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Claudia Gold Silver Project

Overview

Joint Venture

The extensive Claudia Gold-Silver Project has five epithermal prospects with multiple drill-ready targets. The Claudia project was staked in 2004 as part of Mirasol’s Santa Cruz project generation strategy. Following up reconnaissance targets identified additional mineralization centres that led to more staking and the establishment of a sizeable land position. In 2012 Mirasol discovered the large 15 km long Curahue vein trend that had until that time been hidden by thin gravel cover.  At Curahue, Mirasol has identified six large vein trends with surface rock chip and channel  assays up to 5.86 g/t Au and 220 g/t Ag. 

An exploration and option agreement with OceanaGold was signed on October 20, 2017. OceanaGold has the option to acquire in stages, up to a 75% interest in the project and committed to spending US$ 1.75 million in exploration expenditure, completing 3,000 m of drilling and making a US$ 100,000 payment to Mirasol over the first year of the agreement.  The earn-in option to 51% requires an exploration spend of US$ 10.5 million and cash payments to Mirasol of US$ 1 million over four years. Mirasol can elect to retain 30% of the project by funding its proportionate share of further development costs or exercise its right to have OceanaGold provide the project development financing and retain 25% of the project.

Project Details

The Claudia prospects lie between 15 and 35 km to the south of the Cerro Vanguardia mine which adjoins the Mirasol claims. The world-class Cerro Vanguardia gold-silver mine (owned by CVSA, a joint venture 92.5 % owned by AngloGold Ashanti and 7.5 % by Fomicruz S.E., the Santa Cruz provincial mining company), has total district resources and past production of 8.9 Moz gold and 137 Moz silver.  From February 2016 to January 2017, CVSA and Mirasol were in a joint venture which completed 7,525 m of reverse-circulation (RC) and diamond core (DDH) drilling at the project. The drilling was mostly focused on the Io vein, a 2.2 km long vein zone in the Curahue prospect and outlined a body of gold and silver mineralization.  The majority of the remaining vein trends were not drill tested or only received cursory drill testing.

Mirasol has undertaken a comprehensive review of all new technical information generated by CVSA and is actively working with OceanaGold to implement a field program during the remaining of 2017. Mirasol anticipates to further drill test the project in early calendar 2018 under the new agreement.

Curahue Trend:

The Curahue trend, Io vein drilling has outlined a 600 m long, open-ended body of Gold/Silver mineralization that starts from a few metres below surface and has been tested to depths of 135 m. Drilling intercepts report to thin, high-grade epithermal veins which occur within vein and veinlet zones defining broader composited intervals of lower-grade mineralization, such as:

  • High-grade vein: 0.6 m at 11.72 g/t Au and 1,224 g/t Ag (0.6m at 32.13 g/t AuEq60 *).
  • Vein and veinlet composite: 13.0 m at 0.81 g/t Au and 105.2 g/t Ag (13.0 m at 2.56 g/t AuEq60 *)

* AuEq60 - Gold Equivalent is calculated via the formula: Gold g/t + (Silver g/t  /60)

Scout drilling by the former JV partner of the Curahue Trend, Europa and Calisto vein zones delivered a best intersection from an RC drill hole at Europa returning 2 m at 4.90 g/t Au and 14.2 g/t Ag, starting from surface. Follow-up drilling of this intersection and further drilling of the large Curahue trend is warranted.

Other Prospects:

Three diamond core holes were also drilled at the Rio Seco prospect and returned broad intersections of epithermal veining with anomalous gold and silver assays. The epithermal vein textures are consistent with those occurring at the top of an epithermal precious metal system, suggesting the potential for higher gold and silver grades at depth. Further exploration drilling at the Rio Seco prospect is warranted.

At the Laguna Blanca-Alien and Cilene prospects, Mirasol has identified indications of epithermal mineralization with trench channel and surface rock chip samples, returning assays of up to 1.2 m at 5.74 g/t Au and 42.7 g/t Ag, and 10.17 g/t Au and 49.0 g/t Ag respectively, reporting to epithermal veins. The targets at the Cilene prospect have not been previously drill tested.

Mirasol is working with OceanaGold to advance exploration at the Claudia Project and its multiple prospects, some of which have outcropping strongly mineralized gold – silver veins that have not been drill tested.

To learn more about recent drilling results and exploration potential at Claudia, see all Current and Historical News Releases below.

Claudia Sinter Field eruption breccia

Claudia Sinter Field algal stromatolites

Claudia channel sampling

Curahue Trend Io vein block up to 5.53 gt Au 171 gt Ag

Curahue Trend Io Vein trenching

Curahue Trend Io Vein CVSA Core IODDH-09 76 to 76.5m 3.31 gt Au 329 gt Ag

Curahue Trend CVSA drilling nightshift

Rio Seco Prospect J Zone up to 31.6 gt Au 1175 gt Ag

Curahue Trend CVSA drill core

Curahue Trend CVSA Logging core

Rio Seco Prospect saw cut channel sampling

Rio Seco Prospect trenching

Rio Seco Prospect trench TR-RS-72 16m 2.86 gt Au 164 gt Ag

Rio Seco Prospect MRZ core CRS-DH-019 101.6m 0.14 gt Au 191 gt Ag

Rio Seco Prospect MRZ core CRS-DH-006 56m 0.49 gt Au 42 gt Ag

Rio Seco Prospect CVSA drilling

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