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Mirasol Resources updates on impact of coronavirus on its operations

With a treasury of $18 million at the end of 2019, the exploration company remains well funded to weather these uncertain times

Mirasol Resources Ltd. - Mirasol Resources updates on impact of coronavirus on operations
The exploration company said it had temporarily suspended field activities at its projects in Chile and Argentina to ensure the safety of its employees

Mirasol Resources Ltd (CVE:MRZ) (OTCMKTS:MRZLF) said Friday that it has temporarily suspended field activities at its projects in Chile and Argentina to ensure the safety of its employees during the coronavirus pandemic.

In a statement, Mirasol's CEO Norm Pitcher said the company had implemented “precautionary measures” at all its offices with staff working remotely to keep non-field activities, including business development opportunities, moving forward.

READ: Mirasol Resources to option 'compelling' Virginia silver project to Golden Opportunity Resources

“With a treasury of $18 million at the end of 2019, Mirasol remains well funded to weather these uncertain times and looks forward to aggressively exploring its portfolio once it is deemed safe to do so,” Pitcher said. 

“Nonetheless, the company is reviewing cost-savings measures to match our reduced level of activities," he added.

Mirasol Resources is a project generator and exploration company with gold, silver and precious metal properties in Chile and Argentina. The company’s portfolio includes nearly 40 gold, silver and precious metal projects in Chile and Argentina. It has partnership projects in northern Chile as well as six deal-ready projects and more than 30 pipeline projects in both Chile and Argentina.

In the operations update, Mirasol noted that at Gorbea the company would normally expect the field season to end in May with the onset of winter, while Los Amarillos and Inca Gold enjoy year-round access. In that context the company provided the following update:

Gorbea: Mirasol has been notified by its partner, Newcrest Mining, that drilling at Gorbea was suspended. Newcrest has completed up to hole ATL-DD-010 at the Atlas target, for a total this field season of 4,523 meters of diamond drilling. Subject to a resumption of exploration, Newcrest intends to follow up with an additional 2,000 meters of RC drilling on regional targets. On January 16, Mirasol reported assay results up to hole ATL-DD-005 and will provide an update once all remaining assays have been received and reviewed.

Los Amarillos: Mirasol has completed approximately 1,180 meters in 21 trenches, with assays still pending for 590 meters. The objective of this trenching program was to provide better exposure for geological mapping and sampling of both the vein and stockwork zones, and will also allow sampling of the wall rock between the high-grade vein structures. In addition, 18.7 line kilometers of induced polarization geophysics was completed at the project. Once all results are received and reviewed, Mirasol said it will determine the next steps for the project.

Inca Gold: Mirasol's environmental consultants have completed the field component required to prepare a baseline study at the project. The focus is now on the remaining work needed to finalize this report and the drill permit application. A surface exploration program to define drill targets is being finalized and it will be implemented when conditions permit.

"The health and safety of our employees, contractors and other stakeholders are our priority. We will move swiftly to reinitiate our exploration programs when it is safe to do so and we will continue to provide regular updates on our activities,” Mirasol boss Pitcher concluded.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Quick facts: Mirasol Resources Ltd.

Price: 0.425 CAD

TSX-V:MRZ
Market: TSX-V
Market Cap: $23 m
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