HSE Gold Project
Optioned to Newcrest International Pty Ltd.
Altazor is an HSE gold property that occupies 33,300 hectares of the Mio-Pliocene age mineral belt in northern Chile.
Mirasol believes the Chilean and Argentine sections of the Mio-Pliocene age mineral belt is highly prospective for world-class Au+Ag deposits as exemplified by the multi million-ounce discoveries by Gold Fields at Salares Norte and by Barrick Gold at Alturas.
Exploration to date has defined two quality drill target areas on the property, and Newcrest plans to complete a 2,225 m diamond drilling program when it has reached an agreement with the nearby community.
On November 21, 2017, Mirasol announced that it signed an Option and Farm-in Agreement with Newcrest International Pty Ltd., a subsidiary of Newcrest Mining Limited (Newcrest) for the Altazor project.
Newcrest has the right to acquire up to 75% of the Mirasol owned Altazor Project in multiple stages by completing at least US$10 million in exploration and either delivering a positive bankable feasibility study or spending US$100 million in feasibility expenditure.
Mirasol can then choose either retain a 25% project equity by solely fund its share of the residual feasibility and development costs or require Newcrest to finance all costs through to production and to gain 5% project equity, with Mirasol retaining 20% of the project.
If Newcrest elects to remain in the JV until the feasibility stage, it will pay Mirasol US$1.8 million in staged option payments over seven years. Click here for more information about the terms of the Agreement.
In November 2018, Newcrest exercised its option to enter the farm-in stage of the Altazor Agreement, by making a US$500,000 payment to Mirasol. Click here for more details.
To date, Newcrest has defined two main target areas and plans to complete a 2,225 m diamond drilling program and some additional infill CSMAT geophysics. Newcrest is consulting and negotiating an agreement with the local community before it can proceed with the planned exploration work.
In November 2018, Newcrest and Mirasol have staked approximately 10,000 ha of new claims expanding the project by approximately 30%.
After the claim expansion, Newcrest has conducted the following exploration activities:
The results identified potentially covered extensions of the Altazor alteration system.
According to the analysis of the combined data sets collected from the exploration activities listed above, Altazor shows to be a district-scale, zoned alteration system. And the project is to be preserved at a level that could conceal HSE gold deposits beneath a “barren” steam-heated cap rocks and post-mineral cover. These geological features are similar to other multi million-ounce discoveries in the Mio-Pliocene mineral belt in Chile. For more details about these analyses and surveys, click here.
The 2017/18 exploration results show Altazor is a large areal extent of the alteration system that will require several seasons to complete a first pass evaluation. The exploration work of this season has identified multiple compelling large-scale drill targets in three principal prospects at the project. These principal prospects share similar alteration, geochemical and geophysical characteristics with the predrill target signatures of Salares Norte and other recent HSE gold discoveries.
Mirasol’s initial reconnaissance field campaign covered over 50% of the project area with:
The Altazor surface results showed comparable ppb level anomalous gold assay in soils and rock chips to those recorded at the surface at the Salares Norte Project.
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