- Prospective Cu/Mo/Au generative project
- Proximal to world-class Escondida and Lomas Bayas Cu
Mines
- Encouraging early exploration results
- Low altitude and excellent access
Shares Issued and Outstanding: 54,175,543
TSX-V:
MRZ
OTCPK: MRZLF
VANCOUVER, BC, Nov. 5, 2020 /CNW/ - Mirasol Resources Ltd.
(TSXV: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to report initial exploration results
from its 100% owned Nandi Cu project, located in the Paleocene
porphyry Cu belt in northern Chile. Nandi was staked by Mirasol through its
project generation program and comprises approximately 5,000 ha of
exploration claims, located 30 km northwest of BHP's Escondida Cu
mine and 63 km southeast of Glencore's Lomas Bayas Cu mine.
Mirasol's Chair and Interim CEO, Patrick
Evans commented: "Nandi represents an attractive project
with multiple targets to be drill tested. It is hosted in a
productive porphyry belt in proximity to two world-class Cu mines.
Results from Mirasol's initial exploration work indicates that
Nandi has the potential to host a concealed Cu/Mo/Au porphyry
deposit, and skarn type mineralization. The team is currently
assessing options to further advance exploration at Nandi."
Geologically, Nandi is favorably situated in the area of
intersection between the continental-scale north-south trending
Domeyko Fault System and the northwest trending Archibarca
Lineament, a regional structural framework that, for example,
controlled the emplacement of the giant Escondida porphyry Cu
deposit cluster. The project also benefits from easy access along
the asphalt highway from the port city of Antofagasta to the Escondida mine, lying at a
relatively low altitude of 1,800m
above sea level.
Figure 1: Project Location
To date, Mirasol has completed first-pass reconnaissance and
exploration programs, including:
- Reconnaissance scale lithological and alteration mapping
supported by spectral mineralogy analyses of rock samples;
- Geochemical stream sediment and rock chip sampling;
- Focused geochemical channel sampling from nine historical
trenches; and
- Soil geochemical sampling on a 100 x 200m grid at the Border Zone target.
The results of these initial surveys have delineated multiple
exploration targets for detailed follow up.
The Border Zone target, located in the northeast area of the
Nandi project, has the potential to host porphyry Au/Cu style
mineralization. Cretaceous andesites and volcanic breccias host a
series of multiple phases of intrusive and hydrothermal events,
which notably include a quartz porphyritic rhyodacite intrusive
body that is cut by black banded quartz veins (BBV) and a phreatic
breccia with banded quartz veined clasts. BBV veining is typically
found in porphyry Au deposits of the Maricunga Belt such as the
Marte deposit (Indicated Resources: 33.47 Mt at 1.58 g/t Au[1]).
Anomalous Au includes assay values ranging from 0.1 to 2.6 g/t Au
in rock chip samples (out of 65 samples, 8 samples returned over
0.1 g/t Au and 2 samples over 1 g/t Au), as well as 7 samples with
values of 15 to 40 ppb Au from a soil grid completed over the
Border Zone target. In addition, anomalous Cu values ranging from
100 to 4,850 ppm in rock chip samples were recovered in this zone
(out of 65 samples, 7 samples returned above 200 ppm Cu).
Figure 2: Nandi - Target Areas and Au-Cu in Rock Chip
Samples
The Central Zone target is located some 4 km west-southwest from
the Border Zone target in the center of the tenure. It is
characterized at surface by thin horizons of Pb-Zn stratiform
mineralization with traces of secondary Cu oxides hosted by
Jurassic silty dolomites. This mineralization may possibly be
related to the intrusion of dykes of Paleocene quartz diorite and
rhyolite quartz porphyry exposed in the historical trenching.
Disseminated and also northwest fracture-controlled goethite and
jarosite (1-3% by volume) could have formed from pyritic
mineralization peripheral to a larger intrusive either at depth
directly below the Central Zone, or under the gravel cover of the
Pampa Zone directly to the north. In regard to the latter, there is
a discrete, sizable magnetic low some 2 km in diameter, which could
present a porphyry Cu target.
Figure 3: Nandi – Airborne Magnetics 1vd Showing Magnetic
Low Under the Pampa Zone
Initial exploration results have been encouraging and highlight
the potential for porphyry Cu mineralization which merits follow up
field work including geophysical surveys, to define targets for
drill testing.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company focused in
Chile and Argentina. Mirasol has six partner-funded
projects, two with Newcrest Mining Ltd (Chile), and one each with First Quantum
Minerals (Chile), Mine Discovery
Fund (Chile), Mineria Activa
(Chile) and Silver Sands Resources
(Argentina). Mirasol is currently
self-funding exploration at two projects, Inca Gold (Chile) and Sacha
Marcelina (Argentina).
Qualified Person Statement: Mirasol's disclosure of technical or
scientific information in this press release has been reviewed and
approved by Chris Ford, CEng FIMMM,
a senior consultant for the Company, who 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, 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.
________________________
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1 Teck Cominco Limited – 2006 Annual
Information Form
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SOURCE Mirasol Resources Ltd.