Mirasol submits NI 43 101 compliant technical report and delineates exploration targets for excavations and drilling at the Virginia Project
VANCOUVER, BC, 21. February 2014. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) announces that it has identified numerous exploration targets for trenching and drilling at Virginia's Argentine 100% owned Virginia project. These exploration targets complement the Julia, Naty, Martina, and Ely veins, where previous comprehensive drilling on seven separate vein segments has demarcated silver mineralization (see Mirasol press releases from 2010 to 2012).
Mirasol's work on the Virginia property has delineated a number of new high priority drill targets, many of which have good silver grades on the surface. These targets enhance the value enhancement potential and attractiveness of the significant silver ore mineralization in the Virginia project, which was delineated through drilling between 2010 and 2012. Mirasol has drilled 195 diamond drill holes totaling more than 23.000 meters in this project. However, of these, only 9 holes are located outside of the seven major intersections that host most of the silver mineralization defined by incoming drilling. Many prospective targets have not been drill tested yet.
Since the discovery of the Julia Ende 2009 vein, Mirasol has conducted extensive surface exploration work in the so-called Virginia Window (see Figure 1), including rock chip sampling, geological terrain surveys, magnetic soil and IP surveys (induced polarization), and trenching. The exploration data from all previous work has been used to produce a comprehensive geological model of the Virginia silver veins. This model was again used to classify 65 potential exploration targets, including 11 excavation targets and 10 drilling. The model shows that most of the drill-drilled areas are partially eroded silver-bearing quartz vein foothills that have high silver grades at the surface. The model also suggests that it is likely that further untested vein foothills will be covered by soil and that, in turn, other vein foothills might be located deeper within the fault structures that appear at the surface but do not have high levels of silver at the current erosion level. Nearby veins Ely North and Ely South have discovered hidden silver perch foothills when drilling beneath a thin bedrock. It is likely that more such hidden vein spurs exist.
The highest silver grades are found in sampling rocks and sub-outcrops in a number of target areas in the northern and western parts of the Virginia Window (eg, Naty West, Patricia, Daniela, and Roxane). These are drillable targets. In the eastern part of the Virginia Window, there are a number of targets along the fault structures, such as Magi, Maos and Johanna, which have anomalous concentrations of silver and indicator trace elements. These could be the near-surface parts of a silver-containing epithermal system. Only two wells have been drilled at these targets in the East to date, both of which intersected better and more powerful stretches of silver mineralization than were encountered on the surface. For Magi and other targets in this area, drill investigations are warranted.
Previously announced drilling at the Virginia Silver Project identified significant high grade silver mineralization at significant widths. Table 1 lists selected drill intercepts.
Table 1.
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Mirasol_240214_DE.pdf
* The results of these holes have been previously published. This summary includes the three best drill hole sections in each of the seven areas as calculated from the highest silver content and true thickness product. Therefore, this listing is not representative of all drilled holes.
Overall, 11 targets are being suggested for trenching in a Phase 1 exploration program. A Phase 2 program is recommended to drill holes in 10 for other targets and all Phase 1 Digging targets that are showing positive results, and to drill down some of the seven vein sections where drilling has already been completed To drill holes. There are proposed a budget of 3,2 million C $, which has two components: Phase 1 with excavations on 1.200 meters total with a budget of 200.000 C $ and phase 2 with diamond drilling on 8 meters with costs of 3,0 million C $.
The Virginia Project hosts high grade near surface silver mineralization that occurs primarily in the form of the acanthite mineral in vein foothills, which are suitable for open pit mining comparable to the AngloGold Ashanti gold-silver Mine in Argentine Santa Cruz Province. Initial metallurgical studies to date confirmed that high-grade vein material at Virginia with a silver recovery rate of 80% responds well to the conventional treatment process. Mirasol is seeking a strategic joint venture or development partner for the Virginia project.
A NI 43 101 compliant technical report for the Virginia Silver Project was submitted on SEDAR at www.sedar.com and posted on the Company's Web site (www.mirasolresources.com). This report details the recommended work program and was prepared in accordance with the guidelines set forth in National Instrument 43-101. Paul Lhotka, a non-independent qualified expert, on behalf of the company.
Paul G. Lhotka, Senior Geologist at Mirasol, has released the technical content of this news release in his capacity as a Qualified Person as defined by NI 43-101.
For further information please contact:
Mary L. Little
President and CEO
Phone: + 1 (604) 602 9989
E-mail: [email protected]
Website: www.mirasolresources.com
Quality Assurance / Quality Control
Exploration activities in Mirasol's projects are overseen by Stephen C. Nano, Vice-President of Exploration, Timothy Heenan, Exploration Manager, and Paul Lhotka, Senior Geologist and Qualified Person as defined by NI 43-101. All technical information about the company's projects is identified and disseminated through a formal quality control and quality assurance program (QA / QC). All drill core samples, rock chip fragments and river sediment samples are taken under the supervision of the company's geologists using industry standard methods. The samples are transferred for commercial analysis to an ISO 9001: 2000 certified laboratory in Mendoza, Argentina. The results are routinely examined by an independent geochemist to ensure that the laboratory analyzes meet the required standards.
The results of Diamond Core Drill or RC Drill Samples may be higher, lower, or comparable to the surface sample results.
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
No liability is assumed for the accuracy of the translation! Please note english original message!
Source: IRW-Press.com.
