VANCOUVER, March 22, 2019 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or "Mirasol") reports that it has been advised by OceanaGold Corporation ("OceanaGold") of its decision to terminate option agreements for the La Curva and Claudia Projects in the Santa Cruz Province of Argentina.
Norm Pitcher, President and CEO of Mirasol stated that "we wish to thank OceanaGold and its exploration team for the work completed and significant investments made on our projects over the past 2 years. Even though the results to date did not meet OceanaGold's expectations, we believe the work completed has identified compelling targets that warrant further testing. Mirasol will initiate a business development process to identify new partners to continue exploration at both projects".
Since the beginning of the Curva option agreement (May 18, 2017), OceanaGold has completed C$3.7 million in exploration expenditures on the project and drilled 6,250 m in 36 holes. Results from the second phase drill program were released on March 4, 2019 along with Mirasol's geological interpretation and drill targets. At the Claudia Project, OceanaGold has invested C$2 million since the execution of the agreement (October 20, 2017) and drilled 2,500m in 12 holes. Over the current exploration season, Mirasol also completed additional surface exploration and geophysical surveys on the project to define new drill targets which have not yet been tested. Results from this work will be provided shortly. In addition to the exploration expenditures incurred to date, OceanaGold has also made approximately C$650,000 in option payments to Mirasol for both projects.
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 Au+Ag district of Santa Cruz Province Argentina.
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