VANCOUVER, May 7, 2020 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") reports on its trenching program at the Los
Amarillos project in Chile. Assay
results for the channel samples taken along the trenches indicate
that the mineralization is both sporadic and widely spaced, and as
such did not define viable targets for drill testing at this
time.
Norm Pitcher, Mirasol's President
and CEO noted: "The trenching program at Los Amarillos was designed
to give us information about vein width and the potential for
mineralization between the vein structures. Unfortunately, we have
encountered only narrow veins without significant mineralization
between them. We were able to execute this program in a quick, cost
effective manner using a local contractor for the trenching and
utilizing our own IP equipment and crew, which we felt was
justified on a property with year-round access and excellent
infrastructure. There are still some untested areas of the property
which may warrant further work."
During this program, 21 trenches were completed for a total of
1,128m. The trenches were targeting
sub-cropping quartz veins and rock chip and float samples with
anomalous Au and Ag assays. Due to the limited surface exposure the
trenches were excavated to determine the widths of the sub-cropping
veins and the potential for mineralization between vein structures.
The trenches ranged from 1 to 3m deep
and were all successful in exposing bedrock. Channel samples were
taken along the length of the trench wall and sample widths ranged
from 0.2m to 2.0m horizontally.
Figure 1: Los Amarillos Project – Plan Map
Assay results from the trench sampling indicate that the Au and
Ag mineralization in the vein structures does not extend far into
the wall rock between the veins. Geologic mapping of the walls of
the trench show very narrow, mostly under 10cm wide quartz veins
carrying sporadic grades. The veins are boudinaged and brecciated
in shear zones, making them pinch and swell from 1cm to 50cm in
width, and their wide spacing (1 to 20m) is such that a bulk mineable target has not
been identified.
Mineralisation, both on the surface and in the trenches, is
accompanied by boxworks of jarosite, hematite and goethite with
druzy cavities infilled by siderite, features that provided
encouragement during surface field work. In the NW sector of the
project, the banded quartz veins may contain galena, sphalerite and
copper oxides including chrysocolla. One such vein in Trench BR-004
returned the highest grade from the trench sampling; 8.75 g/t Au
over 0.5m, within 3m at 1.68 g/t Au and 6.60 g/t Ag.
During an earlier sampling campaign, small flecks of visible Au
were observed in a surface float sample of selected quartz vein
fragments which assayed 300 g/t Au. Results from follow-up
trenching in the area returned assays of 1.89 g/t Au and 0.82 g/t
Au over 0.8m and 0.6m respectively with flanking zones of
2m assaying to 0.27 g/t Au for an
average of 4.9m at 0.6 g/t Au (Trench
BR-014), demonstrating the high nugget effect in this area of the
prospect.
In addition, a total of 20 line km of Pole Dipole Induced
Polarization in 13 lines with 50m
station spacing (with test lines of 25m spacing) was completed on the project. The
results showed that in some cases the vein swarms produced a
higher resistivity response where surface samples gave low grades,
however most of the veined areas did not produce a discrete
resistivity anomaly which could be used to target continuation of
the veins under cover and at depth.
IP chargeability is generally low, with only some higher
responses over andesites with a high magnetic response and one
stronger anomaly to the north of trench BR-014 from
125-200m deep and 250m wide. The latter response appears to be
associated with a NS trending felsic dyke and could represent a
target for disseminated sulfide mineralization, possibly associated
with a dacite dome some 200m north.
As the nearest trench (BR-014) cut a quartz vein with lower
grade mineralization in the silicified andesite wall rock, this IP
chargeability anomaly may warrant follow up work. Additional field
review of selected chargeability anomalies will assess the
potential for larger, disseminated sulfide targets associated with
rhyo-dacitic domes.
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.
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.