Mirasol Resources Ltd. [MRZ-TSXV; MRZLF-OTC] reported results from the 12-hole, 1,362-metre Phase IV diamond drill campaign at the Virginia Silver Project in Santa Cruz province, Argentina. The program is being funded by Silver Sands Resources Corp. [SAND-CSE; SSRSF-OTCQB] under an option to purchase agreement whereby Mirasol will retain a 19.9% ownership in Silver Sands and a 3% NSR royalty, if the option is exercised.
“Virginia is one of Mirasol’s key projects located in a prolific silver mining district,” Mirasol’s President, Tim Heenan, commented. “The latest drill results continue to confirm the strong potential to build on Virginia’s current resource base within this very prospective silver-rich epithermal vein field. The new very high-grade Margarita discovery will play an important role in potential future additions to the existing silver resources. The entire Ely Vein trend is coming together to potentially form one continuous 870-metre-long mineralized zone. We are also pleased to see some of the outlying ‘blue sky’ targets, such as the Patricia Trend located approximately 1.5 kilometres to the north of the Ely North Resource conceptual pit, delivering indications of stronger silver mineralization.”
The previously untested Patricia and Daniela targets were also drilled. The encouraging intercepts at the Patricia target represent the first significant silver mineralization from these outlying vein trends to the north and east of the principal resource conceptual pits.
Encouraging intercepts at Ely North, located both south and north of the current resource, have potential to add new tonnage to the current Ely North resource.
At the Martina trend, the focus was to test the potential for new mineralization. The encouraging results obtained from MNW-DDH-006 and MC-DDH-002 combined extended the mineralization along the Martina trend by almost 100 metres North and South.
At the Margarita high-grade silver trend, three drill holes for a total of 333 metres successfully extended the mineralized vein by more than 150 metres north-west. The system remains open in both directions. The Margarita Vein has similar mineralization to the Julia Vein which hosts most of the current silver resources at Virginia.
Margarita hole MR-DDH-004 returned 4.85 metres at 720 g/t silver, including 0.30 metres at 1,775 g/t silver.
Hole MR-DDH-005, the northernmost hole to date along Margarita, returned 2.00 metres at 322 g/t silver and 0.6 metres at 673 g/t silver.
Hole MR-DDH-006, drilled to a vertical depth of 100 metres, returned 3.6 metres at 185 g/t silver, including 0.5 metres at 588 g/t silver, showing that high-grade silver mineralization extends to depth and remains open.
At Ely Central, three holes were drilled for a total of 261 metres testing the gaps within the 500-metre-long trend. This newly identified silver-rich vein trend hosts previously reported high-grade drill intercept of 1,110 g/t silver over 5.70 meters outcrops on surface and has been drilled to 100 metres vertically below surface, and remains open to depth.
Notable intersections from the Ely Central drill holes include EC-DDH-011 with 11.95 metres at 124 g/t silver, including 1.8 metres at 192 g/t silver. Hole EC-DDH-010 returned 1.95 metres at 190 g/t silver, including 0.3 metres at 553 g/t silver. EC-DDH-012 returned 2 metres at 87 g/t silver, including 0.3 metres at 182 g/t silver.
Further infill drilling is required to test the remaining gaps along the Ely Trend. This could potentially connect the Ely Central and Ely South conceptual resource pits. Existing gaps are between drill holes EC-DDH-012 and EC-DDH-002 and also in the northern end. The higher-grade intersections of the adjacent southern zone to the Ely North conceptual resource pit may connect to expand the Ely North resource between drill holes VG-183 and EC-DDH-008 and in the southmost part of Ely Central.
One drill hole, EN-DDH-006, tested the northern extension of the 200-meter-long anomalous southern end of Ely North vein, which is not currently part of the Ely North conceptual resource pit. The hole intercepted the vein 100 metres vertically below surface returning 5.65 metres at 144.5 g/t silver, including 0.6 metres at 418 g/t silver. This result is significant as it extends the trend 50 metres north and also reduces the gap with the conceptual resource pit at Ely North.
A priority geophysical chargeable anomaly located to the north of hole EN-DDH-006 remains untested and may close the gap with another hole located 50 metres north of EN-DDH-006. The northern-most end of the Ely North conceptual resource pit was also extended by EN-DDH-001 and remains open to north.
Two new holes were drilled at the Martina vein trend. MNW-DDH-006 returned 4.8 metrres at 91 g/t silver. MC-DDH-002 returned 2.9 metres at 127 g/t silver, including 1.45 metrres at 179.5 g/t silver.
Martina Central drill hole MC-DDH-002 returned silver intersections and was designed to start testing the gap between the Martina Central and northwest trends. Gaps still remain along the Martina structure with the potential for silver grades to be associated with the notable high chargeability responses. Hole MNW-DDH-006 filled the gap in the Martina NW and extended the mineralization along this 200-metre-long trend.
At the Patricia and Daniela Vein, one drill hole tested each of these veins which were untested targets hosting the highest-grade surface rock-chip silver samples. The objective of these holes was to test for down-dip extensions of the surface expressions. The Patricia drill hole PA-DDH-001 intersected 1.45 metres at 120 g/t silver, including 0.5 metres at 198.5 g/t silver, and another parallel structure with 2.95 metres at 95.7 g/t silver, including 0.35 metres at 163 g/t silver. Follow up drilling along strike is required to understand the significance of these intersections.
Hole SRE-DDH-005 was drilled at the Santa Rita East breccia structure to test the potential depth continuity of the epithermal quartz-adularia vein intercepted in hole SRE-DDH-003 (5.20 metres at 0.63 g/t gold and 7 g/t silver from 35.30 metres. Hole SRE-DDH-005 intersected 1.3 metres at 0.23 g/t gold and 0.45 metres at 0.18 g/t gold. While below expectations, the structure is gold-rich and hosts a large IP high chargeability anomaly with a footprint over 200 metres long. This warrants more drilling to fully evaluate the breccia structure and other Santa Rita East and Central epithermal vein structures.
Mirasol received notification that the option agreement on the Libanesa Sliver-Gold project in Argentina with partner Golden Arrow Resources Corp. [GRG-TSXV] has been terminated.