VANCOUVER, July 24, 2019 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to provide an update on the
exploration activities completed at its Gorbea Gold project in
Northern Chile (Figure 1), by
Newcrest Mining Limited (ASX:NCM) ("Newcrest") under the
option and farm-in agreement announced earlier this year. The
program was terminated early due to the onset of winter, with two
diamond drill holes drilled for a total of 903m at the Atlas target. Drilling was targeting
a coincident geophysical, geochemical and alteration anomaly at
depth below a barren steam-heated leach cap as well as following up
on the results from Mirasol's previous partner. Initial results
have been received with best assay intervals including:
- ATL-DDH-001*: 19.3 m @
0.89g/t Au from 372m,
including 13m @ 1.1g/t Au
from 372m
*Note: ATL-DDH-001
was lost 20m into the mineralized
zone at 391m
- ATL-DDH-002: 59 m @ 0.39g/t
Au from 274m, including
10m @ 1.0g/t Au from
289m
Norm Pitcher, President and CEO
of Mirasol stated: "We are pleased to provide an update on the
exploration work completed by Newcrest over this field
season. The initial partial results received are encouraging
and they continue to demonstrate potential for the Gorbea project
to host a large-scale oxidized gold deposit. We acknowledge the
hard work of the Newcrest exploration team that was actively
drilling at Gorbea four months after the execution of our
exploration agreement. We look forward to Newcrest continuing to
move this project forward and expect very active programs in
Chile next field season."
Gorbea Exploration Summary
From the planned 2,000m program,
two diamond drill holes were drilled for 391m and 512m
respectively (Figure 2), with the first hole being terminated
in mineralization and abandoned early due to ground conditions. The
reported assay results pertain only to drill holes completed
as part of Newcrest's drilling program since May 2019, with some further assay results yet to
be received for the two completed drill holes (see table 1 for
pending assay intervals).
The drilling completed by Newcrest intersected dacite-andesite
composition volcanic rocks with advanced argillic alteration and
silicification coincident with subvertical breccia bodies. The
significant assay intercepts remain open in all directions and
further drilling is required to determine the extent of currently
defined mineralization.
Newcrest also completed 50km of CSAMT geophysics over the Atlas
target as well as reconnaissance mapping and sampling over several
other target areas in the Gorbea property package. Newcrest is now
in the process of relogging the previous diamond and
reverse-circulation drill holes to further refine their
understanding of the target. Follow up drilling is planned to
resume in late September 2019.
Altazor Project Update
At the Altazor high-sulfidation epithermal gold project, also in
northern Chile, two target areas
were defined by fieldwork completed during the field season.
Newcrest is anticipating a 2,000m
diamond drilling program and in‑fill CSAMT geophysics during the
coming field season.
For additional disclosure, please refer to Newcrest's
June 2019 quarterly report available
on:
https://www.newcrest.com.au/investors/reports/quarterly/
Table 1: Significant Intersections from the 2019 drilling
program:
Hole
ID
|
Total
Depth (m)
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(ppm)
|
Ag
(ppm)
|
Cut
Off
|
ATL-DH-01
|
391.3
|
372
|
391.3
|
19.3
|
0.89
|
6.7
|
0.3g/t Au
|
|
incl
|
372
|
385
|
13
|
1.1
|
7.6
|
1 g/t Au
|
|
|
Awaiting assays
between 337m-358m
|
ATL-DH-02
|
512.3
|
274
|
333
|
59
|
0.39
|
6.6
|
0.3g/t Au
|
|
incl
|
289
|
299
|
10
|
1.0
|
8.6
|
1 g/t Au
|
|
|
Awaiting assays
between 184 m to 270m, 359.3m to 395 m and 448m to
512.3m.
|
About Mirasol Resources Ltd
Mirasol is a premier project generation company that is focused
on the discovery and development of profitable precious metal and
copper deposits, operating via a hybrid joint venture and
self-funded drilling business model. Strategic joint ventures with
precious metal producers have enabled Mirasol to maintain a tight
share structure while advancing its priority projects that are
focused in high-potential regions in Chile and Argentina. Mirasol employs an
integrated generative and on-ground exploration approach, combining
leading-edge technologies and experienced exploration geoscientists
to maximize the potential for discovery. Mirasol is in a strong
financial position and has a significant portfolio of exploration
projects located within the Tertiary Age Mineral belts of
Chile and the Jurassic age gold
and silver district of Santa Cruz Province
Argentina.
Qualified Person Statement: Mirasol's disclosure of technical or
scientific information in this press release has been reviewed and
approved by Norm Pitcher, P.Geo.
President and CEO for the Company. Mr. Pitcher serves as a
Qualified Person under the definition of National Instrument
43-101. Newcrest is the operator for the Gorbea project, and
Mirasol relied on their internal quality control and quality
assurance protocols as described in detail in their quarterly
report dated July 25, 2019.
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.