VANCOUVER, Sept. 14, 2016 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF, Frankfurt: M8R) (the "Company"). Mirasol Resources has expanded its claims holdings in the Virginia silver district in Santa Cruz Province Argentina via open ground staking and the purchase of mineral rights from a privately owned prospecting company (Figure 1). The newly acquired claims add a total of 27,017 ha to Mirasol's holdings at Virginia (Figure 2), bringing the total area of contiguous claims controlled by Mirasol in the district to 59,747 ha. Mirasol retains 100% of all mineral rights to the new claims, with no royalties or payments due beyond the US$ 178,000 purchase price for the 3,009 ha claim block payable to the original property owner.
Drilling at Virginia by Mirasol between 2010 and 2012 defined an open-pit constrained Indicated resource of 1,197 Mt at 310 g/t Ag (11.9 Moz), and additional Inferred resources of 460 kt at 207 g/t Ag (3.1 Moz) at the Virginia silver project (Table 1; see news release March 29, 2016, and amended NI 43 -101 technical report filed February 29, 2016) which are 100% owned by Mirasol Resources. Preliminary prospecting south of the limit of Mirasol drilling on the newly acquired lands (Figure 3), has identified quartz vein and vein breccia float scattered along a 2 km trend. The float samples have epithermal textures which are similar to those which characterize the outcropping Virginia vein zone. Results from 11 rock float samples collected along this trend include six samples with assays ranging from 50.0 to 1,084 g/t Ag (average 369 Ag g/t; Figure 4). Assay results from additional reconnaissance samples collected along this trend are pending. Field relationships and assays received to-date suggest that the new claims may host previously unrecognized soil-covered extensions of the Virginia silver system.
With the start of the 2016 southern hemisphere spring exploration season, Mirasol has mobilized geological teams to Virginia to begin systematic exploration of the new claims. This will include further prospecting, geological mapping, geochemical sampling and gradient array electrical geophysics. Gradient-array surveys completed by Mirasol's geophysics team proved to be an effective predictive tool for mapping covered vein extensions and defining targets for the original Virginia drill programs (Figure 4). This geophysical technique will again be used to explore for the potential covered southern extension of the Virginia vein zone in the new claims.
Mirasol Resources is actively seeking a Joint Venture partner to advance exploration drilling and evaluate the potential to develop the Virginia Silver project. This would include testing of a range of undrilled silver targets adjacent to the existing resource, systematic exploration and potential drill testing of targets on the new claims and the evaluation of the potential to mine and truck the Virginia mineralization to one of the existing mine processing facilities in Santa Cruz province.
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.
Current Exploration at the Virginia Projects is supervised by Stephen C. Nano a qualified person under NI 43-101 and Mirasol's Principal Geologist Leandro Echavarria. Previous exploration at the Project was supervised by 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