VANCOUVER, March 29, 2016 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) (the "Company") announced that it has filed an amended technical report on SEDAR titled "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina – Initial Silver Resource Estimate" dated 29th February, 2016, that was prepared by independent resource consultants and Qualified Persons Donald F. Earnest P.Geo. and Michael J. Lechner P. Geo. (the "Amended Report").
The Amended Report was prepared to address specific technical comments received from the BC Securities Commission (the "BCSC") following their routine review of technical disclosure. This review identified aspects of the original Virginia Mineral Resource Report dated January 23, 2015, (the "Original Report") which were non-compliant with NI 43-101 guidelines. The BCSC has now confirmed that the Amended Report adequately addresses the comments raised by their review. Refer to the Amended Report, which is available under the Company's profile on SEDAR, and from the company's website (Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina - Initial Silver Mineral Resource Estimate)
The base case Mineral Resource estimate for the Virginia Project described in the Original Report remains unchanged in the Amended Report, standing at open-pit constrained Indicated Mineral Resources totaling 1.197 million tonnes at an average grade of 310 g/t Ag and containing 11.9 million ounces of silver, and an additional 0.460 million tonnes of Inferred Mineral Resources having an average grade of 207 g/t Ag, containing 3.1 million ounces of silver. These Mineral Resources are based on a US$20/oz Ag metal price and a 63 g/t Ag cut-off grade, and all are contained within seven outcropping veins of high-grade silver mineralization (see Table 1 and the Mirasol News Release of January 28, 2015).
Due to the prevailing lower silver price compared with the price at the time of filing of the Original Report, the BCSC suggested that Mirasol consider including an additional low-price sensitivity case for comparison to the base case Mineral Resource estimate disclosed in the Amended Report. This lower price sensitivity case (US$15/oz Ag at a cutoff of 84 g/t Ag) defined open-pit constrained Indicated Mineral Resources totaling 0.999 million tonnes averaging 343 g/t Ag and containing 11.03 million ounces of silver, and an additional 0.314 tonnes of Inferred Mineral Resources averaging 239 g/t Ag and containing 2.41 million ounces of silver, as shown in Table 2. This low-price sensitivity case captures 90% of the contained metal in the Original Report, at a higher average silver grade, attesting to the robustness of the Mineral Resource at Virginia.
Since the time of the drilling campaign which defined the Mineral Resources disclosed in the Amended Report, Mirasol has integrated electrical geophysical survey data with new surface mapping and trench sampling to define new drill targets (Figure 1). Some of the rock chip and trench assay results indicate localized high-grade silver mineralization, suggesting there maybe potential to expand the current Mineral Resource base by further drilling at the project.
Mirasol sees the recent improvement in the investment climate in Argentina and the Company's March 2016 announcement of the new Claudia joint venture with Cerro Vanguardia mines (see Mirasol News Release dated March 1st 2016) as evidence of renewed exploration interest in Argentina in general, and in Santa Cruz Province specifically. Mirasol continues to consolidate its land position at Virginia, recently staking an additional 17,200 ha of adjoining claims, bringing its total land package in the Virginia district to approximately 56,600 ha. Mirasol is actively seeking a joint venture partner to advance exploration at the Virginia silver project.
Stephen C. Nano, the President and CEO of the Company has approved the technical content of this news release and is a Qualified Person under NI 43 -101.
Mirasol is a project generation company focused on the discovery of precious metals and copper resources in the Americas. Strategic joint ventures with metal producers have enabled Mirasol to advance its priority projects, 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 drill ready gold-silver exploration projects located in Chile and Argentina.
Stephen C. Nano
President, CEO, Director and QP
Forward Looking Statements: The above 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.
Exploration at the Virginia Projects was supervised by Stephen C. Nano, then the Vice President of Exploration; Timothy Heenan, Exploration Manager; and Paul Lhotka, the former Principal Geologist who is the Qualified Person under NI 43-101 for the surface exploration and drilling used in the mineral resource estimate. All technical information for the Virginia project was obtained and reported under a formal quality assurance and quality control (QA/QC) program. Drill core, rock channel and rock chip samples were collected under the supervision of Company geologists in accordance with standard industry practice. Samples were dispatched via commercial transport to an ISO 9001:2000-accredited laboratory in Argentina for analysis. Results of this exploration program where regularly audited to confirm the Company's QA/QC process/procedures and laboratory performance met required standards.
Assay results from diamond 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.
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: visit Mirasol's web page at www.mirasolresources.com or contact: John Toporowski, Manager Investor Relations, Tel : (604) 602-9989 Fax : (604) 609-9946, Email :[email protected], Website:www.mirasolresources.com