VANCOUVER, BC, Aug. 5, 2020 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to provide an update on its
exploration activities and plans for its 2020/2021 financial year.
Field work has recently resumed at Inca Gold in Chile after being suspended in March. In
addition, Mirasol is actively preparing for the upcoming field
season at projects in the Mio-Pliocene belt in Chile and in Santa
Cruz province, Argentina.
Norm Pitcher, Mirasol's President
and CEO commented: "We are looking forward to the year ahead as
Mirasol will see a level of activity at our projects that will
result in a solid news flow and hopefully a significant discovery.
Following our strategy of self funding high priority targets, we
will be drilling at Inca Gold in Chile and Sascha
Marcelina in Argentina.
With the addition of partner funded projects at Virginia, Gorbea, Altazor, and Coronación,
Mirasol could see more than 13,000m
of drilling on 6 projects."
Mirasol continues to monitor the COVID-19 situation in
Chile and Argentina, which have
both been significantly impacted by the pandemic. Health and safety
measures and protocols, which follow local guidelines, have been
put in place to protect the Company's workers and the communities
surrounding the projects where the Company will be active in the
months to come. Mirasol will comply with additional
governmental guidelines and restrictions, which may impact the
timing of the programs discussed.
Figure 1: Mirasol's Project Portfolio
Mirasol has mobilized a field crew to complete a comprehensive
surface exploration program at the Inca Gold project in northern
Chile. The initial focus of the work will be on the Sandra
target in the southern part of the property package and will
include 1:2000 scale mapping of the quartz vein swarms, systematic
channel sampling across the veins and reconnaissance prospecting
for outlying areas of the prospect. A recently completed
geochemical study has also advanced the Company's understanding of
the geochemistry of the Sandra veins and will be useful in
directing the current sampling campaign.
In parallel, the Company is working on its drill permit
application, with a 1,500m diamond
drilling program budgeted for and expected to occur toward the end
of the calendar year.
Mirasol is also pleased to report that it has been successful in
staking an additional 2,200 ha of claims, which are strategically
located directly to the south of the Sandra target. The new claims
cover some of the structural trend defined by the vein traces
outcropping at the Sandra target. Mirasol will complete a first
pass evaluation during the ongoing field campaign.
A self-funded 2,600m drill program
has been approved for Sascha
Marcelina project in Argentina. This program is designed to
complete an initial test of the best targets on the project,
principally at the Estancia Trend and Pellegrini Silica cap.
Although the Company's intent was initially to attract a partner
for this project, a transaction has not yet been secured with a
preferred partner, and field reviews by potential partners have
been impacted by traveling restrictions linked to the COVID-19
pandemic, further delaying a potential transaction. Mirasol will
continue its ongoing discussions with potential partners, however
it intends to drill test this project itself if these discussions
do not move forward on satisfactory terms.
Mirasol believes the defined targets at Sasha Marcelina are both
high quality and drill ready, and given the Company's healthy
treasury and the stated hybrid exploration strategy, it is willing
to take a more aggressive approach to see these targets tested over
the upcoming season.
- Partner Funded Exploration
In addition to the foregoing self-funded initiatives, Mirasol is
working with its partners to see drilling completed at its projects
currently under partnerships in both Chile and Argentina.
- In Chile, Newcrest Mining is
committed to drilling 2,000m at
Gorbea during the next field season. An anticipated first pass
drill program of 2,000m at Altazor is
subject to an ongoing community engagement process, which has been
impacted by travel restrictions linked to the COVID-19
pandemic.
- At the Coronación project, also in Chile, First Quantum Minerals is committed to
drilling 3,000m under its option
agreement and is working towards receiving the required permits and
approval for this program.
- In Argentina, Mirasol is working with Silver Sands Resources to
finalize the exploration plan for the upcoming season and is
planning for a geophysics, trenching and drilling program to be
completed before the end of the year, with approximately
2,500m to be drilled at the
Virginia silver project under
the US$ 1 million first-year
commitment.
Mirasol continues working toward partnering exploration at its
other projects and expects additional transactions to be completed
over the year, which will further increase its exposure through
retained interest (minority interest, royalty, shareholding) to
potential discoveries.
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.
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.