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 standards.
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.
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