VANCOUVER, July 12, 2018 /CNW/ - Mirasol
Resources Ltd. (TSXV: MRZ), (OTCPK: MRZLF), (the
"Company" or "Mirasol") announces the Company has
found "bonanza" grade rock Ag - Au assays from its systematic
sampling of the Resolution Trend, one of four precious metal
prospects on the Mirasol owned Nico project, Santa Cruz, Argentina (Figure 1).
Highlights from the recent Resolution Trend Exploration:
- Systematic rock chip outcrop and float sampling returns
"bonanza" grade Ag and Au assays from 1.2 km long section of
Resolution Trend.
-
- Highest outcrop grades include 1,435.9 g/t Ag and 1.37 g/t Au
(25.3 g/t AuEq60*) and 456.9 g/t Ag and 1.76
g/t Au (9.4 g/t AuEq60).
- Highest float grades include 2,332.3 g/t Ag and 9.62 g/t Au
(48.5 g/t AuEq60) and 1,484.7 g/t Ag and 8.15 g/t Au
(32.9 g/t AuEq60)
- Further assays results are pending for the Resolution Trend for
parallel vein-breccia structures, and from initial systematic
sampling of the high grade Ag - Au Aurora Vein Zone at Nico
- Assay results support recently reported anomalous electrical
geophysics survey results from the Resolution Trend (see news
release July 5, 2018)
- Mirasol is now planning for a southern hemisphere spring
(4th Quarter 2018) drill program at Resolution and an
extensive systematic sampling, geological mapping and geophysics
program for the Aurora and Vittoria prospects to better define
potential drill targets
Stephen Nano, the Company's
President and CEO stated: "We continue to be very encouraged by the
results received from our Resolution Trend exploration. This round
of assays confirms the presence of a strongly mineralized high
grade precious metal system at the prospect, building on the recent
positive geophysics results and supporting the Company's decision
to drill test this prospect as part of Mirasol's Expanded
Exploration Strategy". (Click on this link for Mirasol's Corporate
Update and Expanded Strategy).
This news release presents the results from 394 recent rock chip
samples on a 1.2 km long central section of the main Resolution
vein-breccia structure, bringing the total assay database for this
section of the structure to 438 outcrop, subcrop and float samples
(Figure 2). Assays from an additional 208 rock chip samples for
structures parallel to the main vein-breccia and 225 saw-cut
channel samples are pending and will be reported when
available.
In outcrop, subparallel vein-breccia structures are developed
within the Resolution Trend. Individual vein-breccias are typically
between 15 to 50 cm wide. The systematic rock chip sampling has
confirmed the "pinch and swell" (boudinaged) outcrop pattern and
the presence of high-grade "shoots" of mineralization along the
vein-breccia structure trend, which is typical of epithermal vein
deposits. In detail the vein-breccias show crustiform banded
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 (see photos in Figure 1).
Highest assays from outcrop and subcrop rock chip samples on a
gold equivalent basis (AuEq60) include; 1,435.9 g/t
Ag and 1.37 g/t Au (25.3 g/t AuEq60), 456.9 g/t Ag and
1.76 g/t Au (9.4 g/t AuEq60), and 266.5 g/t Ag and 3.92
g/t Au (8.4 g/t AuEq60). Float samples of vein breccia
from less well-exposed sections of the vein have returned assays up
to 2,332.3 g/t Ag and 9.62 g/t Au (48.5 g/t AuEq60), and
1,484.7 g/t Ag and 8.15 g/t Au (32.9 g/t AuEq60),
suggesting that the better mineralized sections, which originally
appear to have been sulfide rich, are weathered more strongly and
so may not outcrop. Consistent with previously reported results
from Resolution, higher grade assays correlate to 15 to 50 cm wide
oxidized, crustiform banded vein-breccia structures. However, in
this round of sampling strongly silicified volcanic wall rock with
quartz veinlets were also selectively chip sampled, returning some
high grade Ag – Au assays.
The recently reported PDP IP electrical geophysical survey
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 Resolution vein-breccias (Figure 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 Resolution
vein-breccia zone may be strongly sulfide bearing.
High grade at-surface Ag + Au rock chip assays over a
significant strike length of the trend, a strong down-dip
chargeability anomaly, and a favourable structural setting
highlight Resolution as a priority for drill testing. Mirasol is
currently compiling datasets to select drill targets for a southern
hemisphere spring (4th Quarter 2018) reverse circulation
initial drill test of the Resolution targets. The company is also
planning a spring program of detailed geological mapping,
systematic rock chip sampling and electrical geophysics designed to
identify drill targets at the larger Aurora and Vittoria prospects,
where previously reported reconnaissance sampling has outlined
multiple high-grade Ag – Ag trends developed over a 4 by 2 km area
at Aurora (see news releases July 5,
2017 and March 2,
2018).
Nico 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.
Additional Explanatory Notes:
* AuEq60 is the sum of the value of gold and silver in a
given interval represented as a gold equivalent g/t value
calculated via the formula: Au assay in g/t + (silver assay in g/t
÷ 60)
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.