VANCOUVER, March 19, 2020 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") reports that it has temporarily suspended field
activities at its projects in Chile and Argentina. This decision was taken
to ensure the safety of our employees and the communities in which
they work and live.
Norm Pitcher, Mirasol's President
and CEO, commented: "We have implemented precautionary measures at
all our offices with staff working remotely to keep non-field
activities, including business development opportunities, moving
forward. With a treasury of $18
million at the end of 2019, Mirasol remains well funded to
weather these uncertain times and looks forward to aggressively
exploring its portfolio once it is deemed safe to do so.
Nonetheless, the Company is reviewing cost savings measures to
match our reduced level of activities."
Mirasol is pleased to provide a short update on the activities
completed at its projects over the past few months. Separate news
releases will be issued to provide additional details once all
results have been received and reviewed. At Gorbea we would
normally expect the field season to end in May with the onset of
winter, while Los Amarillos and Inca Gold enjoy year-round
access.
Mirasol has been notified by our partner, Newcrest Mining
("Newcrest"), that drilling activities at Gorbea was suspended
until further notice. Newcrest has completed up to hole ATL-DD-010
at the Atlas target, for a total this field season of 4,523 m of diamond drilling. Subject to a
resumption of exploration, Newcrest intends to follow up with an
additional 2,000 m of RC drilling on
regional targets. Mirasol previously reported (January 16, 2020) assay results up to hole
ATL-DD-005 and will provide an update once all remaining assays
have been received and reviewed.
Mirasol has completed approximately 1,180
m in 21 trenches, with assays still pending for 590 m. The objective of this trenching program
was 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. In
addition, 18.7 line-km of Induced Polarization geophysics was
completed at the project. Once all results are received and
reviewed, Mirasol will determine the next steps for the
project.
Mirasol's environmental consultants have completed the field
component required to prepare a base line study at the project. The
focus is now on the remaining work needed to finalize this report
and the drill permit application. A surface exploration program to
define drill targets is being finalized and it will be implemented
when conditions permit.
Norm Pitcher added: "The health
and safety of our employees, contractors and other stakeholders are
our priority. We will move swiftly to reinitiate our exploration
programs when it is safe to do so and we will continue to provide
regular updates on our activities".
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.