circulation chips
previously drilled at the project. A 2,000m program in 4 drill holes has commenced on
the Atlas project aimed at identifying controls on and continuity
of the Au mineralization. In 2017, a best intersect of 114.1 m at 1.07 g/t Au and 1.78 g/t Ag, including
36 m at 2.49 g/t Au and 3.08 g/t Ag
(hole 15) was drilled at Atlas. Mirasol will update its
shareholders once results for this season's activities have been
received and analysed.
- Indra Project – Atacama Puna Region, Chile: Work funded by Hochschild and
project operated by Mirasol
The 20,378 ha Indra project is an intermediate sulfidation
epithermal precious metal project located in the Paleocene Age
Mineral Belt of Northern Chile.
The project is undergoing its first detailed exploration field
program under a partnership with Hochschild Mining plc
("Hochschild"). On the successful completion of a US$300,000 surface program on the project that
included ground magnetic, geological mapping and rock chip
geochemical sampling and also alteration vectoring, Hochschild has
agreed to fund up to US$625,000 for a
maiden drill program. Six reverse circulation drill holes are
planned, and the program is expected to start early June 2019 running for approximately three weeks.
Drilling is targeting the depth extension of the carbonate veins
mapped and sampled at surface, with the objective of determining if
the carbonate composition of the veins grades into silica at depth
along with an associated increase in the Au and Ag values. Mirasol
will update its shareholders once results have been received and
analysed.
- Altazor Project – Atacama Puna Region, Chile: Funded and operated by
Newcrest
Altazor is a HSE gold project also located in the Mio-Pliocene
age mineral belt of Chile,
covering approximately 33,230 ha of contiguous exploration claims.
On November 12, 2018, Mirasol
announced that Newcrest had exercised its option to enter the
Farm-in stage of the Altazor Agreement, making a US$500,000 payment to Mirasol and presenting a
US$3.3 million budget for this
season's exploration program. As Newcrest is continuing to build
its social licence in the area and technical knowledge of the
district, it has informed Mirasol that it will defer drilling at
Altazor to the next field season. Newcrest has completed additional
surface exploration to refine drill targets and anticipates further
exploring and drill testing this project at the earliest
opportunity.
Projects controlled by Mirasol:
- Sascha Marcelina Project – Santa
Cruz, Argentina:
Following the consolidation of the Sascha Marcelina project
(announced January 25, 2018), Mirasol
initiated a US$150,000 surface
exploration program on the property, that included drone
acquisition of high-resolution base images, surface rock chip and
soil geochemical sampling and detailed geological mapping of the
Marcelina claims. Assay results have been received for an initial
82 rock chip samples including a maximum result of 3.15 g/t Au and
28 g/t Ag, with several other +1 g/t Au results along the length of
the structural trend (figure 2). Additional follow-up detailed
sampling along the length of the Estancia Trend (+2 km) has
recently been completed and more than 400 samples from the project
are currently being assayed. In parallel with its exploration
program, Mirasol has initiated a search for a partner to drill test
the project.
- Zeus Project – Atacama Puna Region, Chile:
The 18,600 sq km Zeus project lies within the Mio-Pliocene
porphyry and high sulfidation epithermal belt of Northern Chile, located approximately 75 km
southeast of Mirasol's Gorbea project and was under an option to
joint venture agreement until early this year. The Zeus project
consists of two primary prospects, Apollo and Artemisa that were
the focus of a partner-funded exploration program during the
2017-2018 summer campaign. Exploration included a 36.3
km2 soil survey, prospect scale
geological mapping, rock chip geochemical sampling (that notably
returned up to 2.01 g/t Au and 17.45 g/t Ag in separate
samples at Apollo), Corescan alteration analysis of soils and CSAMT
resistivity geophysics. Mirasol's comprehensive analysis of results
indicates that the geophysical anomalies, as outlined, are
coincident with the alteration on surface and that they define
attractive drill targets that remain to be tested (figure 3).
Mirasol is actively seeking an exploration partnership to move
forward exploration activities at the Zeus project. Additional
technical information and results are available on our website
(link).
- Claudia Project – Santa
Cruz, Argentina:
The extensive Claudia property is located adjacent to the south
of the Cerro Vanguardia Mine and was under an exploration agreement
until earlier this year. During the 2018-2019 field program,
Mirasol completed additional partner-funded surface exploration
work on the property developing new drill targets that remain to be
tested. A total of 249 rock chip samples were submitted for assays
with results up to 7.99 g/t Au and 69 g/t Ag returned from the
Curahue trend. In addition, two new IP geophysical surveys focused
on the Curahue and Themisto prospects were completed extending
existing survey coverage of the Claudia project to
a total of 42.8 km2 of Gradient Array survey and 96.32
line km of PDP survey (figure 4). Mirasol believes targets
remain to be drill tested on the Curahue, Thermisto and
Rio Seco prospects and has initiated
a search for a new partner for the Claudia project.
- Nico Project – Santa Cruz,
Argentina:
As announced on March 4, 2019, the
drilling program at Nico was terminated early following the receipt
of results from 22 holes. Full results have now been received for
the 27-hole program and can be viewed on the website (link).
Two factors have contributed to disappointing results: i) the
majority of vein or vein breccia structures were found to maintain
the same width, or pinch out rapidly at depth instead of dilating;
and ii) the surface samples are strongly oxidised and there seems
to have been significant supergene enrichment episode of Ag and Au
very near surface that does not continue to depth. At
this time, Mirasol does not intend to do any further exploration on
the Nico project.
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 a hybrid joint venture and
self-funded drilling 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 and
Ag district of Santa Cruz Province
Argentina.
Qualified Person Statement: Mirasol's disclosure of technical or
scientific information in this press release has been reviewed and
approved by Norm Pitcher, P.Geo.
President and CEO for the Company. Mr. Pitcher serves as a
Qualified Person under the definition of National Instrument
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.