logo-loader

Mirasol Resources poised for maiden drill program at Inca gold project in Chile

Published: 07:35 26 Jan 2021 EST

Mirasol Resources Ltd. -
Drilling will test the three most prospective targets at Sandra - Lomo Ballena, Veta Escuela and Veta Valle - to depths of between 80m and 200m below outcropping surface exposures

Mirasol Resources Ltd (CVE:MRZ) (OTCPINK:MRZLF) (FRA:M8R) has told investors that it plans to start drilling at its Inca gold project in Chile, where it has an earn-in deal with mining titan Newmont Corp, in mid-February this year.

Planned is a maiden 1,500-metre (m) Phase I diamond drill program, focused on the so-called Sandra trend, and site preparation is underway. The Sandra trend is a large epithermal vein field, which Mirasol reckons could host significant silver, gold and base metal mineralization.

READ: Mirasol Resources reports encouraging initial drill assays from Virginia silver project in Argentina 

"We are very pleased to have advanced our self-funded Inca Gold Project to drill-ready stage," said Mirasol's interim CEO Patrick Evans in a statement.

"The surface exploration program completed at Inca Gold last year identified a number of attractive drill targets. The Sandra vein field is our first target for drilling. Sampling at Sandra has returned anomalous gold and silver values over a strike length of more than 1.2 km."

Drilling will test the three most prospective targets at Sandra - Lomo Ballena, Veta Escuela and Veta Valle -  to depths of between 80m and 200m below outcropping surface exposures.

About a year ago, Mirasol inked an option agreement with subsidiaries of Newmont, granting the former the option to earn in to 100% of the project, over five years, subject to a 1.5% net smelter return (NSR) royalty.

It must drill 1,000m over two years and spend US$3 million on exploration over five years. At that stage, Newmont then has the right to earn back 70% of the asset in two stages, which includes funding a further US$6million on exploration over three years.

It must also deliver an NI 43-101 compliant pre-feasibility study reflecting a resource of no less than 2 million ounces of gold-equivalent using agreed cut-off grades.

The Inca project spans 16,300 hectares and lies within Region III of Chile within the Inca Del Oro mining district.

Contact the author at giles@proactiveinvestors.com

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

8 hours, 56 minutes ago