VANCOUVER, Oct. 7, 2019 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to announce the signing of a
definitive agreement (the "Agreement") with First Quantum Minerals
(TSX:FQM)("FQM") for its Coronación Copper/Gold Project (the
"Project") in Northern Chile. The
Project was generated by Mirasol as part of its ongoing
Atacama-Puna generative program, further confirmation of Mirasol's
ability to attract quality partners on prospective exploration
projects. With four partnership agreements now active, Mirasol
continues to build a unique portfolio of exploration assets in
Chile.
Mirasol's President and CEO, Norm
Pitcher, stated: "We are pleased to partner with FQM to
advance the Coronación project, and look forward to results from
the coming field season. With this agreement, Mirasol further
expands its portfolio of quality exploration targets being tested
by majors in the prolific Mio Pliocene belt of Chile."
Terms of the Agreement
Mirasol granted to FQM the option to earn-in 80% of the Project
over 6 years by:
- Making annual cash payments totaling US$
875,000;
- Completing at least 10,000m of
drilling; and
- Delivering a NI 43-101 compliant Prefeasibility Study
Report
FQM is committed to completing 3,000
m of drilling and a systematic geophysical program on the
Project over the first 24 months of the Agreement. Following
this period, FQM is required to spend a minimum of US$500,000 per year over the term of the
Agreement. FQM will be the operator during the option
period.
Following the completion of the 80% earn-in, FQM will have a
one-time option to acquire the remaining 20% on terms to be
negotiated between the parties. If this option is not exercised,
the parties will form a participating joint venture to further fund
the development of the Project.
Coronación Project Overview
The 1,200 ha Coronación project is in Region II of Chile near the border with Argentina at an
altitude of 4,000 to 4,600 m ASL. The
project is located on a major NW structural trend associated with
several Andean porphyry deposits (Figure 1).
Work completed by Mirasol indicates the potential presence of a
porphyry/breccia system intruding a layered Miocene aged volcanic
sequence of dacitic domes and pyroclastic units. Alteration
consists of an advanced argillic lithocap (alunite/jarosite)
developed in the central-eastern side of the property and
intermediate argillic alteration (white micas) in the western
portion of the property, along with pervasive, and locally vuggy
silica alteration (Figure 2).
These two distinct and coincident areas display affinities to a
high sulfidation epithermal system to the east, with the western
side displaying a more typical porphyry deposit related style of
alteration. Alteration signatures have been interpreted using ASD
spectral analysis and the geochemistry is supportive of these
interpretations. Geochemical sampling has defined a large 600 by
800 m Cu-Mo geochemical anomaly on
the western side within the overall 3 by 2.5 km alteration halo
(Figure 3).
Mineralization occurs as sheets and stockworks of banded quartz
veins with up to three phases of silica emplacement recognized.
Relic sulfide boxworks within the veins and wall rocks contain iron
oxides (hematite-goethite and jarosite), with secondary copper and
manganese oxides occurring along (or lining) fractures.
Mirasol looks forward to a successful season of exploration work
at Coronación and will update its shareholders on
material developments at the Project.
Engagement of Proactive Investors
Mirasol is also pleased to announce it has retained Proactive
Investors ("Proactive") to provide the Company with ongoing
editorial coverage and to complete recorded video interviews with
Mirasol's management team. These videos will be available on
Proactive's platform as well as the Company's website, LinkedIn and
Twitter accounts.
Under the terms of an investor relations agreement between
Mirasol and Proactive effective immediately and for a term of
twelve months renewable annually, Mirasol will pay an annual fee of
C$20,000.
Proactive is a leading multimedia news organization, investor
portal and events management company with offices in Vancouver, Toronto, London, New
York, Sydney and
Perth. Proactive operates
financial news websites providing news and commentary on hundreds
of listed companies.
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 gold
and silver 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.