22:37:37 EST Fri 22 Feb 2019
Enter Symbol
or Name

Mirasol Resources Ltd
Symbol C : MRZ
Shares Issued 53,722,628
Close 2018-07-12 C$ 1.90
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Mirasol samples up to 2,332.3g/t Ag, 9.62g/t Au at Nico

2018-07-12 10:31 ET - News Release

Mr. Stephen Nano reports


Mirasol Resources Ltd. has found bonanza-grade rock silver-gold assays from its systematic sampling of the Resolution trend, one of four precious metal prospects on the Mirasol-owned Nico project in Santa Cruz, Argentina.

Highlights from the recent Resolution trend exploration:

  • Systematic rock-chip outcrop and float sampling returned bonanza-grade silver and gold assays from 1.2-kilometre-long section of Resolution trend.
  • Highest outcrop grades include 1,435.9 grams per tonne silver and 1.37 grams per tonne gold (25.3 grams per tonne gold equivalent) and 456.9 grams per tonne silver and 1.76 grams per tonne gold (9.4 grams per tonne gold equivalent).
  • Highest float grades include 2,332.3 grams per tonne silver and 9.62 grams per tonne gold (48.5 grams per tonne gold equivalent) and 1,484.7 grams per tonne silver and 8.15 grams per tonne gold (32.9 grams per tonne gold equivalent).
  • Further assays results are pending for the Resolution trend for parallel vein breccia structures and from initial systematic sampling of the high-grade silver-gold Aurora vein zone at Nico.
  • Assay results support recently reported anomalous electrical geophysics survey results from the Resolution trend (see news release dated July 5, 2018).

Mirasol is now planning for a southern hemisphere spring (fourth quarter of 2018) drill program at Resolution and an extensive systematic sampling, geological mapping and geophysics program for the Aurora and Vittoria prospects to better define potential drill targets.

Stephen Nano, the company's president and chief executive officer, stated: "We continue to be very encouraged by the results received from our Resolution trend exploration. This round of assays confirms the presence of a strongly mineralized high-grade precious metal system at the prospect, building on the recent positive geophysics results and supporting the company's decision to drill test this prospect as part of Mirasol's expanded exploration strategy."

This news release presents the results from 394 recent rock-chip samples on a 1.2-kilometre-long central section of the main Resolution vein-breccia structure, bringing the total assay database for this section of the structure to 438 outcrop, subcrop and float samples. Assays from an additional 208 rock-chip samples for structures parallel to the main vein-breccia structure and 225 saw-cut channel samples are pending and will be reported when available.

In outcrop, subparallel vein-breccia structures are developed within the Resolution trend. Individual vein-breccia structures are typically between 15 centimetres to 50 centimetres wide. The systematic rock-chip sampling has confirmed the pinch-and-swell (boudinaged) outcrop pattern and the presence of high-grade shoots of mineralization along the vein-breccia structure trend, which is typical of epithermal vein deposits. In detail the vein-breccia structures show crustiform-banded textures with voids in the banding, interpreted to be due to the near-surface oxidation of sulphide layers. This style of banded quartz-sulphide texture is also seen at the nearby bonanza-grade silver-gold Martha mine.

Highest assays from outcrop and subcrop rock-chip samples on a gold equivalent basis include: 1,435.9 grams per tonne silver and 1.37 grams per tonne gold (25.3 grams per tonne gold equivalent), 456.9 grams per tonne silver and 1.76 grams per tonne gold (9.4 grams per tonne gold equivalent), and 266.5 grams per tonne silver and 3.92 grams per tonne gold (8.4 grams per tonne gold equivalent). Float samples of vein breccia from less well-exposed sections of the vein have returned assays up to 2,332.3 grams per tonne silver and 9.62 grams per tonne gold (48.5 grams per tonne gold equivalent) and 1,484.7 grams per tonne silver and 8.15 grams per tonne gold (32.9 grams per tonne gold equivalent), suggesting that the better-mineralized sections, which originally appear to have been sulphide rich, are weathered more strongly and so may not outcrop. Consistent with previously reported results from Resolution, higher-grade assays correlate to 15-centimetre-to-50-centimetre-wide oxidized, crustiform-banded vein-breccia structures. However, in this round of sampling strongly silicified volcanic wall rock with quartz veinlets were also selectively chip sampled, returning some high-grade silver-gold assays.

The recently reported PDP IP (induced polarization) electrical geophysical survey defined a 1.4-kilometre-long, eight-to-25-millisecond chargeability anomaly that, in plan and section, lies along the downdip projection of the outcropping Resolution vein-breccia structures. Chargeability anomalies of this magnitude often indicate the presence of sulphide mineralization and, in this case, are interpreted by Mirasol to suggest that below the depth of surface oxidation the Resolution vein-breccia zone may be strongly sulphide bearing.

High-grade at-surface silver-plus-gold rock-chip assays over a significant strike length of the trend, a strong downdip chargeability anomaly and a favourable structural setting highlight Resolution as a priority for drill testing. Mirasol is currently compiling data sets to select drill targets for a southern hemisphere spring (fourth quarter of 2018) reverse circulation initial drill test of the Resolution targets. The company is also planning a spring program of detailed geological mapping, systematic rock-chip sampling and electrical geophysics designed to identify drill targets at the larger Aurora and Vittoria prospects, where previously reported reconnaissance sampling has outlined multiple high-grade silver-gold trends developed over a four-kilometre-by-two-kilometre area at Aurora (see news releases dated July 5, 2017, and March 2, 2018).

Nico is located in an area of active mining and precious metal ore processing, approximately 85 kilometres from the Manantial Espejo mine (Pan American Silver) and 45 kilometres from Martha (Hunt Mining). Pan American Silver also recently purchased the Cap-Oeste Sur Este (COSE) project and is working toward developing this and the Joaquin gold-silver satellite deposit, which are located 160 kilometres and 130 kilometres respectively from Manantial Espejo. Pan American plans to truck ores mined at COSE and Joaquin through Mirasol's Nico project properties to the Manantial Espejo mine facilities for processing. Nico is well positioned to benefit from Pan American's announced development and processing plans.

Stephen Nano, president and chief executive officer of Mirasol, has approved the technical content of this news release and is a qualified person under National Instrument 43-101.

Quality assurance/quality control of the Nico exploration program

All exploration on the project was supervised by Mr. 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 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.

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