Mirasol Resources Ltd. (TSX-V:
MRZ) (OTC:
MRZLF) (the “
Company” or
“
Mirasol”) reports on progress of the exploration
program and drill results from the maiden drill program launched at
the Vania prospects on the Inca Copper-Gold Project (“Inca Gold”)
in Chile (news release September 11, 2023). The Vania North and
Vania South zones are 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.
The maiden drill program at Vania was designed
to test for potential concealed porphyry intrusive bodies under
transported alluvial/colluvial gravel cover. The drill targets were
supported by the recently completed Airborne Mobile MT survey, IP
Ground geophysics, geochemical soil survey and select outcropping
high-grade rock chip samples peripheral to the concealed targets.
Two drill holes were completed, with the first drill hole at Vania
South (VANS-DDH-001) reaching a depth of 580 meters, and a second
drill hole at Vania North (VANN-DDH-001) reaching a maximum depth
of 346 meters.
“Intersecting anomalous copper and peripheral
‘green rock’ distal alteration from an initial test hole for a
concealed porphyry intrusive body is encouraging and indicates a
possible nearby source at Vania North,” Mirasol’s President, Tim
Heenan, commented. “The Inca Project is located in a very
well-known and productive copper and gold mining district. Several
additional high-quality concealed targets warrant follow-up, and we
are currently evaluating our next steps at this prospective copper
property.”
Inca Gold, which hosts the Vania Prospect, 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 Copper-Gold Project
and the Vania Prospects
Vania North Prospect Drill Result
Highlights
The drill hole targeting the Vania North
prospect (VAN-DDH-001) penetrated 180 vertical meters through
Atacama Formation, with gravels and intercalations of ignimbrites,
appearing as a conductive layer in IP-PDP resistivity sections. The
mineralized section with elevated copper values is coincident with
a high chargeability zone, albeit low values (3 mV/V). The
extensive Atacama gravel cover may be acting as a buffer, affecting
the response.
Starting at a depth of 265 meters, the drill
hole intercepted a dioritic intrusive with silica-magnetite
alteration, accompanied by the presence of pyrite, and lesser
chalcopyrite. The drilling intercepted 34 meters with 0.0205%
copper (205 ppm) and a deeper interval showed another zone of
interest, giving 34 meters, including 0.0205% copper (205 ppm).
Table 1: Inca Project Vania North Prospect Reported Drill
Results
Table 2: Inca Project Vania North Prospect Compiled Drill
Intercepts of Interest
Hole ID |
From |
To |
Interval (m)1 |
Copper ppm |
Azimuth |
Dip |
Depth (m) |
VANN-DDH-001 |
264.2 |
298.0 |
33.8 |
204.73 |
270 |
-50 |
345 |
VANN-DDH-001 |
274.6 |
282.1 |
7.5 |
612 |
270 |
-50 |
345 |
VANN-DDH-001 |
276.0 |
276.5 |
0.5 |
2420 |
270 |
-50 |
345 |
Notes: 1 Reported interval length are down hole widths and not
true widths.
The predominant “green rock” alteration in the
drillhole corresponds to chlorite, epidote, and calcite, indicating
propylitic alteration, typical of distal or peripheral zones of the
porphyry alteration model.
The alteration identified in these
copper-anomalous intervals corresponds to chlorite-sericite and is
characterized by spectroscopy data showing chlorite and phlogopite,
potassium and magnesium-rich micas, as well as the presence of
quartz-pyrite-magnetite, possibly related to a potassic alteration
zone at depth.
The mineralized sections with elevated copper
values, are coincident with a chargeability zone, although the
chargeability values are not very high (3 msec). This anomaly is
located 180 meters beneath the Atacama gravel cover, which may be
acting as a buffer to the chargeable response.
Vania South Drilling
Highlights
The drilling at Vania South provided valuable
information about the lithologies and associated alteration at this
target. The intersection of hypabyssal porphyritic bodies, as well
as the presence of propylitic and possible indications of potassic
alteration, suggests the presence of a hydrothermal system active
in this area.
The geology intersected by the Vania South drill
hole included an upper volcano sedimentary sequence, passing into a
microdiorite from 155 meters to 210 meters, transitioning into a
diorite with propylitic alteration, exhibiting chlorite, epidote,
and calcite filled fractures. The diorite is moderately to strongly
magnetic and this magnetic response was one of the principal
justifications for this drill hole, targeting a possible highly
magnetic potassic core of a mineralized porphyry. The diorite hosts
zones of magnetite/pyrite veinlets and disseminated sulphides.
The dioritic lithologies continue to 470 meters,
and towards the end of this section there is an increase in
magnetite and pyrite veinlets, as well as disseminated sulfides. At
a depth of 471 meters a felsic monzonitic intrusive was intersected
which continued to the end of the hole. This monzonite possibly
represents a late intrusive event within the system.
Petrology is currently being done on the felsic
monzonite to determine if the potassium feldspars may be a result
of potassium alteration. Quartz, magnetite, and pyrite veinlets
were recognized, possibly transitioning into a more phyllic
alteration displaying “patchy” sericite/chlorite towards the end of
the hole. No significant copper values were encountered in the
Vania South drill hole apart from a narrow section (274.5 to 276.4
meters) with copper from a narrow veinlet hosting chalcopyrite.
Untested targets at the prospect include Vania
East and Vania Southwest, and also a porphyritic quartz diorite
outcrop coinciding with a significant chargeability anomaly (up to
14 mV) located to the southeast of Vania South with surface
rockchip anomalies up to 3440 ppm copper and 1 g/t gold. Mirasol is
currently evaluating options to test these additional targets at
the Vania prospect.
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.
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 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,
representing 5%, 4% and 5% of the samples respectively). Standards
and blanks are inserted randomly in all drill core batches that are
submitted to the laboratory, while duplicates are done on both the
coarse reject (2.5%) and pulps (2.5%). Drill core samples have a
minimum of 0.50m and a maximum of 2.00m in length. Samples are
dispatched for analysis to ALS Laboratories in Chile, an ISO/IEC
17025:2017 accredited laboratory, which is independent from the
Company. The samples are delivered to the laboratory by Mirasol
personnel, a dedicated private courier, or by the dedicated
laboratory pick-up service. Core diameter is generally HQ/HQ3 and
samples are analysed by Fire Assay for both Au and Ag and also by
ICP MS including a package of 48 elements.
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0b47568-5bb7-466d-b70d-de563839eb78
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