Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to report the final results
from the Phase III diamond drilling program at the Virginia Silver
Project (“Virginia”) in the province of Santa Cruz, Argentina.
Virginia is operated by the Company and funded by Silver Sands
Resources Corp. (CSE: SAND; OTCPK: SSRSF) under an
option-to-purchase agreement (see News Release May 21, 2020). If
the option is exercised, Mirasol will retain a 19.9% equity
ownership in Silver Sands and a 3% NSR royalty (with a buydown to
2% for US$2M).
The maiden drilling completed at the Santa Rita
Central and East prospects intercepted encouraging gold and silver
mineralization confirming that the structures mapped and sampled on
surface extend to depth, providing vectors for further drilling.
The Santa Rita prospects have low sulfidation epithermal (“LSE”)
mineralization signatures characterized by elevated gold values
compared to those returned from the main silver-rich Virginia vein
field. This has the potential to be beneficial for the development
of project.
Mirasol’s President Tim Heenan commented: “The
principal objective of the 2021 drill program was to test new
prospective structures at Santa Rita Central and East at shallow
(20-30m) depths below the surface exposures and to get reliable
structural orientation data to aid in the planning of deeper holes.
This limited program represents the first drilling at in these two
zones and confirms their prospectivity with encouraging results
confirming that gold and silver values are increasing with depth.
Follow up drilling is planned to further define the vertical and
lateral extent and continuity of this vein-hosted
mineralization.”
The Phase III drilling program comprised 20 core
holes (2,932m), which included six holes (495m) at Santa Rita
Central and East located in the northern part of the Virginia
property package. The Santa Rita prospects (Main, Central and East)
are located at the intersection of a 3 km-wide northwest-orientated
regional structural corridor and east-northeast basin-controlling
structural zone. This structure also hosts the advanced Lejano
silver project 18 km to the west of Santa Rita Main, and the
prospective Sol del Mayo gold-silver project 1.5 km to the east of
Santa Rita East. These east-northeast structural zones are
understood to be an important province-wide control on economic
mineralisation, as exemplified by the structural settings for the
Cerro Negro and Cerro Vanguardia mines.
Figure 1: Santa Rita prospects and their
structural setting
The Santa Rita Central and East zones were the
focus of the 2021 drill campaign and are located directly to the
east (6.5 to 8.5 km, respectively) of the Santa Rita Main zone,
which was previously explored by Mirasol between 2004 to 20081.
Santa Rita Main is characterized by an open-ended 3,500m-long by
500m-wide northwest-orientated trend with mapped veins hosting
silver epithermal mineralisation generally less than 10m wide.
Noteworthy assay results from drill holes completed at that time
returned weighted average intersections of 0.6 to 3.4m with silver
values ranging from 21 to 156 g/t. Based on the drill hole and
surface exploration data, Santa Rita Main was interpreted to
potentially represent the upper levels of a silver-gold epithermal
system with the potential to also host base metal
mineralization.
Figure 2: Santa Rita Central and East plan map
with surface geochemistry and drill hole collar locations
Significant New Results (see
Table 1)
At Santa Rita East, four drill holes were
completed for a total of 329m. Hole SRE-DDH-001 intercepted a
robust 5m-wide zone (from 34.95 to 39.95m) of polymictic
hydrothermal breccia hosting a 0.40m wide colloform banded quartz
adularia vein. This hole returned 5.65m at 0.68 g/t Au from
35.65m, including 1.35m at 1.87 g/t Au. Hole SRE-DDH-003
was targeted 50m further south along the same structure trend and
intercepted 5.20m at 0.63 g/t Au and 7 g/t Ag from
35.30m This interval included a 3m-wide hydrothermal
breccia hosting a quartz adularia colloform epithermal vein in the
center with a width of 0.6m. Observed epithermal textures represent
multi-pulse hydrothermal events within this structure, which are
considered essential for the formation of productive epithermal
mineralization. It is important to highlight that the gold and
silver values in drill core are stronger than on surface and are
expected to increase at depth. The structures at depth also
significantly increase in width (+5m) compared to the narrow
centimeter-scale expressions on surface.
The remaining two drill holes SRE-DDH-002 and
SRE-DDH-004 at the other targets in Santa Rita East intercepted
multiple narrow structures of hydrothermal crackle breccias and
stockwork zones, including 0.65m at 0.45 g/t
AuEq2 and 0.4m at 0.56 g/t
Au.
At Santa Rita Central, two holes were completed
along the northwest-trending structure for a total of 166m. Hole
SRC-DDH-001 was targeted to test the central part of the structure
with gold and silver rock chip samples grading up to 1.76 g/t and
321 g/t, respectively. This hole intercepted isolated quartz
veinlets and zones of sheeted veinlets, displaying bladed textures
and local evidence of incipient banding, also considered typical of
the upper levels of these epithermal systems, and potentially
transitioning into the deeper more productive part of the system.
This hole intersected 1.80m at 0.25 g/t Au and 28 g/t Ag
(0.62 g/t AuEq), which is considered encouraging within
this upper level of the system.
Overall, the drilling campaign at Santa Rita
Central and East has traced the vein outcrop and aligned float
surface expressions to depth. Drilling to date has been very
shallow with the deepest hole only to 32m vertically below surface.
Deeper drilling is required along strike and to depth to confirm
the full potential of these targets. It is evident that Santa Rita,
particularly Santa Central and East, represents a more “typical”
quartz-adularia LSE mineralization with both significant gold and
silver values, which is distinct from Virginia main.
1 Refer to Section 6.1 in Amended NI 43-101
Technical Report filed February 29, 2016: “Amended Technical
Report, Virginia Project, Santa Cruz Province, Argentina - Initial
Silver Mineral Resource Estimate” prepared by D. Earnest and M.
Lechner2 Gold equivalent (“AuEq”) is calculated using metal prices
of US$ 1800/oz for gold and US$ 24/oz for silver. Recoveries are
assumed to be 100% as no metallurgical test data is available. The
equation used is thus: AuEq g/t = Au g/t + (Ag g/t ÷ 75).
About Mirasol Resources
Ltd.
Mirasol is a well-funded exploration company
focused in Chile and Argentina. Mirasol has seven partner-funded
projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals
(Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile),
Silver Sands Resources (Argentina), Patagonia Gold (Argentina) and
Golden Arrow (Argentina). Mirasol is currently self-funding
exploration at Sobek (Chile), Inca Gold (Chile) and Sacha Marcelina
(Argentina).
For further information, contact:
Tim Heenan, PresidentorJonathan Rosset, VP
Corporate Development
Tel: +1 (604) 602-9989Email:
contact@mirasolresources.comWebsite: www.mirasolresources.com
Qualified Person Statement: Mirasol’s disclosure
of technical and scientific information in this press release has
been reviewed and approved by Tim Heenan (MAIG), the President for
the Company, who serves as a Qualified Person under the definition
of National Instrument 43-101.
QAQC: Mirasol applies industry standard
exploration sampling methodologies and techniques. All geochemical
rock and drill samples are collected under the supervision of the
company’s geologists in accordance with industry practice.
Geochemical assays are obtained and reported under a quality
assurance and quality control (QA/QC) program with insertions of
controls (standards, blanks and duplicates, representing 5%, 4% and
5% of the samples respectively). Standards and blanks are inserted
randomly in all drill core batches that are submitted to the
laboratory, while duplicates are done on both the coarse reject
(2.5%) and pulps (2.5%). Drill core samples have a minimum of 0.30m
and a maximum of 2.00m in length. Samples are dispatched for
analysis to Alex Stewart International Labs in Argentina, an ISO
9001:2015 accredited laboratory, which is independent from the
Company. The samples are delivered to the laboratory by Mirasol
personnel, a dedicated private courier, or by the dedicated
laboratory pick-up service. Core diameter is generally HQ/HQ3 and
samples are analysed by Fire Assay for both Au and Ag and also by
ICP MS including a package of 48 elements.
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 and to policies linked
to pandemics, social and environmental related matters.
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.
Table 1: Virginia Phase III Reported Drill Intercepts -
Santa Rita Prospect
Hole ID |
From |
To |
Interval (m)1 |
Au g/t |
Ag g/t |
AuEq g/t2 |
Cut-off3 |
SRC-DDH-001 |
36.35 |
38.15 |
1.80 |
0.25 |
28 |
0.62 |
0.2 g/t AuEq |
|
51.00 |
52.00 |
1.00 |
0.22 |
2 |
|
0.2 g/t AuEq |
SRE-DDH-001 |
34.65 |
40.30 |
5.65 |
0.68 |
2 |
|
0.2 g/t AuEq |
Including |
34.65 |
36 |
1.35 |
1.87 |
4 |
|
1 g/t AuEq |
|
47.00 |
47.35 |
0.35 |
0.32 |
13 |
0.49 |
0.2 g/t AuEq |
SRE-DDH-002 |
40.05 |
40.70 |
0.65 |
0.29 |
12 |
0.45 |
0.2 g/t AuEq |
SRE-DDH-003 |
34.00 |
34.30 |
0.30 |
0.17 |
5 |
|
0.2 g/t AuEq |
|
35.30 |
40.50 |
5.20 |
0.63 |
7 |
|
0.2 g/t AuEq |
Including |
35.6 |
37.35 |
1.75 |
1.45 |
14 |
1.64 |
1 g/t AuEq |
SRE-DDH-004 |
4.10 |
4.50 |
0.40 |
0.56 |
1 |
|
0.2 g/t AuEq |
|
17.90 |
18.20 |
0.30 |
0.20 |
3 |
|
0.2 g/t AuEq |
|
20.50 |
22.00 |
1.50 |
0.18 |
5 |
|
0.2 g/t AuEq |
|
26.70 |
27.00 |
0.30 |
0.19 |
4 |
|
0.2 g/t AuEq |
|
28.50 |
30.05 |
1.55 |
0.17 |
5 |
|
0.2 g/t AuEq |
SRC-DDH-002 |
No interval above cut-off |
Notes: 1 Reported interval length are down hole widths and not
true widths.2 Gold equivalent (“AuEq”) is calculated using metal
prices of US$ 1800/oz for Au and US$ 24/oz for Ag. Recoveries are
assumed to be 100% as no metallurgical test data is available. The
equation used is thus: AuEq g/t = Au g/t + (Ag g/t ÷ 75). AuEq are
only reported if Ag > 10 g/t.3 Reported intervals are
at the stated a cut-off grade of 0.2 g/t AuEq and 1 g/t
AuEq. Reported intervals may include up to a maximum of 2m
individual section below cut-off grade and Au and Ag grades are
uncapped.
Table 2: Virginia Phase III Reported
Holes Collar Location – Santa Rita Prospect
Hole ID |
Easting |
Northing |
Elevation (m) |
Azimuth |
Dip |
Depth (m) |
SRC-DDH-001 |
2,421,159 |
4,751,299 |
902 |
60 |
-45 |
74 |
SRC-DDH-002 |
2,420,592 |
4,751,899 |
891 |
75 |
-45 |
92 |
SRE-DDH-001 |
2,423,556 |
4,752,191 |
848 |
280 |
-50 |
56 |
SRE-DDH-002 |
2,422,941 |
4,752,054 |
818 |
50 |
-45 |
92 |
SRE-DDH-003 |
2,423,551 |
4,752,145 |
847 |
280 |
-50 |
65 |
SRE-DDH-004 |
2,422,808 |
4,752,543 |
846 |
230 |
-45 |
116 |
Mirasol Resources (TSXV:MRZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mirasol Resources (TSXV:MRZ)
Historical Stock Chart
From Apr 2023 to Apr 2024