First Quantum starts aggressive exploration program at Rubi JV with
2,460 line km detailed helimag survey of entire property
Initial magnetic interpretation by Mirasol suggests regional structural
setting is analogous with other Eocene - Oligocene porphyry district of
Helimag survey identified anomalies at the Portezuelo and Lithocap
prospects that are consistent with large-scale alteration systems
Additional magnetic anomalies, evident through the gravel cover, in the
Pampa del Inca plain may represent new exploration targets
First Quantum to follow up with sampling of an extensive project-wide
soil survey to test for extensions of known prospects and explore the
extensive gravel covered areas
VANCOUVER, Feb. 24, 2014 /CNW/ - Mirasol Resources Ltd. (TSXV: MRZ) (Frankfurt: M8R) is pleased to provide an exploration update for its 100% owned Rubi
porphyry copper-molybdenum-gold project that is being explored under JV
by copper miner First Quantum Minerals (First Quantum).
The Rubi project is located within the prolifically mineralized Eocene -
Oligocene age porphyry copper belt of Northern Chile (Figure 1) which hosts some of the world's largest copper mines, including the La
Escondida, Chuquicamata and Collahuasi mining districts. Rubi is
centered within a district-scale cluster of these copper deposits,
lying 16 km south of the historic El Salvador mine and 12 km west of
the Potrerillos mine, both of which contain low-level gold
mineralization. In the case of Potrerillos, it also has associated
peripheral, epithermal mineralization that has produced stand-alone
gold mines (the El Hueso district).
Rubi is subject to an earn-in JV agreement (see news release September
18, 2013) with First Quantum that requires a minimum exploration
expenditure commitment of US$1.5 million within the first year
anniversary of the signing of the Definitive JV agreement. This
includes a minimum exploration commitment of a project-wide magnetic
geophysical survey and 3,000 m of drilling.
In the fourth quarter of 2013, First Quantum commenced an aggressive
exploration program at Rubi under the terms of a binding letter
agreement, which allows for pre-drill surface exploration (mapping,
sampling, geophysics) to be advanced while legal counsel for the
Company and First Quantum work to finalize the Definitive JV
agreement. Exploration completed to-date includes a 2,460 line-km,
detailed, low-altitude, helicopter-borne magnetic (helimag) survey
covering the entire Rubi project and immediate surrounding lands.
Additionally, property-wide geological mapping and rock chip sampling
of the project was completed, confirming the prospectivity of Mirasol's
Lithocap, Corner Zone and Portezuelo targets. Orientation soil
sampling was also completed at the Lithocap prospect and gravel-covered
extensions to determine the best sample and analytical techniques for a
project-wide soil sample program planned for early 2014.
Mirasol has undertaken an initial interpretation (Figure 1) of the preliminary helimag images in the context of other publicly
available regional magnetic surveys and satellite imagery. This
confirms that at a regional-scale the Rubi project is located in a
geologically permissive setting along the Domeyko Fault Zone (DFZ), an
important continental-scale north-south oriented fault system that is
recognized as the primary control on all the large Eocene - Oligocene
age porphyry copper districts in northern Chile. At the district-scale
this interpretation further shows that the El Salvador and Potrerillos
copper mines, as well as the Rubi project, lie where the DFZ is
intersected by large-scale northwest- and northeast-oriented faults.
This style of structural intersection is recognized by Mirasol as an
important control localizing porphyry mineralization in many of the
known mining districts in northern Chile. The helimag interpretation
confirms the presence of splays into the Rubi project from these large
cross-cutting faults which appear to be the continuation of a prominent
fault associated with the multi-million ounce La Coipa silver-gold mine
located 30 km to the southeast.
In detail, the Rubi helimag shows magnetic anomalies at the Portezuelo
and Lithocap prospects that are consistent with large-scale alteration
systems and may suggest previously unrecognized extensions of these
prospects under gravel cover. Additional magnetic anomalies, evident
through the gravel cover, in the Pampa del Inca plain may represent new
The planned First Quantum exploration program beginning early 2014, will
include interpretation and targeting of the final processed helimag
data and sampling of an extensive project-wide soil survey, to test for
extensions of known prospects and explore the extensive gravel covered
areas of the project for unrecognized, concealed targets. Detailed
mapping, alteration-vector studies and rock chip sampling of the known
prospects will also be undertaken to refine drill targets during this
period. Orientation testing of various electrical geophysical
techniques is planned to identify the optimal techniques for use at
Rubi for systematic geophysical surveys over the target areas.
Mirasol Resources is pleased to have partnered with First Quantum
Minerals to explore the Rubi project. First Quantum Minerals have
shown a significant early commitment of resources to the project and
are demonstrating a systematic and thoughtful application of modern
exploration methodologies that Mirasol believes will enhance the
potential for exploration success. Further exploration updates will be
provided by Mirasol as significant technical milestones are delivered
along the path to first drill testing of the Rubi project.
Stephen C. Nano, Vice President of Exploration for Mirasol Resources, is
the Qualified Person under NI 43-101 who has prepared and approves the
technical content of this news release.
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 43-101.
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 to an ISO
9001:2000-accredited laboratory in Chile for analysis. All drill, rock
chip, and stream 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
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.
For further information:
Mary L. Little
President and CEO
Tel: (604) 602-9989