Mirasol Reports Exploration Results from the Claudia Project, OceanaGold Joint Venture, Santa Cruz, Argentina
NEWS RELEASE
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Mirasol Reports Exploration Results from the Claudia Project,
OceanaGold Joint Venture, Santa Cruz, Argentina
VANCOUVER, BC – September 17, 2018 — Mirasol Resources Ltd (TSX -V: MRZ ), (OTCPK: MRZLF ) (the
“Company” or “Mirasol”) reports first season exploration results for the OceanaGold Corporation (TSX: OGC)
(ASX: OGC) Claudia JV, Santa Cruz Province, Argentina.
Highlights from the Claudia OGC Joint Venture exploration
• Drilling Results: Since inception of the OGC Joint Venture 12 diamond core holes (DDH) totaling 2,529 m
have been drilled, testing targets at the Curahue and Cilene prospects . Assays from the Curahue
prospect, Europa and Io trends include 0.6 m at 0.08 g/t Au and 610.0 g/t Ag, and 0.55 m at 1.15 g/t Au
and 22.9 g/t Ag; and from the Cilene prospect 0.9 m at 1.95 g/t Au and 5.7 g/t Ag
• Geophysical Surveys: A combined 1 14.5 line-km of gradient array and IP electrical geophysics surveys
have been completed at the Rio Seco, Curahue and Cilene prospects
• Geophysical Models : 3D models have been generated from existing ground magnetics and from
combined new and existing electrical geophysical data sets for the NW end of Curahue and for Rio Seco
• Reconnaissance: Prospecting of the large property package has progressed with rock chip sampling
returning gold assays up to 7.26 g/t Au and 124 g/t Ag from extensions or new vein and veinlet zones at
Europa and Themisto Trends at Curahue, and new Volcan prospect located 7 km to the east of the Cerro
Vanguardia Mine
• Project Database: Integrated analysis of this season’s data with existing data, is providing new geological
insight into the controls on mineralization at the Curahue and Rio Seco prospects, guiding exploration
program design for the coming Southern Hemisphere spring and summer exploration season.
Curahue and Cilene Prospects drill results
Drilling from last season’s exploration, completed to July 2018, was focused at the Curahue Prospect, with 10
DDH holes drilled totaling 2,270 m, to test targets on the Europa, Io, Themisto and Callisto Trends (Figure 1).
Last season’s OGC JV drilling at Europa intersected zones of epithermal veins, veinlets and silica-sulfide structures
up to 13.7 m wide (downhole, with 10 to 90 % veining) in three of the holes drilled. The veins and silica -sulfide
structures are hosted in what is interpreted to be the upper part of the Jurassic-age Chon Aike volcanic sequence.
At the nearby multimillion ounce Cerro Vanguardia Au+Ag Mine, the distinctive Granosa Ignimbrite unit of the
Chon Aike volcanics is the primary host to the majority of ore grade veining. The Granosa Ignimbrite is a brittle,
densely-welded volcanic that is an optimal host rock for vein formation . Vein widths and grade typically
significantly improve where veins are hosted by the Granosa when compared to the same vein hosted by
overlying less competent volcanic units 1. The Granosa unit is interpreted by Mi rasol geologists to occur
stratigraphically below the current depth of drilling at Europa, Io and Themisto. The intersection of these vein
zones with the Granosa unit may represent a target for further drilling in the Curahue prospect.
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Five DDH holes were drilled into the 2.9 km long Europa Trend to test covered geophysical targets beneath post
mineral unconsolidated gravel and a large alluvial terrace composed of cobble to boulder -size clasts of
epithermal vein material. Previous rock chip sampl ing of the epithermal clasts in the alluvial terrace returned
assays of up to 1.66 g/t Au and 2,130 g/t Ag. Reinterpretation of drilling at Europa by a previous JV partner
suggest these holes were predominantly drilled into the hanging wall of the target s tructure or in tersected
mineralized vein boulders in the alluvial terrace over lying the volcanic host rock and so that were not testing
outcropping veins.
Assay results from the OGC JV Europa drilling returned anomalous Au+Ag (Table 1) with strong epithermal path
finder elements (As, Sb). Assays include a best downhole intersection of 0.6 m at 0.08 g/t Au and 610.0 g/t Ag
from a silica -sulfide structure. These exploration results have advanced the geological understanding of this
trend, with Au+Ag bearing veins and mineralized structures in the host volcanics now confirmed at Europa.
One OGC JV DDH core hole of 360 m length was drilled at the Io Trend to test at depth beneath the previously
reported Au+Ag drill intersections (see news release December 16, 2016; holes IODDH -1, 19 and IORC -26). At
254 m (down hole / approx. 220 m below surface), drilling intersected a 40 m wide (down hole) zone of veining
and veinlets (with logged sample intervals between 3 to 95 % veining). This veining is interpreted to be the down-
dip extension of the Io vein zone. This zone assayed weakly anomalous Au+Ag mineralization with a best
intersection of 0.55 m at 1.15 g/t Au and 22.9 g/t Ag.
Two OGC JV DDH holes totaling 415 m were drilled at the 3.8 km long Themisto Trend as an initial shallow test
of multi-kilometre long IP and gradient array resistivity anomalies that are locally associated with subcropping
chalcedonic veinlets that assayed up to 0.49 g/t Au and 3.6 g/t Ag. A number of low -temperature epithermal
veinlet zones 6.9 to 32.7 m wide (downhole), with 5 to 10 % veining, assayed weakly anomalous Au+Ag and
strong epithermal path finder elements (As, Sb). The drill intersections of veining confirm the electrical
geophysics anomalies at Themisto are mapping the presence of a strike extensive veinlet zone that may warrant
deeper drill testing for improved vein development and higher Au+Ag mineralization.
Two holes totaling 595 m were drilled at the Callisto Trend to test coincident low -level Au+Ag and epithermal
path finder anomalies in trench channel sample assays. Zones of low intensity silica veining with weak Au+Ag
and elevated Sb and As, were intersected. No further work is planned at this prospect for the coming field season.
Two OGC JV DDH holes totaling 259 m, were drilled on one section at the Cilene Prospect, that test 10 to 20 cm
wide outcropping veins with select rock chip assays ranging up to 10.17 g/t Au and 49.0 g/t Ag, to a maximum
depth of 75 m below surface. The best drill intersection in the deepest hole (CIL-DDH-002) was 0.9 m at 1.95 g/t
Au and 5.7 g/t Ag.
Geological mapping and sampling and 3D geophysical models
In conjunction with the drill program, geological mapping, prospecting and a total of 114.5 line-km of new and
infill IP and gradient array electrical geophysics surveying was completed at Curahue, Cilene and Rio Seco
prospects. 3D geophysical block models were prepared from Mirasol’s existing detailed ground magnetics
surveys, and from the combined new OGC and previous Mirasol IP surveys for the Io – Europa section of the
Curahue prospect and the Rio Seco prospect. The geophysical models, when analyzed in conjunction with the
accumulated geological, geochemical and drill hole database have provided an improved understanding of the
geological setting and large-scale structural controls on mineralization at these prospects. Analysis has outlined
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a district-scale horst and graben structural setting, identifying large NW -oriented normal faults that appear to
have acted as hydrothermal fluid conduits and may potentially also influence mineralized vein development. At
the Rio Seco prospect the magnetic and IP models when combined with geology and previous drill results, outline
a series of priority targets where the prospective Granosa host rock is known to be present; coincident with
evidence of undrilled epithermal veining and/or geophysical anomalies and large-scale faults.
At the Io - Europa trends integrated analysis of the magnetic model and existing geological and geochemical
datasets have identified a large graben-bounding normal fault to the north of the Europa Trend. There has been
no previous drill testing of this fault zone; however existing drill and rock chip geochemistry suggest
mineralization vectors towards the fault trace. A gradient array geophysical survey which covers part of the fault
zone has outlined a series of resistivity and chargeability anomalies within the fault trace, that may represent
potential drill targets.
Surface prospecting of the Europa Trend has returned Au+Ag anomalous rock chip assays including a peak assay
of 7.26 g/t Au and 124.0 g/t Ag (with the previous best rock assay from the Europa Trend of 4.09 g/t Au and 127.0
g/t Ag) from epithermal vein blocks up to 0.6 m in size, suggesting the blocks are sourced from a larger covered
vein. These results indicate a potential exten sion of the Europa Trend to the SE into an area that has not be en
previously mapped nor drill tested.
Prospecting to the north of the Themisto Trend has identified narrow (cm wide) epithermal veinlet trends in
outcrop that to date have been traced intermittently for a 250 m strike length. Select rock chip sampling of the
veinlets has returned assays of up to 2.49 g/t Au and 8.3 g/t Ag (with the previous best rock chip assay at Themisto
of 0.49 g/t Au and 3.6 g/t Ag). Outcrop is sparse, and existing electrical geophysics surveys do not extend into
this area to guide exploration. However, the Mirasol ground magnetics show a large-scale NW- SE oriented fault
hosting the veining, suggesting the potential for larger -scale vein development within the fault in this new
portion of the Themisto Trend.
Reconnaissance of the Claudia Claims 7 km to the east of the Cerro Vanguardia Mine leases, the Volcan Prospect,
has identified an area of sub -cropping epithermal vein trends that have to date been traced for 100 m before
trending under gravel cover to the SE. Rock chip assay results at Volcan have returned multiple Au+Ag anomalous
samples with the best assay to date of 1.35 g/t Au and 14.3 g/t Ag for veins up to 0.5 m wide.
Mirasol and OGC are analyzing these results to set exploration priorities for the coming Southern Hemisphere
spring and summer field season that is estimated to start mid to late September 2018, weather permitting.
Further updates will be provided as exploration priorities and budgets are confirmed and field programs advance.
Stephen Nano, President and CEO of Mirasol, has approved the technical content of this news release. Mr Nano
is a Chartered Professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (CP and
FAusIMM) and is a Qualified Person under NI 43 -101.
For further information, please contact
Stephen Nano
CEO and President
or
Suite 910 - 850 West Hastings Street, Vancouver, B.C. Canada, V6C 1E1
Tel: +1 604 602 9989 Fax: +1 604 609 9946 E-mail: [email protected]
www.mirasolresources.com
Jonathan Rosset
VP Corporate Development
Tel: +1 (604) 602-9989
Email: [email protected]
Website: www.mirasolresources.com
Additional Explanatory Notes:
* AuEq 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)
1 Sharpe, R., et.al (2002), Stratigraphy of the Chon Aike formation ignimbri te sequence in the Cerro Vanguardia Au-Ag
epithermal vein district. Actas del XV congreso geologico argentine. El Calafate. and pers. comm. AngloGold mine
geologists
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 9001:2 008 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 nu mber 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. 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.