Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to report the identification
of a compelling drill target at Vania North prospect on the Inca
Gold Project (“Inca Gold”) in Chile. Mirasol has also mobilized an
Induced Polarity (IP) Survey crew to survey a second potential
drill target at Vania South. Inca Gold is a large 16,300-hectare
property package, with multiple exploration prospects, that has
been optioned from Newmont Corporation (“Newmont”). Mirasol has the
option to earn-in 100% of Inca Gold, subject to a 1.5% NSR royalty
(news release January 13, 2020).
“Two concealed zones at Vania are advancing as
drill targets with coincident geochemical and geophysical anomalies
that have been strengthened with recent IP at Vania North”,
Mirasol’s President, Tim Heenan, commented. “The Vania North and
Vania South zones are controlled along a structural corridor within
a well-endowed district that hosts significant advanced projects
and producing mines.”
The Vania prospect (“Vania”) hosts two separate
Porphyry/IOCG and/or High-Sulfidation Epithermal (HSE) targets
concealed under transported alluvial/colluvial cover in a very
attractive structural architectural setting. Vania is set within a
strong north-northeast structural corridor which hosts the Inca del
Oro porphyry to the south and the expansive El Salvador mining
district to the north.
Figure 1: Location of Inca Gold Project and the
Vania Prospects
Vania North:
The area is characterized by several distinct,
coincident geochemical and geophysical anomalies cradled within an
attractive structural intersection. A recent Electrical IP
Pole-Dipole survey over the anomalies has successfully detected
compelling coincident IP anomalies. Vania North is considered a
high-quality drill target.
A strong coherent geochemical gold anomaly was
originally identified using Newmont`s proprietary Deep Sensing
Geochemical (DSG) sampling system. The DGS system detects concealed
anomalies under transported material by using a highly technical
and effective sampling and analysis procedure, in conjunction with
detailed regolith mapping. Coincident with the DGS gold anomaly is
a strong annular geochemical halo of pathfinder elements (Hg, Nb,
Cd, Ag, Mo, Ni, As) within magnetic depletion zone interpreted to
be controlled by the intersection of NW and NE trending structural
lineaments.
Mirasol’s subsequent reprocessing and
reinterpretation of the Newmont magnetic data clearly delineates a
prominent NE-SW trend of magnetic depletion, coincident within a
long, shallow topographic valley. The magnetic depletion and low
resistivity, identified from the recent IP survey, suggests that
the rocks along this trend may have been subjected to acid-sulphate
leaching and may contain sections of vuggy silica, which are deemed
to be prospective zones for late-stage mineralizing events.
On the western edge of the concealed anomaly,
within the outcropping wall rocks at the edge of cover, alteration
is seen in the form of locally hornfelsed rocks hosting Cu
mineralization in small structures.
Figure 2: Vania North Target – Coincident Ground
MAG, Geochemical and Pathfinder Anomaly
The recent electrical IP geophysical campaign
has highlighted several compelling concealed targets at Vania
North. The geophysical interpretation suggests the potential
existence of HSE-type anomalies, which may represent diatreme and
vein-type structures, possibly underlain by a deeper more
“porphyry-like” geophysical response, which warrants further
evaluation, including drilling. Prior to drilling, which is
scheduled to commence in Q4 2022, Mirasol will complete infill DSG
lines at Vania North to vector into the best areas for the maiden
drill program.
Figure 3: Vania North Target – Potential
Geophysical Targets Generated from Electrical IP Survey
Vania South:
The reprocessing and interpretation of the
magnetic data has resulted in the identification of a second
compelling prospect three kilometers south of Vania North. At the
Vania South target a very discrete and strong concealed magnetic
source exists within the SE corner of the Mag grid, showing smooth
magnetic textures surrounding the main anomaly. Interpretation of
the magnetic data suggests that this may be a very strong magnetic
anomaly that could represent a concealed porphyry target, with the
magnetic source potentially characterizing the potassic-altered
core of an intrusive body and the smooth magnetic border
representing the envelope of hydrothermal alteration.
Figure 4: Vania South Prospect – Reprocessed MAG
Data Identifies Compelling New Prospect
In both the northern and southern areas of the
concealed anomaly and outcropping within the exposed rocks at the
edge of cover, strong alteration exists in the form of local
silicification and pervasive clay alteration as might be expected
at the upper levels above and flanking a porphyry copper system.
Strong mineralization exists in the surrounding rocks at Vania
South and characterized by quartz-tourmaline veinlets with specular
hematite and local copper oxide colours. Geochemical results from
the recent prospecting campaign are pending. This alteration and
mineralization could be peripheral and distal to the concealed
magnetic anomaly, which would indicate a potential concealed
porphyry/IOCG target.
Mirasol has mobilized a crew to conduct an
electrical IP Pole-Dipole survey over the magnetic body to detect
further geophysical features which may identify additional quality
drill targets at the Vania South prospect. As at Vania North,
Mirasol will also complete new DSG lines at Vania South to test for
geochemical anomalies within the surface regolith cover.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company
with 18 years of operating, permitting and community relations
experience in the mineral rich regions of Chile and Argentina.
Currently Mirasol is self-funding exploration at two flagship
projects, Sobek and Inca Gold, both located in Chile. Mirasol has
five partner-funded projects, with First Quantum Minerals, Mine
Discovery Fund and Mineria Activa in Chile, Silver Sands Resources
and Patagonia Gold in Argentina. Mirasol continues to advance a
strong pipeline of highly prospective early and mid-stage
projects.
For further information,
contact:
Tim Heenan, PresidentorTroy Shultz, Vice
President Investor Relations
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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