VANCOUVER, March 19, 2020 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or "Mirasol") reports that it has temporarily suspended field activities at its projects in Chile and Argentina. This decision was taken to ensure the safety of our employees and the communities in which they work and live.
Norm Pitcher, Mirasol's President and CEO, commented: "We have implemented precautionary measures at all our offices with staff working remotely to keep non-field activities, including business development opportunities, moving forward. With a treasury of $18 million at the end of 2019, Mirasol remains well funded to weather these uncertain times and looks forward to aggressively exploring its portfolio once it is deemed safe to do so. Nonetheless, the Company is reviewing cost savings measures to match our reduced level of activities."
Mirasol is pleased to provide a short update on the activities completed at its projects over the past few months. Separate news releases will be issued to provide additional details once all results have been received and reviewed. At Gorbea we would normally expect the field season to end in May with the onset of winter, while Los Amarillos and Inca Gold enjoy year-round access.
Mirasol has been notified by our partner, Newcrest Mining ("Newcrest"), that drilling activities at Gorbea was suspended until further notice. Newcrest has completed up to hole ATL-DD-010 at the Atlas target, for a total this field season of 4,523 m of diamond drilling. Subject to a resumption of exploration, Newcrest intends to follow up with an additional 2,000 m of RC drilling on regional targets. Mirasol previously reported (January 16, 2020) assay results up to hole ATL-DD-005 and will provide an update once all remaining assays have been received and reviewed.
- Los Amarillos:
Mirasol has completed approximately 1,180 m in 21 trenches, with assays still pending for 590 m. The objective of this trenching program was to provide better exposure for geological mapping and sampling of both the vein and stockwork zones, and will also allow sampling of the wall rock between the high-grade vein structures. In addition, 18.7 line-km of Induced Polarization geophysics was completed at the project. Once all results are received and reviewed, Mirasol will determine the next steps for the project.
- Inca Gold:
Mirasol's environmental consultants have completed the field component required to prepare a base line study at the project. The focus is now on the remaining work needed to finalize this report and the drill permit application. A surface exploration program to define drill targets is being finalized and it will be implemented when conditions permit.
Norm Pitcher added: "The health and safety of our employees, contractors and other stakeholders are our priority. We will move swiftly to reinitiate our exploration programs when it is safe to do so and we will continue to provide regular updates on our activities".
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 gold and silver 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