VANCOUVER, Sept. 19, 2018 /CNW/ - Mirasol Resources Ltd (TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or "Mirasol") has received the US$200,000 option payment confirming that OceanaGold Corporation (TSX: OGC) (ASX: OGC) will continue into the 2nd year of the La Curva Joint Venture (JV), Santa Cruz Argentina. OGC has met the first-year minimum JV commitments spending approximately US$ 1.50M to the end of May 2018 (against US$ 1.25M committed) and drilling 3,020 m at the Castora Trend (see news release May 25th 2017).
Mirasol's President and CEO, Stephen Nano stated: "We are pleased to continue working with the team at OceanaGold. Mirasol and OGC are currently designing an aggressive 2nd season drill program for La Curva project, which is anticipated to start in the 4th quarter of 2018. The program will provide a first pass drill test of exciting new targets at Curva West and a second phase of drilling on the Castora Trend focused at the SouthWest and Cerro Chato prospects."
Highlights from the First Seasons Exploration at the La Curva JV
Last season's drilling was concentrated on the Castora Trend where 3020 m of diamond core was drilled in 19 holes, including a follow-up deep stratgraphic drill hole to test for the presence of permissive hosts rocks a depth at the Cerro Chatto prospect. Drilling for last seasons exploration is interpreted to have intersected the upper portion of a Au dominated epithermal system with both lower-grade, broader zones of disseminated style Au+Ag mineralization and narrow, high-grade epithermal veinlets. Assays Results include, from the SouthWest prospect, 106.2 m at 0.61 g/t Au and 2.7 g/t Ag, from a dome margin breccia and up to 1.80 m at 6.88 g/t Au and 84.9 g/t Ag from banded epithermal veining (see news release February 28, 2018).
In addition, Surface exploration from last season confirmed the presence of a prospective geological environment for epithermal Au+Ag mineralization at the undrilled Curva West and the Castora Trend SouthWest prospects. Hydrothermal alteration was shown to be associated with Jurassic-age rhyolite to dacite flow domes and dyke emplacement and is interpreted to be contemporaneous with development of a large syn-volcanic horst and graben structural setting. This geological setting is the outcome of regional scale crustal extension, that produces large scale normal faulting, a permissive structural environment that can foster significant vein development when associated with active epithermal systems as seen at the Curva project (Figure 1).
Geological mapping at Curva West has outlined epiclastic sedimentary breccia units hosting angular clasts (up to 5 m in diameter) of sinter, silicified volcanics crosscut by epithermal veining and individual clasts of Au+Ag bearing epithermal veins. The angular mineralized clasts cluster in specific sites along the fault-bounded margin and over the "roof" of a pre-volcanic Permo-Triassic age horst block, suggest minimal alluvial transport of the clasts and proximity to source.
Rock chip sampling of mineralized clasts at Curva West returned geochemically anomalous to high grades of Au+Ag with a best sample of 20.73 g/t Au and 18.0 g/t Ag. The mineralized clasts cluster in five target areas, often with distinctive vein textures and Au/Ag ratios, suggesting the presence of several distinct, potentially covered sources of Au+Ag mineralization.
PXRF geochemical grid soil sampling of the epiclastics over Curva West prospect (Figure 2) delineated areas of coincident epithermal pathfinder (As+Sb+Hg ± base metals) anomalies in the soils often at sites coincident with clusters of Au+Ag bearing clasts. Handheld infrared spectrometer (IRSpec) alteration studies of the soils also showed the epiclastic matrix to be hydrothermally altered to an argillic mineral assemblage (kaolinite – dickite) characteristic of the upper levels of a classic epithermal alteration system.
The superposition of near-source Au+Ag mineralized vein clasts in an epiclastic sediment, where the sedimentary matrix has been hydrothermally altered, suggests erosion of the upper mineralized interval of an epithermal system, contemporaneous with the burial of the late stages of the active hydrothermal system, causing alteration of the epiclastic matrix. Similar geological settings have been documented for significant Jurassic age Au-Ag deposits elsewhere; including the Marianas-San Marcos vein system1 in Santa Cruz province, that hosts approximately 70 % of Au+Ag resources of the estimated 6.7 Moz Au equivalent reserves and resources in the Cerro Negro district, and the world-class Fruta del Norte Au+Ag deposit2 in Ecuador. The analogies in geological setting between Curva West / SouthWest and significant gold systems elsewhere, lends support for the drill testing of targets at the Curva Project.
3D models of ground magnetics and IP electrical geophysics were generated from a combination of existing Mirasol data and new surveys completed this season under the OGC JV (Figure 3 and Figure 4). The models show features that support the horst and graben geological setting for Curva West and the SouthWest prospects, and have been integrated with other datasets to select and prioritize drill targets for this season's program.
Stephen Nano, President and CEO of Mirasol, has approved the technical content of this news release. Mr Nano is a Chartered Professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (CP and FAusIMM) and is a Qualified Person under NI 43 -101.
1 Vidal, C.P. et al. (2016). The Marianas-San Marcos vein system: characteristics of a shallow low sulfidation epithermal Au-Ag deposit in the Cerro Negro district, Deseado Massif, Patagonia, Argentina. Miner Deposita, 51, 725-748.
2 Leary, S. et al. (2016). Discovery, Geology, and Origin of the Fruta del Norte Epithermal Gold-Silver Deposit, Southeastern Ecuador. Economic Geology, 111(5), 1043-1072.
Quality Assurance/Quality Control of the La Curva exploration program:
All exploration on the project was supervised by Mirasol CEO Stephen C. Nano, who is the Qualified Person under NI 43-101.
Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical soil, stream, rock and drill samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Argentina for analysis. Assay results from surface rock, channel, trench, and 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.
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: Stephen Nano, CEO and President or Jonathan Rosset, VP Corporate Development, Tel: +1 (604) 602-9989, Email: [email protected], Website: www.mirasolresources.com