Mirasol Resources Ltd (CVE:MRZ) (OTCMKTS:MRZLF) has unveiled encouraging drill assays from the Atlas target at the Gorbea Gold project in Chile by Newcrest Mining (ASX:NCM), where the option period has been extended by six months.
Mirasol is a project generator and its portfolio includes nearly 40 gold, silver and precious metal projects in Chile and Argentina.
Newcrest has spent around US$8.6 million on the property up to the end of Marchand in this campaign sunk over 4,000 metres (m) of diamond drilling.
The best assays came from the last hole at 0.54 grams per ton (g/t) gold and 2.65 g/t silver over 129m (from 363m), including an intersection of 2.09 g/t of the yellow metal and 3 g/t silver over 10m (from 371m).
As reported last month, exploration at Gorbea was suspended due to the coronavirus pandemic, but Newcrest and Mirasol have agreed to extend the option period by 6 months to January 25, 2021 and Newcrest has committed to drilling at least 2,000m at the site over the upcoming season.
"Newcrest's latest drilling in the central breccia complex continues to hit long intervals of mineralization with localized higher-grade zones. Mirasol and Newcrest will work together to vector toward these higher-grade areas and to define additional quality regional targets. There are still a number of untested areas at Atlas as well as at the other five selected prospects in the Gorbea package," noted Norm Pitcher, the CEO of Mirasol in a statement.
The results so far suggest that the Atlas target's system is comparable in extent to other economic systems in the area, such as Salares Norte (Gold Fields), Alturas (Barrick Gold) and La Coipa (Kinross Gold), added Mirasol.
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