Mr. Stephen Nano reports
MIRASOL ANNOUNCES ASSAY RESULTS FROM THE PHASE I DRILLING CAMPAIGN AT THE LA CURVA OCEANAGOLD JV, SANTA CRUZ, ARGENTINA
Mirasol Resources Ltd. has released results from an 18-hole, 2,550-metre, phase I diamond core drilling program from the La Castora trend at the La Curva OceanaGold joint venture in Santa Cruz, Argentina.
Figures associated with this news release are available on-line.
Assay results confirm the presence of a large gold-and-silver system within the Castora trend with broad zones of anomalous gold and silver intersected, including:47.9 metres at 0.48 gram per tonne gold and 2.1 g/t Ag (CC-DDH-01);106.2 m at 0.61 g/t and 2.7 g/t Ag (SW-DDH-02);The better downhole intersections at 0.3 gold equivalent (1) g/t cut-off include:19.65 m grading 0.72 g/t Au and 2.6 g/t Ag, including 0.80 m grading 6.12 g/t Au and 18.6 g/t Ag, and 5.75 m grading 1.24 g/t Au and 2.0 g/t Ag, including 0.85 m grading 5.99 g/t Au and 5.9 g/t Ag (CC-DDH-01);13.00 m grading 1.22 g/t Au and 0.7 g/t Ag, including 7.4 m grading 1.81 g/t Au and 0.7 g/t Ag (LA-DDH-04);6.20 m grading 2.33 g/t Au and 31.1 g/t Ag, including 1.80 m grading 6.88 g/t Au and 84.9 g/t Ag, and 26.7 m grading 0.82 g/t Au and 2.2 g/t Ag, including 1.45 m grading 3.50 g/t Au and 11.3 g/t Ag (SW-DDH-02);Two distinct stages of gold mineralization are recognized: Stage 1, characterized by broad zones (up to 106.2 m downhole) of lower-grade, early quartz-pyrite;Stage 2, a later, overprinting phase of higher-grade multipulse epithermal veins and veinlets with individual assays up to 0.8 m grading 12.72 g/t Au and 145.4 g/t Ag (SW-DDH-02).
The chief executive officer 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 and Ag system, with mineralization in a range of permissive geological settings that warrant further drill testing."
Targeting efforts are now under way 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 hostrocks 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 and Ag mineralization indicative of a low-sulphidation epithermal gold system.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.
Cerro Chato: Drilling here comprised seven holes for a total of 1,131 m, which intersected the following styles of mineralization:
CC-DDH-001: This drill hole intersected low-density zones of epithermal veinlets and veins with a maximum downhole width of 19.65 m. Individual veinlets range from a few millimetres to up to 10 centimetres wide. The best downhole intersection (19.65 m grading 0.72 g/t Au and 2.6 g/t Au, including 0.80 m grading 6.12 g/t Au and 18.6 g/t Ag) is developed where a higher density of veinlets occur which exhibit multiple pulses of mineralization. CC-DDH-002: returned a best downhole intersection of 13.90 m grading 0.81 g/t Au and 2.6 g/t Ag, including 5.00 m grading 1.35 g/t Au and 2.6 g/t Ag. The hydrothermal alteration vectors from argillic to strong pervasive silicification in the downhole direction, with mineralization developed as fine sulphide dissemination in laminated carbonaceous siltstone and matrix fill to bedded eruption breccias. A deep target is indicated. CC-DDH-003: This drill hole intersected hydrothermal breccia interpreted to be developed at the margin of an intensely altered rhyolitic flow dome complex. Gold and silver assays of up to 6.3 m of 0.60 g/t Au and 31.8 g/t Ag with strongly anomalous arsenic and antimony epithermal pathfinder elements corresponding to sulphide-rich crustiform and dendritic fine-grained breccia matrix fill.
Loma Arthur
Five drill holes here totalled 512 m and provided an initial shallow test of a series of gold-bearing epithermal vein float samples.Drill hole LA-DDH-004 returned the best downhole 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 and Ag mineralization in a sequence of welded pumice tuffs and coarse volcanic sediments with interbeds of water-lain laminated ash crystal tuff.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).
SW-DDH-002: returned the better results of drilling to date, showing development of two styles of mineralization. The upper portion of the hole intersected a multiphase high-level epithermal veinlet zone that assayed 6.2 m grading 2.33 g/t Au and 31.1 g/t Ag, including 1.8 m grading 6.88 g/t Au and 84.9 g/t Ag. From 83.0 m to 180 m the hole intersected explosive polymictic volcanic breccia, intruded by a flow dome with auto-brecciated margins. Gold-and-silver mineralization is widely developed in this interval as matrix fill to the breccias. Results include 5.35 m grading 2.00 g/t Au and 7.3 g/t Ag, including 3.35 m grading 2.83 g/t Au and 10.9 g/t Ag, and 26.7 m grading 0.82 g/t Au and 2.2 g/t Ag, including 1.45 m grading 3.50 g/t Au and 11.3 g/t Ag.
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 continuing work at the Curva West prospect.
To follow the La Curva story, please visit the company's website.
Mr. Nano, president and chief executive officer of Mirasol, has approved the technical content of this news release and is a qualified person under National Instrument 43-101.
(1) Au Eq 60 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 plus (silver assay in g/t divided by 60).
Quality assurance/quality control of the La Curva exploration program
All exploration on the project was supervised by Mirasol's chief executive officer, Mr. Nano, who is the qualified person under National Instrument 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 practices. 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.
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