Zeus is a high sulfidation epithermal (HSE) gold project covering 18,480 ha that is located 40 km east-south-east of Goldfields’ HSE Salares Norte project in Northern Chile, in an undulating high-altitude terrain with drive-up access to targets via gravel roads and tracks. Mirasol is targeting large-scale bulk-mineable HSE gold mineralization at Zeus. There has been no previous systematic surface exploration nor drilling at the Zeus project, where Mirasol has identified two large breccia-hosted gold targets at the Artemisa and Apollo prospects. Apollo has yielded gold grades from rock chip sampling of up to 1.28 g/t Au in a permissive high-level epithermal breccia setting. The reconnaissance stage results from both prospects are considered very encouraging for this early stage of exploration work.
On February 26, 2018, Mirasol announced the signing of an Option and Farm-in Agreement with Newcrest International Pty Limited (NCM), a wholly owned subsidiary of Newcrest Mining Limited. NCM has the right to acquire, in multiple stages, up to 80% of the Zeus Project by completing a series of exploration and development milestones and making staged option payments to Mirasol of US$1 million. NCM will spend a minimum of US$1.5 million at Zeus over an initial 18-month period, and has also agreed to fund costs arising from an option to purchase agreement (new release February 26th 2018) entered into by Mirasol with the underlying owner of a 2,500 ha portion of 3rd party claims at Zeus. Other deal terms include the right for Mirasol to retain a participating 25% interest or to require Newcrest to provide the potential project development financing with Mirasol retaining a 20% interest in the project.
Zeus is located 40 km east-south-east of Gold Fields’ multimillion ounce “Salares Norte” HSE project which contains a resource of 23.3 Mt grading 4.9g/t Au and 66.0g/t Ag for 4.3Moz gold equivalent* along the trans-orogen Culampaja structural corridor, which is believed to have played a critical role in localizing a number of large-scale tertiary age HSE and porphyry copper gold deposits in Chile and Argentina.
The two HSE precious metal targets at Artemisa and Apollo are interpreted to be twin phreatomagmatic breccia bodies. Brecciation plays an important role of rock preparation that facilitates later hydrothermal fluid access and may act as host rock to precious metal mineralization in large HSE deposits, such the new Mio-Pliocene Salares Norte and Barrick Gold’s Alturas discovery in Chile, containing a resource of 211Mt grading 1.0 g/t for 6.8Moz gold**.
At Artemisa, Mirasol’s exploration has outlined an 800 m diameter advanced argillic altered breccia where reconnaissance level soil sampling has defined a low-level coincident Au, Ag, As, Cu, Pb, Sb, Mo anomaly, which overlies the edge of the mapped breccia body. The level of the geochemistry anomaly is similar to that seen at surface overlying the Salares Norte orebody; at Artemisa this may represent geochemical leakage from a concealed zone of mineralization at depth.
At Apollo, a 0.6 x 1.2 km wide crescent-shaped zone of advanced argillic and intermediate argillic altered pyroclastic breccias and epiclastic sediments outcrop through a window in post-mineral lava flows. This alteration is interpreted by Mirasol’s geologists to be hosted by a partially exposed phreatomagmatic breccia and flow-dome complex. Mirasol has undertaken initial mapping, rock chip sampling and alteration modelling from 218 samples recently collected throughout the Apollo alteration window. Assay results show wide-spread strongly anomalous Ag, As, Ba, Hg, Sb, with 38 of 218 samples collected in the altered window returning gold assays in the range 0.1 to 1.28 g/t Au. Gold mineralization reports to silica-pyrite flooded breccias, and oxidized vuggy quartz-jarosite breccias.
Mirasol’s ability to work quickly with NCM to reach an agreement will allow to advance a large-scope surface geological exploration and geophysical program before the end of the field season, in preparation for a planned drilling campaign at Zeus during October / November 2018. This program will comprise gridded and systematic soil sampling, CoreScan alteration mapping, along with detailed geological mapping, ground magnetic and electrical geophysical surveys and is aimed at defining drill target to be testing during the October 2018 southern hemisphere spring exploration season