Mirasol Regains 100% Interest in the High-Grade Virginia Silver Deposit, Argentina, following Termination of Option Agreement
February 21 2023 - 7:00AM
Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) announces that it has regained an
unencumbered 100 percent interest in the Virginia Silver Deposit
(“Virginia” or the “Deposit”) in the Santa Cruz Province of
Argentina following the termination of the option to purchase
agreement (“Option Agreement”) with Silver Sands Resources Corp.
(“Silver Sands”) (see news release May 21, 2020). Prior to
termination of the Option Agreement, Silver Sands funded more than
US$3.4 million in exploration advancing the Virginia Deposit
including over 10,250 meters of diamond drilling, 2,300 meters of
trenching and 190 kilometers of IP Electric geophysics.
“Virginia is a valuable high-grade silver
deposit in a prolific silver mining region,” noted Mirasol’s
President Tim Heenan. “The results from drilling over the last
three years, including new high-grade silver discoveries, confirm
the potential to build on the current resource base. Newly
discovered outlying targets highlight the untested ‘blue sky’
potential of the deposit. Regaining control of Virginia provides an
opportunity for Mirasol to continue resources delineation and
advance the Virginia Silver Deposit through feasibility studies,
permitting and development.”
Virginia Silver Deposit
Discovered by Mirasol in 2009, the Virginia
Silver Deposit hosts a high-grade, intermediate sulfidation
epithermal style mineralization in a series of prominent
outcropping vein-breccias associated with a rhyolitic volcanic flow
dome field. In 2016, after completing a series of drill programs,
Mirasol filed an amended NI 43-101 Resource Estimate with an
indicated mineral resource of 11.9 million ounces of silver
at 310 g/t silver and a further inferred mineral
resource of 3.1 million ounces of silver at 207 g/t silver
(see amended NI 43 -101 technical report titled “Amended Technical
Report, Virginia Project, Santa Cruz Province, Argentina - Initial
Silver Mineral Resource Estimate” dated February 29, 2016, prepared
by D. Earnest and M. Lechner and filed on SEDAR).
Four phases of drilling were funded by Silver
Sands under the Option Agreement. Results from Phase I of the drill
program demonstrated the potential for significant new
mineralization outside of the current Deposit (see news release
January 21, 2021 and February 23, 2021). A new high-grade zone was
discovered in Phase II of the drill program where drilling
intersected strong and continuous silver grades in four drill holes
over a 200m strike length. In addition, significant intercepts were
encountered beyond the main Virginia vein field, confirming the
potential for new mineralized zones (news release May 17,
2021).
During Phase III of the drill program high-grade
mineralization was discovered on the Margarita vein trend returning
an intercept of 2.63m at 1,456 g/t Ag. This intercept represented
the first mineralized interval from the newly discovered Margarite
target and indicates the potential for a new mineralized trend
along strike and at depth (news release February 1, 2022).
Phase IV of the drill program extended
mineralization outside the existing Virginia resource by testing
the gaps along the main vein structures and defined new
mineralization at the Margarita trend (see news release July 21,
2022).
At Ely Central three holes were drilled for a
total of 261m testing the gaps within the 500m-long trend. This
newly identified silver-rich vein trend outcrops on surface and has
been drilled to 100m vertically below surface and remains open to
depth. Notable intersections from the Ely Central drill holes
include EC-DDH-011 returning 11.95m at 124 g/t silver, including
1.8m at 192 g/t silver.
One drill hole tested the northern extension of
the 200m-long anomalous southern end of the Ely North vein, which
is not currently part of the Ely North conceptual resource pit. The
hole intercepted the vein 100m vertically below surface returning
5.65m at 144.5 g/t Ag, including 0.6mat 418 g/t Ag, extending the
trend 50m to the north. Further infill drilling is required to test
the remaining gaps along the Ely Trend. This could potentially
connect the Ely Central, Ely South and Ely North conceptual
resource pits.
At the Margarita high-grade silver trend, three
drill holes successfully extended the mineralized vein by more than
150m to the north-west. The system remains open in both directions.
Margarita hole MR-DDH-004 returned 4.85m at 720 g/t silver,
including a discreet intercept of 0.30m at 1,775 g/t silver,
exhibiting a strongly banded epithermal vein with fine-grained
sulphides and copper oxides. The Margarita Vein has similar
mineralization to the Julia Vein with comparable grades and
textures. The Julia structures hosts about 70% of the current
silver resource at Virginia. Margarita stands out as a high
priority drill target for Mirasol`s future resource building
initiatives.
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
three partner-funded projects, with First Quantum Minerals and Mine
Discovery Fund in Chile and Patagonia Gold in Argentina. Mirasol
continues to advance a strong pipeline of highly prospective early
and mid-stage projects.
For further information,
contact:
Tim Heenan, PresidentorTroy Shultz, Vice
President Investor Relations
Tel: +1 (604) 602-9989Email:
contact@mirasolresources.comWebsite: www.mirasolresources.com
Qualified Person Statement:
Mirasol’s disclosure of technical and scientific information in
this press release has been reviewed and approved by Tim Heenan
(MAIG), President of the Company, who serves as a Qualified Person
under the definition of National Instrument 43-101.
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
and to policies linked to pandemics, social and environmental
related matters. 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.
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