Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) today provides an update on the
Company’s Altazor and Gorbea projects, two high sulfidation
epithermal (“HSE”) Au projects in Chile. At Altazor, Mirasol has
received notice from Newcrest International Pty Ltd., a subsidiary
of Newcrest Mining Ltd. (“Newcrest”) that it is terminating the
Option and Farm-in Agreement (the “Agreement”). However, Newcrest
will continue exploring at Gorbea and is preparing for a drill
program, with planned commencement in Q4 2021. Under the amendment
announced on December 29, 2020 for Gorbea, Newcrest has to complete
at least 2,000m of drilling before the end of 2021 and an
additional 6,000m before the end of 2022.
Mirasol’s President, Tim Heenan, commented:
“Newcrest has made the decision to focus its exploration effort
elsewhere in Chile, including at Gorbea. Newcrest has spent more
than US$3M on the Altazor project and highly prospective drill
ready targets have been identified, which now remain untested.
Mirasol has commenced a detailed review of the Altazor exploration
data and targets generated in order to assess its options to
advance the project. We are continuing to engage with local
stakeholders to be in position to drill the project during the
upcoming field season either with a partner or as a self-funded
project. Altazor has some of the most attractive drill targets in
our portfolio.”
Tim Heenan added: “We are extremely pleased that
Newcrest remains committed to Gorbea where they are to complete at
least 2,000m of drilling this year, which will include an initial
drill test of the promising El Dorado Au target. The El Dorado
project is located just 6 km to the southeast of the Atlas target
and only separated by recent post mineralization mafic volcanics.
Geological mapping and geophysical CSAMT resistivity anomalies at
El Dorado have defined new and attractive targets.”
Altazor is a HSE Au project covering 33,000 ha
and located in an underexplored section of the Mio-Pliocene age
mineral belt. Altazor has favourable infrastructure situated just
20 km south of 345 kV powerlines that follow International Highway
Route 23, a paved road connecting northern Chile and Argentina. The
project is located at altitudes of between 4,000 and 5,200m, but
has good “drive-up” access via an open valley and a network of
easily passable gravel tracks.
Figure 1: Project Location
Mirasol’s initial reconnaissance sampling,
completed in 2017 and prior to the Agreement with Newcrest, covered
approximately 50% of the project area. A total of 216 stream
sediment, 395 soil and 933 rock chip samples were collected and
returned significantly anomalous Au, Ag, Cu, Pb, Zn and epithermal
path finder elements, from sampling in the vicinity of mapped
breccia bodies (news release October 11, 2017). These results
showed geology, alteration patterns and Au ppb-level anomalous
assays in soil and rock chip samples comparable to those reported
from surface sampling at Gold Fields’ Au-Ag HSE Salares Norte
development stage project (Reserves: 3.5 Moz Au and 39 Moz Ag1),
which has a geological setting similar to Altazor in the
Mio-Pliocene mineral belt of Chile.
In late 2018, Mirasol reported the results from
the 2017/18 exploration program completed under the Agreement,
which included Corescan alteration analysis of soils, radiometric
age dating, 1,035 line-km ground magnetic geophysical survey,
geological mapping, geochemical rock chip sampling over an area of
128 km2, a 2,030 sample, low detection limit soil grid covering
85.6 km2 and a 66.9 line-km Controlled Source
Audio-Magnetotellurics (“CSAMT”) resistivity geophysical
survey (news release November 12, 2018). The analysis
of the combined data sets revealed that Altazor is a
district-scale, zoned alteration system preserved at a level that
could conceal HSE Au deposits beneath “barren” steam heated cap
rocks and post mineral cover. This program successfully identified
multiple compelling large-scale drill targets in three principal
prospects that have alteration, geochemical and geophysical
characteristics in common with the predrill target signatures of
the Salares Norte and Alturas Au HSE discoveries.
In mid-2018, Newcrest took over as operator of
the project and completed over the following field season
additional rock chip and alteration sampling as well as detailed
geologic mapping. Following this work, Newcrest defined four key Au
targets to be tested with a 2,000m maiden drill program.
Since the beginning of the year, Mirasol has
supported Newcrest in engaging with the local community and will
now lead the engagement to secure support for maiden drill program
planned for the upcoming season.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company
focused in Chile and Argentina. Mirasol has six partner-funded
projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals
(Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile),
Silver Sands Resources (Argentina), and Patagonia Gold (Argentina).
Mirasol is currently self-funding exploration at two projects, Inca
Gold (Chile) and Sacha Marcelina (Argentina).
For further information, contact:
Tim Heenan, PresidentorJonathan Rosset, VP
Corporate Development
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 interim
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.
1 Goldfields Limited – Mineral Resources and
Mineral Reserves Supplement to the Integrated Annual Report
2020
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