VANCOUVER, July 5, 2018 /CNW/ - Mirasol Resources Ltd.
(TSXV: MRZ), (OTCPK: MRZLF), (the "Company" or
"Mirasol") announces the Company has completed this season's
exploration at the Resolution Trend, one of four high grade Ag-Au
prospects at the 100% Mirasol owned Nico project, Santa Cruz Province Argentina.
Highlights from the recent Resolution Trend exploration:
- A 1.7 sq-km, 100 m line-spacing
geophysical survey was completed, which outlined a 1.4 km long
chargeability anomaly coincident with the down-dip projection of
the previously reported high-grade Ag-Au bearing vein breccias (see
news releases, March 2, 2018 and
August 8, 2017)
- Geological mapping has outlined a prospective setting of
outcropping mineralized structures with a defined cumulative strike
length in excess of 1.5 km, hosted within a porphyritic
sub-volcanic dacite dome unit
- Systematic detailed rock chip and saw-cut channel sampling has
also been completed with all samples dispatched to the laboratory
for analysis. Results will be reported on receipt of final assays
in the coming weeks.
Stephen Nano, the Company's
President and CEO stated: "Our exploration efforts continue to
upgrade our understanding and advance the Resolution prospect
toward drill testing, consistent with the objectives of our
recently announced Expanded Exploration Strategy and the Company's
over-subscribed CAD$8.6 million
raising, completed June 8, 2018
(see news release for details). Resolution is one of
several compelling, logistically advantaged, high grade, drill
targets taking shape in our Santa
Cruz project portfolio at this time."
Geological mapping at Resolution has outlined a 1.8 km long, up
to 120 m wide trend of intermittently
outcropping, NE striking, SE dipping (58° to 61°) oxidized
vein-breccias (Figure 1). Previously reported reconnaissance rock
chip sampling here returned peak high-grade assays up to 6,181 g/t
Ag and 5.73 g/t Au from select rock-chip sampling of oxidized
vein-breccias. Systematic sampling on nominal 1 to
10 m sample centres along the
vein-breccia trends of rock chip and saw-cut channel sampling has
now been completed with samples delivered to the laboratory for
analysis.
In outcrop, several subparallel vein-breccia structures are
developed within the Resolution Trend. Individual vein-breccias are
between typically 15 to 50 cm wide and show classic crustiform
banded epithermal vein textures with voids in the banding,
interpreted to be due to the near-surface oxidation of sulfide
layers. This style of banded quartz-sulfide texture is also
seen at the nearby bonanza grade Ag-Au
Martha mine.
The mineralized vein-breccia structures at Resolution are hosted
within a porphyritic dacite unit delineated by geological mapping
and by a + 600 m diameter resistivity
anomaly in the Pole Dipole (PDP) electrical geophysical ground
survey. The dacite dome may represent part of a larger area
Jurassic-aged subvolcanic dome complex at the prospect. The
prospect-scale structural setting, combined with brittle host rocks
like the dacite dome, are conducive to development of down-dip and
along strike "pinch and swell" veins typical of epithermal
deposits. Potential sites of vein "blowouts" would be the
target of any future drill testing at the project.
The PDP electrical geophysical survey has also defined a 1.4 km
long, 8 to 25 millisecond chargeability anomaly, that in plan and
section lies along the down-dip projection of the outcropping
vein-breccias (Figures 2 and 3). Chargeability anomalies of this
magnitude often indicate the presence of sulfide mineralization and
in this case, are interpreted by Mirasol to suggest that below the
depth of surface oxidation the vein breccia zone may be sulfide
bearing and potentially have a disseminated sulfide halo in the
surrounding wall rock. These chargeability anomalies
represent high priority targets for drill testing at the Resolution
Trend.
Mirasol interprets the Nico mineralization to potentially be an
example of a Ag-Au rich epithermal intermediate sulfidation
precious metal system. This class of mineralization has
produced multi-million-ounce high-grade Au-Ag vein style ore bodies
in Santa Cruz Province, including
Cerro Moro (Yamana Gold) and
San Jose (Hochschild Mining/McEwen
Mining) mines, as well as smaller, bonanza-grade mines such as
Martha (Hunt Mining).
The Nico project is located in an area of active mining and
precious metal ore processing, approximately 85 km from the
Manantial Espejo Mine (Pan American Silver), and 45 km from Martha
(Hunt Mining). Pan American Silver also recently purchased
the Cap-Oeste Sur Este (COSE) project and is working toward
developing this and the Joaquin Au-Ag satellite deposit which are
located 160 km and 130 km respectively from Manantial Espejo.
Pan American plans to truck ores mined at COSE and Joaquin
through Mirasol's Nico Project properties to the Manantial
Espejo mine facilities for processing. Nico is well
positioned to benefit from Pan American's announced development and
processing plans.
Mirasol invites investors to follow the Nico epithermal precious
metal exploration story by visiting our
website www.mirasolresources.com and signing up to
receive our news releases.
Stephen Nano, President and CEO
of Mirasol, has approved the technical content of this news release
and is a Qualified Person under NI 43-101.
Quality Assurance/Quality Control of the Nico exploration
program:
All exploration on the project was supervised by Mirasol CEO
Stephen C. Nano, who is the
Qualified Person under NI 43-101. Mirasol applies industry
standard exploration sampling methodologies and techniques. All
geochemical soil, stream, rock and drill 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. Samples are dispatched to an ISO 9001:2008 accredited
laboratory in Argentina for
analysis. Assay results from surface rock, 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. 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.
SOURCE Mirasol Resources Ltd.