Mirasol Resources Ltd (CVE:MRZ) (OTCMKTS:MRZLF) has said there may be some areas at its Los Amarillos project in Chile which warrant further exploration but that a trenching program had not yielded viable drill targets.
The firm carried out a program of 21 trenches for a total of 1,128 metres (m), which showed that the mineralization was both sporadic and widely spaced, it said in a statement.
READ: Mirasol Resources posts encouraging results from Newcrest drilling at Gorbea Gold project, Chile
The company also carried out an Induced Polarization (IP) survey in 13 lines with 50m station spacing (with test lines of 25m spacing) and most of the veined areas did not produce results, which could be used to target continuation of the veins undercover and at depth.
Mirasol is a project generator and its portfolio includes nearly 40 gold, silver and precious metal projects in Chile and Argentina.
"The trenching program at Los Amarillos was designed to give us information about vein width and the potential for mineralization between the vein structures. Unfortunately, we have encountered only narrow veins without significant mineralization between them," Norm Pitcher, Mirasol's CEO told investors.
"We were able to execute this program in a quick, cost-effective manner using a local contractor for the trenching and utilizing our own IP equipment and crew, which we felt was justified on a property with year-round access and excellent infrastructure. There are still some untested areas of the property which may warrant further work."
Last month, the group 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.
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