VANCOUVER, Nov. 26, 2012 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R). Mirasol Resources ("the Company") is pleased to provide an exploration
update on the 100%-owned Rubi copper-molybdenum-gold (Cu-Mo-Au)
porphyry project, located adjacent to the world class El Salvador
mining district in Region III of northern Chile.
The 13,350 hectare Rubi property is prospective for copper
mineralization, where Mirasol has identified multiple stand alone
porphyry Cu targets. Recent geological evaluation identified additional
conceptual Cu-Au targets and a new outcropping precious metal target
which returned rock chip assays of up to 6.9 grams per tonne ("g/t")
gold. Recently, Mirasol staked additional claims to secure extensions
of exploration targets at Rubi. The Company is actively seeking a
joint venture partner to advance this project and is conducting field
reviews with a select group of mid- to first tier copper producers as
the initial step in the joint venture process.
At the district scale, the Rubi project (Figure 1) is centered within a cluster of world class porphyry Cu-Mo-Au deposits
that in some instances include associated epithermal gold deposits.
These include the historic El Salvador (3.8 billion tonnes at 0.44% Cu
and 0.1 g/t Au1) and the Potrerillos mines (1.0 billion tonnes at 0.98% Cu and 0.77 g/t
Au1) as well as the Inca del Oro porphyry development project (770 million
tonnes at 0.36% Cu and 0.1 g/t Au2). Published geology suggests the intrusive and mineralized system at
Rubi maybe part of the Paleocene to early Eocene age mineral belt that
has produced a series of world class porphyry Cu and epithermal Au
deposits in Northern Chile.
The Rubi project (Figure 2) encompasses a 10 kilometre diameter, gravel covered "pampa" surrounded
by altered volcanic and intrusive rocks, and hosts several outcropping
zones of Cu-Mo-Au and base metal mineralization. The eastern margin of
the project is marked by a large arcuate fault zone thought to
represent the ring fracture faults of a mineralizing caldera system.
The alteration and geochemical patterns at Rubi are suggestive of a
large zoned porphyry-epithermal mineral district, with a number of
possible mineralized centers indicated.
Previous drilling was undertaken over parts of the Rubi project during
the 1990's but did not test the principle targets identified by
Mirasol. Many of the historic holes drilled into the gravel cover to
test for covered porphyry mineralization, apparently were stopped in
gravel short of reaching basement. Over 50% the claims area shows no
evidence of historic exploration, including some of the outcropping
mineralized targets identified by Mirasol. There is no evidence of
systematic ground electrical geophysical surveys over the Rubi project
and the project is not covered by any publicly available modern
aeromagnetics surveys.
Mirasol has identified a series of outcropping and covered conceptual
targets at Rubi. The Lithocap target (Figure 3) is an area of intense advanced argillic alteration and silicification
that may cover in excess of 9 square kilometres. Rock chip sampling by
Mirasol geologists identified a central zone with wide spread anomalous
Mo (peak assay of 250 parts per million "ppm" Mo), low grade Cu and
localized higher grade secondary Cu (peak of assay 399 ppm Cu) in
narrow veins and breccias. The alteration and geochemical signature of
this target is characteristic of the "barren" alteration lithocap (Figure 4) that can form over, or lateral to, a high sulphidation and/ or
porphyry Cu-Mo-Au system. Localized historic drilling on the southern
edge of the Lithocap zone has not tested Mirasol's target.
Quebrada del Salado is an epithermal gold-silver target (Figure 3) associated with a felsic dike swarm that extends north from the
Lithocap target. Small-scale historic gold workings are intermittently
exploited on the dike margins over a 1.1 kilometre strike length in a
series of near-surface, oxidized quartz-carbonate veins.
Reconnaissance rock chip sampling of the dumps and workings has
returned anomalous gold-silver-manganese-base metal results indicative
of a precious metal intermediate sulphidation epithermal system. The
average gold grade of the 10 samples collected to date is 2.7 g/t Au
with a peak assay of 6.9 g/t Au. ASTER alteration processing shows
argillic alteration extends for several kilometres along the dike swarm
and suggests that the mineralized zone could be more extensive than
currently recognized in outcrop. Epithermal precious metal deposits are
known to form on the edge porphyry districts (Figure 4). Some of these
deposits contain significant gold-silver resources. There has been no
previous modern exploration identified over the Quebrada del Salado
vein zone.
The Portezuelo porphyry Cu-Mo target (Figure 5) is a 2.5 by 1.5 kilometre area of multiphase granodiorite to rhyolite
intrusive and dike complex. Rock chip sampling and mapping shows
widespread anomalous Cu values (peak assay of 1,650 ppm Cu) and Mo
values (peak assay of 310 ppm Mo) associated with porphyry-style
sheeted veins and disseminated mineralization. Five historic shallow
reverse circulation (RC) holes (maximum depth 144 metres) were drilled
at the prospect by CODELCO Chile, the state mining corporation.
Preliminary field evaluation by Mirasol suggests the historic drill
holes have not have been optimally placed to test the mineralization.
Additional conceptual covered porphyry and exotic Cu targets are
suggested by alteration vectors and low level anomalous Cu-Mo surface
chip geochemistry at the Corner Zone and Pampa del Inca prospects.
Drilling of these types of gravel-covered targets in Chile has led to
the discovery of a number of porphyry deposits over recent decades.
Systematic geophysics of the gravel-covered areas at Rubi is required
to filter and prioritize targets prior to drill testing.
Mirasol is pleased to have secured this large coherent block of
prospective exploration ground on one of the premier
porphyry-epithermal belts in pro-mining Chile. The Rubi project was
acquired by Mirasol through staking on open ground of priority targets
from its regional generative program. The project is 100% owned by
Mirasol with no cash payments, royalties or expenditures to underlying
property owners. This affords Mirasol greater business flexibility when
dealing with potential partners on the project. Mirasol's Management
team is focused on securing a Joint Venture with a partner that has the
capacity to evaluate the project, drill test the targets identified,
and if successful, effectively advance a large scale project.
Pursuant to a Share Bonus Plan approved by shareholder vote on December
3, 2007 (the "Bonus Plan"), the Company has received TSX Venture
Exchange approval to issue 500,000 common shares to certain eligible
persons under the Bonus Plan. The shares are being issued in
connection with the discovery of an "ore body" (as such term is defined
in the Bonus Plan) at the Joaquin Property in Argentina. A committee
comprised of independent directors and the TSX Venture
Exchange approved the issue of the shares under the Bonus Plan.
Stephen C. Nano, Vice President of Exploration for Mirasol, is the
Qualified Person under NI 43-101 who has prepared and approved the
technical content of this news release.
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Singer D.A., Berger V.I., Moring B.C., 2008. Porphyry Copper Deposits of
the World: Database and Grade and Tonnage Models, 2008, U.S. Geological
Survey Open-File Report 2008-1155 version 1.0.
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Presentation : Inca de Oro Copper-Gold Project, Chile. Analyst site
visit, 8-10 June 2011. Pan Aust. http://www.panaust.com.au/sites/default/files/presentations/IDO_Site_Visit_June2011.pdf.
Quality Assurance/Quality Control:
Exploration at the Rubi Project is supervised by Stephen C. Nano, Vice
President of Exploration, who is the Qualified Person under NI 43-10.
All technical information for the Company's projects is obtained and
reported under a formal quality assurance and quality control (QA/QC)
program. All Drill Rock chip and stream sediment samples are collected
under the supervision of Company geologists in accordance with standard
industry practice. Samples are dispatched via commercial transport to
an ISO 9001:2000-accredited laboratory in Chile for analysis. All rock
chip and drill samples are submitted to the Laboratory with
independently sourced, accredited standard and blanks and where
appropriate duplicate samples to facilitate monitoring of laboratory
performance. Certified Results are examined by an independent
qualified consultant to ensure laboratory performance meets required
standards.
Assay results from subsurface drill core or RC drill samples may be
higher, lower or similar to results obtained from surface samples.
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.
<p> Mary L. Little <br/> President and CEO <br/> Tel:(604) 602-9989: Fax:(604) 609-9946 </p> <p> <b>Email: </b><a href="mailto:contact@mirasolresources.com">contact@mirasolresources.com</a><br/> <b>Website: </b><a href="http://www.mirasolresources.com">www.mirasolresources.com</a> </p>