Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) is pleased to report the identification
of
additional compelling drill targets at the
Vania South prospect on the Inca Copper-Gold
Project (“Inca Gold”) in Chile from the recently completed Induced
Polarity (IP) Electrical Geophysical survey. Geochemical results
are pending from soil and select rock chip sampling, which will be
integrated with the recently completed geophysical survey to
finalize drill plans. Pursuant to the Exploration Agreement with
Option affiliates of Newmont Corporation (“Newmont”), Mirasol has
the option to earn-in 100% of Inca Gold, subject to a 1.5% NSR
royalty (news release January 13, 2020).
“The Vania prospects at our Inca Gold project
are advancing as quality drill targets,” Mirasol’s President, Tim
Heenan, commented. “In addition to the previously reported
coincident soil geochemical and Mag/IP geophysical anomalies at
Vania North, we have now also defined a strong magnetic high
coincident with IP anomalies and significant rock sample
geochemistry results at Vania South. We are eager to drill these
compelling targets, which are hosted along a major structural
corridor within this well-endowed world-class copper district,
early in Q1 2023.”
An Inca Gold and Sobek Projects Update
Webinar with Tim Heenan, the Company’s President and
Patrick Evans, the Executive Chair will be held on December 13th,
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.
Inca Gold is a large 16,300-hectare property
package located on the Paleocene belt of Chile. The Vania North and
Vania South zones are both controlled along a major north-northeast
structural corridor which hosts the Inca del Oro porphyry to the
south and the expansive El Salvador mining district to the north.
Vania South is localized at an important intersection of two
faults, the north-south trending regional Quebrada Vasquez fault,
intersecting an east-west trending undercover interpreted fault
passing through the center of the magnetic anomaly.
Figure 1: Location of Inca Gold Project and the
Vania Prospects
Vania South Targets
As previously reported, the reprocessing and
re-interpretation of the original Newmont ground magnetic (“Mag”)
data resulted in the identification of the Vania South anomaly
located three kilometers south of Vania North (news release
September 7, 2022). At the Vania South target a concealed and very
discrete, strong magnetic source exists within the southeast corner
of the Mag grid, showing smooth magnetic textures surrounding the
main anomaly. Interpretation of the Mag data suggests that this
very strong magnetic anomaly may represent a concealed porphyry
target, with the magnetic source potentially characterizing the
potassic-altered core of an intrusive body and the smooth magnetic
border representing the envelope of hydrothermal alteration.
Figure 2: Vania South Exploration Overview -
Reprocessed Mag Data Coincident with IP Defined Targets and
Significant Rock Sample Results
Quantec Geoscience Chile Ltda, on behalf of
Mirasol, has completed an electrical IP Pole-Dipole survey with
200m Dipole spacings centered over the Vania South magnetic
anomaly. The survey extended out to edge of cover to the west and
continued past the edge of cover to the east into the higher
elevation mountainous area of exposed geology. Compelling new
geophysical features were identified, which clearly represent
additional quality drill targets at the Vania South prospect.
The IP geophysical survey results from these
three parallel IP-PDP lines at the Vania South target have
delineated a pattern of resistivities and low-to-moderately
elevated chargeability anomalies that are consistent with a buried
porphyry model. The interpretation of zoning within the system, and
the distribution of chargeability and resistivity signatures, fits
very well with the original interpretation of zoning from the
reprocessed Newmont Mag data. The potential mineralized target
highlighted by the zone of magnetite depletion, and also
potentially the magnetic core, correlate well with a zone of little
or no chargeability. It is noteworthy that some mineralized
porphyries exhibit little or no chargeability associated with the
mineralized zone.
Three principal geophysical
targets have been generated from the recent survey,
including:
1) Target
Zone A – Leached porphyry target
Line 1100N displays a chargeability distribution
suggestive of a leached zone to 100m depth, with a weakly
chargeable zone detected below. This type of response is indicative
of leaching and supergene enrichment at the target. Over the
western portion of the line, there is also a shallow and highly
resistive unit, apparently crossed by multiple structures. This
feature resembles a resistive leached cap. The features described
strongly resemble observations made at other porphyry deposits.
2) Target
Zone B – Leached cap zone
The eastern side of the interpreted porphyry
exhibits a shallow resistive zone suggestive of a leached cap. A
similar feature was described as part of Target Zone A. These zones
are located above and to the east of the magnetic target
interpreted as potential potassic-altered core. As observed at
Target Zone A, a prominent, highly resistive lower unit is detected
beneath Target Zone B, which appears to be more resistive than
typically observed for porphyry intrusives.
3) Target
Zone C – Faulted/veined/dyke zone
To the west of the magnetic feature interpreted
as potential potassic core, the three parallel survey lines
detected an area of striking structural complexity. Prominent
narrow resistors are interpreted in close proximity to relatively
conductive, possibly clay-altered, units. This appearance may
suggest prominent faulting, likely associated with veins or dykes,
and potentially associated with silicification in close proximity
to conductive hydrothermal alteration. The west side of the system
may be faulted downwards, thereby preserving upper portions of the
mineral system.
Figure 3: Geophysical profiles from Vania South
lines 500n, 800n and 1100 N
Prospecting Grab Sample Results Confirm
Mineralization
Strong alteration exists in the form of local
silicification and pervasive clay alteration, in both the northern
and southern areas of the Vania South concealed magnetic
anomaly and in outcrops within the exposed rocks at the
edge of cover. Such alteration might be expected at the upper
levels above and flanking a porphyry copper system. In addition,
strong mineralization exists is observed n the surrounding rocks at
Vania South, characterized by quartz-tourmaline veinlets with
specular hematite and local copper oxides.
Geochemical results from the previous
prospecting campaign show both copper and gold anomalies associated
with rhyolitic volcanic rocks, with specular hematite and
tourmaline veinlets and also a sedimentary volcanic breccia
sequence exposed further to the east. This area also hosts specular
hematite, tourmaline in quartz veins and commonly shows
copper-oxide mineralization. These samples were collected from
locally sourced float blocks and also sub-cropping exposures. This
alteration and mineralization could be peripheral and distal to the
concealed magnetic anomaly, which may indicate the potential for a
concealed porphyry/iron oxide copper gold (IOCG) target.
Table 1: Vania South – Recent Select Float and
Sub-crop Rock Sample Results
Geochemical DSG Survey Completed to
Finalize Drill Planning
As at Vania North, a Deep Sensing Geochemistry
(DSG) survey was completed at Vania South to test for geochemical
anomalies within the surface regolith cover. The DSG sampling
procedure is a proprietary system of Newmont and has been proven
effective detecting geochemical anomalies under transported
cover.
During November 2022, Mirasol exploration crews
collected a total of 426 DSG samples from the Vania prospects. In
total, 286 samples collected across 26kms of control lines, at 100m
spaced sample sites, were retrieved from Vania South, and another
140 infill line samples at Vania North along 13 km of control
lines. These samples will be passed through Newmont’s in-house
metallurgical laboratory in Denver and then forwarded to ALS
Vancouver for final geochemical analysis.
Recent prospecting at Vania South further to the
east, along the new DSG soil lines, at the areas of elevated
topography, encountered areas of exposed outcropping copper
mineralization hosted primarily within the sedimentary breccias.
High-density (25-50m separation) copper-oxide, hematite rich
fracture fillings are locally visible within exposed windows of
10x10m through the scree cover. These mineralized outcroppings on
surface are coincident with the elevated chargeable responses from
the recent IP geophysical campaign, which is considered highly
encouraging. Selective rock ship samples from this area have been
submitted for assaying and the results will be reported once
received and interpreted in conjunction with the recent IP
geophysical anomalies and geochemical results. The widespread and
strongly mineralized exposures in this area will require diamond
saw “channel sampling” to collect more representative results.
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: Mirasol applies industry
standard exploration sampling methodologies and techniques. All
geochemical rock chip, soil, and stream sediment 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. Rock chip samples (1-3kg) were prepared with PREP31 and
analysed by Au_ICP21 and ME-MS61. The DSG soil samples will be
passed through Newmont’s in-house metallurgical laboratory in
Denver and then forwarded on to ALS Vancouver for final geochemical
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.
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