VANCOUVER, Oct. 26, 2017 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF, "Mirasol") is pleased to announce the start of a 2,500 meter diamond core drilling program at its La Curva Joint Venture Project ("Project") with OceanaGold Corporation (OGC), Santa Cruz Province Argentina.
La Curva is a 100% Mirasol owned, 36,100 ha exploration-stage gold project located at low elevation in an area with favorable infrastructure ion the western side of Santa Cruz province. Mirasol's exploration at the Project has outlined three gold prospects at Cerro Chato, Loma Arthur and SouthWest, situated along the six km long "La Castora" Trend. These represent compelling drill targets for bulk mineable or high grade, low sulfidation epithermal gold and silver mineralization (Figure 1). This style of mineralization is typical of several multi-million ounce gold – silver mines in the province that are operated by multinational mining companies.
Mirasol recently announced (see new release May 25, 2017) a Joint Venture (JV) at La Curva with high margin precious metal miner OceanaGold Corporation (OGC). The JV requires OGC to make a first year exploration spend of US$1.25 million and to drill 3,000 metres at the project. OGC can elect to earn up to 75% of the La Curva project by making staged option payments to Mirasol totaling US$1.5 million, delivering a feasibility study, a decision to mine, and by providing mine finance to Mirasol for it 25% retained project equity. Mirasol is the Project operator for the first year of the JV.
Mirasol has previously reported on the La Curva Project where the Company's exploration has led to the discovery of wide-spread, undrilled precious metal mineralization. The three drill-ready prospects at Cerro Chato, Loma Arthur and SouthWest are characterized by coincident large-scale outcropping alteration, IP geophysical anomalies, and anomalous rock chip assays ranging up to 66.8 g/t Au. This drill program is planned to deliver an initial shallow, 17 hole test of the Castora Trend targets (Learn more about the La Curva Drill targets).
A series of early-stage prospects have also been identified at the Project in the Curva West prospect where rock chip anomalies ranging up to 20.73 g/t Au and 153.6 g/t Ag are found in a prospective geological setting. Mirasol and OGC are advancing exploration of this mineralization to define drill targets to be tested during subsequent drill campaigns.
Mirasol looks forward to updating its shareholders on results from the current drill program at La Curva which are anticipated during the fourth quarter of 2017.
To follow the La Curva story, please visit www.mirasolresources.com
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 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 is operating 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 (QA/QC) 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.
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.
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