Mirasol Resources Reports on Drill Program at Sascha Marcelina Project in Argentina
NEWS RELEASE
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August 9, 2021
Shares Issued and Outstanding: 53,872,043
TSX-V: MRZ
OTCPK: MRZLF
Mirasol Resources Reports on Drill Program
at Sascha Marcelina Project in Argentina
Encouraging Au/Ag and Base Metal Mineralization Identified
VANCOUVER, BC, August 9, 2021 — Mirasol Resources Ltd. (TSX -V: MRZ) (OTCPK: MRZLF) (the
“Company” or “ Mirasol”) is pleased to report the results from the recently completed 2,814m drill
program at the Sascha Marcelina Project (“Sascha Marcelina”) in Santa Cruz province, Argentina.
Mirasol’s President, Tim Heenan, commented: “We are encouraged with the early results from this
maiden drill program on three of our priority prospects within the Sascha Marcelina project. The
Pellegrini Trend returned a broad zo ne of Au and Ag mineralization overprinting a younger Pb and Zn
rich base metal pulse , that is interpreted to represent the high -level expression in this epithermal
system. This mineralized zone may correspond to the top or the margins of a hydrothermal br eccia
body, or possibly the upper zones of a larger mineralized and dilated structure at depth , spatially
associated with a rhyolitic dome complex . Drilling on the Igloo and Estancia Trends also returned a
number of anomalous Au and Ag intercepts , and improved our understanding of the local geological
settings which will help in vectoring follow-up drill programs towards higher grade zones at depth and
within a more permissive stratigraphic horizon.”
Figure 1: Sascha Marcelina overview and drill hole location
• Pellegrini Trend:
At the Pellegrini Trend, four diamond drill holes were completed at the main target area with two scout
holes outboard on two other major northwest trending faults structures to the west and north, for a
combined total of 1,431m.
Figure 2: Pellegrini plan view
Holes PEL -DDH-001, PEL -DDH-002 and PEL -DDH-005 were drilled at the Pellegrini main target zone
located on the top of a prominent hill, resulting in an 80-100m elevation difference between the hill
and the nearby topographic flats. They all encountered within their upper levels, restricted zones of
anomalous mineralization associated with hydrothermal brecciation. Hole PEL -DDH-005, which was
drilled deeper below PEL -DDH-002, exhibits the best mineralized intersection to date. A wide zone of
peripheral crackle brecciation starts at 170m vertically below surface and continues into an inner core
of hydrothermal polymictic brecciation for a total interc epted width of brecciation >25m. This inner
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zone returned an intersection of 20.4m at 0.24 g/t Au and 39 g/t Ag (58 g/t AgEq 1) from 242.5m,
including 10.5m at 0.28 g/t Au and 66 g/t Ag (87 g/t AgEq) from 249m. High Zn and Pb base metal results
are also as sociated with this brecciated body with 0.82% Pb and 0.7% Zn over the broader 20.4m
interval, including 1.3m with 3.19% Pb and 2.56% Zn (Figure 3, Table 1, 2 and Photo 1).
Figure 3: Pellegrini section view on PEL-DDH-001 / PEL-DDH-002 / PEL-DDH-005
Photo 1: PEL-DDH-005 – Diamond core photo 247m to 263m
These results from PEL-DDH-005 are considered very encouraging as they represent a clear downward
vector for the mineralization underneath the narrower, mineralized zones intersected in each of holes
PEL-DDH-001 and PEL -DDH-002. Based on several geological observations, including the “peripheral”
crackle brecciation, mineralization style and silica species, this intersection is interpreted to represent
the peripheral or the upper part of an untested larger body of mineralization. Further drilling is required
to confirm the geometry of this mineralized hydrothermal breccia body and how it relates to the local
topography.
Mineralization is associated with a multi -pulse hydrothermal event resulting in a large zone of
brecciation hosting at least three distinct phases of mineralization. The earliest phase is a pyrite rich,
poorly mineralized pulse, followed by Ag-Pb-Zn metal rich event. The final stage is a more typical low
sulfidation epithermal silica pulse and is recognized as the Au rich event. The broad zones of brecciation
in drill hole PEL-DDH-05 are hosted in pyroclastic volcanics and appear to be spatially related with the
margin of a large rhyolitic dome complex , as is typical in several of the productive mineralized Au/Ag
systems in the Santa Cruz province of Argentina.
The widespread high resistivity anomaly present at Pellegrini also correlates well to the dome complex
and related highly siliceous outflows mapped on surface. The innermost central “reduced” resistivity
response corresponds with the mineralized hydrothermal brecciation, which is interpreted to be
located along the outer limits of the dome margins in contact with pyroclastic volcanics. This reduced
resistivity feature may represent the outline of the “top” of a larger mineralized breccia body, which
has less pervasive silica compared to that of the surrounding host rocks (Figure 2).
As a follow-up, Mirasol is in the planning stages for a second complementary and deeper penetrating
induced polarization (“IP”) geophysics program to more accurately map the location and orientation of
this apparent northwest trending, northeast dipping sulfide-rich breccia.
• Estancia Trend:
At the Estancia Trend, six holes (1,011m) were completed. Three of these holes located in the southern
part of the prospect (Estancia Sur) returned anomalous Au results (Figure 4). This drilling demonstrated
that Estancia Sur is located in the lower part of the Matilda formation or upper part of the Chon Aike,
neither of which are good, competent host rocks for productive fissure veins. Instead of concentrating
mineralization, their physical characteristics allow for wider intersections of lower grade and dispersed
mineralization, as illustrated by the results from drill hole EST-DDH-003 (8.7m at 0.32 g/t Au). However,
with focused, deeper drilling, it is considered likely that a stronger mineralization could be encountered
in the more permissive rock type (mid to lower Chon Aike formation).
1 Silver equivalent (“AgEq”) is calculated using metal prices of US$ 1800/oz for Au and US$ 24/oz for Ag. Recoveries are assumed to be
100% as no metallurgical test data is available.
The equation used is: AgEq g/t = Ag g/t + (Au g/t x 75)
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Mineralization encountered to date at Estancia Sur occurs as narrow sheeted veinlets, pseudo-
stockworks zones and fluidized channels with crackle brecciation, infilled with two styles of
mineralization with an initial pulse of massive pyrite with dark grey silica and a second pulse of more
epithermal crypto-crystalline quartz hosting the higher Au grades.
Figure 4: Estancia plan view and section on EST-DDH-003
• Igloo Trend:
At the Igloo Trend, limited initial drilling intercepted mineralization very similar to that of Estancia Sur,
related to narrow veinlets, zones of pseudo-stockwork and fluidized channels hosting brecciation, with
Au grades up to 0.57 g/t. This mineralization is associated with a pronounced and widespread “cloud”
of pathfinder elements characterised by arsenic, antimony and mercury + barium (Figure 5). Such zones
of anomalous pathfinder elements typically reside above productive systems in several low sulfidation
Au-Ag epithermal mines and deposits in Santa Cruz and provide a strong vector to depth for stronger
mineralization.
Figure 5: Igloo plan view and section on IGL-DDH-002
About Mirasol Resources Ltd
Mirasol is a well -funded exploration company focused in Chile and Argentina. Mirasol has seven
partner-funded projects, two with Newcrest Mining Ltd (Chile), and one with each First Quantum
Minerals (Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile), Silver Sands Resources (Argentina),
and Patagonia Gold (Argentina). Mirasol is currently self-funding exploration at two projects, Inca Gold
(Chile) and Sacha Marcelina (Argentina).
For further information, contact:
Tim Heenan, President
or
Jonathan Rosset, VP Corporate Development
Tel: +1 (604) 602-9989
Email: [email protected]
Website: www.mirasolresources.com
Qualified Person Statement: Mirasol’s disclosure of technical and scientific information in this press release has been
reviewed and approved by Tim Heenan (MAIG), the interim President for the Company, who serves as a Qualified Person
under the definition of National Instrument 43-101.
QAQC: 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 practice. Geochemical
assays are obtained and reported under a quality assurance and quality control (QA/QC) program with insertions of controls
(standards, blanks and duplicates, representing 5%, 4% and 5% of the samples respectively). Standards and b lanks are
inserted randomly in all drill core batches that are submitted to the laboratory, while duplicates are done on both the coarse
reject (2.5%) and pulps (2.5%). Drill core samples have a minimum of 0.30m and a maximum of 2.00m in length. Samples
are dispatched for analysis to Alex Stew art International Labs in Argentina, an ISO 9001:2015 accredited laboratory, which
is independent from the Company. The samples are delivered to the laboratory by Mirasol personnel, a dedicated private
courier, or by the dedicated laboratory pick -up service. Core diameter is generally HQ/HQ3 and samples are analysed by
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Fire Assay for both Au and Ag and also by ICP MS including a package of 48 elements. Ag sample results that are >100 ppm
are automatically re-analysed by a gravimetric analysis and base metals (Pb/Zn) and other high sulphur minerals, with results
of >10,000 ppm also re-submitted to the laboratory for ICP-Ore analysis (19 elements), to obtain accurate results.
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. Facto rs 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 and to policies l inked to pandemics, social and
environmental related matters. Forward-looking statements in this release include statements regarding future exploration
programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery proce sses. 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. Mirasol 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 po licies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Table 1: Sascha Marcelina Significant Drill Intercepts
Hole ID From To Interval
(m)1
Au
g/t
Ag
g/t
AuEq
g/t2
AgEq
g/t2 Cut-off3
PEL-DDH-001 34.00 35.00 1.00 0.71 2 0.2 g/t AuEq or 15 g/t AgEq
Including 34.00 34.30 0.30 1.06 1 1 g/t AuEq or 75 g/t AgEq
40.40 41.55 1.15 0.44 2 0.2 g/t AuEq or 15 g/t AgEq
93.40 98.00 4.60 0.15 4 0.2 g/t AuEq or 15 g/t AgEq
124.10 128.50 4.40 0.32 2 0.2 g/t AuEq or 15 g/t AgEq
Including 125.80 126.30 0.50 1.27 0 1 g/t AuEq or 75 g/t AgEq
152.60 160.40 7.80 0.05 22 0.2 g/t AuEq or 15 g/t AgEq
171.00 172.00 1.00 0.22 4 0.2 g/t AuEq or 15 g/t AgEq
177.00 179.50 2.50 0.18 14 27 0.2 g/t AuEq or 15 g/t AgEq
183.00 189.00 6.00 0.21 6 0.2 g/t AuEq or 15 g/t AgEq
195.00 196.15 1.15 0.18 3 0.2 g/t AuEq or 15 g/t AgEq
202.00 216.50 14.50 0.18 2 0.2 g/t AuEq or 15 g/t AgEq
PEL-DDH-002 15.40 15.70 0.30 0.03 91 1 g/t AuEq or 75 g/t AgEq
147.50 148.50 1.00 0.06 34 0.2 g/t AuEq or 15 g/t AgEq
163.60 165.00 1.40 0.21 2 0.2 g/t AuEq or 15 g/t AgEq
170.00 172.00 2.00 0.20 5 0.2 g/t AuEq or 15 g/t AgEq
185.00 188.00 3.00 0.20 10 0.2 g/t AuEq or 15 g/t AgEq
PEL-DDH-005 242.50 262.90 20.40 0.25 39 58 0.2 g/t AuEq or 15 g/t AgEq
Including 249.00 259.50 10.50 0.28 66 87 1 g/t AuEq or 75 g/t AgEq
274.00 275.00 1.00 0.33 4 0.2 g/t AuEq or 15 g/t AgEq
279.20 286.00 6.80 0.27 5 0.2 g/t AuEq or 15 g/t AgEq
Including 279.20 279.65 0.45 1.32 28 1.69 1 g/t AuEq or 75 g/t AgEq
PEL-DDH-006 45.60 49.20 3.60 0.01 17 0.2 g/t AuEq or 15 g/t AgEq
EST-DDH-001 94.00 96.15 2.15 0.40 3 0.2 g/t AuEq or 15 g/t AgEq
106.45 108.70 2.25 0.54 4 0.2 g/t AuEq or 15 g/t AgEq
Including 108.35 108.70 0.35 1.49 9 1 g/t AuEq or 75 g/t AgEq
EST-DDH-002 117.20 119.00 1.80 0.52 7 0.2 g/t AuEq or 15 g/t AgEq
Including 117.70 118.20 0.50 1.04 17 1.27 1 g/t AuEq or 75 g/t AgEq
121.70 125.60 3.90 0.34 3 0.2 g/t AuEq or 15 g/t AgEq
EST-DDH-003 3.00 5.00 2.00 0.40 1 0.2 g/t AuEq or 15 g/t AgEq
15.80 16.10 0.30 1.25 15 1.46 1 g/t AuEq or 75 g/t AgEq
97.00 105.70 8.70 0.32 3 0.2 g/t AuEq or 15 g/t AgEq
108.00 110.00 2.00 0.23 2 0.2 g/t AuEq or 15 g/t AgEq
116.00 118.00 2.00 0.21 0 0.2 g/t AuEq or 15 g/t AgEq
IGL-DDH-002 37.80 40.00 2.20 0.15 4 0.2 g/t AuEq or 15 g/t AgEq
159.60 162.80 3.20 0.30 8 0.2 g/t AuEq or 15 g/t AgEq
ECT-DDH-001 No interval above cut-off
ECT-DDH-002 No interval above cut-off
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Hole ID From To Interval
(m)1
Au
g/t
Ag
g/t
AuEq
g/t2
AgEq
g/t2 Cut-off3
ECT-DDH-003 No interval above cut-off
IGL-DDH-001 No interval above cut-off
PEL-DDH-003 No interval above cut-off
PEL-DDH-004 No interval above cut-off
Notes:
1 Reported interval length are down hole widths and not true widths.
2 Gold equivalent (“AuEq”) and silver equivalent (“AgEq”) is calculated using metal prices of US$ 1800/oz for Au
and US$ 24/oz for Ag. Recoveries are assumed to be 100% as no metallurgical test data is available. The
equation used is thus: AuEq g/t = Au g/t + (Ag g/t ÷ 75) and AgEq g/t = Ag g/t + (Au g/t x 75). AuEq and AgEq are
only reported if Au is > 0.1 g/t and Ag > 10 g/t and a value reported for the dominant metal.
3 Reported intervals are at the stated a cut-off grade of 0.2 g/t AuEq or 15 g/t Ag Eq (minimum width of 1m)
and 1 g/t AuEq or 75 g/t AgEq. Reported intervals may include up to a maximum of 1.5m individual section
below cut-off grade and Au and Ag grades are uncapped.
Table 2: Sascha Marcelina Pb/Zn Zones
Hole Id From (m) To (m)
Interval
(m)1 Au g/t Ag g/t Pb % Zn %
PEL-DDH-005 242.50 262.90 20.40 0.25 39 0.82 0.70
Including 247.70 249.00 1.30 0.15 21.46 3.19 2.56
And 250.20 252.60 2.40 0.27 72.32 0.96 1.24
And 258.75 261.00 2.25 0.25 51.79 2.82 1.09
Note: 1 Reported interval length are down hole widths and not true widths.
Table 3: Sascha Marcelina Collar Location
Hole Id Easting Northing Elevation (m) Azimuth Dip Depth (m)
ECT-DDH-001 2408340 4703902 565.3 225 -50 150
ECT-DDH-002 2408244 4703873 579.8 45 -45 120
ECT-DDH-003 2408339 4704037 554.3 225 -45 231
EST-DDH-001 2408761 4702376 546.9 45 -50 177
EST-DDH-002 2408827 4702285 534.0 45 -45 165
EST-DDH-003 2408889 4702420 548.7 225 -50 168
IGL-DDH-001 2412474 4706219 643.0 45 -45 177
IGL-DDH-002 2413467 4705627 657.9 225 -45 195
PEL-DDH-001 2410433 4705680 697.2 258 -45 246
PEL-DDH-002 2410507 4705556 705.3 245 -55 222
PEL-DDH-003 2409701 4706185 683.0 50 -55 204
PEL-DDH-004 2409075 4705187 630.0 250 -45 219
PEL-DDH-005 2410602 4705602 719.0 245 -55 309
PEL-DDH-006 2410315 4705423 680.0 242 -55 231
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Figure 1: Sascha Marcelina overview and drill hole location
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Figure 2: Pellegrini plan view