Mirasol Resources Ltd. (TSX-V:
MRZ) (OTC:
MRZLF) (the “
Company” or
“
Mirasol”) reports that results from the
preliminary drill program at the Company’s 100%-owned Sobek
Copper-Gold Project (“Sobek”) in the Vicuña Copper-Gold-Silver
District of Chile were inconclusive as the first drill holes did
not reach the desired targets. Drilling was suspended with the
onset of winter weather in the high Andes. The drill program was
initiated late in the season when road construction allowed access
for the drill rig (see news release dated June 27, 2023). The
initial targets will require follow-up drilling and several other
priority targets will also be drill tested when the campaign
resumes in Q4 2023.
Sobek was originally staked by Mirasol based on
prospective local geology and attractive structural architecture
prior to the 2021 discovery of the high-grade feeder zone at the
Filo del Sol gold-copper deposit located 7 km to the east and NGEx
Minerals discovery at Lunahuasi (formerly Potro Cliffs) 3 km to the
east.
Figure 1: High-Profile Vicuña Copper-Gold-Silver
District Regional Map
“Mirasol is the only junior exploration company
actively drilling in the middle of the high-profile Vicuña
Copper-Gold district in northeast Chile where extraordinary
discoveries continue to be made. In the interest of safety, our
maiden drill campaign was suspended due to the onset of winter
weather before we could adequately test our first targets. However,
these early results have provided some important structural data
which will help to refine our drill plans,” Mirasol’s President Tim
Heenan stated. “We have only just started to scratch the surface at
Sobek and high-priority targets of massive scale remain to be drill
tested. We are excited to resume drilling in just a couple of
months as soon as the weather allows for access.”
Sobek Central – Advancing Maiden Drill
Campaign
The first two drill holes at Sobek aimed to test
the first of several high-priority targets but results were
inconclusive as the program was halted before reaching the intended
targets.
At Sobek Central, drill hole SB-DDH-001 was a
structural target, testing for the source of the surface soil grid
anomalies over and around the Central Breccia Zone, and also the
source of the intensely phyllic altered porphyry clasts hosted
within the breccia. The drill hole was stopped at a depth of 352m
when it passed through a structural fault zone hosting strong
calcite/gypsum stockworks. Follow-up drilling will aim to test the
target from the opposite direction. Interpretation suggest that the
structural source of the breccia may have flattened out resulting
in the hole being drilled parallel and underneath the structure, or
the structure may have pinched-out at depth within the fault
zone.
Also, at Sobek Central, drill hole SB-DDH-002
targeted the northern cusp of the massive northern-most MT anomaly.
For safety reasons, drilling was halted at a depth of 586m before
it reached the intended target. Based on the weak to moderate
“green rock” peripheral propylitic style of alteration and the lack
of consistent mineralization, the target has been refined and the
drill collar will now be repositioned to start at a lower elevation
to reach the center of the target more efficiently. The massive MT
anomaly is elongated in a NW-SE direction and is 2km by 1km in
size. The drill hole only reached the outer fringes of the target
when it was halted. 3D line-based sections from the Mobile MT data
are also currently being analyzed in detail to identify the best
zones of this extensive target to be drill test.
Figure 2: Sobek Central - Large Mobile MT
Anomalies and Refined Drill Targeting
Construction of the drill access road will
resume early in Q4 2023. Once completed, there will be unrestricted
access to all the targets at Sobek Central.
Airborne Mobile MT Geophysical Survey
Outlines Several High-Priority Targets
Mirasol completed a 500-line km Airborne Mobile
MT survey (75 sq.km) covering the entire Sobek Central area and a
small area of Sobek North (13 sq.km) prior to demobilization of the
MT system. The Airborne Mobile MT has high-definition depth
penetration to greater than 800m depth below surface and has been
proven effective in defining targets in high-sulfidation epithermal
(HSE) and porphyry systems elsewhere in Chile. The survey has
outlined a very striking cluster of MT anomalies and the
interpretation suggests they may represent intrusive centers. The
Central Breccia, and both the VN-Zone and VN-Zone North targets lie
on the peripheral rims of these oval shaped MT responses.
VN-Zone and Other Priority Targets
The VN-Zone was elevated as a high priority
target late in the season when high gold grades were recovered from
prospecting, with results up to 5.0 g/t gold and 2,200 ppm copper
being sourced from select grab samples (see news release dated June
27, 2023). The VN-Zone sits on the northern outer cusp of a second
very large oval shaped Mobile MT anomaly, with dimensions of 1.5km
x 2.0km which is interpreted to represent a prospective intrusive
center. To determine the best location and orientation of the first
holes to drill test the massive anomaly multiple line-based 3D
sections of the data have been generated and are currently being
analyzed. Detailed mapping and drilling of this strongly
mineralized sheeted vein zone will be a primary focus of next
season’s campaign.
Another new occurrence of mineralized “M” veins
(VN-Zone North) was exposed along the road cut enroute to the
VN-Zone. The VN-Zone North is located approximately 1.4 km
north-northeast of the VN-Zone and sits on the eastern edge of the
northern-most Mobile MT anomaly. Samples collected from the
road-cut exposure returned values of 1.37 g/t gold and 663 ppm
copper, and 0.54 g/t gold and 411 ppm copper These strong gold
results are all sourced from sheeted “Maricunga Type”
quartz-magnetite veinlets with argillized margins. The “M” veinlets
contain anomalous values of associated copper mineralization (2,220
ppm), which is typical in Chilean gold-copper “Maricunga Type”
porphyry deposits.
Sobek North Block surface exploration is also
planned over priority targets at the El Potro Zone located
approximately 3 km west of NGEx’s new Lunahuasi discovery. This
will include electrical surface-based IP geophysics over the
recently discovered El Potro East zone which has returned very
encouraging geochemical results from rock chip samples, including
up to 4.3g/t gold and 26 g/t silver from HSE type intensely altered
and silicified areas, located above the more copper/molybdenum
porphyry-like style of mineralization which returned 0.65% copper
and 105 ppm molybdenum (see news release dated June 27, 2023). This
area is scheduled to be drill tested in the early part of the
Q1-2024. The maiden drill campaign is expected to resume in Q4 2023
with another 3,400m of drilling planned to test priority targets
starting at Sobek Central and continuing to Sobek North (El Potro
Zone).
Figure 3: Drill Targeting Compelling Mobile MT
Anomalies at Sobek Central VN
Zone and Sobek North
High-Profile Vicuña
Copper-Gold-Silver District
Sobek was staked in 2016 based on the
prospective geological environment and the local structural
architecture with a compelling north-northeast trending mineralized
structural corridor crosscut by a north-northwest trending
deep-seated trans-cordilleran lineament. This is a common
structural configuration hosting several southern Andes metal
deposits in both Chile and Argentina.
Sobek comprises a large block of property
totaling 11,120 ha of exploration claims in three strategic
locations, the North, Central and South blocks within the
Vicuña Copper-Gold-Silver District. The
high-profile district includes multiple deposits in close proximity
of Sobek, including the Filo del Sol mid-Miocene
epithermal porphyry gold-copper deposit 7 km to the east; the
recent NGEx discovery at Lunahuasi (formerly Potro
Cliffs) 3 kilometers to the east, the Josemaria
copper-gold project 10 km to the east-northeast; the Los
Helados Porphyry copper-gold breccia system 20 km to the
northeast; and the giant Eocene El Morro Porphyry
copper-gold deposit 16 km to the west-southwest.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company
with 19 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 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.
QAQC: Mirasol applies industry
standard exploration sampling methodologies and techniques. All
geochemical rock chip, soil, and stream sediment 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) submitted to the laboratory. Samples were dispatched to
ALS Global - Geochemistry Analytical Lab, in Santiago, Chile, an
ISO 9001:2015 accredited laboratory, which is independent from the
Company. Rock chip samples (1-3kg) were prepared with PREP31, and
analysed by Au_ICP21 and ME-MS61. The soil samples were prepared
with PUL-31, analysed by Au_ICP21 and ME-MS61. Assay results from
rock chip, soil stream sediment, channel, trench, and drill core
samples may be higher, lower or similar to results obtained from
surface samples due to surficial oxidation and enrichment processes
or due to natural geological grade variations in the primary
mineralization.
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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