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Miranda Gold Corp
Symbol MAD
Shares Issued 132,517,577
Close 2018-06-21 C$ 0.04
Market Cap C$ 5,300,703
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Miranda Gold makes new applications in Middle Cauca

2018-06-21 13:02 ET - News Release

Mr. Joseph Hebert reports

MIRANDA'S NEW APPLICATIONS PROVIDE A REGIONAL-SCALE EXPLORATION PLAY BETWEEN CONTINENTAL GOLD'S BURITICA AND ANGLOGOLD ASHANTI'S NUEVO CHAQUIRO

Miranda Gold Corp.'s new applications in the Middle Cauca belt provide a regional-scale exploration play within a well-consolidated and strategic land position adjacent to advanced projects. The Middle Cauca belt is prolific with gold porphyry, copper-gold porphyry and epithermal gold districts, and is the focus of intensive exploration in Colombia. At least 10 separate districts are currently recognized in the Middle Cauca.

The new Miranda applications cover important north-south fault strands of a larger regional structural corridor that localizes porphyry and epithermal gold districts within the Middle Cauca. These new or expanded applications add to Miranda's Colombia portfolio and include:

  • The Lyra project that adjoins Continental Gold Inc.'s Buritica project;
  • An expansion of the company's Oribella project to adjoin Orosur Mining Inc.'s Anza project and AngloGold Ashanti Ltd.'s Nuevo Guintar project;
  • The Kuntur project adjoins AngloGold Ashanti's Quebradona (Nuevo Chaquiro) district.

Lyra

Lyra comprises 52,482 hectares and directly adjoins the Buritica project, covering more than 25 kilometres of the Tonusco fault that extends south from the Buritica vein system. Data compiled by the Instituto Colombiano de Geologia y Mineria show 50 of 61 samples on Lyra are non-detectable to 0.3 gram per tonne gold -- while 11 samples are greater than 0.3 g/t Au -- with six of those 11 samples greater than 10 g/t Au. Those higher-grade samples likely reflect sampled veins, but detailed data were not provided by Ingeominas. Current Miranda reconnaissance show five areas on Lyra where mapped colluvium indicate the presence of porphyritic intrusives. The Ingeominas samples are historic and have not been confirmed by Miranda, but are considered reliable and may indicate anomalous areas and the location of possible veins.

Oribella

Oribella was expanded contiguously to where the project now adjoins Orosur Mining's Anza project -- which contains the APTA vein deposit and the Charrascala porphyry-epithermal anomalies. Oribella was expanded to the northwest where it is now within three km of AngloGold Ashanti's Nuevo Guintar project -- where low-grade epithermal mineralization is reported in two drill holes. Oribella now totals 24,243 hectares.

Oribella captures strands of the Tonusco and Mulatos fault, and contains a gold-in-soil anomaly produced by Miranda with dimensions of approximately 500 m by 250 m -- the anomaly is open in two directions. Limited hand trenching within the soil anomaly shows 11 m at 1.1 g/t Au in outcrop. This mineralization extends to the limits of the short trench. Copper and gold values are somewhat offset from each other, but taken together define an anomaly 800 m wide by 500 m -- centred on an andesite porphyry stock and related breccia bodies at a major fault inflection. Oribella gold mineralization is interpreted as predominantly epithermal replacement of tuff and sedimentary rocks, but copper values and magnetic intrusive breccias suggest the epithermal mineralization may be associated with porphyry-style mineralization. Locally, vegetation anomalies correlate with strong hematite alteration in road cuts.

Kuntur

The Kuntur project totals 47,664 hectares and directly adjoins the Quebradona district on the northwest and southeast. Kuntur shows the prevalent north and west-northwest fault framework that the copper-gold footprint of Nuevo Chaquiro coincides with, on a deposit scale. Both AngloGold Ashanti's Quebradona district and Miranda's Kuntur project occur where strong northwest fault systems span the distance between the major north-south Mistrato and Romeral fault systems -- the regional faults that bound this part of the Middle Cauca mineral belt. Miranda will soon begin reconnaissance prospecting and stream sediment sampling on Kuntur.

New applications considered favourable for regional alliance

Miranda's new applications fall between Buritica and Nuevo Chaquiro, two of the most important discoveries in Colombia. Nuevo Chaquiro has a reported 5.61 million ounces of gold and 7,933,000,000 pounds of copper in all Joint Ore Reserves Committee resource categories. Buritica has reported proven and probable reserves of 3.71 million ounces of gold and 10.72 million ounces of silver within a larger resource. Buritica is in development by underground long-hole stoping. The Nuevo Chaquiro is in the prefeasibility stage for underground mining by sublevel caving.

Miranda will seek an exploration alliance with a mid-tier or major mining company to explore these applications. Miranda believes that there is a high potential for significant discoveries in this part of the Middle Cauca -- and Miranda's new expanded portfolio provides a large land position suitable for systematic regional-scale exploration between Buritica and Nuevo Chaquiro that mark -- to the north and south respectively -- a 110-kilometre trend in the Middle Cauca belt.

Qualified person

Data disclosed in this press release have been reviewed and verified by Miranda's chief executive officer, Joseph Hebert, CPG, BSc, geology, and qualified person as defined by National Instrument 43-101.

Corporate profile

Miranda is a gold exploration company active in Colombia. Miranda employs a prospect generator and joint venture business model. Miranda focuses on generating projects with world-class discovery potential, and then joint ventures multiple projects to maximize the chance of discovery, while reducing economic risk and shareholder dilution. Miranda has a continuing relationship with IAMGold Corp.

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