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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Mirasol Resources Ltd.    MRZ   CA6046801081

MIRASOL RESOURCES LTD.

(MRZ)
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Mirasol Resources : Reports on Surface Exploration Program and Drill Target Generation at Inca Gold Project Chile

11/26/2020 | 10:38am EST

Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the 'Company' or 'Mirasol') is pleased to report on the first systematic exploration at its district-scale Inca Gold precious metals project ('Inca Gold'), located in northern Chile.

A recently completed surface survey at the promising Sandra prospect confirmed the presence of a Au/Ag Intermediate Sulphidation Epithermal ('ISE') system. Based on results, a 1,500m diamond drill program is planned to commence in Q1 2021.

Mirasol's Chair and Interim CEO, Patrick Evans, stated: 'The areal extent of the Sandra vein field is impressive. Results to date demonstrate potential with anomalous Au and Ag values returned over a strike length of more than 1.2 km. Further detailed surface sampling, mapping and drilling will give us a complete understanding of the full potential of this prospect.'

The 16,300 ha Inca Gold project is located in Region III of Chile, approximately 100 km north of Copiapo, and within the Inca Del Oro mining district that hosts both Santiago Metals Delirio Cu/Au mine and PanAust/Codelco's Inca de Oro Cu/Au porphyry deposit. Inca Gold lies between 2,000 to 3,000m ASL and has good access allowing for year-round exploration. Mirasol's initial exploration at the Sandra prospect has defined five Au/Ag prospects, none of which have been drill tested. Mirasol has also staked 2,400 ha of exploration claims directly to the south of the Sandra target and plans to complete a first pass evaluation of these new claims during the current field campaign.

Exploration Program

Mirasol's first surface work program, which commenced this season, has to date focused exclusively on the Sandra prospect, and was designed to evaluate the extensive Au/Ag vein system hosted in a Paleocene caldera setting where ISE mineralization was previously recognized. At least five subparallel vein trends striking northwest, within a 2.5 x 4 km area, have been mapped. Continuous individual vein trends extend over strike lengths of 1.2 km and are up to 3m wide.

Mirasol initial surveys included 1:2,000 scale geological mapping of the quartz vein swarms, systematic rock sawn geochemical channel sampling across the key veins and reconnaissance geochemical rock chip sampling over outlying areas of the prospect. In total, 498 samples were collected from 138 individual sawn channel cuts. Seven zones of veining and anomalous geochemistry have been outlined within the Sandra prospect, and three of these targets have been prioritized for testing by an initial 1,500m drill program.

Mapping and detailed channel sampling have revealed brecciated and crustiform-colloform banding with common bladed and replacement vein textures. Multiple pulses of vein fill are observed, with an initial pulse of milky quartz with lattice bladed and drusy textures carrying anomalous Au (0.1 to 0.42 g/t) and Ag (24 to 168 g/t). A later pulse, characterized by massive and crustiform quartz, also carries elevated Au geochemistry (0.13 to 0.26 g/t) and Cu (473 to 6,950 ppm), with Cu oxides and chalcopyrite. Higher Pb and Zn values are also associated with this later pulse that is generally emplaced along re-opened margins of the veins at the contact with host rocks.

Historical sampling by Newmont and due diligence sampling by Mirasol returned encouraging Au and Ag grades from selective sampling along the various vein structures. This more selective sampling, although not representative in nature, confirms the presence of higher grade pulses in the system that could be related to possible 'leakage' during repetitive reactivation and subsequent sealing of the mineralized structures. The recent systematic sampling has revealed details of favourable vein textures and geochemistry which may provide vectors to potentially higher grade and completely preserved mineralized shoots at depth. Planned drill hole locations have been based on structural information collected from detailed mapping along the trend, as well as geochemical Ag and Au data. To date, the widths of most of the higher-grade mineralized pulses are sub-one meter at surface.

Detailed geochemical analysis of the channel sample database has also shown a notable increase in precious metals grades and other pathfinder elements, which are vectoring to an elevation below 2,450m ASL, indicating that this elevation may represent a more favorable part of the hydrothermal system. The presence of boiling textures in outcrop (lattice blading and platy carbonate; as voids and pseudo-morphed by quartz), and anomalous trace element geochemistry (Zn, Pb, Sb, Te, Se and Bi) is also supporting the potential presence of an ISE-style Au and Ag mineralized zone below surface.

Drill Targeting Overview

The 1,500m diamond drilling program, planned for Q1 2021, will target three of the most prospective zones along the principal Sandra trend, and initially test to a depth of 80 to 200m vertically below the outcropping surface exposures. These targets include Lomo Ballena ('LB'), Veta Escuela ('VE') and Veta Valle ('VV'). The three targets, which represent the deepest eroded parts of the outcropping system (

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 - - -
Net income 2020 -5,90 M -4,64 M -4,64 M
Net cash 2020 16,0 M 12,6 M 12,6 M
P/E ratio 2020 -3,48x
Yield 2020 -
Capitalization 24,8 M 19,5 M 19,5 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 72,8%
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Managers and Directors
NameTitle
Patrick Charles Evans Chairman & Chief Executive Officer
Mathew Lee Chief Financial Officer
Nick DeMare Independent Director
John Paul Tognetti Independent Director
Diane S. Nicolson Independent Director
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