VANCOUVER, May 30, 2013 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R). Mirasol Resources is pleased to announce the start of an initial drill
program at its 100%-owned Titan gold project in the Miocene belt of
northern Chile. Mirasol has planned a 15 hole, 2500 metre reverse
circulation (RC) drill program to test a range of outcropping oxide
gold targets and covered geophysical targets identified by Mirasol's
exploration at this new gold project.
Mirasol previously reported a large, low grade, surface oxide gold
anomaly (news release January 21, 2013) defined by trenching at Titan,
in addition to a series of covered geophysical anomalies (news release
March 1, 2013) which are outlined by detailed ground magnetics and a
26.6 line-kilometre pole-dipole (PDP) induced polarization (IP)
electrical geophysical survey.
At surface, the Titan gold mineralization is associated with a large
zone of intense high-level advanced argillic alteration, indicative of
a high sulphidation epithermal (HSE) precious metal system. HSE
deposits have produced a number of world class bulk-mineable gold and
silver mines in the Miocene-age volcanic belt of northern Chile and
Argentina (La Coipa, Veladero, Refugio), and represent an attractive
exploration target. Favorable access and workable altitudes of
approximately 4300 metres have facilitated Mirasol's ability to rapidly
advance the Titan project to drill stage.
Mirasol's trenching program at Titan outlined a 700 by 660 metre
open-ended zone of anomalous gold (at + 50 parts per billion), with
length weighted average channel intersections of up to 194 metres at
0.41 g/t gold, and including better intervals of 31 metres at 1.36 g/t
gold and 10 metres at 2.13 g/t gold, and includes individual assays of
up to 1 metre of 17.0 g/t gold. These results report to oxidized
surface material with little to no preservation of sulphide at surface.
Mirasol's drill campaign has two objectives (see Figure 1). The primary target is near-surface (<150 metres depth), oxide gold
mineralization. The planned drilling is designed to test for improved
precious metals grades underlying gold anomalies in trenches, and also
to test if the large, non-chargeable resistive geophysical anomaly
blanket may represent oxidized material with silica accumulations. By
analogy with other HSE deposits in the region, silicification may host
higher precious metal grades.
The secondary target is defined by the large, semi-coincident chargeable
and magnetic geophysical anomalies that are evident at depth beneath
the Titan project (Figure 1). Magnetic and chargeable anomalies of this magnitude and shape may be
related to a magnetite-sulphide bearing intrusion, and possibly related
to porphyry Cu-Au mineralization at depth. These anomalies largely
underlie the resistive "blanket". Drill holes targeting these features
are designed to test down to depths of 250 metres below surface. These
holes are not anticipated to fully test this target, but are designed
to gather preliminary vectoring information to aid possible deeper
drilling at a later date.
Mirasol is focused on the discovery, exploration and acquisition of
high-potential precious metals deposits in the Americas, utilizing
leading edge technology for strategic advantage. The Company holds
100% interest in the Rubi copper-gold porphyry target, strategically
located in the El Salvador copper mining district of northern Chile,
and a new precious metal property portfolio, including the Titan
Project, located in an emerging gold exploration belt in Chile.
Mirasol currently holds 100% of the rights of seven active exploration
projects and twelve early-stage precious metals prospects in Santa Cruz
Province, in the Patagonian region of southern Argentina, identified
through the Company's proprietary exploration methodology.
Strategic joint ventures and partnerships with producers have enabled
Mirasol to pursue success in project generation. In December, 2012,
Mirasol completed the sale of the Joaquin silver-gold property in Santa
Cruz, Argentina, to its partner Coeur d'Alene Mines, from which
proceeds will provide funding for exploration programs at its priority
projects for several years. Mirasol operates subsidiary companies in
Chile and Argentina, and is engaged in generative exploration in
high-potential regions elsewhere in the Americas. For further
information, visit Mirasol's web page at www.mirasolresources.com
Stephen C. Nano, Vice President of Exploration for Mirasol, is the
Qualified Person under NI 43-101 who prepared and approved the
technical content of this news release.
Quality Assurance/Quality Control:
Exploration at the Titan 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 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
Assay results from diamond 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.
For further information:
Mary L. Little
President and CEO
Tel: (604) 602-9989 Fax: (604) 609-9946