Mirasol Resources expands in southern Argentina

Canada’s Mirasol Resources (TSX-V: MRZ) announced that it has signed an option to purchase agreement which would allow it to complete the consolidation of the Sascha – Marcelina low sulfidation epithermal Au-Ag district in the Santa Cruz province of southern Argentina.

In a press release, Mirasol explained that under the terms of the agreement, it can acquire 100% of the Marcelina claims from a privately-owned mining company by making staged option payments totaling $3.4 million over four years. The company would also have to invest at least $300,000 in exploration during the first three years of the option period and the claims would be subject to a 1.5% NSR royalty.

The consolidation would expand the Sascha – Marcelina project to 30,600 hectares. According to the Vancouver-based miner, the district has a footprint in excess of 65 square kilometres, as defined by anomalous Au+Ag rock chip samples and satellite-based alteration mapping.

In the media brief, Mirasol also said that multi-kilometre long Au+Ag vein and structural trends, which traverse and outcrop surrounding the Marcelina Silica Cap, display similarities in areal extent and geological setting to the Cerro Negro Silica Cap, where GoldCorp (TSX:G, NYSE:GG) operates the Vein Zone and Bajo Negro mines in the Cerro Negro Au+Ag mining district, located 100 kilometres to the north of Sascha-Marcelina.

“Rock chip samples from the Sascha-Marcelina district have assays ranging from weakly Au anomalous (10's ppb) in the area of the Silica Cap (above the mineralized epithermal interval), up to a peak assay of 160 g/t Au, (5.14 opt) and 780 g/t Ag (25.07 opt) at the Sascha Main prospect,” the company stated.

Mirasol said it is now mobilizing a field team to the Marcelina district to begin a program of systematic surface exploration to define drill targets.

“Consolidation of the very prospective Sascha and Marcelina projects into a large-scale district play has been a long-term objective of Mirasol. This agreement will allow the multiple underexplored prospects to be systematically explored utilizing the company's knowledge of large-zoned epithermal Au+Ag districts, gained through more than 15 years of successful exploration in Santa Cruz province,” President and CEO, Stephen Nano, said in the statement.

source: MINING.COM