VANCOUVER, Nov. 14, 2017 /CNW/ - Mirasol Resources Ltd (TSX-V: MRZ, OTCPK: MRZLF "Mirasol" "Company") is pleased to announce that Yamana Gold Inc. ("Yamana Gold") has commenced its third season of drilling at the Company's Gorbea Joint Venture (JV) in Northern Chile and that the drill program is well underway. Gorbea is a property package containing a number of high-sulfidation epithermal (HSE) properties that include the Atlas and Titan gold projects. The drilling planned for the remainder of 2017 will comprise a seven-hole, 2,600-metre program at the Atlas gold project, where Mirasol recently announced the best down-hole intersection grading 1.07 g/t gold over 114 metres, including 2.49 g/t gold over 36 metres hosted in oxidized HSE vuggy silica breccias (see news release September 11, 2017).
The higher grade gold mineralization encountered to date at Atlas is located at the Steam Heated Zone (SHZ) target where four drill holes have delineated a zone of 650 metres by 125 metres, at approximately 255 to 310 metres depth with vertical extent in excess of 200 metres, located beneath intensely altered cap rocks. At the SHZ, mineralization is predominantly hosted in an oxidized multiphase breccia body characterized by intense quartz-alunite ± jarosite alteration with vuggy silica-breccia clasts and contains late-stage translucent barite hosting visible gold. This type of mineralized breccia is characteristic of that seen in recent multi-million ounce gold discoveries by Barrick Gold at Alturas1 (6.8 million ounce inferred resource grading 1.00 g/t gold) and Gold Fields at Salares Norte2 (total resources including inferred of 3.8 million ounces grading 4.6 g/t gold and 43.8 million ounces of silver grading 53.1 g/t Ag), located 70 km due south of Atlas within the same aged belt of volcanic rocks.
Yamana Gold's drill program is planned to further test the SHZ target and six other targets within the project area. These targets were recognized from integrated analysis of the extensive geological, geochemical, alteration and geophysical Atlas database, which leverages new mineral systems knowledge gained from last season's successful exploration at Atlas, paired with an improved understanding of the key features that led to the discoveries of Alturas and Salares Norte.
Results from the program will be reported as they are released to Mirasol. Exploration program design and drill hole target selection is currently in progress for other projects in the Gorbea JV including the Titan gold project where drilling is planned for the first half of 2018. Yamana is currently engaged in its 2018 budgeting process that will determine the magnitude of the JV spend and drill program at Atlas and the other projects in the Gorbea JV.
Mirasol invites investors to follow the Gorbea – Yamana Gold JV story by visiting www.mirasolresources.com and signing up to receive our new releases.
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 pre-Joint Venture 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 and validated 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.
1 Barrick Gold Corporation. (2016). Annual Report 2016.
2 Gold Fields. (2016). The Gold Fields Mineral Resource and Mineral Reserve Supplement to the Integrated Annual Report 2016.
SOURCE Mirasol Resources Ltd.
For further information: Stephen Nano, President and CEO, or Jonathan Rosset, Manager of Corporate Development, Tel: +1 (604) 602-9989, Email: [email protected], Website: www.mirasolresources.com