Mirasol reports encouraging drilling results from the Atlas Gold-Silver Project, Gorbea Joint Venture, Northern Chile

VANCOUVER, April 25, 2016 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) ("Mirasol")

At Mirasol's Atlas gold-silver project, Joint Venture partner Yamana Gold Inc. (Yamana) has completed this season's exploration program with an additional 2,759 m drilled since January 2016 in holes 7 through 10, and a diamond drill core "tail" extending the depth of hole 6B.  This brings the total campaign meterage to 5,436 m drilled (Table 1) in 10 holes (Figure 1) since October 2015. 

Drill holes 7, 9 and 10 returned strongly anomalous Au+Ag intersections over significant down-hole intervals from reverse circulation (RC) drilling (Table 2; and refer to comments on the application of RC drilling to early-stage exploration contained within news release March 21, 2016).  Results from the diamond core "tail" to drill hole 6B (see news release March 21, 2016) are pending.

The best drill intersections from this current round of drilling include:

  • Drill hole 7: 

40 m at 1.38 g/t Au and 17.9 g/t Ag, including 28 m at 1.82 g/t Au and 22.0 g/t Ag
30 m at 0.67 g/t Au and 5.1 g/t Ag, including 18 m at 0.90 g/t Au and 7.4 Ag

  • Drill hole 10

54 m at 0.35 g/t Au and 5.5 g/t Ag, including 10 m at 1.02 g/t Au and 6.2 g/t Ag
68 m at 0.17 g/t Au and 9.9 g/t Ag.

Drill holes 7 and 10 were angled at - 60° along opposing azimuths of 045° and 225°, respectively, to probe the depth-extent of strong geophysical anomalies revealed from the surface IP (resistivity and chargeability) surveys (Figure 2).  The encouraging Au+Ag intersections encountered in drill holes 7 and 10 occur at relatively deep depth, approximately 350 m vertically below surface; however, they offer important confirmation of the presence of a significantly mineralized high sulphidation epithermal (HSE) precious metal system at Atlas.   Additionally these intersections are predominantly hosted by oxidized to locally transitional (minor residual sulphide) material, demonstrating deep oxidation at the project. 

Review of the geological logs from all drilling to-date shows significant intervals of vuggy silica and hydrothermal silicification in holes 4, 6, 8, 9 and 10 which correspond to individual resistivity anomalies.  These anomalies combine to outline a 4 to 5 km, circular resistivity feature (Figure 1) in the Atlas IP geophysics.  This large accumulation of vuggy and hydrothermal silica is consistent with the interpretation of a substantial HSE alteration system present at Atlas.  Preliminary spectral (PIMA) alteration analysis of the mineralized drill intersections show the Au+Ag mineralization is directly associated with vuggy and hydrothermal silica, localized within zones of strong advanced argillic (kaolinite-dickie-alunite) alteration, possibly representing feeder zones. 

Drill holes 7 and 10 lie at the northwest margin of the resistivity feature.  To-date there has been no drilling above the intersections in hole 7 and 10 to test for shallower mineralization. However, it is encouraging to note that the intersections in hole 7 are hosted by a 300 to 400 m diameter conductive pipe-like geophysical feature (Figure 1 and Figure 2) which is interpreted to project to surface into an area predominantly covered by scree.  Further surface mapping and sampling, followed by drilling, will be required to test this concept and determine the geometry of any mineralization present.  A number of similar conductive features, in some cases with associated surface rock chip gold anomalies, are evident at Atlas and following the receipt of these drill results are now considered priority targets for future drill testing.

Stephen Nano, Mirasol's CEO has stated that he is pleased with the progress made to date by Yamana at the Atlas project and especially in the light of the current round of drill results that represent a significant step forward in the exploration of the Atlas project for HSE bulk mineable oxide gold mineralization.

Yamana has also completed a 1,000 m trenching and 600 m drilling program at Mirasol's nearby Titan gold project where previous exploration by Mirasol identified trench intersections of 194 m at 0.41 g/t Au (see news release January 21, 2013), and where a scouting drill program returned shallow oxide intersections of up to 44 m at 1.21 g/t Au including 10 m at 3.58 g/t Au (see news release November 25, 2013).   Results of Yamana's recent exploration at Titan will be reported once they have been received.     

Stephen Nano, President and CEO of Mirasol, has approved the technical content of this news release and is a Qualified Person under NI 43 -101. 

Quality Assurance/Quality Control of the Gorbea exploration program:

Under the terms of the Gorbea Agreement, all exploration is managed by Yamana. All previous exploration on the projects was supervised by Mirasol CEO Stephen C. Nano, who is the Qualified Person under NI 43-101.  All information generated from the Gorbea Joint Venture program is reviewed by Mirasol prior to release. The technical interpretations presented here are those of Mirasol Resources Ltd. 

Yamana applies industry standard exploration methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of Yamana's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2000-accredited laboratory in Chile for analysis. Assay results from 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.

Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

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.










Table 1: Atlas Project Drill Hole Positions and Details










Prospect

Drill Hole ID

Collar
Easting (m)

Collar
Northing (m)

Azimuth
(°)

Dip
(°)

From
(m)

To
(m)

Drilling
Type

Atlas Gold Zone

CLATRD0001

502,047

7,193,244

045

-45

0

346

RC

Atlas Gold Zone

CLATRD0002

502,270

7,193,456

225

-50

0

254

RC

254

377

DD

Atlas Silver Zone

CLATRD0003

502,170

7,191,363

045

-55

0

256

RC

256

808.4

DD

Oculto/BX Norte

CLATRD0004

502,825

7,192,321

045

-55

0

300

RC

300

600

DD

Pampa Zone

CLATRD0005

501,138

7,190,364

045

-50

0

522

RC

Oculto

CLATRD0006

503,987

7,191,167

045

-61

0

66

RC

Oculto

CLATRD0006B

503,966

7,191,199

045

-61

0

258

RC

258

550

DD

Breccia Norte

CLATRD0007

503,509

7,193,000

045

-58

0

600

RC

Breccia Norte

CLATRD0008

504,099

7,193,601

225

-85

0

336

RC

Oculto

CLATRD0009

503,751

7,191,602

045

-85

0

326

RC

326

580.95

DD

Breccia Norte

CLATRD0010

503,509

7,193,000

225

-60

0

650

RC

Collar coordinates are in datum and projection PSAD56 / UTM zone 19S
Drilling types are Diamond Core (DD) and Reverse Circulation (RC)

Total DD = 1,522 m

 }

 5,436 m drilled at the Atlas project to date

Total RC  = 3,914 m










Table 2: Atlas Down Hole Intersections - Holes 1-10










Drill Hole

ID

From

(m)

To

(m)

Down Hole 

Intersections (m)

Gold *

(g/t)

Silver *

(g/t)

AuEq60**

(g/t)

AuEq60  gm**

(gram x metre)

Reported:

CLATRD0001

108

112

4

1.12

0.7

1.1

4.5

March 21, 2016

CLATRD0001

148

186

38

0.11

0.5

0.1

4.5

March 21, 2016


CLATRD0002

22

46

24

0.18

13.1

0.4

9.5

March 21, 2016

CLATRD0002

190

210

20

0.20

0.7

0.2

4.2

March 21, 2016


CLATRD0003

36

42

6

0.14

0.3

0.1

0.8

March 21, 2016

CLATRD0003

377.5

382.2

4.7

0.17

0.3

0.2

0.8

March 21, 2016


CLATRD0004

230

244

14

0.06

150.1

2.6

35.9

March 21, 2016


CLATRD0007

440

446

6

0.87

1.2

0.9

5.3

April 25, 2016

CLATRD0007

458

488

30

0.67

5.1

0.8

22.7

April 25, 2016

inc.

470

488

18

0.90

7.4

1.0

18.4

April 25, 2016

CLATRD0007

556

596

40

1.38

17.9

1.7

67.3

April 25, 2016

inc.

556

584

28

1.82

22.0

2.2

61.2

April 25, 2016


CLATRD0009

276

302

26

0.04

13.7

0.3

6.9

April 25, 2016


CLATRD0010

468

522

54

0.35

5.5

0.4

23.9

April 25, 2016

inc.

472

482

10

1.02

6.2

1.1

11.2

April 25, 2016

CLATRD0010

560

628

68

0.17

9.9

0.3

22.7

April 25, 2016


Manually selected intervals typically > 0.1 g/t gold and/or > 10 g/t silver

*

Grades reported are length weighted average intersections calculated as


Sum product of grade and length / sum of length

**

Gold equivalent (AuEq60) is calculated as Gold g/t

+

Silver g/t

60


Gold equivalent grammetre (AuEq gm) is calculated as AuEq x Down Hole Intersection metre


Reverse circulation sampling intervals were every 2 m and diamond samples


were collected on a geological basis (approximately 0.5-3 m intervals)

SOURCE Mirasol Resources Ltd.

For further information: Stephen Nano, President and CEO; or, John Toporowski, Manager of Investor Relations, Tel: +1 (604) 602-9989, Email: contact@mirasolresources.com, Website: www.mirasolresources.com

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