Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to provide an update on
progress at the Sobek Project (“Sobek”) and general exploration
activities completed in the last quarter of 2021 on its projects in
Northern Chile and Argentina.
Mirasol’s President Tim Heenan commented: “Our
maiden field program at Sobek has confirmed the presence of
porphyry-type geology and alteration assemblages, which are
supported by the anomalies recorded in the high-resolution
aeromagnetic survey completed last year. We are fast-tracking
exploration at Sobek and our exploration teams are in the field for
an extended and detailed review of priority targets. In parallel,
follow-up geophysics programs are being planned at the Rubi and
Inca Gold projects and maiden reconnaissance programs have been
completed on a number of early-stage porphyry prospects in the
Argentinian Cordillera to continue advancing our project
portfolio.”
Mr. Heenan added: “Drilling results from the
programs completed last year at Gorbea and Sascha Marcelina fell
short of our expectations. Further exploration and drilling will be
needed on both of those projects. Looking forward, a 2,000m maiden
drill program at Libanesa is planned to start shortly.”
A webinar with Tim Heenan, the Company’s
President and Patrick Evans, the Executive Chair will be held on
March 3rd, 2022 at 10:00 am PT / 1:00 pm ET. A brief presentation
will be followed by a Q&A session. Registration can be
completed using this link.
Figure 1: Mirasol’s Project Portfolio
Chile Update:
-
Sobek Copper Project – Self-funded
Mirasol is pleased to report that agreements
have been secured with local communities and landowners to access
100% of Sobek, which is divided into North, Central and South
Blocks. A field campaign is now underway evaluating prospects
across the entire property package. This extensive field campaign
will assess the potential for porphyry copper-gold and epithermal
gold-silver mineralization with further geochemical sampling,
detailed geological mapping and additional ground based geophysical
surveys (Induced Polarization (“IP”) and magnetics) over priority
targets.
This program is following up on the helicopter
supported high-resolution aeromagnetic (“Mag”) survey completed in
mid-2021. The Mag survey detected multiple highly prospective
geophysical magnetic targets across the entire Sobek property
package. This has improved understanding of the structural
architecture of the property and formed an important base for the
ongoing field exploration at Sobek.
The maiden field campaign in the Sobek Central
Block confirmed the presence of a volcanic complex hosting
rhyodacitic and andesite volcanics flanked to the west by igneous
intrusive rocks of dioritic composition. These intrusive rocks
locally host disseminated magnetite and tourmaline and also
localized zones of strong “crackle brecciation” with gypsum matrix
infill and siderite veinlets. Within the high topographic elevation
levels, significant and widespread areas of strong argillic
alteration have been identified and are being further evaluated
during the current campaign. All of these geologic features are
considered promising and support the exploration model for
Sobek.
At the Sobek South Block, a scouting campaign
identified a large hypabyssal dacitic dome complex emplaced within
the older Paleocene-aged granitic to granodioritic host rocks. The
margins of this dome commonly display autobrecciation textures and
host low temperature silicification and argillized alteration
halos. Initial observations suggest these domes occupy a large part
of the South Block. The eastern part of this block also hosts a
very attractive magnetic low (magnetite destruction) anomaly which
sits between the eastern dome edge and the Argentine border. These
peripheral areas of the dome are considered highly prospective and
are being reviewed in the field.
The Sobek North Block, which was recently
expanded and now encompasses 6,961 hectares, is also being
evaluated during the current campaign. Several compelling Mag
anomalies exist within this block, including both magnetic highs
and lows, which will be the focus of the current field
campaign.
Figure 2: Sobek project - Aeromagnetic targets
and structural setting
-
Gorbea Gold/Silver Project – Under Option to Newcrest Mining
Limited (“Newcrest”)
Newcrest completed five reverse circulation
drill holes for 2,072m, with two holes at the Atlas prospect and
three holes at the El Dorado prospect. No meaningful mineralization
was encountered in these holes.
At Atlas, hole ATLT0011A targeted the extension
to the southeast of a silicified polymictic breccia body
outcropping on surface (Apollo Breccia) coinciding with a
high-resistivity feature. Although vuggy silica texture, quartz
alunite alteration and pathfinder elements were intersected, the
lack of gold values indicates a peripheral position to the
mineralized centre. Hole ATLT0012 was drilled to test for potential
continuation to the north in the Atlas Central zone. The results
limit the potential of the mineralized body in a northerly
direction, but some potential remains to both the east and west to
extend the mineralization and explore for higher-grade
mineralization. One potential target lies to east-southeast where
pathfinder elements, alunite composition and gold values combine
with a high-resistivity anomaly.
At El Dorado, the drill holes targeted a
combination of positive features, including a high-resistive
feature, a polymictic breccia body with vuggy silica fragment and a
steam-heat zone, all associated with elevated pathfinder elements.
No further work is planned at El Dorado.
Newcrest has informed the Company that it is now
focusing on reviewing the untested prospects at Gorbea (Ventura,
Orion, Danay and Aldebaran) with further surface mapping,
geochemistry and possible geophysical surveys to identify potential
drill targets.
Figure 3: Gorbea project - Completed drilling at
Atlas and El Dorado prospects
-
Nord Polymetallic Project – Under Option with Encantada SpA
(“Encantada”)
At the Nord project, Encantada completed a field
program in the second half of 2021 focused on two priority
targets within the central and southern sectors of the
project.
Five scout drill holes totaling 1,192m were
completed on the Target 3 in the center of the project, which is
characterized by skarn mineralization hosted by a Jurassic
carbonate sequence intruded by monzodiorite and diorite intrusive
bodies. The northeast mineralized trend extends for 1.3 km marked
by copper and zinc mineralization and other geochemical anomalies.
Narrow zones of zinc mineralization (sphalerite - pyrrhotite) were
encountered in the northern holes while higher temperature
(garnet-pyroxene-magnetite) skarn carried narrow zones of
copper-gold mineralization were intercepted in the south. The
higher temperature skarn and increasing copper-gold along with
molybdenite may indicate a vector towards a porphyry target to the
southeast.
At Target 2, geological mapping at 1:2,000 and
1:5,000 scale was completed on a porphyry prospect interpreted to
be of similar Mid Eocene-Oligocene (33-36 Ma) age to the
Exploradora complex located 4 km to the northeast. Three porphyry
intrusives associated with potassic (biotite) alteration are
overprinted by strong sericite-clay alteration with local alunite,
limonite and copper oxides in two elongated 200 x 500m and 150 x
300m zones. Porphyry-type veining includes early biotite-magnetite
(EB) veins and scarce A veins along a north-northwest trend near
the contacts of the porphyry with the monzodiorite intrusive host
rock. The IP survey completed in this zone revealed a chargeability
anomaly from 100-500m depth that is associated with the
altered porphyry intrusions. Encantada is evaluating further
geochemical and geophysical surveys to develop and refine potential
new drill targets.
Figure 4: Nord project - Completed drilling and
geophysics
-
Altazor Gold/Silver Project – Self-funded
Altazor hosts two attractive Maricunga-style
gold-copper porphyry targets and a HSE gold-silver target under
post-alteration young capping volcanic flows. Mirasol is actively
engaging with the community in the vicinity of Altazor to secure an
exploration agreement for a drilling program. The concerns of the
community are being addressed to achieve a mutually beneficial
agreement.
-
Coronación Copper Project – Under Option to First Quantum Minerals
Ltd. (“First Quantum”)
Coronación hosts a compelling porphyry target
that displays characteristics similar to other Miocene-age porphyry
gold-copper systems in the highly productive Maricunga belt. To
allow further opportunity for engagement with a local community,
First Quantum and Mirasol are discussing adjustments to the option
agreement to extend by one year the timeline for the completion of
the drilling commitment.
Argentina Update:
-
Sascha Marcelina Gold/Silver Project
At the Pellegrini prospect, Mirasol drilled hole
PEL-DDH-007 behind and under PEL-DDH-005 to test the depth and
lateral extention of the breccia body previously intercepted. No
significant gold and silver mineralization was encountered apart
from isolated values of 0.4 g/t Au and 140 g/t Ag from narrow
veinlet zones. These veinlets are generally sub-parallel to the
core axis and potentially have an antithetic structural
configuration. However, broad lead and zinc mineralization was
intercepted returning:
- 33.9m at 1.3% Pb and 0.5%
Zn from 298.6m (250 ppm Pb cut-off)
- including 15.85m at 2.1% Pb
and 0.8% Zn from 285.15m (1,000 ppm Pb cut-off)
- Including a higher-grade section of
7.2m at 4.1% Pb and 1.4% Zn from 289m (1% Pb
cut-off)
Evaluation of the three holes drilled at
Pellegrini in the breccia zone (PEL-DDH-002, 005 and 007) suggests
that the mineralized zone may have a west-dipping orientation. A
scissor drill hole oriented from west to east will be required to
confirm if the drilling to date has been parallel to the dip
direction. Furthermore, it appears that the three holes have not
adequately tested the coincident chargeability/resistivity anomaly
defined from the recent deep penetrating IP geophysics located to
the west of holes PEL-DDH-005 and 007 and directly at depth below
PEL-DDH-002. The mineralization also appears to decrease in
intensity, most notably in gold/silver, further to the east
outboard and distal to this remaining untested central target. In
addition to the Pellegrini target, the Igloo and Estancia prospects
host untested targets at depth beneath the drill holes completed in
the maiden campaign at Marcelina (news release August 9, 2021).
The option period for the Marcelina property has
been extended by two years with no payment due this
year. Future payments of US$50,000, US$100,000 and
US$3.45M will be due in January 2023, 2024 and 2025, respectively,
if the project is advanced.
Figure 5: Cross section highlighting geophysical target at
Pellegrini’s breccia target
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 at a number of
early-stage prospects.
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 President for
the Company, who serves as a Qualified Person under the definition
of National Instrument 43-101.
QAQC: Newcrest is the operator for the Gorbea
project, and Mirasol relies on their internal quality control and
quality assurance protocols, which have been reviewed and
considered adequate by the Qualified Person.
At Sascha Marcelina, 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 with
insertions of controls (standards, blanks and duplicates,
representing 5%, 4% and 5% of the samples respectively). Standards
and blanks are inserted randomly in all drill core batches that are
submitted to the laboratory, while duplicates are done on both the
coarse reject (2.5%) and pulps (2.5%). Drill core samples have a
minimum of 0.30m and a maximum of 2.00m in length. Samples are
dispatched for analysis to Alex Stewart International Labs in
Argentina, an ISO 9001:2015 accredited laboratory, which is
independent from the Company. The samples are delivered to the
laboratory by Mirasol personnel, a dedicated private courier, or by
the dedicated laboratory pick-up service. Core diameter is
generally HQ/HQ3 and samples are analysed by Fire Assay for both Au
and Ag and also by ICP MS including a package of 48 elements. Base
metals (Pb/Zn) with results of >10,000 ppm are re-submitted to
the laboratory for ICP-Ore analysis (19 elements), to obtain
accurate results.
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.
Table 1: Gorbea Reported Holes Collar
Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Azimuth |
Dip |
Depth (m) |
ATL0011* |
502,644.78 |
7,191,945.79 |
4211 |
159.56 |
-65.00 |
48.00 |
ATL0011A |
502,644.25 |
7,191,947.47 |
4211 |
159.60 |
-64.70 |
432.00 |
ATL0012 |
503,116.51 |
7,192,800.00 |
4340 |
89.69 |
-74.80 |
500.00 |
DOR0001 |
511,303.27 |
7,184,505.11 |
4135 |
269.98 |
-74.88 |
450.00 |
DOR0002 |
510,474.27 |
7,184,041.17 |
4121 |
35.07 |
-59.50 |
242.00 |
DOR0003 |
508,999.91 |
7,186,050.69 |
4238 |
89.79 |
-70.00 |
400.00 |
Coordinate system: UTM WGS-84, zone 19 South*ALT001 was lost and
twinned by ALT0011A
Table 2: Nord Reported Holes Collar
Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Azimuth |
Dip |
Depth (m) |
TF-DDH-01 |
471,323.00 |
7,143,427.00 |
3476 |
258.25 |
-55.03 |
218.50 |
TF-DDH-02 |
471,271.08 |
7,143,162.94 |
3551 |
255.09 |
-45.55 |
218.00 |
TF-DDH-03 |
471,260.00 |
7,143,005.00 |
3587 |
265.96 |
-70.12 |
348.30 |
TF-DDH-04 |
471,318.50 |
7,143,201.00 |
3517 |
272.00 |
-64.84 |
260.50 |
TF-DDH-05 |
471,330.00 |
7,143,022.00 |
3558 |
284.04 |
-54.76 |
146.50 |
Coordinate system: UTM WGS-84, zone 19 South
Table 3: Sascha Marcelina Reported Hole Collar
Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Azimuth |
Dip |
Depth (m) |
PEL-DDH-007 |
2,410,645.75 |
4,705,622.67 |
719 |
245 |
-55 |
452.00 |
Coordinate system: Gauss Kruger, Campo Inchuaspe, Zone 69
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