Mirasol Resources Ltd. (TSX-V:
MRZ) (OTC:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to announce an increase to
the independent Mineral Resource Estimate (the
“
Resource”) for its 100% owned Virginia Silver
Deposit (“
Virginia” or the
“
Deposit”) located in the Santa Cruz Province,
Argentina. Discovered by Mirasol in 2009, Virginia hosts a
high-grade, intermediate sulfidation epithermal style
mineralization in a series of prominent outcropping vein-breccias.
The updated Resource builds on the previous amended Resource
estimate released on March 29, 2016.
The Resource contained within nine outcropping
veins of high-grade silver mineralization (Table 1) consists
of:
- An Indicated
Resource totaling 11.7 million ounces silver, average grade of 357
g/t
- An Inferred
Resource totaling 7.9 million ounces silver, average grade of 184
g/t
- Based on a
silver price of US$25 per ounce and a 65 g/t silver cut-off grade
(Table 2). The Resource is reported using a new constraining
resource pit focused on the Vein/Breccia high-grade component of
the mineralization.
“The Virginia Silver Project is a cornerstone
asset within Mirasol’s large portfolio of advanced stage
exploration projects in Chile and Argentina. The overall 30%
increase in silver ounces in the updated Resource estimate from
limited new drilling underscores the project's potential,”
Mirasol’s President, Tim Heenan, commented. “High-grade silver grab
samples collected along strike and also from prospecting multiple
nearby parallel exposed veins highlight the significant upside
potential outside the current Resource.”
Table 1: Vein/Breccia, Diluted Indicated
and Inferred Mineral Resource Tabulation
|
Indicated |
Inferred |
Deposit |
Vein/Breccia |
Vein/Breccia |
Tonnes (000) |
Silver (g/t) |
Silver Oz (000) |
Tonnes (000) |
Silver (g/t) |
Silver Oz (000) |
Julia South |
93 |
420 |
1,250 |
29 |
162 |
153 |
Julia Central |
247 |
278 |
2,207 |
105 |
158 |
532 |
Julia North |
432 |
478 |
6,644 |
4 |
286 |
38 |
Naty |
31 |
165 |
166 |
219 |
166 |
1,169 |
Ely North |
73 |
132 |
310 |
254 |
105 |
861 |
Ely Central |
57 |
302 |
558 |
336 |
253 |
2,975 |
Ely South |
70 |
201 |
451 |
171 |
152 |
833 |
Margarita |
--- |
--- |
--- |
84 |
318 |
861 |
Martina SE |
12 |
188 |
72 |
94 |
143 |
431 |
TOTAL |
1,016 |
357 |
11,659 |
1,326 |
184 |
7,853 |
Notes:
- Mineral resource estimates were
prepared following with the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines (CIM, 2019) and reported
in accordance with the CIM Definition Standards for Mineral
Resources and Mineral Reserves (CIM Definition Standards, 2014).
Mineral Resources are estimated at a cut-off grade of 65 g/t silver
for Vein/Breccia and 250 g/t silver for Halo/Undefined.
- Mineral Resources are estimated
using a silver price of US$25 per ounce. Mineral Resources are
estimated using an average recovery of 80% for silver hosted in
Vein/Breccia and 22% for silver hosted in Halo/Undefined from
preliminary metallurgical studies.
- A dry bulk density was estimated
from the samples using ID3 into 2 m x 2 m x 2 m & minimum
subcell 0.5 m x 0.5 m x 0.5 m blocks coded by domain, and the
non-estimated blocks were assigned a density value of 2.44 t/m3 and
2.09 t/m3 for Halo/Undefined.
- There are no Mineral Reserves
stated or calculated in this report.
- Mineral Resources are reported
within conceptual pit shells with Pit Walls at 50-degree
angles.
- Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
- Rounding as required by reporting
guidelines may result in apparent discrepancies between tonnes,
grades, and contain silver content.
- The effective date of the Mineral
Resource is October 30th, 2023.
- This estimate of mineral resources
may be materially affected by geology, environment, permitting,
legal, title, taxation, sociopolitical, marketing or other relevant
issues.
The nine silver deposits considered in this
mineral resource estimate are mineralized from surface and are
highly oxidized to the lower limit of drilling, at 150m vertical
depth. The primary silver mineral in the vein/breccia is acanthite,
a silver sulphide favourable to conventional metallurgical
processes.
The database for the estimation of mineral
resources consists of the initial 223 drill holes for 23,116.55m,
drilled from 2010 to 2012, and 191 channel samples with 95.67m
reported on SEDAR+ (Earnest & Lechner, 2016). The current
resource estimate incorporates 70 new drill holes from 2020 to
2022, totalling an additional 10,247m. This update was based on a
geological model delivered by Mirasol Resources.
Figure 1: The Location of the Nine Defined
Vein-Breccia Hosted Silver Deposits including the Six New Pits in
the Current Resource Estimate. Other Highly Prospective Vein Zones
to be Drill Tested are also shown
The Mineral Resources estimate is constrained to
pit shells (optimized using the Lerchs-Grossman algorithm) using
parameters outlined in Table 2 below.
Table 2: Conceptual Pit
Parameters
Parameter |
Value |
ORE: 1 (Vein/Breccia) |
|
Silver price (US$/oz) |
25 |
Silver recovery (%) |
80 |
Mining cost (US$/tonne) |
5 |
G&A cost (US$/tonne) |
30 |
G&A cost (US$/tonne) |
4 |
Pit slope angle (degrees) |
50 |
ORE: 2-3 (Halo/Undefined) |
|
Silver recovery (%) |
22 |
Table 3: Mirasol Virginia Silver Project
Resource Statement including the Halo/Undefined Zone
Category |
Tonnes (000) |
Silver Grade (g/t) |
Contained Metal Silver Oz (000) |
Indicated |
1,016 |
357 |
11,659 |
Inferred |
1,370 |
190 |
8,389 |
In the Halo/Undefined zone with a recovery of
22%, the Resource pit declared in this report uses the conceptual
pit parameters, assuming that the Halo/Undefined silver
mineralization can be recovered with a cut-off grade greater than
or equal to 250 g/t silver, increasing the Inferred Resource by 0.5
million ounces to 8.4 million ounces.
These Halo/Undefined Inferred Resources
primarily exist adjacent to the Vein/Breccia bodies in form of a
halo, supporting the importance to continue metallurgical testing
to increase the confidence of the Virgina Resource and to evaluate
the metallurgical behavior in the recovery of silver across the
Deposit.
The Company has filed an independent technical
report prepared in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”), “NI
43-101 Technical Report and Updated Mineral Resource Estimate for
the Virginia Silver Project in Santa Cruz Province, Argentina”,
with the effective date of 30 October 2023, supporting an increase
to the Resource on www.sedarplus.ca and the report can be found on
the Company’s website at
https://mirasolresources.com/projects/mirasol-exploration/virginia/.
The updated mineral resource estimate was
completed by Julio B. Novillo, Ph.D., PGeo., Principal Geologist,
and José A. Bassan, MSc., PGeo., Principal Geologist, located in
Rio Negro and Córdoba, Argentina respectively and both are
Directors of Patagonia GEOSCIENCES. They are both Independent
Qualified Persons’ as defined by National Instrument 43-101
Standard Disclosure for Mineral Projects who reviewed and validated
the resource model previously prepared (original Virginia Mineral
Resource Report dated January 23, 2015 and the Amended Resource
Report dated February 29, 2016). The resource estimates were
prepared following with the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines (CIM, 2019) and reported
in accordance with the CIM Definition Standards for Mineral
Resources and Mineral Reserves (CIM Definition Standards,
2014).
Exploration Potential Beyond the Defined
Resource to Expand Mineralized Footprint
Future drilling at Virginia will focus on
increasing the inferred silver resources. The potential exists to
increase the overall deposit by continuing to drill along strike
and at depth of the silver veins included in the current
resource.
In addition, Mirasol’s plans to advance
exploration of new and proximal vein prospects, which are already
known to host high-grade silver from previously collected surface
samples (news release dated May 10, 2018). These new vein
occurrences located within close proximity to the east, south and
north with limited or no drilling are considered to have the
highest potential to add significantly to the Inferred Resource.
and are. Focused geological mapping, detailed geochemical sampling
and geophysics will guide future drilling for the potential
discovery of new mineralized zones.
Metallurgical Testing to Integrate
Significant Surrounding Halo Mineralization
Halo/Undefined mineralization adjacent to
Virginia's veins-breccias, which host the current Resource,
represent a significant volume of material with an average grade of
55 g/t silver. This Halo/undefined silver mineralization with low
recoveries from the initial metallurgical test work completed to
date (≤22%). However, because of the significant volume of this
Halo/Undefined material metallurgical testing looking to improve
and increase the silver recoveries is currently ongoing with the
goal of developing a suitable processing method for this
material.
Technical Reports Notes
The original Mineral Resources referenced in
this press release regarding the Virginia Project refers to the
technical report: "Virginia Project, Santa Cruz Province, Argentina
- Initial Silver Mineral Resource Estimate", with an effective date
of January 23, 2015, and authored by Donald F. Earnest P. Geo.
(Independent Qualified Person) and Michael J. Lechner, P.Geo.
(Independent Qualified Person).
The amended Mineral Resources referenced in this
press release regarding the Virginia Project refers to the
technical report: "Amended Technical Report, Virginia Project,
Santa Cruz Province, Argentina - Initial Silver Mineral Resource
Estimate", with an effective date of February 29, 2016, and
authored by Donald F. Earnest P. Geo. (Independent Qualified
Person) and Michael J. Lechner, P.Geo. (Independent Qualified
Person).
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
QAQC: Mirasol applies
industry-standard exploration sampling methodologies and
techniques. All geochemical rock and drill samples are collected
under the supervision of the company’s geologists following
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,
representing 5%, 4% and 5% of the samples, respectively).
Drill composites were calculated using a cut-off
of 65 g/t Ag. Drill intersections are reported as true thicknesses.
Drill samples were assayed by Alex Stewart Laboratories ALS Limited
in Mendoza, Argentina, which complies with certification ISO
9001:2015 and accreditation ISO 17025:2017, for silver by Fire
Assay of a 30-gram (1 assay ton) charge with an AA finish, or if
over 100 g/t Ag were re-assayed and completed with a gravimetric
finish. For these samples, the gravimetric data were utilized in
calculating silver intersections.
Fire Assay analyzes samples for both Au and Ag
and also by ICP MS, including a package of 48 elements.
Drill core samples have an average 1.2m length
before composite and 1.9m in length after composite of Vein/Breccia
and Halo/Undefined, and the core diameter is generally HQ/HQ3. The
samples are delivered to the laboratory by Mirasol personnel, a
private courier, or a dedicated laboratory
pick-up service.
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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