VANCOUVER, Nov. 6, 2019 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to provide an update on exploration
activities on 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
the exploration activities occurring on our projects now that the
field season has begun. Our partner Newcrest recently commenced
drilling at Gorbea and we look forward to results from that program
later in the year. With a full field season ahead, we expect that
this year will be pivotal for this project. We should also see the
maiden drill program at Altazor, which has been long awaited."
Mr. Pitcher added: "Mirasol has also been actively working on
its Los Amarillos and Sascha Marcelina projects and we are very
pleased with the results to date. Both projects represent
compelling undrilled prospects and we have made the decision to
further advance Los Amarillos with a self-funded trenching program
aimed at better understanding the continuity of the high-grade
samples received to date. If the results of this work are positive,
Mirasol plans to initiate a drilling program at the project next
year. Between the exploration funded by our partners and our own
self-funded exploration activities, Mirasol is well positioned to
see significant developments at its key projects this year, and we
look forward to providing further updates as results become
available".
Short updates are provided below.
Projects currently under option to joint venture
agreements:
- Gorbea Project –
Atacama Puna Region, Chile:
Funded and operated by Newcrest
Newcrest Mining Limited ("Newcrest") has informed the Company
that they recommenced drilling at the Gorbea project last month
with 3,000m of diamond drilling
planned. The drilling is initially focused on completing the 4-hole
program, aimed at better understanding the controls and continuity
of the Au mineralization at the project, which was terminated late
last field season after the completion of just 2 holes. The first
hole drilled this year will twin hole ATL-DDH-001 which was lost
20m into the mineralized zone, and
which returned 19.3 m at 0.89 g/t Au
from 372m, including 13m at 1.1 g/t Au from 372m to 385m. In
2017, Mirasol's previous partner drilled 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 (historical hole 15) to the northeast of
ATL-DDH-001 (Figure 2).
Mirasol will provide updates as results for this season's
activities are received and analysed.
- Altazor Project –
Atacama Puna Region, Chile:
Funded and operated by Newcrest
Newcrest has submitted and received approval for its drilling
program and is planning to start drilling this year, subject to
further discussions and agreements with the local community.
Newcrest is anticipating that it is will complete a 2,225m diamond drilling program and infill CSAMT
geophysics during this field season.
Projects controlled by Mirasol:
- Los Amarillos – Atacama
Puna Region, Chile:
Following the land consolidation announcement (news release
June 26, 2019), Mirasol has completed
additional reconnaissance geological mapping and prospecting work,
which outlined several new vein occurrences within the property. An
additional 357 rock chip samples were assayed, averaging 2.28 g/t
Au and 19 g/t Ag, with a new highest-grade sample returning 330 g/t
Au and 100 g/t Ag. This prospecting work was focused on the new
claims that were not previously sampled and it has extended the
areas of high-grade mineralized epithermal vein on the project onto
the newly consolidated ground (Figure 3).
In addition, Mirasol has also completed a property wide ground
magnetics survey at 50m line spacing
which provided high-density magnetic information that has allowed
Mirasol to further understand the structural regime and allowed the
definition of distinct geological domains and areas of alteration
as outlined by magnetic depletion zones. The structural
interpretation of the magnetic data shows a strong correlation
between anomalous Au/Ag rock chip assays and N-S structural trends
(Figure 4).
A Mirasol funded trenching program is being permitted and is
expected to commence before the end of the year or early in 2020.
The program is designed to provide better exposure for geological
mapping and sampling of both the vein and stockwork zones, and will
also allow sampling of the wall rock between the high-grade vein
structures. Based on the results from the trenching and channel
sampling program, a follow-up Mirasol funded drill program will be
considered. The results to date at Los Amarillos, combined with the
low elevation, excellent infrastructure, and year-round access,
have highlighted a unique opportunity for Mirasol to move forward
with its "hybrid" exploration strategy.
- Sascha Marcelina
Project – Santa Cruz,
Argentina:
Mirasol recently completed further surface exploration including
a geophysics program at Sascha Marcelina. A total of 40 line-km of
pole-dipole IP geophysics was completed over the three principle
areas - the Estancia Trend (20.5 line-km), the Pellegrini silica
cap (14.2 line-km) and the Igloo trend (5.35 line-km). Final
processing and interpretations are pending. Mirasol will integrate
these results, along with those from the recent mapping and
sampling campaigns, to define drill targets all three prospects. In
parallel, Mirasol is making good progress in its search for a
partner to drill test the project.
- Generative Program –
Atacama Puna Region, Chile:
The Company has also re-initiated its field evaluation program
on Mirasol owned properties in the Mio Pliocene belt of
Chile. First pass field
evaluations are planned on four properties (two high sulfidation
epithermal and two porphyry targets) as well as a second pass
review on a fifth porphyry project. These generative programs have
to date delivered multiple quality targets as illustrated by our
multiple partnership agreements in this belt.
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.