Mirasol Resources Ltd. (TSX-V:
MRZ) (OTC:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to report the signing of an
Option Agreement (“Agreement”) with Cerro Vanguardia SA Gold-Silver
Mine (“CVSA”) owned by AngloGold Ashanti (92.5%) and FOMICRUZ S.E.
(7.5%) for the exploration of Mirasol’s Claudia Gold-Silver Project
(“Claudia”), located directly south of the CVSA Gold-Silver Mine in
the province of Santa Cruz, Argentina.
“The Agreement with CVSA demonstrates the
potential for continued discovery and resource development at
Claudia,” Mirasol’s President Tim Heenan stated. “The 2%
royalty has the potential to offer significant near-term value to
Mirasol shareholders as resources defined at Claudia could be
processed quickly and efficiently at the nearby Cerro Vanguardia
mill.”
Figure 1: District Regional Map
The extensive 65,192-hectare Claudia Gold-Silver
Project is a highly prospective, low sulphidation epithermal (LSE)
gold/silver project, located in the Deseado Massif of Argentina’s
Santa Cruz province, directly adjacent to the southern border of
the producing CVSA Mine. Five distinct prospective vein trends have
been identified at Claudia including the Curahue Vein Field and the
Rio Seco Prospect. In 2012, Mirasol discovered the large northwest
trending 15-kilometer long Curahue vein field, which may be
considered a southern parallel structure, similar to the
controlling structures further north at the Cerro Vanguardia vein
field. Curahue hosts six isolated vein segments. Claudia also hosts
two shallow paleo-surface expressions of “sinter fields” at both
Calandria and Rio Seco. These sinters are considered attractive
targets as any mineralized structure found beneath would be
completely preserved and not reduced by erosion. Neither of these
sinter occurrences have been drilled to date. The exploration
potential of the Claudia Project, particularly along the largely
untested Curahue and Rio Seco trends, show clear potential for
Vanguardia-style vein-hosted epithermal gold-silver
mineralization.
Figure 2: Principal Prospects and Mineralized
Trends
Terms of the Claudia Option
Agreement
a) Within the first two years of the Agreement
CVSA may complete such mapping and sampling, trenching and
geophysics as required in its absolute discretion to develop drill
targets, and fulfill a minimum drilling commitment of 2,500 meters
diamond drilling; and then CVSA will have the option, subject to
the term of the agreement, to:
1) Complete within
three years, not less than an aggregate of 6,000 meters of diamond
drilling;
2) Complete within
four years, not less than an aggregate of 12,500 meters of diamond
drilling;
b) Upon completion of the above commitments,
CVSA shall have the right to exercise the Option under the
Agreement and subject to the terms of the Royalty Agreement, CVSA
shall grant Mirasol a 2% Net Smelter Royalty on future production
from the Claudia Project.
History at Mirasol’s Claudia
Property
The Claudia Project was originally staked in
2004 as part of Mirasol’s Santa Cruz exploration program. Mirasol,
in conjunction with various joint venture (JV) partners, has
completed over 19,000 meters of combined reverse circulation (RC)
and diamond core (DDH) drilling, more than 4,000-line kilometers of
ground magnetometry, 249-line kilometers (43 km2) of gradient array
IP geophysics covering six separate blocks, almost 100-line km’s
electrical IP- Pole-di-Pole geophysical lines, collected over 3,500
rock chip samples, 4,500 rock trench channel samples from 200
trenches, close to 1000 MMI geochemical soil samples and 1,500km2
in detailed geological mapping.
Between 2006 and 2010 two phases of drilling
were completed with a JV partner, including 3,794 meters of
drilling in 26 holes and 3,168 meters of RC drilling in 25 holes.
Drilling results from these campaigns included multiple intercepts
with greater than 100 g/t silver, including five intercepts from
118 g/t silver to 217 g/t silver and up to 1.3 g/t gold.
During 2012, Mirasol’s inhouse exploration team
expanded and defined the impressive 15 km long Curahue vein
trend, which is largely concealed by shallow gravel cover (<5m)
and is seen to host six large individual vein trends, namely the
Europa, IO, Ganymede, Callisto, Themisto and Sinope segments. Large
extensions of these trends have been traced under cover by
electrical IP (Gradient Array) geophysical campaigns.
Figure 3: Curahue Trend – Principal Mineralized
Vein Segments and Themisto Chargeability Target
At the Rio Seco prospect, located on the
easternmost part of Claudia, Mirasol’s early prospecting discovered
the first outcropping veins at Claudia where select surface samples
returned up to 20.1 g/t gold and 1,175 g/t silver from the “J
Vein”. Saw-cut channel and trench intersections returned 0.7 meters
at 13.9 g/t gold and 229 g/t silver and 10.5 meters of
1.9 g/t gold and 22 g/t silver from mineralized zones
along the expansive Rio Seco vein field (see news release June 14,
2012).
During Q2 2012, Mirasol drilled a total of 2,599
meters in 25-holes. The best results included individual assays of
up to 0.83 meters at 6.59 g/t gold and 139.3 g/t silver
(9.12 g/t gold equivalent) and broad intersections of
anomalous gold and silver up to 15.3 meters of 0.29 g/t gold
and 50.9 g/t silver (1.22 g/t gold equivalent) (see news
release March 4, 2013).
During 2016/17, under a previous JV with CVSA, a
combined 7,525 meters of RC and DDH drilling was completed at
Claudia. The majority of the drilling was focused along a
2.2-kilometer section of the “IO vein”, one of the six prospects
identified to-date along the 15 km long Curahue trend (see
news release December 16, 2016 and February 17, 2017).
A major “milestone” of the CVSA
drilling at the “IO” vein was the discovery of a 600 meter
long, open-ended mineralized body hosting silver/gold
mineralization which starts a few meters below surface and has been
drill tested to a vertical depth of 135 meters. This strongly
mineralized trend requires follow-up work both downdip and along
the strike of the structure. Highlight results included:
High-grade
vein: 0.6 m at 11.72 g/t gold and
1,224 g/t silver.Vein and veinlet
composite: 9.3 m at 1.40 g/t gold
and 134.6 g/t silver.
From October 2017 through March 2019,
Mirasol with a JV partner drilled 2,529 meters in 12 holes at
Claudia. Drilling completed to July 2018 focused mostly at the
Curahue prospect, with 10 DDH holes totaling 2,270 m
completed, to test targets on
the Europa, IO, Themisto and Callisto segments,
along the extension of the Curahue trend.
Drill results from the Curahue prospect, Europa
and IO vein trends include 0.6 m at 0.08 g/t gold and
610.0 g/t silver, 0.55 m at 1.15 g/t gold and
22.9 g/t silver; and 0.9 m at 1.95 g/t gold and
5.7 g/t silver from the Cilene prospect (see news
release September 17, 2018).
Following termination of that JV, Mirasol
completed additional surface exploration work resulting in the
definition of new drill targets that remain to be tested. A total
of 249 new rock chip samples were collected from the Curahue trend,
with results up to 7.99 g/t gold and 69 g/t silver. In
addition, two new IP geophysical surveys, focused on the Curahue
and Themisto prospects, were completed extending existing survey
coverage at Claudia (see news release May 8, 2019).
Rubi Copper Project in
Chile
Mirasol today also announces that the option
agreement on the Rubi Copper Porphyry Project in Chile (“Rubi”)
with Mine Discovery Fund Pty Ltd. (“MDF”), a private Australian
company, has been terminated. MDF exceeded its contractual minimum
commitment by spending US$890,000 on exploration during the term of
the option agreement (see news release dated October 15, 2020). The
exploration program included field mapping, surface sampling,
geophysics and 1,887 meters of drilling at the Lithocap and Zafiro
targets. Having recovered an undivided 100% interest in Rubi,
Mirasol is evaluating options to refine remaining drill targets at
Rubi and is currently in discussions with potential alternative
partners to drill test these targets.
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.
Mirasol controls 100% of the high-grade Virginia Silver Deposit in
Argentina and is currently self-funding exploration at two flagship
projects, Sobek and Inca Gold, both located in Chile. Mirasol also
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 RelationsTel: +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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