Mirasol Finds “Bonanza” Grade Silver - Gold from Rock Chip Sampling of the Resolution Trend, Nico Project, Santa Cruz, Argentina
910 - 850 West Hastings Street, Vancouver, B.C. V6C 1E1 Canada
Tel: 604.602.9989 Fax: 604.609.9946 E-mail: [email protected]
www.mirasolresources.com
NEWS RELEASE
Mirasol Finds “Bonanza” Grade Silver - Gold from Rock Chip Sampling of the
Resolution Trend, Nico Project, Santa Cruz, Argentina
VANCOUVER, BC – July 12, 2018 – Mirasol Resources Ltd. (TSXV: MRZ), (OTCPK: MRZLF), (the “Company”
or “Mirasol”) announces the Company has found “bonanza” grade rock Ag - Au assays from its systematic
sampling of the Resolution Trend, one of four precious metal prospects on the Mirasol owned Nico
project, Santa Cruz, Argentina (Figure 1).
Highlights from the recent Resolution Trend Exploration:
• Systematic rock chip outcrop and float sampling returns “bonanza” grade Ag and Au assays from
1.2 km long section of Resolution Trend.
o Highest outcrop grades include 1,435.9 g/t Ag and 1.37 g/t Au (25.3 g/t AuEq60*) and 456.9
g/t Ag and 1.76 g/t Au (9.4 g/t AuEq60).
o Highest float grades include 2,332.3 g/t Ag and 9.62 g/t Au (48.5 g/t AuEq60) and 1,484.7
g/t Ag and 8.15 g/t Au (32.9 g/t AuEq60)
• Further assays results are pending for the Resolution Trend for parallel vein -breccia structures,
and from initial systematic sampling of the high grade Ag - Au Aurora Vein Zone at Nico
• Assay results support recently reported anomalous electrical geophysics survey results from the
Resolution Trend (see news release July 5, 2018)
• Mirasol is now planning for a southern hemisphere spring (4th Quarter 2018) drill program at
Resolution and an extensive systematic sampling, geological mapping and geophysics program for
the Aurora and Vittoria prospects to better define potential drill targets
Stephen Nano, the Company’s President and CEO stated: “We continue to be ver y encouraged by the
results received from our Resolution Trend exploration. This round of assay s confirms the presence of a
strongly mineralized high grade precious metal system at the prospect , building on the recent positive
geophysics results and supporting the Company’s decision to drill test this prospect as part of Mirasol’s
Expanded Exploration Strategy”. (Click on this link for Mirasol’s Corporate Update and Expanded Strategy).
This news release presents the results from 394 recent rock chip samples on a 1.2 km long central section
of the main Resolution vein-breccia structure, bringing the total assay database for this section of the
structure to 438 outcrop, subcrop and float samples (Figure 2). Assays from an additional 208 rock chip
samples for structures parallel to the main vein-breccia and 225 saw-cut channel samples are pending and
will be reported when available.
In outcrop, subparallel vein-breccia structures are developed within the Resolution Trend. Individual vein-
breccias are typically between 15 to 50 cm wide. The systematic rock chip sampling has confirmed the
“pinch and swell” (boudinaged) outcrop pattern and the presence of high -grade “shoots” of
mineralization along the vein-breccia structure trend, which is typical of epithermal vein deposits. In detail
the vein-breccias show crustiform banded textures with voids in the banding, interpreted to be due to the
near-surface oxidation of sulfide layers. This style of banded quartz -sulfide texture is also seen at the
nearby “bonanza” grade Ag - Au Martha mine (see photos in Figure 1).
Highest assays from outcrop and subcrop rock chip samples on a gold equivalent basis (AuEq60) include;
1,435.9 g/t Ag and 1.37 g/t Au (25.3 g/t AuEq60), 456.9 g/t Ag and 1.76 g/t Au (9.4 g/t AuEq60), and 266.5
910 - 850 West Hastings Street, Vancouver, B.C. V6C 1E1 Canada
Tel: 604.602.9989 Fax: 604.609.9946 E-mail: [email protected]
www.mirasolresources.com
NEWS RELEASE
g/t Ag and 3.92 g/t Au (8. 4 g/t AuEq60). Float samples of vein breccia from less well-exposed sections of
the vein have returned assays up to 2,332.3 g/t Ag and 9.62 g/t Au (48. 5 g/t AuEq60), and 1,484.7 g/t Ag
and 8.15 g/t Au (32.9 g/t AuEq60), suggesting that the better mineralized sections, which originally appear
to have been sulfide rich, are weathered more stron gly and so may not outcrop. Consistent with
previously reported results from Resolution, higher grade assays correlate to 15 to 50 cm wide oxidized,
crustiform banded vein-breccia structures. However, in this round of sampling strongly silicified volcanic
wall rock with quartz veinlets were also selectively chip sampled, returning some high grade Ag – Au
assays.
The recently reported PDP IP electrical geophysical survey defined a 1.4 km long, 8 to 25 millisecond
chargeability anomaly, that in plan and section lies along the down -dip projection of the outcropping
Resolution vein-breccias (Figure 3). Chargeability anomalies of this magnitude often indicate the presence
of sulfide mineralization and in this case, are interpreted by Mirasol to suggest that below the depth of
surface oxidation the Resolution vein-breccia zone may be strongly sulfide bearing.
High grade at-surface Ag + Au rock chip assays over a significant strike length of the trend, a strong down-
dip chargeability anomaly, and a favourable structural setting highlight Resolution as a priority for drill
testing. Mirasol is currently compiling datasets to select drill targets for a southern hemisphere spring (4th
Quarter 2018) reverse circulation initial drill test of the Resolution targets. The company is also planning
a spring program of detailed geological mapping, systematic rock chip sampling and electrical geophysics
designed to identify drill targets at the larger Aurora and Vittoria pros pects, where previously reported
reconnaissance sampling has outlined multiple high-grade Ag – Ag trends developed over a 4 by 2 km area
at Aurora (see news releases July 5, 2017 and March 2, 2018).
Nico is located in an area of active mining and precious metal ore processing, approximately 85 km from
the Manantial Espejo Mine (Pan American Silver), and 45 km from Martha (Hunt Mining). Pan American
Silver also recently purchased the C ap-Oeste Sur Este (COSE) project and is working toward developing
this and the Joaquin Au -Ag satellite deposit which are located 160 km and 130 km respectively from
Manantial Espejo. Pan American plans to truck ores mined at COSE and Joaquin through Mirasol’s Nico
Project properties to the Manantial Espejo mine facilities for processing. Nico is well positioned to benefit
from Pan American’s announced development and processing plans.
Mirasol invites investors to follow the Nico epithermal precious metal exploration story by visiting our
website www.mirasolresources.com and signing up to receive our news releases.
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.
For further information, contact:
Stephen Nano
President and CEO
or
Jonathan Rosset
Manager of Corporate Development
Tel: +1 (604) 602-9989
910 - 850 West Hastings Street, Vancouver, B.C. V6C 1E1 Canada
Tel: 604.602.9989 Fax: 604.609.9946 E-mail: [email protected]
www.mirasolresources.com
NEWS RELEASE
Email: [email protected]
Website: www.mirasolresources.com
Additional Explanatory Notes:
* A uEq 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 + (silver assay in g/t ÷ 60)
Quality Assurance/Quality Control of the Nico 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 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.
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, minera l 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. Mira sol 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.
Martha resource located 30 km to south, displayed
at same scale for reference 1
→ 700 m strike 20.8 million oz Ag
& and 26,729 oz Au 2
→ Avg. Ag grade = 1087.6 g/t Ag
→ Avg. Au grade = 1.39 g/t Au
Total samples from outcrop / subcrop / float = 438
Gold Assays
Silver Assays
*As per standard industry practice, where analysis results returned assays less than the
lower detection limit (DL – 0.01g/t Au, 0.5g/t Ag) a value of ½ lower detection limit was
used to calculate statistical values in this table
Units: g/t – grams per tonne; oz/t – troy ounce per tonne
All Samples Au Ag AuEq60
Min Value 0.005 g/t 0.25 g/t 0.01 g/t
Max Value 12.28 g/t 6,181.4 g/t 103.1 g/t
Average value 0.47 g/t 118.5 g/t 2.4 g/t
Top Au
Assays
% of
samples Au g/t Au oz/t
106 Samples 24.2 % > 0.25 g/t > 0.008 oz/t
80 Samples 18.3 % > 0.5 g/t > 0.016 oz/t
59 Samples 13.5 % > 1.0 g/t > 0.032 oz/t
21 Samples 4.8 % > 2.5 g/t > 0.080 oz/t
7 Samples 1.6 % > 5.0 g/t > 0.160 oz/t
Top Ag Assays % of
samples Ag g/t Ag oz/t
198 Samples 45.2 % > 30 g/t > 0.96 oz/t
143 Samples 32.6 % > 60 g/t > 1.93 oz/t
41 Samples 9.4 % > 300 g/t > 9.65 oz/t
7 Samples 1.6 % > 900 g/t > 28.94 oz/t
Resolution Main Structure Rock Chip Assays
Gold Equivalent 60 Assays
Top AuEq60
Assays
% of
samples
AuEq60
g/t AuEq60 oz/t
277 Samples 63.2 % > 0.25 g/t > 0.008 oz/t
213 Samples 48.6 % > 0.5 g/t > 0.016 oz/t
158 Samples 36.1 % > 1.0 g/t > 0.032 oz/t
107 Samples 24.4 % > 2.5 g/t > 0.080 oz/t
57 Samples 13.0 % > 5.0 g/t > 0.160 oz/t
18 Samples 4.1 % > 10.0 g/t > 0.320 oz/t
Aurora
Vittoria
Endeavour
Resolution
Figure 1 – Nico Project Prospect Locations and Geochemistry. July 2018
Nico Project
73,200 ha Resolution
Prospect
Aurora and
Vittoria
Prospects
Endeavour
Prospect
1500m
4.79 g/t Au, 833.2 g/t Ag 15 to 50 cm wide oxidized banded
vein-breccia, Resolution prospect
Nico Prospect Locations
Gold Equivalent = Gold + (Silver / 60)
5.0 to 103
2.5 to 5
2.0 to 2.5
Rock Chip Assays
Gold Equivalent Au+(Ag/60)
1.0 to 2.0
0.5 to 1.0
0 to 0.5
Target area for
detailed exploration
ResT1
High grade silver-gold vein-breccia
underground at the Martha Mine 1
1 Structurally controlled fluid flow: High-grade silver ore-shoots at Martha epithermal mine,
Deseado Massif, Argentina. Páez, G.N. et., al. Journal of Structural Geology Vol 33 (2011), 985-999.
2 2002-2012 Martha production figures derived from Coeur D’Alene Annual Reports, 2002 -2012.
1500m
Figure 2 – Resolution Prospect New Rock Chip Sampling Main Structure. July 2018
58
o
56
o
58
o
60
o
78
o
61
o
250 m
N
Resolution
1.2 km Main
Structure Zoom
Nico Project
73,200 ha Resolution
Prospect
Aurora and
Vittoria
Prospects
Endeavour
Prospect
Salt Pan
Soil Cover
Sub-Volcanic
DaciteSoil Cover
Sub-Volcanic
Dacite
458.9 g/t Ag,
12.28 g/t Au,
19.9 g/t AuEq
Rock chip float
1,484.7 g/t Ag
8.15 g/t Au,
32.9 g/t AuEq
Rock chip float
Geology
Au/Ag Vein Trend
Interpreted Structure
Salt Pan/Alluvial
Soil Cover
Porphyritic
Sub-volcanic Dacite
Basalt Capping Flows
Hydrothermal Alteration
Strike and Dip
Measurement
↑ Post Mineral
5.0 to 103
2.5 to 5
2.0 to 2.5
1.0 to 2.0
0.5 to 1.0
Rock Chip Assays
Gold Equivalent
Au+(Ag/60)
0 to 0.5
x Samples pending
x
Resolution recon
sampling
(previously reported)
500 m
15 km
1,435.9 g/t Ag,
1.37 g/t Au,
25.3 g/t AuEq
Rock chip outcrop
2,332.3 g/t Ag
9.62 g/t Au,
48.5 g/t AuEq
Rock chip float
1,275.5 g/t Ag,
4.92 g/t Au,
26.2 g/t AuEq
Rock chip subcrop
2,954.5 g/t Ag
0.08 g/t Au,
49.3 g/t AuEq
Rock chip subcrop
266.5 g/t Ag
3.92 g/t Au,
8.4 g/t AuEq
Rock chip outcrop
602.1 g/t Ag,
0.03 g/t Au,
10.1 g/t AuEq
Rock chip float
362.2 g/t Ag,
2.20 g/t Au,
8.2 g/t AuEq
Rock chip outcrop
Resistivity
2D Inverted
Section L48,400E
Chargeability
2D Inverted
Section L48,400E
Resistivity
Depth Slice
25m
Chargeability
Depth Slice
25m
500 m 500 m
NW
SE NW
SE
Figure 3 – Resolution Prospect PDP-IP Geophysics – 3D Inverted 25m Depth Slices and 2D Inverted Sections for Line 48,400 E. July2018
Surface Sample
833g/t Ag, 4.79g/t Au
Surface Sample
1,319g/t Ag, 5.59g/t Au
5.0 to 103
2.5 to 5.0
2.0 to 2.5
1.0 to 2.0
0.5 to 1.0
Rock chip assays
Gold Equivalent Au+(Ag/60)
0 to 0.5
Sample pending x
x Resolution recon sampling
(previously reported)
Surface Sample
833g/t Ag, 4.79g/t Au
Surface Sample
1,319g/t Ag, 5.59g/t Au