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Virginia Silver Project

Overview

Letter Of Intent to Option

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.  After drilling at Virginia from 2010 to 2012, Mirasol completed a NI 43-101 Resource Estimate report (amended and filed in 2016) defining seven outcropping bodies of high grade silver mineralization, constrained[1]  within conceptual pits, with an indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag.

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.

On February 27, 2020, Mirasol announced that it signed a Letter Of Intent (LOI) to Option with Golden Opportunity Resources Corp. (Golden Opportunity) for the Virginia Silver project in Argentina.

Mirasol shall grant Golden Opportunity the option to acquire 100% of the Project over 3 years by:

  • Making share issuances totalling 19.9% of the shares outstanding of Golden Opportunity at the time of vesting
  • Completing US$6M in exploration expenditures, including a US$1M firm commitment

Upon completion of the option, Golden Opportunity will have earned a 100% interest in the Project and Mirasol will retain a 3% NSR royalty, of which 1% can be bought back by Golden Opportunity for US$2M.

The LOI is subject to customary conditions including exchange approval, definitive agreement drafting as well as to Golden Opportunity completing an equity financing of not less than US$ 1 million within 90 days. Mirasol has granted Golden Opportunity an exclusivity period to complete this transaction.

Project Details

Following the discovery of the Virginia outcrop in 2009, Mirasol defined high-grade, intermediate sulfidation epithermal style mineralization in a series of prominent outcrops of vein-breccia that are associated with a rhyolitic volcanic flow dome field. Rock chip and saw cut channel sampling over these outcrops defined significant strike lengths of continuously mineralized vein-breccia, with many samples assaying over 1,000 g/t Ag. From 2010 to 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. This work was followed by the filing of an amended NI 43-101 Resource Estimate report in 2016 defining seven outcropping bodies of high grade silver mineralization, constrained[1]  within conceptual pits, with an indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag.

Later that year, Mirasol reported that preliminary prospecting of 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 further expanded its property holdings in 2017 with an extra 27,017 ha of claims to the south of the limit of previous drilling.

In May 2018, high grade silver assay results were reported from the additional prospecting of three new target areas, suggesting the potential for an unrecognized, shallow soil covered, high grade mineralization that would expand the potential of the Virginia silver project.

 [1] The Qualified Persons responsible for this amended Technical Report were commissioned by Mirasol Resources Ltd. to review all geologic, geochemical, geophysical, surface trenching, diamond drill core sampling and metallurgical recovery data pertaining to the Virginia Project for the purpose of completing a Mineral Resource estimate in accordance with the guidelines of the Canadian Institute of Mining and Metallurgy (CIMM). For calculating conceptual pits, a silver price of US$20 per ounce was used. Sensitivity analyses by the Qualified Persons indicate that the Mineral Resources are not particularly sensitive to operating costs or silver price fluctuations. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

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Mirasol Signs Letter Of Intent to Option its Virginia Silver Project in Argentina

View PDF VANCOUVER, BC, February 27, 2020 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company” or “Mirasol”) is pleased to announce the signing of a Letter of Intent (“LOI”) with Golden Opportunity Resources Corp. (“Golden Opportunity”) (CSE:GOOP) for its Virginia Silver project (the “Project”) in the Santa...
27th Feb 20
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Mirasol Identifies High-Grade Silver Mineralization at Virginia

View PDF  VANCOUVER, BC, May 10, 2018 – Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF) (the “Company” or “Mirasol”) is pleased to report that prospecting and reconnaissance mapping has resulted in the discovery of new high grade silver mineralization at its 100% owned Virginia Project in Santa Cruz, Argentina. High-grade rock chip assays results have been returned...
10th May 18

See All News

Virginia vista

Virginia channel sampling

Virginia banded vein in channel

Virginia trenching

Virginia camp

Virginia breccia mineralization

Julia Central Vein

Julia Vein 4,070 gt Ag

Julia South sampling

Julia South channel sample MRR09440 314 gt Ag

Julia South drilling

Naty North Vein

Virginia core shack

Virginia core logging

Virginia VG-003 40.9 to 41.65 m 853 gt Ag

Virginia VG-004 30.8 to 31.6 m 1175 gt Ag

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