Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) reports on the results from a diamond
drill program completed at the Rubi porphyry Cu project (“Rubi”) in
Chile, under an option agreement with Mine Discovery Fund (“MDF”).
Drilling focused on the Lithocap and Zafiro targets, with results
clearly indicating the presence of a large and strong prospective
porphyry-style alteration system. MDF has confirmed their continued
commitment to the project and a deep sensing Induced Polarization
(“IP”) and magnetotellurics (“MT”) geophysical program is planned
to help focus follow-up drilling on better mineralized porphyry
targets.
Tim Heenan, President of Mirasol, stated: “Rubi
is located in a highly prospective neighborhood with Codelco´s El
Salvador Cu Mine just 20 km to the north and in a very similar
geological environment. We are pleased to continue working with MDF
to explore the potential at Rubi. We look forward to the upcoming
geophysical campaign to help us refine targets for our next drill
program.”
Joe Webb, Managing Director of MDF, added: “MDF
is very encouraged with the results of the Phase I drilling at
Rubi. Drilling intersected strong phyllic and sulphide alteration,
plus intense anhydrite veining and sulphide mineralisation with
increased alteration intensity to the south, possibly representing
a single multi-kilometre scale alteration system indicative of a
large hydrothermal system. MDF is looking forward to progressing
exploration at Rubi.”
A total of 1,887m of core in 10 vertical and
inclined (-70°) holes was completed, with 719m in eight holes at
Lithocap, and 1,168m in two holes at the Zafiro.
Figure 1: Plan map with drill hole collar
locations and key targets
Summary of key porphyry Cu indicators
identified:
Drill results indicate proximity to a potential
covered and well mineralized porphyry Cu system, based on:
- The occurrence of porphyritic
daci-andesite intrusive rocks and hydrothermal brecciation exhibit
strong quartz-sericite (phyllic) alteration overprinting now relict
K-feldspar alteration that host trace fine
pyrite-chalcopyrite-magnetite mineralization.
- Good ground preparation, which is
critical for mineral deposition with strong to locally intense
fracturing infilled with late gypsum/anhydrite and calcite
veining.
- The presence of anomalous Cu, Mo
and locally elevated As geochemistry results over substantial
intervals.
Zafiro Target
The target at Zafiro is a blind porphyry Cu
system defined by a magnetic high anomaly ringed by a magnetic low,
which is considered to represent a phyllic halo around a potential
central altered potassic mineralized porphyry. Only two holes
RB-DD-001 and RB-DD-009, drilled some 660m apart, have been
completed into this large 2.8km by 2.2km target. Both holes appear
to have successfully intersected, below a thick (325-382m) sequence
of cover Atacama gravels, the strong to locally intense phyllic
altered halo of porphyry-breccia system.
This drilling at Zafiro intersected a sequence
of andesitic volcanic rocks intruded by a quartz monzonitic diorite
intrusive body, which has itself been intruded by younger dykes or
small stocks of dacite to andesite porphyry. Phyllic alteration
(peripheral and cooler temperature) in the dacite to andesite
porphyry intrusive rocks carry 1-3% pyrite hosted as veinlets and
as disseminations, and appear to overprint a potassium (proximal
and higher temperature) feldspar alteration event. Petrological
(microscope) studies show fine chlorite-carbonate
pyrite-chalcopyrite in veinlets hosted in the altered andesite
porphyry. Notably, hydrothermal breccias with high temperature
magnetite-K feldspar-albite alteration were intercepted, which
locally host chalcopyrite-pyrite-specular hematite veining. Both
the younger porphyry stocks and the breccia units are prospective
hosts for economic mineralization.
Assay results for both holes (RD-DD-001/009)
returned weakly anomalous Cu (~105 ppm) over significant intercepts
(~200m), including a higher-grade 4m interval in hole RB-DD-001
from a phyllic altered zone, which averaged 416 ppm Cu, and
elevated As and Mo (640-1040 ppm and 7-11 ppm, respectively). The
daci-andesite porphyry in RB-DD-009 returned over a 47.6m interval
126 ppm Cu, 27 ppm Mo, 23 ppm Pb and 230 ppm Zn. These anomalous
levels of Cu and associated metals are not uncommon in peripheral
porphyry environments. In addition, an epithermal signature (Hg,
Sb, As, Bi, Te) is present in the upper parts of RB-DD-009, and may
represent an upper to mid-level of this partially eroded porphyry
system.
Lithocap Target
At the Lithocap target, seven short vertical
holes (for 569m) were completed to sample bedrock under shallow
gravel cover to the west and south of the outcropping lithocap. The
hydrothermal brecciation and phyllic alteration intersected by
these drill holes is the strongest encountered on the target to
date and indicates that the drilling is potentially closing in on
the central more prospective part of this porphyry system.
Vectoring from the data provided from these drill holes combined
with that from previous drill holes at Rubi, led to a single
vertical, deeper hole RB-DD-010 also being drilled.
Hole RB-DD-010 returned the most interesting
results to date at Lithocap, intersecting strongly clay weathered
and crackle brecciated andesite with 2-5% jarosite with strong
associated goethite/hematite, beneath 90m of loosely consolidated
gravel cover. Below the oxidation level (132m), 4-10% pyrite occurs
as disseminations and veinlets in hydrothermal breccias and their
crackle brecciated margins. These hydrothermal breccias were
observed interfingering with weakly altered andesite over the
entire 155.7m of intersected bedrock, perhaps suggesting that
RB-DD-010 intersected the margins of a breccia system.
Late gypsum/anhydrite veining is intensely
developed and forms up to 30% of the volume in bedrock. Similar
late gypsum/anhydrite veining was encountered in previous drilling
to the north (RUBRD14_016, RUBRD14_001, RUBRD14_015). In both
targets, these strongly fractured rocks with the latter
gypsum/anhydrite infill could indicate the hydraulically fractured
outer shell (carapace) of a concealed porphyry system.
Assays from hole RB-DD-010 returned anomalous Cu
and Mo over the entire extent of bedrock intercepted (155.7m from
89.9 to 245.6m), with weighted averages of 124 ppm Cu and 2.2 ppm
Mo (ranging from 25 – 334 ppm and from 0.4 – 12ppm
respectively).
Further work is planned at Zafiro and Lithocap
which will include deep sensing IP and MT geophysical surveys to
help to define the target for drill testing early in 2022.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company
focused in Chile and Argentina. Mirasol has seven partner-funded
projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals
(Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile),
Silver Sands Resources (Argentina), Patagonia Gold (Argentina) and
Golden Arrow (Argentina). Mirasol is currently self-funding
exploration at Sobek (Chile), 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.
QAQC: Mirasol applies industry standard
exploration sampling methodologies and techniques. All geochemical
rock 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) submitted to the laboratory. Samples were
dispatched to ALS Global - Geochemistry Analytical Lab, in
Santiago, Chile, an ISO 9001:2015 accredited laboratory, which is
independent from the Company. Drill core samples have a minimum
length of 0.47m and a maximum of 2.10m. To guarantee the chain of
custody, the samples are delivered to the laboratory by the
qualified personnel of the Company. The drilling diameters used in
the drill holes are HQ (63.5 mm internal diameter) and NQ (47.6 mm
internal diameter). Samples were prepared with PREP-31 procedure
and analysed by AU-ICP21 and ME-MS61m.
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.
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