The large La Curva gold project in Santa Cruz hosts three drill-ready prospects along the six kilometers La Castora gold trend and additional prospects in the Curva West area. La Curva was staked in 2005 to secure alteration anomalies identified by Mirasol’s generative team. The La Curva project forms part of a newly recognized low sulphidation precious metal district within the prolific Deseado epithermal province which contains four operating multi-million ounce gold and silver mines and an additional advanced stage mine development that is scheduled for production in 2018. The drill permit process for the La Curva project has commenced with drilling planned to commence in the later part of 2017.
A Letter of Intent with OceanaGold was signed in February 2017, followed by the signing of the definitive exploration and option agreement on May 18, 2017. OceanaGold has an option to acquire 70% interest over an eight-year period. The first earn in option to 51% requires an exploration spend of US$ 7 million and cash payments to Mirasol of US$ 1.5 million over four years. This includes a first-year commitment of US$ 1.25 million in exploration spending with 3,000m of drilling and a cash payment of US$ 100,000. Additional deal terms include the right for Mirasol to retain 25% and to require OceanaGold to provide the potential project development financing.
Gold/silver mineralization at the La Curva project consists of breccia /sheeted veinlet and high grade epithermal vein mineralization. The La Castora trend hosts the drill-ready Cerro Chato, Loma Arthur and SouthWest prospects in a prospective geological setting. These prospects are characterized by coincident large-scale outcropping alteration, IP geophysical anomalies, and wide-spread anomalous rock chip assays.
The Cerro Chato prospect contains a 300 meter long zone of epithermal veinlets with assays up to 10.76 g/t gold that cross-cut a well-developed barren silica cap and directly overlie a portion of a 1.2 km-long IP geophysical resistivity anomaly. Mirasol's geologists interpret the Cerro Chato
veinlets as possible indications of "geochemical leakage" from a concealed zone of gold and silver mineralization beneath the silica cap.
Rock chip samples of epithermal veins have returned assays up to 66.8 g/t gold at Loma Arthur and up to 5.97 g/t gold at Southwest. At the Curva West prospect exploration has identified mineralized epithermal float blocks clustering at multiple locations with assays up to 20.73 g/t gold, 153.5 g/t silver that may indicate a nearby source for this mineralization.
To learn more about La Curva, see our News Releases and the detail project presentation available in the following sections.