Mirasol Announces Start of Phase IV Drill Program at Virginia Silver Project, Argentina
April 06 2022 - 6:00AM
Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to report that the Phase IV
diamond drilling program has commenced 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).
Mirasol’s President Tim Heenan commented:
“Together with our partner, we continue to aggressively advance the
Virginia expansion drill program. The Phase IV program is
anticipated to be completed by the end of the field season in late
April. The results will support planning for a partner-funded US$3M
exploration program expected to start in late 2022 for the final
field season under the option agreement.”
The Phase IV program will comprise 14 holes for
1,500m, adding to the 8,867m already completed under the
partnership with Silver Sands. The results to date have
demonstrated the potential to identify significant mineralization
outside of the previously delineated deposits (see amended NI 43
-101 technical report titled “Amended Technical Report, Virginia
Project, Santa Cruz Province, Argentina - Initial Silver Mineral
Resource Estimate” prepared by D. Earnest and M. Lechner and filed
on SEDAR on February 29, 2016).
Figure 1: Virginia project and planned drill
holes
Phase IV drilling will focus on the following
key prospective targets:
- Five drill holes
are planned in the southern parts of Ely Central and Ely North to
tighten the drill spacing and to close gaps between the Ely North
and Ely South deposits. If continuity of mineralization is
demonstrated, Ely Central is expected to support the expansion of
the resource between the two deposits.
- Two drill holes
are planned at Margarita to follow up on the significant silver
intersection from the recent Phase III drill campaign, which
returned 2.65m at 1,456 g/t Ag in hole MR-DDH-003
(see News Release February 1, 2022). The planned holes will step
out 50m and 100m to the northeast and test the potential strike
continuity of the mineralization in this structure at the same
depth. Deeper holes may also be completed to test the potential
downdip extent of the mineralization. Further drilling success at
Margarita could significantly add to the current resource at
Virginia.
- Two drill holes
are planned at Martina NW and Martina Central to test gaps along
this trend and between these two zones. Drilling will continue
testing the potential continuity of the northwest structure along a
high chargeability anomaly.
- Scout drilling
is also planned at the Patricia and Daniela targets to test for the
potential downdip extension of the mineralized structure below
high-grade silver samples collected on surface and in trenches.
Surface samples at these prospects have returned the highest silver
values to date with up to 29,000 ppm Ag from aligned float blocks
(see news release October 29, 2020).
- Finally, three
drill holes are planned to follow up on the Santa Rita East target,
where drilling to date has only tested the depth extension of these
structures to less than 50m vertically below surface.
The results from the Virginia Phase IV drill
program will be announced as they are received and interpreted.
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.
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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