Mirasol Resources Ltd. (TSX-V) has expanded its claims holdings in the Virginia silver district and has purchased mineral rights from a privately owned prospecting company. According to the press release: The newly acquired claims add a total of 27,017 ha to Mirasol’s holdings at Virginia (Figure 2), bringing the total area of contiguous claims controlled …
Mirasol Resources Ltd. (TSX-V) has expanded its claims holdings in the Virginia silver district and has purchased mineral rights from a privately owned prospecting company.
According to the press release:
The newly acquired claims add a total of 27,017 ha to Mirasol’s holdings at Virginia (Figure 2), bringing the total area of contiguous claims controlled by Mirasol in the district to 59,747 ha. Mirasol retains 100% of all mineral rights to the new claims, with no royalties or payments due beyond the US$ 178,000 purchase price for the 3,009 ha claim block payable to the original property owner.
Drilling at Virginia by Mirasol between 2010 and 2012 defined an open-pit constrained Indicated resource of 1,197 Mt at 310 g/t Ag (11.9 Moz), and additional Inferred resources of 460 kt at 207 g/t Ag (3.1 Moz) at the Virginia silver project (Table 1; see news release March 29, 2016, and amended NI 43 -101 technical report filed February 29, 2016) which are 100% owned by Mirasol Resources. Preliminary prospecting south of the limit of Mirasol drilling on the newly acquired lands (Figure 3), has identified quartz vein and vein breccia float scattered along a 2 km trend. The float samples have epithermal textures which are similar to those which characterize the outcropping Virginia vein zone. Results from 11 rock float samples collected along this trend include six samples with assays ranging from 50.0 to 1,084 g/t Ag (average 369 Ag g/t; Figure 4). Assay results from additional reconnaissance samples collected along this trend are pending. Field relationships and assays received to-date suggest that the new claims may host previously unrecognized soil-covered extensions of the Virginia silver system.
With the start of the 2016 southern hemisphere spring exploration season, Mirasol has mobilized geological teams to Virginia to begin systematic exploration of the new claims. This will include further prospecting, geological mapping, geochemical sampling and gradient array electrical geophysics. Gradient-array surveys completed by Mirasol’s geophysics team proved to be an effective predictive tool for mapping covered vein extensions and defining targets for the original Virginia drill programs (Figure 4). This geophysical technique will again be used to explore for the potential covered southern extension of the Virginia vein zone in the new claims.
Mirasol Resources is actively seeking a Joint Venture partner to advance exploration drilling and evaluate the potential to develop the Virginia Silver project. This would include testing of a range of undrilled silver targets adjacent to the existing resource, systematic exploration and potential drill testing of targets on the new claims and the evaluation of the potential to mine and truck the Virginia mineralization to one of the existing mine processing facilities in Santa Cruz province.