Gold and Silver mineralization at the Nico project was first discovered by Mirasol geologists in 2004 while following up high priority targets from the company’s Santa Cruz generative program. In 2009, Coeur Mining who operated the adjacent high grade Martha Silver Mine at the time, signed a Joint Venture with Mirasol for Nico, completed one drilling program, then returned the project to Mirasol without any retained interest. In 2016, encouraged by an improving investment climate, Mirasol resumed activity at the project completing surface exploration to define drill targets. An initial drill program was funded by Mirasol and completed in early 2019.
The Nico Project is situated in a logistically favorable setting in rolling hills at a modest elevation of approximately 600 m AMSL. The project is traversed by a well-maintained provincial gravel road. Nico is located 43 road km north of the Martha high grade silver mine, recently recommissioned by Hunt Mining, and 83 road km northwest of the Manantial Espejo Silver-Gold mine operated by Pan America Silver.
Following on its positive surface exploration results, the Company initiated a drill program in late 2018 to test the newly defined epithermal veins at the Resolution, Aurora and Vittoria Prospects.
Mirasol announced on March 4, 2019 that the drilling program at Nico was terminated early following the receipt of results from 22 holes. Full results have now been received for the 27-hole program and are provided on this page.
Two factors have contributed to disappointing results:
the majority of vein or vein breccia structures maintain the same width or pinch out rapidly at depth rather than dilating; and
the surface samples are strongly oxidised and there seems to have been significant supergene enrichment of Ag and Au very near surface that does not continue to depth.
At this time, Mirasol does not intend to do any further exploration on the Nico project.