Mirasol discovered the Virginia silver mineralization in 2009 following-up a high-priority reconnaissance target identified by its generative team. The Virginia silver deposits are vein/breccia structures that host high grade silver mineralization. Mineralization is an example of a “bonanza-style” intermediate sulfidation epithermal deposit that is associated with a rhyolitic volcanic flow dome field.
In May 2018, Mirasol announced that high-grade silver assays were returned from three new reconnaissance target areas located to the south and south east of the resource drilling, suggesting that further exploration may identify new veins and expand the size of the Virginia silver district.
In March 2016, Mirasol filed an amended NI 43-101 Initial Silver Resource Estimate reporting a conceptual[i] open-pit constrained indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag (10 oz/t Ag)[ii] and a further inferred 3.1 million ounces of silver at 207 g/t Ag (6.7 oz/t Ag). The larger deposit Julia North contains 7.2 million ounces of silver at 415 g/t Ag (13.3 oz/t Ag). Additional information can be found in the Further Information section below.
Between November 2009 and March 2012, Mirasol defined high grade silver mineralization in a series of prominent outcrops of vein-breccia. Rock chip and saw cut channel sampling defined significant strike lengths of continuously mineralized vein-breccia, with many samples assaying over 1000 g/t Ag. Between 2010 and 2012, Mirasol completed a series of drill programs at the project, drilling a total of 23,318 m of diamond core in 223 holes, testing the mineralized structures to a maximum depth of 266m. In 2016, Mirasol filed an amended NI 43-101 Resource Estimate defining seven outcropping, within conceptual pit, bodies of high grade silver mineralization.
In September 2016, Mirasol reported that preliminary prospecting of the new claims identified quartz vein and vein-breccia rock float, scattered along a 2 km trend. With a strong belief in the exploration potential of the Virginia district, Mirasol expanded its property holdings in 2017 at the project with an extra 27,017 ha of claims to the south of the current limit of Mirasol drilling.
In May 2018, high grade silver assay results were reported from additional prospecting of three new target areas, suggesting the potential for as yet un recognized, shallow soil covered, high grade mineralization that would expand the district-scale potential of the Virginia silver project.
Recent rock chip assay highlights from the new reconnaissance areas include:
“Julia South Dome”: 144 samples ranging from BDL* to 6,586.3 g/t Ag, averaging 186.8 g/t Ag (6.0 oz/t Ag)
“East Zone” 150 samples from BDL* to 2,609.7 g/t Ag, averaging 176.2 g/t Ag (5.7 oz/t Ag)
“Margarita” 65 trench and rock chip samples ranging from BDL* up to 1,723.3 g/t Ag, averaging 366.0 g/t Ag (11.8 oz/t Ag)
*BDL: (below detection level, <0.5 g/t Ag)
Julia South Dome and Eastern Target zone have revealed multiple trends of aligned float blocks, suggesting potential for new vein trends concealed by shallow soil cover. Surface silver mineralization at Margarita vein has now been traced over a 450 m strike-length.
Detailed exploration, including surface electrical geophysics, trenching and shallow drilling are required to further test these new target areas.
Mirasol is seeking a Joint Venture partner to advance exploration drilling and evaluate the potential to develop the Virginia Silver project.
To learn more about the Virginia Silver Project, see all Current and Historical News Releases.
*BDL: (below detection level, <0.5 g/t Ag)
[i] The resources used for determining the Conceptual Pits comprise globally 28% Inferred tonnes which contribute 20% of contained metal to the modelling. These Conceptual Pits estimates are limited by the following: there are no geotechnical studies to support assumed pit slopes; no hydrogeological studies to examine groundwater flows/dewatering; limited (scoping study level) of metallurgical studies; there are no estimates of taxes or costs of financing included. Mineral resources which are not Mineral reserves do not have demonstrated economic viability. Inferred Mineral Resources have a high degree of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Tonnes, grade values, and contained silver metal quantities may differ due to rounding.
[ii] All instances of Ag assays represented by the abbreviation oz/t = troy ounces per metric tonne