Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to report on encouraging
drill results from the maiden drill program at the 100% owned
Libanesa Gold and Base Metals Project (“Libanesa”) in the province
of Santa Cruz, Argentina. Based on an evaluation of the Libanesa
data it is evident that several prospective targets require
follow-up drilling.
“Results from the maiden 1,780-meter drill
program confirm that we have only scratched the surface of an
exciting exploration program at the Libanesa Project. The very
broad intersections of high-grade base metals suggest we are on the
periphery of a stronger gold-silver zone at the Cerro Plomo target
and the zinc and lead values reported could significantly
contribute to the future economics of the project,” Mirasol’s
President Tim Heenan stated. “The drill program was cut short due
to weather conditions and there are clearly more quality targets
left to drill test.”
Libanesa is a 14,500-ha gold-silver (lead-zinc)
project discovered by Mirasol. It is located at the north-eastern
margin of the Deseado Massif gold-silver metallogenic province,
approximately 70 km west of the port of Puerto Deseado, 40 km
northwest of the Cerro Moro Gold-Silver Mine operated by Yamana
Gold and 100 km northeast of the Don Nicolas Gold-Silver mine
operated by Cerrado Gold.
Figure 1: Libanesa, Santa Cruz, Argentina
Regional Map
The project hosts two main prospective areas,
Libanesa Main and the Lagunita Vein
Field. Libanesa Main hosts the Cerro Plomo, Oculto, Traves
del Sur, Bajo Áspero, Playa Vetas, Brecha Plata and the NE Zone
prospects. Libanesa Main, and in particular Cerro Plomo, are more
intermediate sulphidation in character while Lagunita is a classic
gold-rich, low sulphidation epithermal vein prospect.
Figure 2: Libanesa Project Overview Highlighting
Results from Libanesa Main and the Lagunita Vein Field
Libanesa Main - Cerro Plomo
Prospect
Cerro Plomo has been the main focus of
exploration to date. Results from recent drilling are considered
encouraging with highly anomalous gold-silver and multi-percent
lead-zinc values reporting from what appears to be the mineralized
halo of a large vertical conductive zone mapped in 3D by MT
geophysical methods (see figure 3). The hydrothermal eruption
breccia exposed at surface at Cerro Plomo represents a position
close to the paleophreatic surface level.
Figure 3: Cerro Plomo Prospect 3D Section of
Conductive Zone Highlighting Mineralized Halo
Cerro Plomo - Drill intersections of merit:
(Pb/Zn not included in the AuEq(75) calculation)
- DDH-LGA-003: Hydrothermal Breccia
Zone 26m at 0.98 g/t AuEq75 (0.38
g/t Au & 44.7 g/t Ag), including 10m at
1.43 g/t AuEq75 (0.64 g/t Au & 59.3 g/t Ag)
with 2.16 % Pb and 1.35 % Zn
- DDH-LGA-001: Hydrothermal Breccia
Zone 19m at 0.45 g/t AuEq75 (0.1 g/t Au & 26.8 g/t Ag) with 1.3
% Pb and 0.35 % Zn, including 5m at 0.88 g/t AuEq
(0.10 g/t Au & 58.2 g/t Ag) with 2.95 % Pb and
0.2 % Zn
- DDH-LGA-003: Quartz - sulphide
veinlet zone/halo. 14m at 0.49 g/t AuEq75 (0.14 g/t Au & 26.4
g/t Ag) with 0.6 % Pb and 0.57 % Zn
- DDH-LGA-002:
Quartz - sulphide veinlet zone/halo 23m at 0.23 g/t AuEq75 with 0.3
% Pb and 0.5 % Zn, including 6m at 0.39 g/t AuEq (0.10 g/t Au &
22.0 g/t Ag) with 0.4 % Pb and 0.75 % Zn.
Follow-up drilling required to test the
conductive zone beyond the resistive halo:
Hole DDH-LGA-003 drilled through the resistive
halo of the conductive zone and returned strong mineralization with
gold-silver and lead-zinc. The hole only just started to penetrate
the conductive anomaly before ending. Hole DDH-LGA-004 was drilled
at a steep angle under DDH-LGA-003 and appears not to have reached
the target, neither intersecting the resistive halo nor the
conductive zone. A follow up step-back hole is highly recommended
to test these zones and also to pass completely through the entire
conductive anomaly to test for higher grade gold-silver
mineralization, which no hole to date has accomplished.
Untested drill targets to the south of
Cerro Plomo:
The covered MT Oculto and
Traves del Sur targets to the south of Cerro
Plomo, concealed beneath the dry lakebed, may represent a series of
prospective northwest trending breccia pipe centers (as seen at
Cerro Plomo) or possibly higher-grade vein-type targets that could
host precious metal mineralization, both of which remain to be
drill tested.
Figure 4: Untested Conductive Zones Traves del
Sur and Oculto Targets 3D Section
Lagunita Vein Fields
Prospect
At Lagunita, only two short holes totaling 292 m
were completed in two (Abril IV & Abril V) of the five main
outcropping vein trends (see Figure 2). Multi-gram gold values have
previously been recovered from rock chip and trench sampling from
these prospects. Notable results from the maiden drill campaign
include hole DDH-LGA-11 which returned 3m at 1.79 g/t
AuEq75 (1.71 g/t Au & 5.4 g/t Ag) and 1m at
4.30 g/t AuEq75 (4.20 g/t Au & 7.4 g/t Ag). Follow-up
drilling is warranted. The Abril II vein trend, where the highest
trench gold result was sourced, remains to be drill tested.
Lagunita - Drill intersections of merit:
- DDH-LGA-011: 7m at 0.84 g/t AuEq75
(0.78 g/t Au & 4.4 g/t Ag), including 3m at 1.79 g/t
AuEq75 (1.71 g/t Au & 5.4 g/t Ag) and 1m at
4.30 g/t AuEq75 (4.20 g/t Au & 7.4 g/t Ag) (no base
metal content)
- DDH-LGA-010: 1m at 0.45 g/t AuEq75
(0.15 g/t Au & 22.9 g/t Ag) with other secondary quartz vein
structures.
Libanesa Drill Summary:
- Eleven diamond drill holes for a
total of 1,716 m
- At the Libanesa Main Prospect, 9
drillholes totalling 1,425 m testing 4 targets:
- Cerro Plomo: 5
drillholes with 1,029.5 m, testing the outcropping hydrothermal
breccia pipe.
- Brecha Plata: 2
drillholes totaling 154 m testing the NE silver rich breccia
structure.
- Bajo Aspero: 1
drillhole for 119 m testing the Au and Ag rich vein structure
- Playa Vetas: 1
drillhole for 122 m testing the Ag rich sub cropping veins.
- Lagunita Prospect with 292 m in two
drill holes testing just two of the main targets developed at
Lagunita prospect (Abril IV & Abril V tested).
Table 1: Libanesa Reported Drill
Intercepts (Pb/Zn values not considered in AuEq
calculations)
Hole ID |
From |
To |
Interval (m)1 |
Au/t |
Ag g/t |
AuEq752 |
Cut-off3 |
Pb % |
Zn % |
DDH-LGA-03 |
49.00 |
142.00 |
93.00 |
0.16 |
25.7 |
0.51 |
0.1 |
|
|
including |
78.00 |
104.00 |
26.00 |
0.38 |
44.7 |
0.98 |
0.3 |
|
|
including |
81.00 |
94.00 |
13.00 |
0.35 |
54.8 |
1.08 |
0.5 |
|
|
including |
91.00 |
101.00 |
10.00 |
0.64 |
59.3 |
1.43 |
1.0 |
2.16 |
1.35 |
DDH-LGA-01 |
49.00 |
68.00 |
19.00 |
0.10 |
26.8 |
0.45 |
0.1 |
1.30 |
0.35 |
including |
63.00 |
68.00 |
5.00 |
0.10 |
58.2 |
0.88 |
0.3 |
2.95 |
0.20 |
including |
63.00 |
64.00 |
1.00 |
0.16 |
202.0 |
2.85 |
0.5 |
|
|
DDH-LGA-11 |
133.00 |
140.00 |
7.00 |
0.78 |
4.4 |
0.84 |
0.1 |
|
|
including |
134.00 |
137.00 |
3.00 |
1.71 |
5.4 |
1.79 |
0.3 |
|
|
including |
136.00 |
137.00 |
1.00 |
4.20 |
7.4 |
4.30 |
1.0 |
|
|
DDH-LGA-02 |
158.00 |
181.00 |
23.00 |
0.07 |
11.7 |
0.23 |
0.1 |
0.30 |
0.50 |
including |
168.00 |
174.00 |
6.00 |
0.10 |
22.0 |
0.39 |
0.3 |
0.40 |
0.75 |
including |
168.00 |
169.00 |
1.00 |
0.22 |
70.5 |
1.16 |
0.5 |
|
|
DDH-LGA-04 |
142.00 |
145.00 |
3.00 |
0.02 |
42.3 |
0.58 |
0.3 |
|
|
including |
144.00 |
145.00 |
1.00 |
0.02 |
80.5 |
1.09 |
0.5 |
|
|
DDH-LGA-05 |
35.00 |
39.00 |
4.00 |
0.11 |
44.0 |
0.70 |
0.5 |
|
|
DDH-LGA-09 |
138.00 |
139.00 |
1.00 |
0.14 |
33.7 |
0.59 |
0.3 |
|
|
DDH-LGA-06 |
57.00 |
58.00 |
1.00 |
0.03 |
37.5 |
0.53 |
0.3 |
|
|
DDH-LGA-10 |
121.00 |
122.00 |
1.00 |
0.15 |
22.9 |
0.45 |
0.1 |
|
|
DDH-LGA-07 |
No interval above cut-off |
DDH-LGA-08 |
No interval above cut-off |
Notes: 1 Reported interval length are down hole widths and not
true widths.2 Gold equivalent (“AuEq”) is calculated using a ratio
of 1.0 g/t Au is equivalent to 75g/t Ag. The cut-off ranges are
0.1, 0.3, 0.5 and 1.0 g/t AuEq, and do not consider the Pb/Zn
values. Recoveries are assumed to be 100% as no metallurgical
test data is available.3 Reported intervals are calculated at
the stated AuEq75 (g/t) cut-off.
Table 2: Libanesa Reported Holes Collar
Location
Hole Id |
Easting |
Northing |
Elevation (m) |
Azimuth |
Dip |
Depth (m) |
Target |
DDH-LGA-01 |
2665908 |
4702543 |
96.09 |
95 |
-50 |
139.5 |
Cerro Plomo |
DDH-LGA-02 |
2665908 |
4702543 |
96.09 |
135 |
-60 |
200.0 |
Cerro Plomo |
DDH-LGA-03 |
2665953 |
4702614 |
99.78 |
185 |
-50 |
195.0 |
Cerro Plomo |
DDH-LGA-04 |
2665953 |
4702614 |
99.78 |
185 |
-70 |
250.0 |
Cerro Plomo |
DDH-LGA-05 |
2666656 |
4702301 |
98.00 |
160 |
-50 |
80.0 |
Brecha Plata |
DDH-LGA-06 |
2666656 |
4702301 |
98.00 |
115 |
-60 |
74.0 |
Brecha Plata |
DDH-LGA-07 |
2665716 |
4702438 |
103.44 |
340 |
-50 |
122.0 |
Playa Vetas |
DDH-LGA-08 |
2665618 |
4702684 |
107.00 |
190 |
-50 |
119.0 |
Bajo Aspero |
DDH-LGA-09 |
2666026 |
4702590 |
97.00 |
245 |
-70 |
245.0 |
Cerro Plomo |
DDH-LGA-10 |
2667927 |
4707702 |
117.40 |
40 |
-55 |
122.0 |
Lagunita |
DDH-LGA-11 |
2667057 |
4707712 |
124.60 |
40 |
-55 |
170.0 |
Lagunita |
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company
with 18 years of operating, permitting and community relations
experience in the mineral rich regions of Chile and Argentina.
Currently Mirasol is self-funding exploration at two flagship
projects, Sobek and Inca Gold, both located in Chile. Mirasol has
four partner-funded projects, with First Quantum Minerals and Mine
Discovery Fund in Chile, Silver Sands Resources and Patagonia Gold
in Argentina. Mirasol continues to advance a strong pipeline of
highly prospective early and mid-stage projects.
For further information,
contact:
Tim Heenan, PresidentorTroy Shultz, Vice
President Investor Relations
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: Golden Arrow served as
the operator for the Libanesa project, and Mirasol relies on their
internal quality control and quality assurance protocols, which
have been reviewed and considered adequate by the Qualified
Person.
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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