Zeus is a high sulfidation epithermal (HSE) gold project covering 18,600 ha located 75km southeast of Mirasol’s Gorbea project and 40 km east of Goldfields’ HSE Salares Norte project in Northern Chile. It is set 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.
On February 26, 2018, Mirasol announced the signing of an Option and Farm-in Agreement with a wholly owned subsidiary of Newcrest Mining Limited (NCM). NCM had the right to acquire, in multiple stages, up to 75% of the Zeus Project by completing a series of exploration and development milestones and making staged option payments to Mirasol. On December 10, 2018, Mirasol reported that the parties agreed to the early termination of the Zeus Option to Farm-in Agreement and that NCM agreed to a US$200,000 early termination payment to Mirasol. NCM has no retained rights in the Zeus project.
The Zeus project consists of two primary prospects, Apollo and Artemisa that were the focus of exploration activities during the 2017-2018 summer campaign. Exploration consisted of a 36.3 sq km. soil survey, prospect scale geological mapping, rock chip sampling, Corescan alteration analysis of soils and rock chip samples and CSAMT resistivity geophysics. The planned exploration program at Apollo was completed but the program was terminated at Artemis early due to the onset of winter.
At Apollo, the work program focussed on defining drill targets within the intense Intermediate Argillic alteration system (Illite-Kaolinite) that outcrops in a window through volcanic cover and its extension under cover. Within this zone, two breccia bodies were mapped which are spatially associated with the margins of an altered andesite dome. Strong jarosite-gypsum alteration within the breccias is interpreted to be the result of a later stage high sulfidation Au-Ag mineralisation system. In a 280 x 330m hydrothermal breccia in the northeast of the window, rock chip samples have returned assays up to 2.01 g/t Au and 17.45 g/t Ag; as well as strongly elevated As (up to 1,430 ppm), and Sb (up to 3,290 ppm). To the southwest, a 278m x 220m phreatic breccia was mapped in outcrop to the edge of cover and has had limited sampling to date.
The CSAMT survey has also defined a large, open and moderately conductive zone spatially coincident with the outcropping intermediate argillic altered breccias and dome. This zone extends at least 500m undercover and is open to the southeast and the northwest. Strong pipe-like conductors are observed 50m below surface within the intermediate argillic zone potentially representing Maricunga porphyry style mineralisation. Further geophysics (magnetics and IP) are required to confirm the potential for this style of mineralisation in Apollo. In addition, a 660m by 350m by 195m thick zone of resistivity north of the breccias and 100m below surface is associated with the down dip covered extension of the silica alunite zone. This body has similar resistivities to those associated with silica bodies in other high sulfidation systems. These CSAMT geophysical anomalies are coincident with strong intermediate argillic and advanced argillic alteration on surface and define attractive drill targets that remain untested.
Mirasol is seeking an exploration partnership to move forward exploration activities at the Zeus project.