Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) is pleased to announce the results from an 18 hole, 2,550 m, Phase I diamond core drilling program from the La Castora Trend at the La Curva OceanaGold JV, Santa Cruz, Argentina (Figure 1).
The CEO of Mirasol, Stephen Nano, stated that “this initial phase of drilling is interpreted to have intersected the upper portion of a Au dominated epithermal system, that manifests as both narrow, high-grade veinlets and lower-grade, broader zones of disseminated style mineralization. We are encouraged by these initial drill results that show evidence of a large Au+Ag system, with mineralization in a range of permissive geological settings that warrant further drill testing.”
Targeting efforts are now underway for a Phase II drilling at the Castora Trend planned for the March quarter of 2018. This drilling will be designed to provide deeper testing of selected mineralized zones and permissive structural settings, and testing for the presence of favourable/receptive host rocks that could promote the development of wider, high grade veins and breccias.
Exploration is also in progress at the Curva West prospect to define drill targets where previous Mirasol sampling identified float blocks of epithermal vein and breccia in a prospective geological setting that assayed up to 20.73 g/t Au and 36.4 g/t Ag.
Castora Trend Geology and Drill Results
This Phase I drilling at the La Curva Castora Trend has provided an initial test of three prospects: Cerro Chato, Loma Arthur and SouthWest. This drilling campaign has intersected widespread pervasive argillic alteration, silicification and Au+Ag mineralization indicative of a low-sulfidation epithermal gold system (Table 1). Mineralization is developed as a series of veinlet zones within the structurally prepared welded ignimbrite wall rock, as disseminations within laminated water lain sediments and as matrix fill in phreatomagmatic and dome margin autobreccia bodies. Preliminary geological interpretation suggests the Castora Trend prospects represent a series of intrusive dome related maar diatreme breccias.
Loma Arthur: Five drill holes here totalled 512 m and provided an initial shallow test of a series of Au-bearing epithermal vein float samples (Figure 4). Drill hole LA-DDH-004 returned the best down hole intersection of 13.00 m grading 1.22 g/t Au and 0.7 g/t Ag, including 7.40 m grading 1.81 g/t Au and 0.7 g/t Ag from a zone of colloform and bladed textured epithermal veinlets.
SouthWest: Six drill holes were drilled for a total of 907 m, and intersected widespread argillic and silica alteration hosting Au+Ag mineralization in a sequence of welded pumice tuffs and coarse volcanic sediments with interbeds of water-lain laminated ash crystal tuff (Figure 5). Mineralization comprises narrow multiphase veinlet zones and as a large interval of matrix fill in polymictic eruption breccia and autobreccia developed at a margin of the flow dome(s).
Mirasol looks forward to updating its shareholders on results from the second phase of drilling at the La Curva Castora Trend and the exploration results from ongoing work at the Curva West prospect.
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.
Additional Explanatory Notes:
* AuEq60 is the sum of the value of gold and silver in a given interval represented as a gold equivalent g/t value calculated via the formula: Au assay in g/t + (silver assay in g/t ÷ 60)
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 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 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.
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