VANCOUVER, Nov. 26, 2012 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, Frankfurt: M8R). Mirasol Resources ("the Company")
is pleased to provide an exploration update on the 100%-owned Rubi
copper-molybdenum-gold (Cu-Mo-Au) porphyry project, located
adjacent to the world class El
Salvador mining district in Region III of northern
Chile.
The 13,350 hectare Rubi property is prospective
for copper mineralization, where Mirasol has identified multiple
stand alone porphyry Cu targets. Recent geological evaluation
identified additional conceptual Cu-Au targets and a new
outcropping precious metal target which returned rock chip assays
of up to 6.9 grams per tonne ("g/t") gold. Recently, Mirasol
staked additional claims to secure extensions of exploration
targets at Rubi. The Company is actively
seeking a joint venture partner to advance this project and is
conducting field reviews with a select group of mid- to first tier
copper producers as the initial step in the joint venture
process.
At the district scale, the Rubi project (Figure
1) is centered within a cluster of world class porphyry Cu-Mo-Au
deposits that in some instances include associated epithermal gold
deposits. These include the historic El
Salvador (3.8 billion tonnes at 0.44% Cu and 0.1 g/t
Au1) and the Potrerillos mines (1.0 billion tonnes at
0.98% Cu and 0.77 g/t Au1) as well as the Inca del
Oro porphyry development project
(770 million tonnes at 0.36% Cu and 0.1 g/t Au2).
Published geology suggests the intrusive and mineralized system at
Rubi maybe part of the Paleocene to early Eocene age mineral
belt that has produced a series of world class porphyry Cu and
epithermal Au deposits in Northern
Chile.
The Rubi project (Figure 2) encompasses a 10
kilometre diameter, gravel covered "pampa" surrounded by altered
volcanic and intrusive rocks, and hosts several outcropping zones
of Cu-Mo-Au and base metal mineralization. The eastern margin of
the project is marked by a large arcuate fault zone thought to
represent the ring fracture faults of a mineralizing caldera
system. The alteration and geochemical patterns at Rubi are
suggestive of a large zoned porphyry-epithermal mineral district,
with a number of possible mineralized centers indicated.
Previous drilling was undertaken over parts of
the Rubi project during the 1990's but did not test the principle
targets identified by Mirasol. Many of the historic holes
drilled into the gravel cover to test for covered porphyry
mineralization, apparently were stopped in gravel short of reaching
basement. Over 50% the claims area shows no evidence of historic
exploration, including some of the outcropping mineralized
targets identified by Mirasol. There is no evidence of systematic
ground electrical geophysical surveys over the Rubi project and the
project is not covered by any publicly available modern
aeromagnetics surveys.
Mirasol has identified a series of outcropping
and covered conceptual targets at Rubi. The Lithocap target
(Figure 3) is an area of intense advanced argillic alteration and
silicification that may cover in excess of 9 square
kilometres. Rock chip sampling by Mirasol geologists
identified a central zone with wide spread anomalous Mo (peak assay
of 250 parts per million "ppm" Mo), low grade Cu and localized
higher grade secondary Cu (peak of assay 399 ppm Cu) in narrow
veins and breccias. The alteration and geochemical signature
of this target is characteristic of the "barren" alteration
lithocap (Figure 4) that can form over, or lateral to, a high
sulphidation and/ or porphyry Cu-Mo-Au system. Localized
historic drilling on the southern edge of the Lithocap zone has not
tested Mirasol's target.
Quebrada del Salado is an epithermal gold-silver
target (Figure 3) associated with a felsic dike swarm that extends
north from the Lithocap target. Small-scale historic gold workings
are intermittently exploited on the dike margins over a 1.1
kilometre strike length in a series of near-surface, oxidized
quartz-carbonate veins. Reconnaissance rock chip sampling of
the dumps and workings has returned anomalous
gold-silver-manganese-base metal results indicative of a precious
metal intermediate sulphidation epithermal system. The average gold
grade of the 10 samples collected to date is 2.7 g/t Au with a peak
assay of 6.9 g/t Au. ASTER alteration processing shows
argillic alteration extends for several kilometres along the dike
swarm and suggests that the mineralized zone could be more
extensive than currently recognized in outcrop. Epithermal precious
metal deposits are known to form on the edge porphyry districts
(Figure 4). Some of these deposits contain significant gold-silver
resources. There has been no previous modern exploration
identified over the Quebrada del Salado vein zone.
The Portezuelo porphyry Cu-Mo target (Figure 5)
is a 2.5 by 1.5 kilometre area of multiphase granodiorite to
rhyolite intrusive and dike complex. Rock chip sampling and
mapping shows widespread anomalous Cu values (peak assay of 1,650
ppm Cu) and Mo values (peak assay of 310 ppm Mo) associated with
porphyry-style sheeted veins and disseminated mineralization.
Five historic shallow reverse circulation (RC) holes (maximum depth
144 metres) were drilled at the prospect by CODELCO Chile, the
state mining corporation. Preliminary field evaluation by Mirasol
suggests the historic drill holes have not have been optimally
placed to test the mineralization.
Additional conceptual covered porphyry and
exotic Cu targets are suggested by alteration vectors and low level
anomalous Cu-Mo surface chip geochemistry at the Corner Zone and
Pampa del Inca prospects. Drilling of these types of
gravel-covered targets in Chile
has led to the discovery of a number of porphyry deposits over
recent decades. Systematic geophysics of the gravel-covered
areas at Rubi is required to filter and prioritize targets prior to
drill testing.
Mirasol is pleased to have secured this large
coherent block of prospective exploration ground on one of the
premier porphyry-epithermal belts in pro-mining Chile. The Rubi project was acquired by
Mirasol through staking on open ground of priority targets from its
regional generative program. The project is 100% owned by
Mirasol with no cash payments, royalties or expenditures to
underlying property owners. This affords Mirasol greater business
flexibility when dealing with potential partners on the project.
Mirasol's Management team is focused on securing a Joint Venture
with a partner that has the capacity to evaluate the project, drill
test the targets identified, and if successful, effectively advance
a large scale project.
Pursuant to a Share Bonus Plan approved by
shareholder vote on December 3,
2007 (the "Bonus Plan"), the Company has received
TSX Venture Exchange approval to issue 500,000 common shares
to certain eligible persons under the Bonus Plan. The shares
are being issued in connection with the discovery of an "ore body"
(as such term is defined in the Bonus Plan) at the Joaquin Property
in Argentina. A committee
comprised of independent directors and the TSX Venture
Exchange approved the issue of the shares under the Bonus
Plan.
Stephen C. Nano,
Vice President of Exploration for Mirasol, is the Qualified Person
under NI 43-101 who has prepared and approved the technical content
of this news release.
- Singer D.A., Berger V.I., Moring B.C., 2008. Porphyry Copper
Deposits of the World: Database and Grade and Tonnage Models, 2008,
U.S. Geological Survey Open-File Report 2008-1155 version 1.0.
- Presentation : Inca de Oro Copper-Gold Project, Chile. Analyst site visit, 8-10 June 2011. Pan Aust.
http://www.panaust.com.au/sites/default/files/presentations/IDO_Site_Visit_June2011.pdf.
Quality Assurance/Quality Control:
Exploration at the Rubi Project is supervised by Stephen C. Nano, Vice President of Exploration,
who is the Qualified Person under NI 43-10. All technical
information for the Company's projects is obtained and reported
under a formal quality assurance and quality control (QA/QC)
program. All Drill Rock chip and stream sediment samples are
collected under the supervision of Company geologists in accordance
with standard industry practice. Samples are dispatched via
commercial transport to an ISO 9001:2000-accredited laboratory in
Chile for analysis. All rock
chip and drill samples are submitted to the Laboratory with
independently sourced, accredited standard and blanks and where
appropriate duplicate samples to facilitate monitoring of
laboratory performance. Certified Results are examined by an
independent qualified consultant to ensure laboratory performance
meets required standards.
Assay results from subsurface drill core or RC
drill samples may be higher, lower or similar to results obtained
from surface samples.
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.
SOURCE Mirasol Resources Ltd.