The consolidated Los Amarillos Project occupies 1,660 ha and locates 10 km northwest of El Salvador mine and the Potrerillos smelter on the prospective Paleocene age mineral belt of northern Chile. The property sits at elevations ranging from 1700m to 2100m ASL. Year-round road access is excellent, and both power and water lines traverse the northern edge of the claim block.
Mirasol has executed an Option to Purchase agreement with Empresa Nacional de Minería (“ENAMI”) of Chile in June 2019.
Mirasol holds the right to acquire 100% of 288 ha of claims from ENAMI by completing US$300,000 in exploration expenditures over 3 years (including a committed US$50,000 for the first 12 months) and by making total cash payments of US$100,000 over the same period. The first US$10,000 payment has been made on signing. Once the option period is completed, ENAMI will hold a 1.5% NSR royalty on the ENAMI Claims, which will be subject to a right of first refusal held by Mirasol.
The consolidated Los Amarillos Project is part of the Paleocene-Lower Eocene Caldera and is located within the Ojos Del Salado trans-orogen structure that also hosts the El Salvador (Cu-Mo-Au), Potrerillos (Cu-Au), and La Coipa (Ag-Au) deposits. Mineralization at Los Amarillos is hosted within a thick sequence of rhyodacitic to trachytic pyroclastics and flows within the caldera, with quartz-adularia-carbonate Intermediate Sulfidation veins hosted along north-south structures, coincident with rhyolitic to dacitic dyke swarms.
Numerous vein structures up to 3 m wide have been mapped over a 7 km strike length throughout the project. Vein filling is massive to banded quartz with polymetallic (Au-Ag-Cu-Pb-Zn) mineralization and barren later stage carbonates. Reconnaissance rock chip sampling of quartz veins has returned assays up to 330 g/t Au and 100 g/t Ag with anomalous antimony, arsenic, and barium, with zones of narrow veinlets and stockwork within the wall rock carry up to 2.7 g/t Au. In the northern part of the project, there is also evidence of wider zones of sheeted veins and breccias zones that may be a target for bulk mineralization.
Mirasol has also recently completed a property wide ground magnetics survey at 50m line spacing which provided high-density magnetic information that has allowed Mirasol to further understand the structural regime and allowed the definition of distinct geological domains and areas of alteration as outlined by magnetic depletion zones. The structural interpretation of the magnetic data shows a strong correlation between anomalous Au/Ag rock chip assays and N-S structural trends.
A Mirasol funded trenching program is being permitted and is expected to commence before the end of the year or early in 2020. The program is designed 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. Based on the results from the trenching and channel sampling program, a follow-up Mirasol funded drill program will be considered.
The results to date at Los Amarillos, combined with the low elevation, excellent infrastructure, and year-round access, have highlighted a unique opportunity for Mirasol to move forward with its “hybrid” exploration strategy.