LSE Gold Silver Project
Optioned to Cerro Vanguardia SA Gold-Silver Mine
Drilling, geological mapping, geophysical surveys
The extensive Claudia Gold Silver Project which lies directly south of the Cerro Vanguardia (CVSA) gold-silver mine has five epithermal prospects with multiple targets. The Claudia project was staked in 2004 as part of Mirasol’s Santa Cruz project generation strategy. Following up reconnaissance targets identified additional mineralization centres that led to more staking and the establishment of a sizeable land position. In 2012 Mirasol discovered the large 15 km long Curahue vein trend which hosts six large individual vein trends.
During October 2017 through March 2019, Mirasol partnered with OceanaGold who invested C$2 million and drilled 2,500 m in 12 holes at Claudia. From February 2016 to January 2017, Mirasol was in a joint venture with CVSA which completed 7,525 m of reverse-circulation (RC) and diamond core (DDH) drilling at the project. The drilling was mostly focused on the “Io” vein, a 2.2 km long vein zone in the Curahue prospect where CVSA defined a body of gold and silver mineralization.
During the 2008 through 2010 joint venture with Hochschild, more than 4,000 line kilometres of ground magnetometry, and 249 line kilometres of gradient array IP geophysics covering six blocks was conducted, along with 1,155 rock chip samples and MMI geochemistry. A total of 3,794 metres of core drilling in 26 holes were completed in December 2007, and 3,168 metres of reverse circulation (RC) drilling in 25 holes was completed in December 2008.
During the OceanaGold agreement, 12 DDH holes totaling 2,529 m have been drilled, testing targets at the Curahue and Cilene prospects. Assays from the Curahue prospect, Europa and Io trends include 0.6 m at 0.08 g/t Au and 610.0 g/t Ag, and 0.55 m at 1.15 g/t Au and 22.9 g/t Ag; and from the Cilene prospect 0.9 m at 1.95 g/t Au and 5.7 g/t Ag.
Drilling at the Europa target at Curahue, intersected zones of epithermal veins, veinlets and silica-sulfide structures up to 13.7 m wide in three of the holes drilled. The veins and silica-sulfide structures are hosted in what is interpreted to be the upper part of the Jurassic-age Chon Aike volcanic sequence. At the nearby multi million-ounce Cerro Vanguardia mine, the distinctive Granosa Ignimbrite unit of the Chon Aike volcanics is the primary host to the majority of ore grade veining. The Granosa unit is interpreted by Mirasol geologists to occur stratigraphically below the current depth of drilling at Europa, Io and Themisto. The intersection of these vein zones with the Granosa unit may represent a target for further drilling in the Curahue prospect.
Five DDH holes were drilled into the 2.9 km long Europa trend to test covered geophysical targets beneath post mineral unconsolidated gravel and a large alluvial terrace composed of cobble to boulder-size clasts of epithermal vein material. Previous rock chip sampling of the epithermal blocks in the alluvial terrace returned assays of up to 1.66 g/t Au and 2,130 g/t Ag. Assay results from the Europa drilling returned anomalous Au+Ag with strong epithermal pathfinder elements (As, Sb). Assays include a best downhole intersection of 0.6 m at 0.08 g/t Au and 610.0 g/t Ag from a silica-sulfide structure.
A 360 m DDH core hole was drilled at the “Io” trend to test at depth beneath the previously reported Au+Ag drill intersections where drilling intersected a 40 m wide zone of veining and veinlets at a depth of 240 m which is interpreted to be the down-dip extension of the “Io” vein zone and returned a best intersection of 0.55 m at 1.15 g/t Au and 22.9 g/t Ag.
At the Cilene prospect, two DDH holes on section totalling 259 m, were drilled to test the 10 to 20 cm wide outcropping veins with select rock chip assays ranging up to 10.17 g/t Au and 49.0 g/t Ag, to a maximum depth of 75 m below surface. The best drill intersection in the deepest hole (CIL-DDH-002) was 0.9 m at 1.95 g/t Au and 5.7 g/t Ag.
Analysis of Mirasol´s in-house 3D geophysical block models has outlined a district-scale horst and graben structural setting, identifying large NW-oriented normal faults that appear to have acted as hydrothermal fluid conduits and may potentially also influence mineralized vein development.
At the Rio Seco prospect the magnetic and IP models when combined with geology and previous drill results, outline a series of priority targets where the prospective Granosa host rock is known to be present; coincident with evidence of undrilled epithermal veining and/or geophysical anomalies and large-scale faults.
At the “Io” and Europa trends, integrated analysis of the magnetic model and existing geological and geochemical data sets have identified a large graben-bounding normal fault to the north of the Europa trend. There has been no previous drill testing of this fault zone; however existing drill and rock chip geochemistry suggest mineralization vectors towards the fault trace. A gradient array geophysical survey which covers part of the fault zone has outlined a series of resistivity and chargeability anomalies within the fault trace, that represent untested quality drill targets.
Recent surface sampling at the Europa trend has returned Au+Ag anomalous rock chip assays including a peak assay of 7.26 g/t Au and 124.0 g/t Ag (with the previous best rock assay from the Europa trend of 4.09 g/t Au and 127.0 g/t Ag) from epithermal vein blocks up to 0.6 m in size, suggesting the blocks are sourced from a larger covered vein. These results indicate a potential extension of the Europa trend to the SE into an area that has not been previously mapped nor drill tested.
Finally, prospecting to the north of the Themisto trend has identified narrow (cm wide) epithermal veinlet trends in outcrop that to date have been traced intermittently for a 250 m strike length. Select rock chip sampling of the veinlets has returned assays of up to 2.49 g/t Au and 8.3 g/t Ag. Outcrop is sparse, and existing electrical geophysics surveys do not extend into this area to guide exploration. However, the Mirasol ground magnetics show a large-scale NW-SE oriented fault hosting the veining, suggesting the potential for larger-scale vein development within the fault in this new portion of the Themisto trend.
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