Gorbea Belt

  • Property Type

    HSE Gold Project

    Size

    32,000 ha

    Status

    Optioned to Newcrest International Pty Ltd.

    Exploration Stage

    Drilling

    Location

    • Northern Chile
    • Mio-Pliocene age mineral belt north of Salares Norte
    • Situated approximately 150 km north of the Maricunga Belt

    In 2012, Mirasol staked a large land package containing nine projects in the newly discovered Gorbea Belt, securing an area with broad prospective alteration systems identified by its generative team. Detailed ground follow-up of these targets identified large outcropping gold systems at the Atlas and Titan projects.

    After some initial work completed by Mirasol, the Gorbea package was optioned to Yamana Gold from 2015 to 2018. During this period, Yamana spent more than C$10 M on exploration expenditures and drilled more than 11,000 m on the project. In early 2019, Mirasol entered into a new agreement with Newcrest Mining to further advance exploration on this property package. Since the beginning of this exploration partnership, Newcrest has completed a total of 5,426 m diamond drilling and reported exploration expenditures of approximately US$8.6 million on the property (to March 31, 2020), representing a significant investment on the project. 

    Option and Farm-in Agreement

    On January 28, 2019, the Company announced that it signed a definitive Letter Agreement for an Option and Farm-in Agreement with a subsidiary of Newcrest Mining Limited (Newcrest) for the Gorbea gold project in Chile. Newcrest has the right to acquire, in multiple stages, up to 75% of the Gorbea project by completing a series of exploration and development milestones and making staged option payments to Mirasol.

    Newcrest has completed its initial commitment to spend US$4 million and complete 3,000 m of drilling over an initial 18-month period. However, with exploration activities currently suspended at the site as a safety precaution due to the COVID-19 pandemic, Newcrest and Mirasol have agreed to extend the option period by 6 months to January 25, 2021 and Newcrest has committed to drilling at least 2,000 m at the project over the upcoming season.  

    Upon Newcrest earning 75% of the project, Mirasol can elect to fund its share and retain a 25% project equity position, or exercise a one-time equity conversion option to convert up to 10% of its equity into an NSR royalty at a rate of 2.5% equity per 0.5% NSR royalty (max 2% NSR royalty).

  • The Gorbea belt comprises of nine 100%-owned claim blocks totalling 32,000 ha and includes the Atlas and Titan prospects. The Atlas project is centred on a +20 km2 HSE gold alteration system hosting multiple gold and silver targets and contains many of the key geological, mineralization features and area extent to other economic systems in the area, such as Salares Norte (Gold Fields), Alturas (Barrick Gold) and La Coipa (Kinross Gold), supporting its potential to host large-scale gold mineralization.

    The latest round of drilling on the Atlas project, brings the total drilling to 15,925 m in 35 holes by both Newcrest and Mirasol’s previous partner, and demonstrates widespread mineralization within the central breccia complex. In addition, lithochemical studies on drill samples indicate that the geochemical footprint is larger than the area covered by the drilling to date and is open to the north, east and southwest.

    Newcrest Exploration:

    During the first half of 2019, Newcrest, as the operator of the Gorbea exploration program, completed two diamond drill holes for 903 m, 50 km of CSAMT geophysics over the Atlas target as well as reconnaissance mapping and sampling over several other target areas in the Gorbea property package. Drilling was initially targeting a coincident geophysical, geochemical and alteration anomaly at depth below a barren steam-heated leach cap, following up on previous drilling results.

    During the 2019/2020 field season, Newcrest completed 9 additional drill holes at the Atlas target, for a total of 4,523 m of diamond drilling this season.

    Best Results from this season include:

    • ATL-DDH-001A: 0.52 g/t Au and 6.81 g/t Ag over 164m (from 372m), including:
      • 1.07 g/t Au and 7.18 g/t Ag over 14m (from 372m), and
      • 1.31 g/t Au and 7.82 g/t Ag over 16.5m (from 402.5m)
    • ATL-DDH-010: 0.54 g/t Au and 2.65 g/t Ag over 129m (from 363m), including:
      • 1.4 g/t Au and 2.08 g/t Ag over 17m (from 364m), also including: 
        • 2.09 g/t Au and 3.00 g/t Ag over 10m (from 371m)
      • 1.84 g/t Au and 3.57 g/t Ag over 3m (from 425m)

    Mineralization encountered to date is associated with phreatomagmatic and hydrothermal breccias and intensely advanced argillically altered porphyritic andesite, often where a vuggy silica texture has developed. The area has been deeply oxidized to depths of over 400 m, which is potentially advantageous for the development of favorable metallurgy.

    Initial wide-spaced drilling has been important to test the large size of the system and distribution of favorable outcropping breccia targets. Future efforts to define higher grade zones will now be guided by targeting resistive units identified by CSAMT geophysics along with structural mapping, geochemistry, and vectors to feeder zones from alteration zonation and alunite composition.

    Mirasol continues to work closely with Newcrest to better understand the controls on the higher-grade mineralization and to collaborate in the definition of quality targets for future drilling, which is scheduled to restart in the southern hemisphere spring season of 2020.

    In addition, Newcrest intends to drill-test the El Dorado prospect as well as continue field evaluation work at selected regional prospects (Ventura, Sirio, Orion and Titan).

    Yamana Exploration:

    During the three years of exploration at Gorbea, Yamana focused its drilling activity exclusively on the Atlas and Titan projects. The best drilling results on the Atlas project were received in 2017 from holes 15 and 16:

    • CLATDH0015: 1.07 g/t Au and 1.78 g/t Ag over 114.1m (from 347m), including:
      • 36 m at 2.49 g/t Au and 3.08 g/t Ag
    • CLATDH0016: 0.32 g/t Au and 0.81 g/t Ag over 45.8m

    To learn more about the project and recent exploration results see all current and historical news releases.

    Significant Intersections from the 2019/2020 Drilling Program:

    Hole ID Total Depth (m) From (m) To (m) Interval (m) Au (ppm) Ag (ppm) Cut Off*
    ATL-DH-001A 560m 372 536 164 0.52 6.81 0.3 g/t AuEq
      Incl.  372 386 14 1.07 7.18 1 g/t AuEq
      Incl.  402.5 419 16.5 1.31 7.82 1 g/t AuEq
    ATL-DH-002 512.3m 274 333 59 0.39 6.6 0.3 g/t AuEq
      Incl.  289 299 10 1 8.6 1 g/t AuEq
    ATL-DH-003 167.8m   Hole did not reach target area. 
    ATL-DH-003A 436m  Twin hole - no mineralization to report 
    ATL-DH-004 530.2m 393 413 20 0.28 15.96 0.3 g/t AuEq
        462 467 5 0.31 4.22 0.3 g/t AuEq
    ATL-DH-005 379.45m  Hole did not reach target area. No Mineralization to report 
    ATL-DH-006 575.1m  No mineralization to report 
    ATL-DH-007 500m  459 472 13 0.35 0.70 0.3 g/t AuEq
        485 494 9 0.43 1.72 0.3 g/t AuEq
    ATL-DH-008 440.2m  No mineralization to report 
    ATL-DH-009 434.3m 85 88 3 0.64 2.96 0.3 g/t AuEq
        284 287 3 0.32 2.16 0.3 g/t AuEq
        343 346 3 0.04 27.15 0.3 g/t AuEq
    ATL-DH-010 499.8m 363 499.8 128.8 0.54 2.65 0.3 g/t AuEq
      Incl.  364 381 17 1.4 2.08 0.5 g/t AuEq
      Incl.  371 381 10 2.09 3.00 1 g/t AuEq
      Incl.  425 428 3 1.84 3.57 1 g/t AuEq
    *AuEq is the sum of the value of Au and Ag calculated as an Au equivalent g/t value via the formula: Au assay in g/t + (Ag assay in g/t ÷ 80)

     

  • April 22, 2020
    Mirasol Reports Results from Drilling Program at its Gorbea Project in Northern Chile

    March 19, 2020
    Mirasol Provides Updates on its Corporate and Exploration Activities

    January 16, 2020
    Mirasol Updates on Drilling Activity at Gorbea High Sulfidation Epithermal Gold Project in Northern Chile

    November 6, 2019
    Mirasol Provides an Exploration Update and Announces Trenching Program at Los Amarillos Project in Chile

    July 24, 2019
    Mirasol Announces Initial Drilling Results for Gorbea High Sulfidation Epithermal Gold Project and Provides Update for its Altazor Project in Northern Chile

    May 8, 2019
    Mirasol Announces the Start of Drilling at Gorbea Project and Provides an Exploration Update

    January 28, 2019
    Mirasol Signs a Binding Letter Agreement with Newcrest Mining for Gorbea Gold Project JV in Chile

    January 7, 2019
    Mirasol Provides Update on the Atlas Gold-Silver Project, Gorbea Property Package, Mio-Pliocene Belt Chile

    December 10, 2018
    Mirasol Signs a Heads of Agreement with Newcrest Mining for the Gorbea Gold Projects in Chile and Announces Termination of the Zeus Agreement

    April 13, 2018
    Termination of the Gorbea Joint Venture

    November 14, 2017
    Mirasol Announces the Start of the Third Season of Drilling at the Atlas Gold Project, Gorbea JV, Northern Chile

    September 11, 2017
    Mirasol Resources Reports Best Results to Date from Yamana Gold Drilling at the Atlas Project, Gorbea JV, Mio – Pliocene Mineral Belt of Northern Chile

    May 30, 2017
    Mirasol Receives US$400,000 Option Payment from Yamana Gold Confirming Continuation of Gorbea Gold Belt Joint Venture in Chile

    February 8, 2017
    Mirasol Joint Venture partner Yamana starts second season of drilling at Atlas Gold-Silver Project, Gorbea Joint Venture, Northern Chile

    April 25, 2016
    Mirasol reports encouraging drilling results from the Atlas Gold-Silver Project, Gorbea Joint Venture, Northern Chile

    March 21, 2016
    Mirasol reports drilling & new geophysical survey results from the Atlas Gold – Silver Project, Gorbea Joint Venture, Northern Chile.

    November 9, 2015
    Mirasol Announces the Start of Drilling at the Atlas Gold – Silver Project, Gorbea Joint Venture, Northern Chile

    July 28, 2015
    Mirasol Provides Exploration Update on the Gorbea Belt JV and New IP Geophysical Program at Atlas

    June 1, 2015
    Mirasol Provides an Update on the Joint Venture Agreement for the Gorbea Belt Gold-Silver Projects

    March 26, 2015
    Mirasol announces joint venture agreement for Gorbea Belt Gold-Silver Projects

    December 10, 2014
    Mirasol advances the Atlas gold-silver project in Northern Chile with new trench sampling and geophysical interpretation

    July 23, 2014
    Mirasol advances Atlas AGZ prospect in the Miocene belt of Chile with new rock chip and trench gold – silver results

    July 18, 2014
    Mirasol reports high-grade gold and silver assays associated with geophysical anomalies at the Atlas project, Chile

    February 26, 2014
    Mirasol Expands Targets at Atlas High-sulphidation Silver-gold Project in the Gorbea Belt, Chile

    November 25, 2013
    Mirasol reports positive drill results from Titan gold project in Chile

    September 16, 2013
    Mirasol Reports Encouraging Trench Results from the Atlas Gold-Silver Project, Chile

    June 10, 2013
    Mirasol Reports Initial Encouraging Gold-Silver Surface Results from the Atlas Project, Northern Chile

    May 30, 2013
    Mirasol Commences Reverse Circulation Drill Program at the 100%-owned Titan Gold Project, Chile

    March 1, 2013
    Mirasol Advances Titan Gold Project with Positive Geophysical Results

    January 21, 2013
    Mirasol Reports Trench Results from the Newly Discovered Titan Gold System in the Miocene Belt of Chile

    January 17, 2013
    Mirasol Stakes Nine High Sulphidation Gold Projects in Chile with Rock Chip Assays of up to 1.6 grams / tonne gold

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