Mirasol Resources Ltd. (TSX-V:
MRZ) (OTC:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to report that the maiden
drill program has been launched at the Vania South prospect on the
Inca Copper-Gold Project (“Inca Gold”) in Chile. The Vania South
zone is controlled along a major north-northeast regional
structural corridor which hosts the Inca del Oro porphyry to the
south and the expansive El Salvador mining district to the north.
Vania South is located at an important intersection of two
important faults, which appear to control the emplacement of this
magnetic anomaly.
“Vania South is a compelling drill target that
has the characteristics of a concealed porphyry intrusive body
hosted along a major structural corridor within a well-endowed
world-class copper district. Supported by the recently completed
Airborne Mobile MT survey, IP Ground geophysics, geochemical soil
survey and select high-grade rock chip samples, the Vania South
prospect was elevated as the top priority target for drilling,”
Mirasol’s President, Tim Heenan, commented. “In addition, exciting
new targets have been defined, specifically Vania East with a
strong magnetic signature that is a mirror image of Vania South and
is located along the same structural trend.”
Inca Gold is a large 16,300-hectare property
package located at a relatively low altitude of 2,300m (ASL) in the
Paleocene belt of Chile with year-round access and nearby
infrastructure. Pursuant to an Agreement between Mirasol and
affiliates of 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).
Figure 1: Location of Inca Gold Project and the
Vania Prospects
Airborne Mobile MT Geophysical Survey
Outlines High-Priority Targets
Mirasol completed a 378-line km Airborne Mobile
MT survey (53 sq.km) covering the entire Vania prospect at Inca
Gold, including the Vania South and North prospects as well as the
recently defined Vania East and SW prospects, with tightly spaced
(100m) helicopter flight lines over the principal targets.
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 several MT anomalies and the interpretation suggests they
may represent hydrothermal alteration overlying and surrounding
concealed intrusive centers.
Vania South Prospect Prioritized for
Drilling
Vania South was selected as the priority target
because of the coincident geophysical survey and geochemical
surface results along with its location at the intersection of two
prominent structural trends. As previously reported, the
reprocessing and re-interpretation of the original Newmont ground
magnetic (“Mag”) data resulted in the identification of the Vania
South anomaly located 3 km south of Vania North (news release
September 7, 2022). At the Vania South target a concealed and very
strong, discrete magnetic response exists within the southeast
corner of the Mag grid, showing smooth magnetic textures
surrounding the main anomaly (news release December 8, 2022). Vania
South displays a very interesting and strong magnetic high response
in the analytical signal, and a very compelling target in the
magnetic susceptibility processing. Interpretation of the Mag data
suggests that this very strong magnetic anomaly may represent a
concealed copper 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 2: Vania Prospects – Ground Magnetics
Outline Compelling Copper Porphyry Target
Coincident with the northern part of this set of
Mag anomalies is a strong conductivity anomaly which was outlined
by the Airborne Mobile MT geophysical survey. Vania South is
located along the intersection of two very prominent structural
trends, the north-south trending Quebrada Vasquez fault and the
east-northeast trending Pique Seco fault. A large copper soil
anomaly identified from the deep sensing geochemistry (DSG) survey
results, resides above the geophysical anomalies in the
alluvial/colluvial transported cover.
The first hole at Vania South is designed to
pass through the horizontal resistive layer, which may represent a
lithocap, and continue to penetrate the large magnetic anomaly, the
MT conductivity anomaly, both of above-mentioned controlling fault
structures and the surface geochemical anomaly. The magnetic
anomalies appear to reside in the downthrown block (hanging wall)
of a large north-northeast structural trend which may separate the
basement block on the west side, and the downthrown block on the
east side, in a typical horst/graben type structural environment.
The Vania South target appears to host characteristics similar to
concealed porphyry intrusive bodies, in a very attractive
structural setting.
Figure 3: Vania South Prospect
– Drill Targeting Multiple Geophysical Anomalies and
Structural Controls
New Emerging Vania East and Vania SW
Targets
The reprocessing and re-interpretation of the
original Mag data resulted in the definition of a new previously
unknown prospective target at Vania East. In addition,
reinterpretation of geochemical survey data outlined a
multi-element geochemical soil anomaly at Vania SW. Mirasol has
recently completed a detailed Pole-Dipole IP geophysical survey at
Vania East, and a detailed ground magnetic survey at Vania SW. Both
Vania SW and East are localized along a strong north-northeast
structural trend. It is important to note that the Vania East
target is a mirror image of Vania South and is located along the
same structural trend.
Presenting at Beaver Creek Precious
Metal Summit - Webinar
Mirasol is participating at the 2023 Precious
Metals Summit in Beaver Creek Colorado from September 12 to 15,
2023 (www.precioussummit.com). The webinar presentation with Tim
Heenan, the Company’s President will be available on the Mirasol
website following the conference on September 15, 2023.
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 is currently self-funding exploration at two flagship
projects, Sobek and Inca, both located in Chile and controls 100%
of the high-grade Virginia Silver Deposit in Argentina. 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.
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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