Shares Issued and Outstanding: 54,116,043
TSX-V:
MRZ
OTCPK: MRZLF
- 2,831 meters drilled
- 95.5 line-km IP geophysics surveyed
- 2,531 meters of mechanically excavated trenches mapped and
sampled
- 1,083 rock chip channels recovered
VANCOUVER, BC, Dec. 22, 2020 /CNW/ - Mirasol Resources Ltd.
(TSXV: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") is pleased to announce the successful completion
of the Phase I exploration program at the Virginia Silver Project
("Virginia") in Santa Cruz
province, Argentina. The Company
is the operator of Virginia under
an option to purchase agreement with Silver Sands Resources (CSE:
SAND) (OTCQB: SSRSF) who fully funded the program.
Mirasol's Chair and Interim CEO, Patrick
Evans, commented: "The successful completion of this initial
program at Virginia is a credit to
our experienced operating team in Argentina. Despite the challenges posed by the
COVID pandemic, the program was completed safely and exceeded the
planned work targets. The results from the Virginia program will be released in early
2021."
Silver Sands' CEO, Keith
Anderson, commented: "We would like to commend Mirasol's
Argentine team as we were able to increase the size of the
drilling, trenching and IP components of the Phase I program within
the same budget. We anticipate steady news flow commencing in
January and we are currently working with the Mirasol team on plans
for a Phase II exploration program in the New Year".
This Phase I drilling and trenching program at Virginia focused on testing the potential for
new silver zones to expand the existing NI 43-101 resource. All the
drilling, except for the holes at the Magi target, focused on
untested areas and potential strike extensions along most of the
known trends hosting the current resource. The program also tested
outlying targets that are not part of the current resource and
where trenching has detected silver anomalies with good underlying
geophysical support. The Phase I drilling program comprised a total
of 2,831 meters in 18 diamond drill holes ("DDH"), which was 331
meters more than originally planned.
Figure 1: Completed DDH and outlines of potential open pit
conceptual models for existing resources
Mirasol also completed two IP pole dipole (PDP) geophysical
campaigns at Virginia. Most of the
previous electrical geophysics at Virginia used the gradient array method, which
is effective at mapping the chargeable mineralized vein structures.
The PDP method was deployed to better understand the orientation of
the structures at depth, enabling improved planning for drill
campaigns. In total, 95.5 line-km were completed with 80.5km in
Virginia and 15km at the Santa
Rita prospect in the north of the Project.
Figure 2: Completed trenches and PDP lines during the 2020
program
Mirasol will compile, interpret and validate the results as they
are received and expects to report the results in early 2021.
Mr. Evans added: "Based on geological observations of drill core
conducted by Mirasol's exploration team, we are encouraged by the
results and look forward to reporting them as soon as
possible".
Table: Mirasol 2020 Virginia Phase I Drill Program
Prospect
|
Hole
ID
|
Planned
Depth
|
Final
Depth
|
Date
Started
|
Date
Finish
|
Total Drilled
(m)
|
Ely
Central
|
EC-DDH-001
|
100
|
124
|
2020-10-29
|
2020-10-31
|
124
|
Martina SE
|
MSE-DDH-001
|
130
|
134
|
2020-11-01
|
2020-11-06
|
134
|
Magi
|
MG-DDH-001
|
300
|
302
|
2020-11-07
|
2020-11-10
|
302
|
Roxanne
|
RO-DDH-001
|
130
|
126
|
2020-11-11
|
2020-11-13
|
126
|
Margarita
|
MR-DDH-001
|
90
|
90
|
2020-11-13
|
2020-11-15
|
90
|
Naty
Extension
|
NE-DDH-001
|
130
|
127
|
2020-11-15
|
2020-11-17
|
127
|
Julia
South
|
JS-DDH-001
|
100
|
116
|
2020-11-18
|
2020-11-19
|
116
|
Ely
Central
|
EC-DDH-002
|
190
|
184
|
2020-11-20
|
2020-11-21
|
184
|
Martina SE
|
MSE-DDH-002
|
180
|
180
|
2020-11-21
|
2020-11-25
|
180
|
Magi
|
MG-DDH-002
|
120
|
105
|
2020-11-25
|
2020-11-26
|
105
|
Naty
Extension
|
NE-DDH-002
|
150
|
160
|
2020-11-26
|
2020-11-29
|
160
|
Julia
Central
|
JC-DDH-001
|
200
|
196
|
2020-11-29
|
2020-11-30
|
196
|
Julia
South
|
JS-DDH-002
|
130
|
130
|
2020-11-01
|
2020-12-03
|
130
|
Martina SW
|
MSW-DDH-001
|
175
|
175
|
2020-12-03
|
2020-12-05
|
175
|
Maos-
Johanna
|
Majo-DDH-001
|
230
|
229
|
2020-12-05
|
2020-12-06
|
229
|
Julia
Central
|
JC-DDH-001
|
130
|
133
|
2020-12-07
|
2020-12-09
|
133
|
Julia
South
|
JSE-DDH-001
|
100
|
142
|
2020-12-09
|
2020-12-13
|
142
|
Martina SE
|
MSE-DDH-003
|
175
|
178
|
2020-12-12
|
2020-12-14
|
178
|
Total Meters
Drilled
|
2,831
|
Reference for pit outlines in Figure 1 and 2: Amended
Technical Report, Virginia Project, Santa
Cruz Province, Argentina –
Initial Silver Mineral Resource Estimate. Report filed on
SEDAR, March
29th, 2016.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company focused in
Chile and Argentina. Mirasol has six partner-funded
projects, two with Newcrest Mining Ltd (Chile), and one each with First Quantum
Minerals (Chile), Mine Discovery
Fund (Chile), Mineria Activa
(Chile) and Silver Sands Resources
(Argentina). Mirasol is currently
self-funding exploration at two projects, Inca Gold (Chile) and Sacha
Marcelina (Argentina).
Qualified Person Statement: Mirasol's disclosure of technical
and scientific information in this press release has been reviewed
and approved by Chris Ford, CEng
FIMMM, a senior consultant for the Company, who 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 and to policies linked to pandemics, social and
environmental related matters. 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.