Mr. Norm Pitcher reports
MIRASOL ANNOUNCES THE START OF DRILLING AT GORBEA PROJECT AND PROVIDES AN EXPLORATION UPDATE
Mirasol Resources Ltd.'s joint venture partner, Newcrest Mining Ltd., has begun drilling at the Gorbea project and has provided an update on exploration activities at its projects located in Chile and Argentina.
Mirasol's president and chief executive officer, Norm Pitcher, stated: "We are pleased to provide this update on both our partnered projects with Newcrest and Hochschild, as well as Mirasol-controlled properties. Newcrest recently commenced drilling at Gorbea and, although the drill program at Altazor has been delayed, we look forward to results from that program later in the year. Hochschild's surface exploration at Indra returned encouraging results and drilling is planned to commence in early June. Mirasol is well positioned this year to advance its key projects and expects a steady news flow with three active agreements in place, together with our own year-round exploration work."
Short updates are provided below.
Projects currently under option to joint venture agreements
Gorbea project -- Atacama Puna region, Chile -- financed and operated by Newcrest
The Gorbea package is a high-sulphidation epithermal (HSE) gold project that covers nine claim blocks totalling approximately 28,600 hectares, which includes the Atlas and Titan projects, located in the prolifically mineralized Mio-Pliocene-age mineral belt of northern Chile. On Jan. 28, 2019, the company announced that it had signed an agreement with Newcrest Mining, under which Newcrest is committed to spending a minimum of $4-million (U.S.), $3.5-million (U.S.) of which is allocated to the end of June, 2019, and to completing a minimum of 3,000 metres of drilling over an initial 18-month period. Subsequently, Newcrest has worked diligently on upgrading and expanding the exploration camp and supplied all the required documentation to complete the initial drill program. Additional surface exploration work, including CSMAT resistivity geophysics, geological mapping and geochemical sampling, has been completed in order to define drill targets for this season's program and Newcrest is relogging the Atlas diamond drill core and reverse circulation chips previously drilled at the project. A 2,000-metre program in four drill holes has commenced on the Atlas project aimed at identifying controls on and continuity of the gold mineralization. In 2017, a best intersect of 114.1 metres at 1.07 grams per tonne (g/t) gold and 1.78 g/t silver, including 36 metres at 2.49 g/t gold and 3.08 g/t silver (hole 15) was drilled at Atlas. Mirasol will update its shareholders once results for this season's activities have been received and analyzed.
Indra project -- Atacama Puna region, Chile
-- work financed by Hochschild Mining PLC and project operated by Mirasol
The 20,378-hectare Indra project is an intermediate sulphidation epithermal precious metal project located in the Paleocene-age mineral belt of northern Chile. The project is undergoing its first detailed exploration field program under a partnership with Hochschild. On the successful completion of a $300,000 (U.S.) surface program on the project that included ground magnetic, geological mapping and rock chip geochemical sampling, as well as alteration vectoring, Hochschild has agreed to finance up to $625,000 (U.S.) for a maiden drill program. Six reverse circulation drill holes are planned and the program is expected to start early in June, 2019, running for approximately three weeks. Drilling is targeting the depth extension of the carbonate veins mapped and sampled at surface, with the objective of determining if the carbonate composition of the veins grades into silica at depth, along with an associated increase in the gold and silver values. Mirasol will update its shareholders once results have been received and analyzed.
Altazor project -- Atacama Puna region, Chile
-- financed and operated by Newcrest
Altazor is an HSE gold project also located in the Mio-Pliocene-age mineral belt of Chile, covering approximately 33,230 hectares of contiguous exploration claims. On Nov. 12, 2018, Mirasol announced that Newcrest had exercised its option to enter the farm-in stage of the Altazor agreement, making a $500,000 (U.S.) payment to Mirasol and presenting a $3.3-million (U.S.) budget for this season's exploration program. As Newcrest is continuing to build its social licence in the area and technical knowledge of the district, it has informed Mirasol that it will defer drilling at Altazor to the next field season. Newcrest has completed additional surface exploration to refine drill targets and anticipates further exploring and drill testing this project at the earliest opportunity.
Projects controlled by Mirasol
Sascha Marcelina project -- Santa Cruz, Argentina
Following the consolidation of the Sascha Marcelina project (announced on Jan. 25, 2018), Mirasol initiated a $150,000 (U.S.) surface exploration program on the property, that included drone acquisition of high-resolution base images, surface rock chip, and soil geochemical sampling and detailed geological mapping of the Marcelina claims. Assay results have been received for an initial 82-rock chip samples, including a maximum result of 3.15 g/t gold and 28 g/t silver, with several other plus one g/t gold results along the length of the structural trend. Additional follow-up detailed sampling along the length of the Estancia trend (over two kilometres) has recently been completed and more than 400 samples from the project are currently being assayed. In parallel with its exploration program, Mirasol has initiated a search for a partner to drill test the project.
Zeus project -- Atacama Puna region, Chile
The 18,600-square-kilometre Zeus project lies within the Mio-Pliocene porphyry and high-sulphidation epithermal belt of northern Chile, located approximately 75 kilometres southeast of Mirasol's Gorbea project and was under an option to joint venture agreement until early this year. The Zeus project comprises two primary prospects, Apollo and Artemisa, that were the focus of a partner-financed exploration program during the 2017 to 2018 summer campaign. Exploration included a 36.3-square-kilometre
soil survey, prospect scale geological mapping, rock chip geochemical sampling (that notably returned up to 2.01 g/t gold and 17.45 g/t silver in separate samples at Apollo), Corescan alteration analysis of soils and CSAMT resistivity geophysics. Mirasol's comprehensive analysis of results indicates that the geophysical anomalies, as outlined, are coincident with the alteration on surface and that they define attractive drill targets that remain to be tested. Mirasol is actively seeking an exploration partnership to move forward exploration activities at the Zeus project.
Claudia project -- Santa Cruz, Argentina
The extensive Claudia property is located adjacent to the south of the Cerro Vanguardia mine and was under an exploration agreement until earlier this year. During the 2018 to 2019 field program, Mirasol completed additional partner-financed surface exploration work on the property developing new drill targets that remain to be tested. A total of 249 rock chip samples were submitted for assays with results up to 7.99 g/t gold and 69 g/t silver returned from the Curahue trend. In addition, two new IP geophysical surveys focused on the Curahue and Themisto prospects were completed extending existing survey coverage of the Claudia project to a total of 42.8 square kilometres of gradient array survey and 96.32 line kilometres of PDP survey. Mirasol believes targets remain to be drill tested on the Curahue, Thermisto and Rio Seco prospects and has initiated a search for a new partner for the Claudia project.
Nico project -- Santa Cruz, Argentina
As announced on March 4, 2019, the drilling program at Nico was terminated early following the receipt of results from 22 holes. Full results have now been received for the 27-hole program and can be viewed on the company's website. Two factors have contributed to disappointing results: i) the majority of vein or vein breccia structures were found to maintain the same width, or pinch out rapidly at depth instead of dilating; and ii) the surface samples are strongly oxidized and there seems to have been significant supergene enrichment episode of silver and gold very near surface that does not continue to depth. At this time, Mirasol does not intend to do any further exploration on the Nico project.
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 through a hybrid joint venture and self-financed 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, professional geoscientist, president and CEO for the company. Mr. Pitcher serves as a qualified person under the definition of National Instrument 43-101.
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