VANCOUVER,
Feb. 21, 2014 /CNW/ - Mirasol
Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) announces
that it has identified numerous exploration targets for trenching
and drilling at its 100%-owned Virginia silver project, Argentina. These exploration targets are
in addition to the Julia, Naty, Martina and Ely veins where
previous, extensive drilling of seven separate vein segments has
defined silver mineralization (reported in Mirasol news releases
from 2010 to 2012).
Mirasol's work at Virginia property exploration program
identified a number of new, high-priority drill targets, many with
good grade silver at surface. These targets enhance the
upside-potential and attractiveness of the Virginia project's significant silver vein
mineralization identified through drilling from 2010 to 2012.
At Virginia, Mirasol has drilled more than 23,000 m in 195 diamond
drill holes. However, only 9 of these holes are located
outside of the seven principle vein segments which contain the bulk
of the silver mineralization delineated by detailed drilling; many
good targets remain untested by drilling.
Since the discovery of the Julia Vein in late
2009, Mirasol has completed extensive surface exploration in the
Virginia Window (Figure 1), including rock chip sampling,
geological mapping, ground magnetic and induced polarization (IP)
surveys, and trenching. Exploration data from all work
completed to-date has been used to build a comprehensive geological
model of the Virginia silver
veins. This model was used to rank 65 possible exploration
targets, including 11 targets for trenching; and 10 targets for
drilling. The model reveals that most areas which have been
drilled are partially eroded silver-bearing quartz-vein shoots
which had high silver grades at surface. The model suggests
it is likely that additional, untested, shoots are covered by soil,
and that other shoots may lie at deeper levels within fault
structures that are exposed at surface, but which lack high-silver
grades at the current level of erosion. Blind silver shoots
were discovered by drilling under thin soil cover at the nearby
Ely North and Ely South veins; it is highly likely that other
blind shoots exist.
High silver grades exist in samples of float and
sub-crop at a number of targets in the northern and western part of
the Virginia Window (e.g., the Naty West, Patricia, Daniela and
Roxane) which are drill-ready targets. In east part of the
Virginia Window a number of targets exist which have anomalous
silver and indicator trace-elements, located along prominent fault
structures which may represent shallow levels of silver-bearing
epithermal systems, such as Magi, Maos, and Johanna. Only two
holes have been drilled on these eastern targets to date, and both
holes encountered better and thicker intervals of silver
mineralization than was encountered at surface. Magi and the
other targets in this area warrant drill testing.
Previously reported drilling on the Virginia silver project has identified
important high-grade silver mineralization over significant
widths. Selected intervals are shown in Table 1.
Table 1.
Diamond
Drill hole |
Intercept
from (m) |
Intercept
to (m) |
Core
length
(m) |
Intercept
angle
(°) |
True
width
(m) |
Silver
(g/t) |
Silver grade x
true
thickness
(g/t * m) |
Core
Recovery
% |
JULIA NORTH* |
VG-036 |
15.40 |
53.00 |
37.60 |
76 |
36.48 |
312 |
11,389 |
90 |
included |
21.35 |
26.85 |
5.50 |
76 |
5.34 |
1,843 |
9,835 |
85 |
VG-006A |
13.00 |
39.00 |
26.00 |
69 |
24.27 |
326 |
7,901 |
96 |
included |
18.65 |
24.52 |
5.87 |
69 |
5.48 |
1,038 |
5,687 |
98 |
VG-017A |
27.00 |
106.90 |
79.90 |
51 |
62.09 |
125 |
7,752 |
98 |
included |
37.90 |
44.75 |
6.85 |
51 |
5.32 |
912 |
4,858 |
95 |
JULIA CENTRAL* |
VG-068 |
64.00 |
105.45 |
41.45 |
60 |
35.90 |
200 |
7,167 |
93 |
included |
72.19 |
78.80 |
6.61 |
60 |
5.72 |
669 |
3,832 |
83 |
VG-050A |
37.69 |
71.00 |
33.31 |
58 |
28.25 |
220 |
6,216 |
98 |
included |
37.69 |
59.05 |
21.36 |
58 |
18.11 |
303 |
5,483 |
96 |
VG-043A |
44.00 |
95.00 |
51.00 |
63 |
45.44 |
129 |
5,868 |
96 |
included |
54.94 |
75.02 |
20.08 |
63 |
17.89 |
255 |
4,570 |
95 |
JULIA SOUTH* |
VG-012 |
27.00 |
40.00 |
13.00 |
48 |
9.66 |
215 |
2,082 |
90 |
included |
34.10 |
35.40 |
1.30 |
48 |
0.97 |
742 |
717 |
97 |
VG-023 |
24.50 |
36.70 |
12.20 |
45 |
8.63 |
221 |
1,904 |
81 |
included |
33.00 |
36.70 |
3.70 |
45 |
2.62 |
560 |
1,465 |
98 |
VG-003 |
39.50 |
47.70 |
8.20 |
40 |
5.27 |
328 |
1,726 |
98 |
included |
39.50 |
41.65 |
2.15 |
40 |
1.38 |
672 |
929 |
97 |
NATY* |
VG-053 |
46.70 |
75.00 |
28.30 |
70 |
26.59 |
230 |
6,111 |
89 |
included |
50.40 |
54.10 |
3.70 |
70 |
3.48 |
1,402 |
4,874 |
94 |
VG-041A |
47.50 |
98.00 |
50.50 |
68 |
46.82 |
123 |
5,739 |
100 |
included |
71.40 |
78.15 |
6.75 |
68 |
6.26 |
532 |
3,327 |
99 |
VG-040A |
15.00 |
66.00 |
51.00 |
68 |
47.29 |
86 |
4,043 |
92 |
included |
41.00 |
48.70 |
7.70 |
68 |
7.14 |
205 |
1,460 |
84 |
ELY SOUTH* |
VG-138 |
105.00 |
133.00 |
28.00 |
41 |
18.37 |
195 |
3,575 |
99 |
included |
110.90 |
115.50 |
4.60 |
41 |
3.02 |
493 |
1,489 |
100 |
VG-127 |
124.60 |
151.50 |
26.90 |
34 |
15.04 |
135 |
2,024 |
98 |
included |
144.48 |
145.67 |
1.19 |
34 |
0.67 |
1,760 |
1,171 |
91 |
VG-113 |
63.00 |
97.00 |
34.00 |
40 |
21.85 |
79 |
1,735 |
97 |
included |
87.80 |
90.75 |
2.95 |
40 |
1.90 |
495 |
939 |
91 |
ELY NORTH* |
VG-184 |
75.94 |
172.08 |
96.14 |
56 |
79.70 |
55 |
4,380 |
96 |
included |
160.65 |
163.40 |
2.75 |
56 |
2.28 |
419 |
956 |
99 |
VG-161 |
92.00 |
164.70 |
72.70 |
56 |
60.27 |
47 |
2,860 |
99 |
included |
155.80 |
163.47 |
7.67 |
63 |
6.83 |
129 |
881 |
100 |
VG-105 |
68.00 |
119.00 |
51.00 |
30 |
25.50 |
88 |
2,233 |
99 |
included |
77.74 |
82.90 |
5.16 |
30 |
2.58 |
142 |
367 |
98 |
included |
102.50 |
116.00 |
13.50 |
30 |
6.75 |
137 |
928 |
99 |
MARTINA* |
VG-089A |
31.00 |
46.00 |
15.00 |
43 |
10.23 |
245 |
2,510 |
95 |
included |
32.80 |
38.06 |
5.26 |
43 |
3.59 |
530 |
1,901 |
89 |
VG-119B |
27.00 |
65.65 |
38.65 |
41 |
25.36 |
61 |
1,541 |
94 |
included |
42.75 |
48.50 |
5.75 |
41 |
3.77 |
155 |
585 |
91 |
VG-094A |
24.37 |
44.20 |
19.83 |
41 |
13.01 |
61 |
797 |
93 |
included |
26.94 |
30.53 |
3.59 |
41 |
2.36 |
119 |
280 |
93 |
* Results for all of these holes have been
previously published. This select summary
represents the three best drill hole intercepts at each of the
seven areas as defined by
the highest silver grades x true thickness product. As such,
this list in not representative
of all the holes drilled.
A total of 11 targets are recommended for
trenching in a Stage 1 exploration program. A Stage 2 program
is recommended to drill 10 additional targets and all of the
targets from Stage 1 trenching that respond positively, and also
test at greater depth some of the seven drilled vein segments with
extensive drilling. A C$3.2 million
budget is proposed, comprising two components: Stage 1 to include
1,200 m of trenching which is budgeted at approximately
C$200,000, and Stage 2 with 8 m of
diamond drilling at approximately C$3.0
million cost, for a program total of C$3.2 million.
The Virginia
project contains high grade silver mineralization at-surface
occurring principally as the mineral acanthite, in shoots amenable
to open-cut development similar to AngloGold Ashanti's Cerro Vanguardia gold-silver mine in
Santa Cruz Province. Initial
metallurgical studies performed to date confirm that the high-grade
Virginia vein material responds
well to conventional processing with up to 80% silver
recovery. Mirasol intends to seek a strategic joint venture
or development partner to advance the Virginia project.
A 43-101 Technical Report for the Virginia silver project has been filed on
SEDAR (www.sedar.com and posted to the Company's website
www.mirasolresources.com), which documents in detail the
recommended work program, and has been prepared following National
Instrument 43-101 guidelines by non-independent Qualified Person
Dr. Paul Lhotka on behalf of
Mirasol.
Paul G. Lhotka,
Principal Geologist for Mirasol, is the Qualified Person under NI
43-101 who has approved the technical content of this news release
for Mirasol.
Quality Assurance/Quality Control:
Exploration at Mirasol's Projects is supervised by Stephen C. Nano, Vice President of Exploration;
Timothy Heenan, Exploration Manager;
and Paul Lhotka, Principal Geologist
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. Drill core, 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
Mendoza, Argentina for analysis.
Results are routinely examined by an independent geochemist to
ensure laboratory performance meets required standards.
Assay results from diamond 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.