Mirasol Announces Start of Maiden Drill Program at Libanesa Silver-Gold Project, Argentina
March 24 2022 - 06:00AM
Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to announce that its partner
Golden Arrow Resources Corporation (“Golden Arrow”) has initiated a
maiden diamond drilling program at the Libanesa silver-gold project
(“Libanesa”) in Santa Cruz province, Argentina. Up to 2,000m of
drilling will be completed in eighteen holes ranging from 75 to
250m in depth to test the Cerro Redondo, Lagunita and Lagunita West
prospects.
Mirasol’s President Tim Heenan commented: “We
are pleased by the fast progress from our partner at Libanesa.
Their surface work has confirmed and refined the drill targets
previously delineated by Mirasol as well as identifying new
prospective targets.”
Libanesa is a 14,500-hectare silver-gold (lead)
project located at the northeastern margin of the Deseado Massif
Gold-Silver metallogenic province, approximately 40 km northwest of
the Cerro Moro Mine operated by Yamana Gold and 100 km northeast of
the Don Nicolas mine operated by Cerrado Gold. Golden Arrow may
earn a 75 percent interest in Libanesa over six years by spending
US$4 million on exploration; completing a minimum 2,000m drill
program; and making payments to Mirasol totalling US$1 million.
Mirasol would retain a 25 percent participating interest in the
project (news release October 12, 2021).
Following the execution of the definitive
agreement, Golden Arrow, as operator, conducted a detailed surface
work program to refine the previously defined targets and evaluate
additional areas within the property. To date, they have collected
274 channel and rock chip samples by opening 20 trenches.
Figure 1: Libanesa project and planned drill
holes
Target Highlights:
This summary is based on the information
provided by Golden Arrow and discussed in their News Release dated
March 24, 2022. It was reviewed by Mirasol’s Qualified Person.
The Cerro Redondo prospect area includes a
sub-circular geomorphic feature, approximately 1 km in diameter,
that hosts multiple gold-silver-lead anomalies inside and at its
margins. There are several additional targets within approx. 500m
of this feature. Cerro Plomo is the principal target in this
prospect and is characterized by a well-mineralized gold-silver
hydrothermal breccia that is exposed at surface. This target is
also supported by both chargeability and resistivity geophysical
anomalies at depth. The hydrothermal breccia is approximately 50m
in diameter and is hosted in lapilli and crystal tuffs and
pyroclastic breccias. Mineralization is mainly hosted in the matrix
of the breccia with rock chip samples grading up to 2.55 g/t Au and
2,802 g/t Ag. Channel samples also returned up to 11m at 1.21 g/t
Au and 13.5 g/t Ag (see news release June 1, 2021 for details on
previous work completed by Mirasol). Recent detailed channel
sampling completed by Golden Arrow confirmed disseminated
mineralization in the crystal tuffs outside the main hydrothermal
breccia with up to 0.32 g/t Au and 15 g/t Ag. Thirteen drill holes
are planned at Cerro Redondo.
Approximately 5.5 km north of Cerro Redondo, the
Lagunita target includes typical low sulfidation type epithermal
veins and breccias. Intermittent vein occurrences,
outcropping/sub-cropping through post mineral cover, were mapped by
Mirasol over a strike length of approx. 2.3 km. Golden Arrow’s
surface work program has identified a second target, Lagunita West,
where silicified tuffs with quartz veinlets and disseminated pyrite
define a different epithermal system that includes high gold and
low silver. Twelve rock chip samples collected by Golden Arrow over
400m at Lagunita West returned four anomalous values of 2.4 g/t Au,
0.31 g/t Au, 0.17 g/t Au and 0.15 g/t Au, coincident with a
northwest striking magnetic low. Five drill holes are planned for
these two targets.
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 at a number of
early-stage prospects.
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: Golden Arrow is the operator for the
Libanesa project, and Mirasol relies on their internal quality
control and quality assurance protocols, which have been reviewed
and considered adequate by the Qualified Person. See Golden Arrow’s
News Release dated March 24, 2022 for more details on their QAQC
procedures.
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.
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