Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) is pleased to report on encouraging drill results from the maiden drill program at the 100% owned Libanesa Gold and Base Metals Project in the province of Santa Cruz, Argentina. Based on an evaluation of the Libanesa data it is evident that several prospective targets require follow-up drilling.
“Results from the maiden 1,780-meter drill program confirm that we have only scratched the surface of an exciting exploration program at the Libanesa Project. The very broad intersections of high-grade base metals suggest we are on the periphery of a stronger gold-silver zone at the Cerro Plomo target and the zinc and lead values reported could significantly contribute to the future economics of the project,” Mirasol’s President Tim Heenan stated. “The drill program was cut short due to weather conditions and there are clearly more quality targets left to drill test.”
Libanesa is a 14,500-ha gold-silver (lead-zinc) project discovered by Mirasol. It is located at the north-eastern margin of the Deseado Massif gold-silver metallogenic province, approximately 70 km west of the port of Puerto Deseado, 40 km northwest of the Cerro Moro Gold-Silver Mine operated by Yamana Gold and 100 km northeast of the Don Nicolas Gold-Silver mine operated by Cerrado Gold.
Figure 1: Libanesa, Santa Cruz, Argentina Regional Map
The project hosts two main prospective areas, Libanesa Main and the Lagunita Vein Field. Libanesa Main hosts the Cerro Plomo, Oculto, Traves del Sur, Bajo Áspero, Playa Vetas, Brecha Plata and the NE Zone prospects. Libanesa Main, and in particular Cerro Plomo, are more intermediate sulphidation in character while Lagunita is a classic gold-rich, low sulphidation epithermal vein prospect.
Figure 2: Libanesa Project Overview Highlighting Results from Libanesa Main and the Lagunita Vein Field
Libanesa Main – Cerro Plomo Prospect
Cerro Plomo has been the main focus of exploration to date. Results from recent drilling are considered encouraging with highly anomalous gold-silver and multi-percent lead-zinc values reporting from what appears to be the mineralized halo of a large vertical conductive zone mapped in 3D by MT geophysical methods (see figure 3). The hydrothermal eruption breccia exposed at surface at Cerro Plomo represents a position close to the paleophreatic surface level.
Figure 3: Cerro Plomo Prospect 3D Section of Conductive Zone Highlighting Mineralized Halo
Cerro Plomo – Drill intersections of merit: (Pb/Zn not included in the AuEq(75) calculation)
Follow-up drilling required to test the conductive zone beyond the resistive halo:
Hole DDH-LGA-003 drilled through the resistive halo of the conductive zone and returned strong mineralization with gold-silver and lead-zinc. The hole only just started to penetrate the conductive anomaly before ending. Hole DDH-LGA-004 was drilled at a steep angle under DDH-LGA-003 and appears not to have reached the target, neither intersecting the resistive halo nor the conductive zone. A follow up step-back hole is highly recommended to test these zones and also to pass completely through the entire conductive anomaly to test for higher grade gold-silver mineralization, which no hole to date has accomplished.
Untested drill targets to the south of Cerro Plomo:
The covered MT Oculto and Traves del Sur targets to the south of Cerro Plomo, concealed beneath the dry lakebed, may represent a series of prospective northwest trending breccia pipe centers (as seen at Cerro Plomo) or possibly higher-grade vein-type targets that could host precious metal mineralization, both of which remain to be drill tested.
Figure 4: Untested Conductive Zones Traves del Sur and Oculto Targets 3D Section
Lagunita Vein Fields Prospect
At Lagunita, only two short holes totaling 292 m were completed in two (Abril IV & Abril V) of the five main outcropping vein trends (see Figure 2). Multi-gram gold values have previously been recovered from rock chip and trench sampling from these prospects. Notable results from the maiden drill campaign include hole DDH-LGA-11 which returned 3m at 1.79 g/t AuEq75 (1.71 g/t Au & 5.4 g/t Ag) and 1m at 4.30 g/t AuEq75 (4.20 g/t Au & 7.4 g/t Ag). Follow-up drilling is warranted. The Abril II vein trend, where the highest trench gold result was sourced, remains to be drill tested.
Lagunita – Drill intersections of merit:
Libanesa Drill Summary:
Table 1: Libanesa Reported Drill Intercepts (Pb/Zn values not considered in AuEq calculations)
|Hole ID||From||To||Interval (m)1||Au/t||Ag g/t||AuEq752||Cut-off3||Pb %||Zn %|
|DDH-LGA-07||No interval above cut-off|
|DDH-LGA-08||No interval above cut-off|
1 Reported interval length are down hole widths and not true widths.
2 Gold equivalent (“AuEq”) is calculated using a ratio of 1.0 g/t Au is equivalent to 75g/t Ag. The cut-off ranges are 0.1, 0.3, 0.5 and 1.0 g/t AuEq, and do not consider the Pb/Zn values. Recoveries are assumed to be 100% as no metallurgical test data is available.
3 Reported intervals are calculated at the stated AuEq75 (g/t) cut-off.
Table 2: Libanesa Reported Holes Collar Location
|Hole Id||Easting||Northing||Elevation (m)||Azimuth||Dip||Depth (m)||Target|
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company with 18 years of operating, permitting and community relations experience in the mineral rich regions of Chile and Argentina. Currently Mirasol is self-funding exploration at two flagship projects, Sobek and Inca Gold, both located in Chile. Mirasol has four partner-funded projects, with First Quantum Minerals and Mine Discovery Fund in Chile, Silver Sands Resources and Patagonia Gold in Argentina. Mirasol continues to advance a strong pipeline of highly prospective early and mid-stage projects.
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