Mirasol Announces Start of Phase IV Drill Program at Virginia Silver Project, Argentina
NEWS RELEASE
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
www.mirasolresources.com
April 6, 2022
Shares Issued and Outstanding: 54,015,043
TSX-V: MRZ
OTCPK: MRZLF
Mirasol Announces Start of Phase IV Drill Program
at Virginia Silver Project, Argentina
VANCOUVER, BC, April 6, 202 2 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the
“Company” or “ Mirasol”) is pleased to report that the Phase IV diamond drilling program has
commenced at the Virginia Silver Project (“ Virginia”) in the province of Santa Cruz, Argentina . Virginia
is operated by the Company and funded by Silver Sands Resources Corp. (CSE: SAND; OTCPK: SSRSF)
under an option-to-purchase agreement (see News Release May 21, 2020). If the option is exercised,
Mirasol will retain a 19.9% equity ownership in Silver Sands and a 3% NSR royalty (with a buydown to
2% for US$2M).
Mirasol’s President Tim Heenan commented: “Together with our partner, we continue to aggressively
advance the Virginia expansion drill program. The Phase IV program is anticipated to be completed by
the end of the field season in late April. The results will support planning for a partner-funded US$3M
exploration program expected to start in late 2022 for the final field season under the option
agreement.”
The Phase IV program will comprise 14 holes for 1,500m, adding to the 8,867m already completed
under the partnership with Silver Sands. The results to date have demonstrated the potential to identify
significant mineralization outside of the previously de lineated deposits (see amended NI 43 -101
technical report titled “Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina -
Initial Silver Mineral Resource Estimate” prepared by D. Earnest and M. Lechner and filed on SEDAR on
February 29, 2016).
Figure 1: Virginia project and planned drill holes
Phase IV drilling will focus on the following key prospective targets:
• Five drill holes are planned in the southern parts of Ely Central and Ely North to tighten the drill
spacing and to close gaps between the Ely North and Ely South deposits. If continuity of
mineralization is demonstrated, Ely Central is expected to support the expansion of the resource
between the two deposits.
• Two drill holes are planned at Margarita to follow up on the significant silver intersection from the
recent Phase III drill campaign , which returned 2.65m at 1,456 g/t Ag in hole MR -DDH-003 (see
News Release February 1, 2022). The planned holes will step out 50m and 100m to the northeast
and test the potential strike continuity of the mineralization in this structure at the same depth .
Deeper holes may also be completed to test the potential downdip extent of the mineralization.
Further drilling success at Margarita could significantly add to the current resource at Virginia.
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
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• Two drill holes are planned at Martina NW and Martina Central to test gaps along this trend and
between these two zones. Drilling will continue testing the potential continuity of the northwest
structure along a high chargeability anomaly.
• Scout drilling is also planned at the Patricia and Daniela targets to test for the potential downdip
extension of the mineralized structure below high-grade silver samples collected on surface and in
trenches. Surface samples at these prospects have returned the highest silver values to date with
up to 29,000 ppm Ag from aligned float blocks (see news release October 29, 2020).
• Finally, three drill holes are planned to follow up on the Santa Rita East target, where drilling to date
has only tested the depth extension of these structures to less than 50m vertically below surface.
The results from the Virgin ia Phase IV drill program will be announced as they are received and
interpreted.
About Mirasol Resources Ltd.
Mirasol is a well -funded exploration company focused in Chile and Argentina. Mirasol has seven
partner-funded projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals (Chile), Mine
Discovery Fund (Chile), Mineria Activa (Chile), Silver Sands Resources (Argentina), Patagonia Gold
(Argentina) and Golden Arrow (Argentina). Mirasol is currently self-funding exploration at Sobek (Chile),
Inca Gold (Chile) and at a number of early-stage prospects.
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 President for the Company, who serves as a Qualified Person under the
definition of National Instrument 43-101.
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 indust ry, change in
government and changes to regulations affecting the mining industry and to policies linked 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 processes. Although we
believe the expectations reflected in our forward -looking statements are reasonable, results may vary, and we cannot
guarantee future resul ts, 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 policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
www.mirasolresources.com
Figure 1