Shares Issued and Outstanding: 54,156,043
TSX-V: MRZ
OTCPK: MRZLF
- Detailed Mapping and Sampling Program Completed
- Drill Targets Selected at Sandra Prospect
- 1,500m Self-Funded Drill
Program Scheduled for Q1 2021
VANCOUVER, BC, Nov. 25, 2020 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to report on the first systematic
exploration at its district-scale Inca Gold precious metals project
("Inca Gold"), located in northern Chile. A recently completed surface survey at
the promising Sandra prospect confirmed the presence of a Au/Ag
Intermediate Sulphidation Epithermal ("ISE") system. Based on
results, a 1,500m diamond drill
program is planned to commence in Q1 2021.
Mirasol's Chair and Interim CEO, Patrick
Evans, stated: "The areal extent of the Sandra vein field is
impressive. Results to date demonstrate potential with anomalous Au
and Ag values returned over a strike length of more than 1.2 km.
Further detailed surface sampling, mapping and drilling will give
us a complete understanding of the full potential of this
prospect."
The 16,300 ha Inca Gold project is located in Region III of
Chile, approximately 100 km north
of Copiapo, and within the Inca Del Oro mining district that hosts
both Santiago Metals Delirio Cu/Au mine and PanAust/Codelco's Inca
de Oro Cu/Au porphyry deposit. Inca Gold lies between 2,000 to
3,000m ASL and has good access
allowing for year-round exploration. Mirasol's initial exploration
at the Sandra prospect has defined five Au/Ag prospects, none of
which have been drill tested. Mirasol has also staked 2,400 ha of
exploration claims directly to the south of the Sandra target and
plans to complete a first pass evaluation of these new claims
during the current field campaign.
Figure 1: Inca Gold - Location Map
Exploration Program
Mirasol's first surface work program, which commenced this
season, has to date focused exclusively on the Sandra prospect, and
was designed to evaluate the extensive Au/Ag vein system hosted in
a Paleocene caldera setting where ISE mineralization was previously
recognized. At least five subparallel vein trends striking
northwest, within a 2.5 x 4 km area, have been
mapped. Continuous individual vein trends extend over strike
lengths of 1.2 km and are up to 3m
wide.
Mirasol initial surveys included 1:2,000 scale geological
mapping of the quartz vein swarms, systematic rock sawn geochemical
channel sampling across the key veins and reconnaissance
geochemical rock chip sampling over outlying areas of the prospect.
In total, 498 samples were collected from 138 individual sawn
channel cuts. Seven zones of veining and anomalous geochemistry
have been outlined within the Sandra prospect, and three of these
targets have been prioritized for testing by an initial
1,500m drill program.
Figure 2: Sandra Prospect - Geology, Structure and Drill
Targets
Mapping and detailed channel sampling have revealed brecciated
and crustiform-colloform banding with common bladed and replacement
vein textures. Multiple pulses of vein fill are observed, with an
initial pulse of milky quartz with lattice bladed and drusy
textures carrying anomalous Au (0.1 to 0.42 g/t) and Ag (24 to 168
g/t). A later pulse, characterized by massive and crustiform
quartz, also carries elevated Au geochemistry (0.13 to 0.26 g/t)
and Cu (473 to 6,950 ppm), with Cu oxides and chalcopyrite. Higher
Pb and Zn values are also associated with this later pulse that is
generally emplaced along re-opened margins of the veins at the
contact with host rocks.
Target
|
Channel
|
From
(m)
|
To
(m)
|
Width
(m)
|
Ag
(g/t)
|
Au
(g/t)
|
AgEq
(g/t)
|
Cu
(ppm)
|
Pb
(ppm)
|
Zn
(ppm)
|
Veta Valle
|
IG-CH-021
|
1.90
|
2.26
|
0.36
|
156
|
0.43
|
192
|
1,145
|
2,410
|
1,380
|
Veta Valle
|
IG-CH-022
|
0.00
|
0.31
|
0.31
|
86
|
0.07
|
92
|
1,685
|
2,150
|
568
|
Veta
Escuela
|
IG-CH-002
|
1.53
|
1.78
|
0.25
|
66
|
0.13
|
77
|
4,930
|
2,370
|
113,500
|
Veta Escuela
W
|
IG-CH-016
|
0.53
|
0.80
|
0.27
|
64
|
0.07
|
70
|
499
|
159
|
84
|
Lomo
Ballena
|
IG-CH-071
|
0.00
|
0.29
|
0.29
|
58
|
0.03
|
61
|
6,950
|
18,600
|
10,250
|
Veta
Escuela
|
IG-CH-001
|
1.69
|
1.94
|
0.25
|
47
|
0.16
|
61
|
3,660
|
3,510
|
94,800
|
Lomo
Ballena
|
IG-CH-066
|
0.47
|
1.07
|
0.60
|
50
|
0.05
|
54
|
1,656
|
5,760
|
988
|
Veta Valle
|
IG-CH-013
|
0.00
|
0.76
|
0.76
|
34
|
0.16
|
48
|
6,080
|
1,050
|
700
|
Lomo
Ballena
|
IG-CH-070
|
0.29
|
0.93
|
0.64
|
29
|
0.03
|
32
|
785
|
10,520
|
2,010
|
Lomo
Ballena
|
IG-CH-065
|
0.28
|
0.69
|
0.41
|
19
|
0.04
|
22
|
755
|
3,480
|
278
|
Table: Selected Geochemical Assay Results from the Rock Sawn
Channel Sampling Program (using a 20 g/t
AgEq1 cut off)
Historical sampling by Newmont and due diligence sampling by
Mirasol returned encouraging Au and Ag grades from selective
sampling along the various vein structures (see news release
January 13, 2020). This more
selective sampling, although not representative in nature, confirms
the presence of higher grade pulses in the system that could be
related to possible "leakage" during repetitive reactivation and
subsequent sealing of the mineralized structures. The recent
systematic sampling has revealed details of favourable vein
textures and geochemistry which may provide vectors to potentially
higher grade and completely preserved mineralized shoots at depth.
Planned drill hole locations have been based on structural
information collected from detailed mapping along the trend, as
well as geochemical Ag and Au data. To date, the widths of most of
the higher-grade mineralized pulses are sub-one meter at
surface.
Detailed geochemical analysis of the channel sample database has
also shown a notable increase in precious metals grades and other
pathfinder elements, which are vectoring to an elevation below
2,450m ASL, indicating that this
elevation may represent a more favorable part of the hydrothermal
system. The presence of boiling textures in outcrop (lattice
blading and platy carbonate; as voids and pseudo-morphed by
quartz), and anomalous trace element geochemistry (Zn, Pb, Sb, Te,
Se and Bi) is also supporting the potential presence of an
ISE-style Au and Ag mineralized zone below surface.
Drill Targeting Overview
The 1,500m diamond drilling
program, planned for Q1 2021, will target three of the most
prospective zones along the principal Sandra trend, and initially
test to a depth of 80 to 200m
vertically below the outcropping surface exposures. These targets
include Lomo Ballena ("LB"),
Veta Escuela ("VE") and Veta Valle ("VV"). The three targets, which
represent the deepest eroded parts of the outcropping system
(<2,450m ASL), show an overall
increase in Au and Ag grades when compared with the higher
elevation surrounding areas, and are considered geologically,
structurally and geochemically strong targets for this initial
drill program.
Figure 3: Inca Gold – Planned Drill Targets and AgEq
Geochemical Results
The LB vein exposure is located along the 2,450m ASL elevation contour and sits on an
important intersection of north-west and north-northwest trending
structures. Cumulative vein, veinlets and stockwork reach up to
15m in width, with individual vein
exposures of over 3m wide.
The VE vein is exposed at an elevation 30m lower and to the northwest of the LB vein.
This outcropping exposure has some of the best epithermal textures
and shows clear evidence of the multi-pulse character of the local
system, coincident with strong geochemical anomalies in Au and
Ag.
Finally, the VV vein forms the northwestern extension of the VE
vein and is exposed by deeper erosion in the valley. This outcrop
is the lowest topographically exposed vein structure along the main
Sandra trend, with topography increasing to the northwest. This
section of the trend hosts one of the highest assay results
recovered in channel sampling to date, with an intersection of
0.36m returning grades of 0.43 g/t Au
and 156 g/t Ag.
Five diamond drill holes, ranging from 90 to 200m, have been selected as initial priorities.
Based on results, an additional series of drill holes are planned
to follow along strike, down-dip and to step out to other
prospective epithermal structures in the system. Results will be
reported when they are available.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company focused in
Chile and Argentina. Mirasol has six partner-funded
projects, two with Newcrest Mining Ltd (Chile), and one each with First Quantum
Minerals (Chile), Mine Discovery
Fund (Chile), Mineria Activa
(Chile) and Silver Sands Resources
(Argentina). Mirasol is currently
self-funding exploration at two projects, Inca Gold (Chile) and Sacha
Marcelina (Argentina).
Qualified Person Statement: Mirasol's disclosure of technical
and scientific information in this press release has been reviewed
and approved by Chris Ford, CEng
FIMMM, a senior consultant 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. Samples are dispatched to an ISO 9001:2008
accredited laboratory in Chile for
analysis. Assay results from channel, trench, and drill core
samples may be higher, lower or similar to results obtained from
surface samples due to surficial oxidation and enrichment processes
or due to natural geological grade variations in the primary
mineralization.
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.
__________________
|
1 Silver equivalent ("AgEq") is
calculated using the 3-year average metal prices of US$ 1457/oz for
Au and US$ 17.18/oz for Ag. Recoveries are assumed to be 100% as no
metallurgical test data is available. The equation used is thus:
AgEq g/t = Ag g/t + (Au g/t x 84.81)
|
SOURCE Mirasol Resources Ltd.