VANCOUVER, Sept. 17, 2018
/CNW/ - Mirasol Resources Ltd (TSX-V: MRZ), (OTCPK: MRZLF) (the
"Company" or "Mirasol") reports first season exploration
results for the OceanaGold Corporation (TSX: OGC) (ASX: OGC)
Claudia JV, Santa Cruz Province,
Argentina.
Highlights from the Claudia OGC Joint Venture
exploration
- Drilling Results: Since inception of the OGC Joint
Venture 12 diamond core holes (DDH) totaling 2,529 m have been drilled, testing targets at the
Curahue and Cilene prospects. Assays from the Curahue prospect,
Europa and Io trends include 0.6 m at
0.08 g/t Au and 610.0 g/t Ag, and 0.55
m at 1.15 g/t Au and 22.9 g/t Ag; and from the Cilene
prospect 0.9 m at 1.95 g/t Au and 5.7
g/t Ag
- Geophysical Surveys: A combined 114.5 line-km of
gradient array and IP electrical geophysics surveys have been
completed at the Rio Seco, Curahue and Cilene prospects
- Geophysical Models: 3D models have been generated from
existing ground magnetics and from combined new and existing
electrical geophysical data sets for the NW end of Curahue and for
Rio Seco
- Reconnaissance: Prospecting of the large property
package has progressed with rock chip sampling returning gold
assays up to 7.26 g/t Au and 124 g/t Ag from extensions or new vein
and veinlet zones at Europa and Themisto Trends at Curahue, and new
Volcan prospect located 7 km to the east of the Cerro Vanguardia
Mine
- Project Database: Integrated analysis of this season's
data with existing data, is providing new geological insight into
the controls on mineralization at the Curahue and Rio Seco
prospects, guiding exploration program design for the coming
Southern Hemisphere spring and summer exploration season.
Curahue and Cilene Prospects drill results
Drilling from last season's exploration, completed to
July 2018, was focused at the Curahue
Prospect, with 10 DDH holes drilled totaling 2,270 m, to test targets on the Europa,
Io, Themisto and Callisto Trends (Figure
1).
Last season's OGC JV drilling at Europa intersected zones
of epithermal veins, veinlets and silica-sulfide structures up to
13.7 m wide (downhole, with 10 to 90
% veining) in three of the holes drilled. The veins and
silica-sulfide structures are hosted in what is interpreted to be
the upper part of the Jurassic-age Chon Aike volcanic sequence. At
the nearby multimillion ounce Cerro Vanguardia Au+Ag Mine, the
distinctive Granosa Ignimbrite unit of the Chon Aike volcanics is
the primary host to the majority of ore grade veining. The Granosa
Ignimbrite is a brittle, densely-welded volcanic that is an optimal
host rock for vein formation. Vein widths and grade typically
significantly improve where veins are hosted by the Granosa when
compared to the same vein hosted by overlying less competent
volcanic units1. The Granosa unit is interpreted by
Mirasol geologists to occur stratigraphically below the current
depth of drilling at Europa, Io and Themisto. The intersection of
these vein zones with the Granosa unit may represent a target for
further drilling in the Curahue prospect.
Five DDH holes were drilled into the 2.9 km long Europa
Trend to test covered geophysical targets beneath post mineral
unconsolidated gravel and a large alluvial terrace composed of
cobble to boulder-size clasts of epithermal vein material. Previous
rock chip sampling of the epithermal clasts in the alluvial terrace
returned assays of up to 1.66 g/t Au and 2,130 g/t Ag.
Reinterpretation of drilling at Europa by a previous JV partner
suggest these holes were predominantly drilled into the hanging
wall of the target structure or intersected mineralized vein
boulders in the alluvial terrace over lying the volcanic host rock
and so that were not testing outcropping veins.
Assay results from the OGC JV Europa drilling returned anomalous
Au+Ag (Table 1) with strong epithermal path finder elements (As,
Sb). Assays include a best downhole intersection of 0.6 m at 0.08 g/t Au and 610.0 g/t Ag from a
silica-sulfide structure. These exploration results have advanced
the geological understanding of this trend, with Au+Ag bearing
veins and mineralized structures in the host volcanics now
confirmed at Europa.
One OGC JV DDH core hole of 360 m
length was drilled at the Io Trend to test at depth beneath
the previously reported Au+Ag drill intersections (see news release
December 16, 2016; holes IODDH-1, 19
and IORC-26). At 254 m (down hole /
approx. 220 m below surface),
drilling intersected a 40 m wide
(down hole) zone of veining and veinlets (with logged sample
intervals between 3 to 95 % veining). This veining is interpreted
to be the down-dip extension of the Io vein zone. This zone assayed
weakly anomalous Au+Ag mineralization with a best intersection of
0.55 m at 1.15 g/t Au and 22.9 g/t
Ag.
Two OGC JV DDH holes totaling 415
m were drilled at the 3.8 km long Themisto Trend as
an initial shallow test of multi-kilometre long IP and gradient
array resistivity anomalies that are locally associated with
subcropping chalcedonic veinlets that assayed up to 0.49 g/t Au and
3.6 g/t Ag. A number of low-temperature epithermal veinlet zones
6.9 to 32.7 m wide (downhole), with 5
to 10 % veining, assayed weakly anomalous Au+Ag and strong
epithermal path finder elements (As, Sb). The drill intersections
of veining confirm the electrical geophysics anomalies at Themisto
are mapping the presence of a strike extensive veinlet zone that
may warrant deeper drill testing for improved vein development and
higher Au+Ag mineralization.
Two holes totaling 595 m were
drilled at the Callisto Trend to test coincident low-level
Au+Ag and epithermal path finder anomalies in trench channel sample
assays. Zones of low intensity silica veining with weak Au+Ag and
elevated Sb and As, were intersected. No further work is planned at
this prospect for the coming field season.
Two OGC JV DDH holes totaling 259
m, were drilled on one section at the Cilene
Prospect, that test 10 to 20 cm wide outcropping veins with
select rock chip assays ranging up to 10.17 g/t Au and 49.0 g/t Ag,
to a maximum depth of 75 m below
surface. The best drill intersection in the deepest hole
(CIL-DDH-002) was 0.9 m at 1.95 g/t
Au and 5.7 g/t Ag.
Geological mapping and sampling and 3D geophysical
models
In conjunction with the drill program, geological mapping,
prospecting and a total of 114.5 line-km of new and infill IP and
gradient array electrical geophysics surveying was completed at
Curahue, Cilene and Rio Seco
prospects. 3D geophysical block models were prepared from Mirasol's
existing detailed ground magnetics surveys, and from the combined
new OGC and previous Mirasol IP surveys for the Io – Europa section
of the Curahue prospect and the Rio Seco prospect. The geophysical
models, when analyzed in conjunction with the accumulated
geological, geochemical and drill hole database have provided an
improved understanding of the geological setting and large-scale
structural controls on mineralization at these prospects. Analysis
has outlined a district-scale horst and graben structural setting,
identifying large NW-oriented normal faults that appear to have
acted as hydrothermal fluid conduits and may potentially also
influence mineralized vein development. At the Rio Seco prospect
the magnetic and IP models when combined with geology and previous
drill results, outline a series of priority targets where the
prospective Granosa host rock is known to be present; coincident
with evidence of undrilled epithermal veining and/or geophysical
anomalies and large-scale faults.
At the Io - Europa trends integrated analysis of the magnetic
model and existing geological and geochemical datasets have
identified a large graben-bounding normal fault to the north of the
Europa Trend. There has been no previous drill testing of this
fault zone; however existing drill and rock chip geochemistry
suggest mineralization vectors towards the fault trace. A gradient
array geophysical survey which covers part of the fault zone has
outlined a series of resistivity and chargeability anomalies within
the fault trace, that may represent potential drill targets.
Surface prospecting of the Europa Trend has returned Au+Ag
anomalous rock chip assays including a peak assay of 7.26 g/t Au
and 124.0 g/t Ag (with the previous best rock assay from the Europa
Trend of 4.09 g/t Au and 127.0 g/t Ag) from epithermal vein blocks
up to 0.6 m in size, suggesting the
blocks are sourced from a larger covered vein. These results
indicate a potential extension of the Europa Trend to the SE into
an area that has not been previously mapped nor drill
tested.
Prospecting to the north of the Themisto Trend has identified
narrow (cm wide) epithermal veinlet trends in outcrop that to date
have been traced intermittently for a 250
m strike length. Select rock chip sampling of the veinlets
has returned assays of up to 2.49 g/t Au and 8.3 g/t Ag (with the
previous best rock chip assay at Themisto of 0.49 g/t Au and 3.6
g/t Ag). Outcrop is sparse, and existing electrical geophysics
surveys do not extend into this area to guide exploration. However,
the Mirasol ground magnetics show a large-scale NW- SE oriented
fault hosting the veining, suggesting the potential for
larger-scale vein development within the fault in this new portion
of the Themisto Trend.
Reconnaissance of the Claudia Claims 7 km to the east of the
Cerro Vanguardia Mine leases, the Volcan Prospect, has identified
an area of sub-cropping epithermal vein trends that have to date
been traced for 100 m before trending
under gravel cover to the SE. Rock chip assay results at Volcan
have returned multiple Au+Ag anomalous samples with the best assay
to date of 1.35 g/t Au and 14.3 g/t Ag for veins up to 0.5 m wide.
Mirasol and OGC are analyzing these results to set exploration
priorities for the coming Southern Hemisphere spring and summer
field season that is estimated to start mid to late September 2018, weather permitting. Further
updates will be provided as exploration priorities and budgets are
confirmed and field programs advance.
Stephen Nano, President and CEO
of Mirasol, has approved the technical content of this news
release. Mr Nano is a Chartered Professional geologist and Fellow
of the Australasian Institute of Mining and Metallurgy (CP and
FAusIMM) 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)
1 Sharpe, R., et.al
(2002), Stratigraphy of the Chon Aike formation ignimbrite sequence
in the Cerro Vanguardia Au-Ag epithermal vein district. Actas
del XV congreso geologico argentine. El Calafate. and pers.
comm. AngloGold mine geologists
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.