Mirasol Reports Start of US$ 750,000 Exploration Program at the Zeus Gold Project with Newcrest Mining
VANCOUVER, April 24, 2018 /CNW/ - Mirasol Resources Ltd (TSX-V: MRZ, OTCPK: MRZLF "Mirasol" "Company") is pleased to announce that Mirasol and Newcrest Mining (ASX: NCM), have initiated a US$750,000 surface exploration program at the Zeus project to explore for a large High-Sulfidation Epithermal (HSE) gold deposit within the prospective Mio-Pliocene age belt of Northern Chile.
Zeus comprises an 18,480 ha property package located in an accessible area of the high Andes of Chile, approximately 40 km ESE of Gold Fields' recent discovery at their Salares Norte deposit1 (total indicated resource of 3.49 Moz Au grading 5.2 g/t gold and 48.57 million ounces of silver grading 72.1 g/t Ag) (Figure 1). The Mio-Pliocene belt of Chile hosts many world-class Cu and Au+Ag gold mines and prospects, including Salares Norte and Barrick's multi-million once HSE gold discovery at Alturas2 (6.8 Moz inferred resource grading 1.00 g/t gold). Gold Fields has recently presented interim results from the feasibility study3 for the Salaries Norte deposit, suggesting the deposit can be developed into a low cost, profitable, open-pit mine.
The current phase of the Zeus exploration program is designed to be completed by the end of May 2018 before the onset of the southern hemisphere winter. The program focuses on the known breccia bodies of the Apollo and Artemisa prospects, and includes detailed mapping, gridded systematic soil and rock chip sampling geochemistry, CoreScan alteration mapping and 32 line-km of Controlled Source Audio-Magnetotellurics (CSAMT) geophysics. All these technologies have been successfully applied in the exploration for, and assisted in discovery of, recent multi-million ounce HSE deposits elsewhere in Chile.
Results from the current Zeus exploration program are due to be received in stages over the May to June 2018 period and will form the basis for subsequent exploration including a drilling campaign anticipated to commence in the fourth quarter of 2018. Mirasol will report on the results from current surface program as they become available.
The Zeus option and Farm-in agreement requires NCM to spend US$1.5 million on exploration over the first 18 months and then gives NCM the right to earn 51% of the project by spending US$8.0 million over an additional 4 years, for a total spend of US$9.5 million. NCM has the right to earn up to 80% of the Zeus Project by completing a series of exploration and development milestones, that include funding to commercial production of Mirasol's 20% of the project and by making staged option payments to Mirasol of US$1 million (see news release February 26, 2018).
Mirasol invites investors to follow the Zeus-Newcrest Mining story by visiting www.mirasolresources.com and signing up to receive our new releases.
Stephen Nano, President and CEO of Mirasol, has approved the technical content of this news release and is a Qualified Person under NI 43 -101.
Quality Assurance/Quality Control of the Zeus 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 Chile 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.
| 1 |
Gold Fields. (2017). The Gold Fields Mineral Resource and Mineral Reserves Supplement to the Integrated Annual Report 2017. |
| 2 |
Barrick Gold Corporation. (2016). Annual Report 2016. |
| 3 |
Gold Fields Media Release, Unaudited 2017 Results, Year ended 31 December 2017. |
SOURCE Mirasol Resources Ltd.
For further information: please contact Stephen Nano or Jonathan Rosset, Manager of Corporate Development, Tel: +1 (604) 602-9989, Email: [email protected], Website: www.mirasolresources.com
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