VANCOUVER, June 26, 2019 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or "Mirasol") is pleased to announce that it has executed an Option to Purchase agreement (the "Agreement") with Empresa Nacional de Minería ("ENAMI") of Chile to consolidate and gain control of claims hosting potential extensions to the mapped mineralization on the surface of its Los Amarillos project. The project is located to the northwest of the El Salvador mine and of the Potrerillos smelter on the prospective Paleocene age mineral belt of northern Chile (figure 1).
Mirasol's President and CEO, Norm Pitcher, stated: "We are pleased to announce this Agreement and introduce a new project in our portfolio. This Agreement is in line with our strategy of consolidation around our property packages to develop large scale targets. The Los Amarillos project to date has returned high grade gold and silver assays in rock chip samples and it warrants a detailed surface exploration program to define drill targets. Given the project location near existing infrastructure, its year-round access and initial results, it represents a compelling project for Mirasol to initially move forward on a self-funded basis."
Terms of the Agreement:
Mirasol holds the right to acquire 100% of 288 ha of claims (the "ENAMI Claims") by completing US$300,000 in exploration expenditures over 3 years (including a committed US$50,000 for the first 12 months) and by making total cash payments of US$100,000 over the same period. The first US$10,000 payment has been made on signing. Once the option period is completed, ENAMI will hold a 1.5% NSR royalty on the ENAMI Claims, which will be subject to a right of first refusal held by Mirasol.
Los Amarillos project Overview:
The consolidated Los Amarillos Project occupies 1,660 ha and is 15 km north of Mirasol's Rubi project and 10 km northwest of Coldelco's El Salvador mine. The property sits at elevations ranging from 1700m to 2100m ASL. Year-round road access is excellent, and both power and water lines traverse the northern edge of the claim block.
The project is part of the Paleocene-Lower Eocene Caldera and is located within the Ojos Del Salado trans-orogen structure that also hosts the El Salvador (Cu-Mo-Au), Potrerillos (Cu-Au), and La Coipa (Ag-Au) deposits. Mineralization at Los Amarillos is hosted within a thick sequence of rhyodacitic to trachytic pyroclastics and flows within the caldera, with quartz-adularia-carbonate Intermediate Sulfidation veins hosted along north-south structures, coincident with rhyolitic to dacitic dyke swarms.
Numerous vein structures up to 3 m wide have been mapped over a 7 km strike length throughout the project (figure 2). Vein filling is massive to banded quartz with polymetallic (Au-Ag-Cu-Pb-Zn) mineralization and barren later stage carbonates. Reconnaissance rock chip sampling of quartz veins has returned assays up to 40.5 g/t Au with anomalous antimony, arsenic, and barium. Zones of narrow veinlets and stockwork within the wall rock carry up to 2.7 g/t Au. In addition, there is evidence of wider zones of sheeted veins and breccias zones that may be a target for bulk mining. Numerous old and small-scale artisanal pits exist within the claim block but there has been no modern exploration or drilling beyond the initial reconnaissance work completed by Mirasol (figure 3).
Mirasol is currently defining a follow up exploration program and budget that will be part of the overall 2020 financial year exploration plan for the Company. Additional surface exploration work is expected to start shortly.
About Mirasol Resources Ltd
Mirasol is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits, operating via a hybrid joint venture and self-funded drilling business model. Strategic joint ventures with precious metal producers have enabled Mirasol to maintain a tight share structure while advancing its priority projects that are focused in high-potential regions in Chile and Argentina. Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of Chile and the Jurassic age Au and Ag district of Santa Cruz Province Argentina.
Qualified Person Statement: Mirasol's disclosure of technical or scientific information in this press release has been reviewed and approved by Norm Pitcher, P.Geo. President and CEO for the Company. Mr. Pitcher serves as a Qualified Person under the definition of National Instrument 43-101.
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.
SOURCE Mirasol Resources Ltd.
For further information: Norm Pitcher, President and CEO or Jonathan Rosset, VP Corporate Development, Tel: +1 (604) 602-9989, Email: [email protected], Website: www.mirasolresources.com