Mirasol Reports Trench Results from the Newly Discovered Titan Gold
System in the Miocene Belt of Chile
VANCOUVER, Jan. 21, 2013 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ, Frankfurt: M8R) "Mirasol". Mirasol is
pleased to announce the discovery of a new high-sulphidation gold
system on the Titan project, which is at one of its recently
staked, 100%-owned properties in the Miocene belt of northern
Chile. A mechanical
trenching program has outlined a 700 by 660 metre zone of anomalous
gold which hosts length-wise weighted-average trench channel
results of up to 194 metre at 0.41 gram per tonne (g/t) gold, and
higher-grade intervals including 31 metres at 1.36 g/t gold and 10
metres at 2.13 g/t gold, within which are higher-grade intervals of
up to 1 metre at 17.0 g/t gold. The gold anomalous zone is
believed to remain open in all directions under shallow,
post-mineral cover. Titan's alteration signature has
characteristics which suggest the current outcrop level may be near
the top of a mineralized, gold-bearing high sulfidation epithermal
(HSE) system.
The Titan project is a new gold system
discovered by Mirasol Resources while following-up high priority
alteration targets in a key structural zone located in the Miocene
Arc some distance north of the world class Maricunga gold belt in
Chile. The Maricunga belt
contains a series of multi-million ounce, Miocene-age porphyry gold
and high-sulphidation epithermal gold mines. Mirasol believes
there exists good potential to discover additional large, gold
deposits in the underexplored extensions of this belt (see news
release of January 17, 2013).
In many respects, the Titan project has good infrastructure with
regularly maintained gravel roads passing within 5 kilometres of
the target zone, at workable altitudes which allow access to the
project during most of the year.
Initial reconnaissance samples from Mirasol's
Titan project returned assays up to 1.60 g/t gold from outcrops and
small hand-dug pits. Mirasol recently completed a 3,285 metre
mechanical trenching program (Figure 1) which defined the large,
coherent surface gold anomaly at Titan in excess of 700 metres by
660 metres in dimension. Uncut assays from the trenches
(Table 1) define multiple intervals in-excess of 100 metres in
length of anomalous gold mineralization, with the best interval
being 194 metres at 0.41 g/t gold. Applying a 0.1 g/t gold
cut-off to these results (Table 1), returned better intervals of
132 metres at 0.55 g/t gold, 80 metres at 0.56 g/t gold, 24 metres
at 0.95 g/t gold and 10 metres at 2.93 g/t gold.
Mirasol resampled the initial trench intervals
for samples with assays exceeding 0.5 g/t gold in-order to reduce
the original sample interval from 2 to 4 metres, down to a one
metre interval. This generally returned similar or improved
gold grades. Better results from the resampling (Table 1,
Figure 2) at a cut-off of 0.25 g/t gold include 31 metres at 1.36
g/t gold, 18 metres at 1.20 g/t gold, 4 metres at 4.52 g/t gold and
10 metres at 2.13 g/t gold.
Outcropping gold mineralization at the Titan
project is oxidized with no sulphides recognised at surface.
Mineralization is hosted by brecciated, and intense advanced
argillically-altered andesitic volcanics and possible domes,
including large areas of "powdery" alunite-opal alteration
containing local native sulphur. The outcropping alteration
at Titan is typical of the upper steam-heated levels of
high-sulphidation epithermal (HSE) deposits, which in most
mineralized systems of this type, may cap higher-grade gold
mineralization which is hosted by underlying vuggy- and massive
silica zones (see Figure 2, Mirasol press release,
January 17, 2013).
Trace-level gold mineralization can occur within
the steam-heated zone of high-sulphidation epithermal (HSE)
systems, especially in "telescoped systems" where the steam leach
cap overprints pre-existing silica-alunite (examples: Pierina
deposit and San Jose Sur, Yanacocha deposits in Peru). At Titan, the presence of
strongly elevated gold anomalies within the interpreted steam
heated cap, suggests there may have been late-stage telescoping
(collapse) of the hydrothermal system onto the top of a
pre-existing gold zone. Trace-element geochemical
results from the Titan trenches (Figure 3) show a multi-element
signature of anomalous antimony, arsenic, mercury and tellurium at
concentrations indicative of the epithermal level in a strong
mineral system. Also evident in the trench assays are
coherent zones of anomalous molybdenum to 2260 ppm and copper up to
652 ppm.
From our current mapping and sampling, the gold
mineralization at Titan appears to form a crescent shape
surrounding a "core" of magnetite- veins in advanced
argillically-altered porphyritic andesite host rock. This
type of magnetite-bearing alteration is also found in the upper
alteration zones of porphyry systems.
Exploration of the large alteration system
within the Titan project and other nearby Mirasol-controlled
properties is ongoing. The Titan alteration system is exposed
through a window in post-mineral cover, which suggests the system
may be larger than currently known. Mirasol has
initiated geophysical surveys including electrical
methods and high-resolution ground magnetics to assist in
defining the dimensions of the Titan mineral system and the
evaluate the potential for dual shallow epithermal gold and
possibly deeper porphyry-style targets.
Mirasol is very pleased that its generative
program has led to staking of high quality gold targets on open
ground, such as the Titan project, in mining- and
investment-friendly Chile.
Mirasol plans to accelerate its exploration efforts at Titan and at
other 100%-owned Mirasol properties in the Chilean Miocene Arc, and
looks forward to reporting progress as results come to hand.
Stephen C. Nano,
Vice President of Exploration for Mirasol, is the Qualified Person
under NI 43-101 who prepared and approved the technical
content of this news release.
Quality Assurance/Quality Control:
Exploration at the Chile
exploration program is supervised by Stephen C. Nano, Vice President of Exploration,
who is the Qualified Person under NI 43-101. 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.
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policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Mirasol Resources Ltd.