VANCOUVER, Oct. 31, 2019 /CNW/ - Mirasol Resources Ltd.
(TSX-V: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") announces the signing of a Memorandum of
Understanding ("MOU") for its Nord Project, and reports on the
drilling results at its Indra project.
Nord MOU Execution
Mirasol is pleased to announce the signing of a MOU with Mineria
Activa ("Mineria") for its Nord Project (the "Project") in northern
Chile. Mineria is a Chilean,
mining focused, private equity fund with over US$150 million in assets under management. The
Project was staked by Mirasol as part of its ongoing Atacama-Puna
generative program and lies adjacent to the Ciclon-Exploradora
polymetallic-epithermal project which is currently being advanced
toward production by Mineria. By completing this transaction,
Mirasol continues rationalizing its exploration portfolio and
monetizes its interest in the Nord Project while retaining a 2% Net
Smelter Return ("NSR") royalty on exploration claims located near a
development project.
Mirasol's President and CEO, Norm
Pitcher, stated: "We are pleased to sign this MOU with
Mineria Activa. Given their close proximity to our Nord project,
Minera is a logical buyer and we look forward to them exploring on
the Nord project for potential extension or parallel structures to
the known mineralization as well as other mineralization styles in
this prospective land package."
Terms of the Transaction
Mirasol shall grant to Mineria the option to earn 100% of the
Project over 4 years by:
- Making annual cash payments totaling US$
3,000,000:
-
- On signing of definitive agreement: US$
50,000
- 1st anniversary: US$
200,000
- 2nd anniversary: US$
400,000
- 3rd anniversary: US$
600,000
- 4th anniversary: US$
1,750,000
- Committing to complete at least US$500,000 of exploration expenditures over the
first 2 years of the option period.
Upon completion of the option, Mineria will earn a 100% interest
in the Project and Mirasol will retain a 2% NSR royalty, of which
0.5% can be bought back by Mineria within 8 years of signing of the
definitive agreement, for a US$3
million payment.
The MOU is subject to legal due diligence and execution of a
definitive agreement. Mirasol has granted Mineria an exclusivity
period to allow for these processes to be completed.
Nord Project Overview
The 1,967 ha Nord Project is located in Region III of
Chile within the Exploradora
District (Figure 1), which lies on the western side of the N-S
trending, regional scale Domeyko fault zone, and within the world
class Eocene-Oligocene Copper Porphyry belt. Based on
Mirasol's initial surface exploration, the Project has the
potential to host two main styles of mineralization.
The first type is characterized by large vein type
mineralization injected into fault structures as seen in the active
small-scale mines located near the NE corner of the claim boundary
and at Mineria's Ciclon-Exploradora development project, which is
located adjacent to the eastern blocks of the Project (Figure 2).
These veins and breccias occupy NNW, ENE & WNW trending faults
hosting polymetallic (Cu, Zn, Pb, Ag, Au) mineralization.
While surface geochemistry has returned only low to anomalous
results, Mineria's understanding will be valuable to define drill
targets for potential extensions or parallel structures to the
known mineralization.
The potential for Cu-Au porphyry style mineralization is also
present on the Project. In the central part of the property
package, a large alteration zone exists displaying patterns of
quartz-sericite and advance argillic alteration with thin
tourmaline(?) veinlets, which are characteristic of porphyry style
alteration assemblages. This style of mineralization is present on
CODELCO's Exploradora project, located just 2.5 km directly east of
the Project.
Mirasol looks forward to executing the definitive agreement and
will provide updates on material developments from Mineria's
exploration activities at Nord.
Indra Drilling Results
Mirasol also reports that it has completed a 6 hole,
1,685m reverse circulation drill
program on its Indra property in Chile, under the option to joint venture
agreement with Hochschild Mining. The program was targeting the
depth extension of the carbonate veins mapped and sampled at
surface. The assay results have been received and no mineralization
was encountered in the drilling.
The results have been provided to Hochschild Mining and the
companies are discussing the next step for this project.
About Mirasol Resources Ltd
Mirasol is a premier project generation company that is focused
on the discovery and development of profitable precious metal and
copper deposits, operating via a hybrid joint venture and
self-funded drilling business model. Strategic joint ventures with
precious metal producers have enabled Mirasol to maintain a tight
share structure while advancing its priority projects that are
focused in high-potential regions in Chile and Argentina. Mirasol employs an
integrated generative and on-ground exploration approach, combining
leading-edge technologies and experienced exploration geoscientists
to maximize the potential for discovery. Mirasol is in a strong
financial position and has a significant portfolio of exploration
projects located within the Tertiary Age Mineral belts of
Chile and the Jurassic age gold
and silver district of Santa Cruz Province
Argentina.
Qualified Person Statement: Mirasol's disclosure of technical or
scientific information in this press release has been reviewed and
approved by Norm Pitcher, P.Geo.
President and CEO for the Company. Mr. Pitcher 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
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. 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.
SOURCE Mirasol Resources Ltd.