VANCOUVER, Jan. 16, 2020 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to provide an update on the drilling
activities at its Gorbea Gold project in Northern Chile, completed by Newcrest Mining
Limited (ASX:NCM) ("Newcrest") under the option and farm-in
agreement announcement last year. Since the commencement of this
season's drill program in October
2019, Newcrest has drilled seven diamond drill holes for a
total of 3,148m drilled. Of these
seven holes, two were lost due to drilling conditions, with one
hole twinned and the second terminated prior to reaching the
planned depth. Newcrest is currently drilling an eighth hole and
Mirasol looks forward to providing an update as additional assay
results are received along with a more detailed geological
discussion on the outcome of this year's program (figure 1).
Assay results have been received from the first four holes from
this year's program, with best assay intervals including:
- ATL-DDH-001A: 164m @ 0.52
g/t Au and 6.81 g/t Ag from 372m,
including:
14m @ 1.07 g/t Au and 7.18 g/t
Ag from 372m, and
16.5m @ 1.31 g/t Au and 7.82 g/t
Ag from 402.5m
- ATL-DDH-004: 20m @ 0.28 g/t Au
and 15.96 g/t Ag from 393m,
and
5m @ 0.31 g/t Au and 4.22 g/t
Ag from 462m
ATL-DD-001A is a twin hole for ATL-DD-001 which was lost at
391m during the last field season.
Mirasol previously reported on July 24,
2019, assay results from this hole with 19.3m @ 0.89 g/t Au from 372m, including 13m
@ 1.1g/t Au from 372m.
Norm Pitcher, President and CEO
of Mirasol stated: "We continue to hit long intervals of alteration
and mineralization at the Atlas property. While we have received
encouraging assay results from the holes reported to date, the
geologic interpretation of the results is at an early stage and
will not be complete until results from the last few holes are
available. As such, it is too early to conclude whether the
Newcrest holes represent a lower grade halo around the higher-grade
mineralization encountered in our previous partner hole DH15 or
simply a lower grade portion of the main system. There are still
significant untested gaps within the mineralized envelope of
sufficient size to host a higher grade potentially economic core.
We look forward to working with Newcrest as the project
advances."
Table 1: Significant Intersections from the 2019/2020
drilling program:
Hole
ID
|
Total Depth
(m)
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(ppm)
|
Ag
(ppm)
|
Cut Off
*
|
ATL-DH-001A
|
560m
|
372
|
536
|
164
|
0.52
|
6.81
|
0.3 g/t
AuEq
|
|
Incl.
|
372
|
386
|
14
|
1.07
|
7.18
|
1
g/t
AuEq
|
|
Incl.
|
402.5
|
419
|
16.5
|
1.31
|
7.82
|
1
g/t
AuEq
|
ATL-DH-003
|
167.8m
|
Hole did not reach
target area.
|
ATL-DH-003A
|
436m
|
Twin hole - No
mineralization to report
|
ATL-DH-004
|
530.2m
|
393
|
413
|
20
|
0.28
|
15.96
|
0.3g/t
AuEq
|
|
|
462
|
467
|
5
|
0.31
|
4.22
|
0.3g/t
AuEq
|
ATL-DH-005
|
379.45m
|
Hole did not reach
target area. No mineralization to report
|
ATL-DH-006
|
575.1m
|
Assay Result
Pending
|
ATL-DH-007
|
500m
|
Assay Result
Pending
|
Additional Explanatory Notes:
* AuEq is the sum of the value of Au and Ag calculated as an Au
equivalent g/t value via the formula:
Au assay in g/t + (Ag assay in g/t ÷ 80)
About Mirasol Resources Ltd
Mirasol is a premier project generation company that is focused
on the discovery and development of profitable precious metal and
copper deposits, operating via a hybrid joint venture and
self-funded drilling business model. Strategic joint ventures with
precious metal producers have enabled Mirasol to maintain a tight
share structure while advancing its priority projects that are
focused in high-potential regions in Chile and Argentina. Mirasol employs an
integrated generative and on-ground exploration approach, combining
leading-edge technologies and experienced exploration geoscientists
to maximize the potential for discovery. Mirasol is in a strong
financial position and has a significant portfolio of exploration
projects located within the Tertiary Age Mineral belts of
Chile and the Jurassic age gold
and silver district of Santa Cruz Province
Argentina.
Qualified Person Statement: Mirasol's disclosure of technical or
scientific information in this press release has been reviewed and
approved by Norm Pitcher, P.Geo.
President and CEO for the Company. Mr. Pitcher serves as a
Qualified Person under the definition of National Instrument
43-101. Newcrest is the operator for the Gorbea project, and
Mirasol relied on their internal quality control and quality
assurance protocols.
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. 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.
SOURCE Mirasol Resources Ltd.