Mr. Stephen Nano reports
MIRASOL IDENTIFIES HIGH-GRADE SILVER MINERALIZATION AT VIRGINIA
Prospecting and reconnaissance mapping have resulted in the discovery of new high-grade silver mineralization at Mirasol Resources Ltd.'s 100-per-cent-owned Virginia project in Santa Cruz, Argentina.
High-grade rock chip assays results have been returned from the recent sampling program.These results add exploration potential to the Virginia project, including: Extending the strike length of the undrilled Margarita vein located 300 metres west of the Virginia resource area; Infilling and extending the new Julia South Dome trend;Identifying a series of high-grade silver-vein breccia trends, suggesting the presence of undiscovered veins at the new East zone target.
Rock chip sampling of silver mineralization at Margarita has returned assays ranging from below detection (BDL, less than 0.5 gram per tonne Ag) up to 1,723.3 g/t Ag from outcrop, subcrop and float blocks of epithermal veins up to 1.5 m wide. Surface silver mineralization at Margarita has now been traced over a 450 m strike length as defined by 65 trench and rock chip samples which have an overall average of 366.0 g/t Ag (11.8 ounces per ton Ag).
The newly recognized Julia South Dome trend is defined by intermittent vein and vein-breccia subcrop and float samples, which extend 2.15 kilometres south from the limits of drilling, defining the resources at Virginia. This trend is currently defined by 144 rock chip samples with assays ranging from BDL to a peak assay of 6,586.3 g/t Ag, averaging 186.8 g/t Ag(6.0 oz/t Ag). Assays report to epithermal vein-breccia blocks that range up to 0.88 m in width.
The new East zone target covers a 1.2 km by 600 m area where rock chip sampling of subcropping epithermal vein-breccia and aligned float blocks have returned high-grade silver assays defining multiple northwest- and northeast-oriented, interpreted structural trends, which are individually up to one km in length.Rock chip assays from the East zone range from BDL to a peak of 2,609.7 g/t Ag.A total of 150 rock chip samples have been collected at the prospect, returning an average of 176.2 g/t Ag (5.7 oz/t Ag), with 15 samples exceeding 500 g/t Ag. The angular shape of the vein block float in this area indicates that it has not been transported far from source, suggesting the potential for undiscovered, high-grade veins, under thin soil cover.
The high-grade silver assays returned from Margarita, Julia South Dome and East zone targets suggest the potential to significantly expand the district size of Virginia project.Detailed exploration, including surface electrical geophysics, trenching and shallow drilling, are required to further test these new target areas. Mirasol has recently announced (see news release May 2, 2018) a non-brokered private placement with the objective of financing accelerated exploration and drilling of targets at Virginia and other gold and silver projects in Mirasol's Santa Cruz portfolio.
Virginia project history
High-grade silver mineralization was discovered in Virginia by Mirasol during November, 2009, while following up high-priority targets identified from interpretation of satellite imagery and regional structural interpretation.The 30 initial rock chip assays of outcropping epithermal banded and brecciated hematite-rich veins returned between 21.9 g/t Ag and 2,660 g/t Ag with very low-grade gold assays ranging from less than 0.01 g/t Au to 0.14 g/t Au. The average silver grade of the initial 30 samples was 645 g/t Ag (20.74 oz/t Ag).Between 2010 and 2012 Mirasol drilled over 23,000 m of diamond core at Virginia, outlining an outcropping open-pit-constrainedindicated resource of 11.9 million oz Ag contained within 1,197 million tonnes grading 310 g/t Ag, with an additional inferred resource of 3.1 Moz Ag contained within 460,000 t grading 207 g/t Ag (see amended National Instrument 43-101 technical report filed Feb. 29, 2016). The Virginia resources are 100 per cent owned by Mirasol.
During the fourth quarter of 2016 the company staked and purchased new exploration claims contiguous with the southern boundary of the land containing the Virginia resources, bringing the total area of contiguous Mirasol claims at Virginia to over 59,000 hectares (Sept. 14, 2016, news release).
Stephen Nano, president and chief executive officer of Mirasol, has approved the technical content of this news release and is a qualified person under NI 43-101.
About Mirasol Resources Ltd.
Mirasol is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits, operating via the joint venture business model.
Quality assurance/quality control of the Virginia exploration program
Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical soil, stream, 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.
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