Homenaje
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Property Type
Low Sulfidation Epithermal Gold-Silver
Size
11,056 ha
Status
Optioned to Patagonia Gold Corp.
Exploration Stage
Roch chip sampling, geophysical survey, geological mapping
Location
- Located at the western margin of the Deseado Massif of Santa Cruz province, southern Argentina
- 3km south and southwest from the COSE and Cap Oeste mines operated by Pan American Silver and Patagonia Gold Respectively
The Homenaje project covers 11,056 ha and is located at the western margin of the Deseado Massif Au-Ag metallogenic province. With the completed surface surveys, 4 northwest trending prospective structural trends are identified, with similar geologic characteristics to those of the adjacent COSE and Cap Oeste mines.
DEFINITIVE OPTION AGREEMENT
On April 19, 2021 Mirasol announced it has signed a binding agreement with Patagonia Gold Corp. for the Homenaje project.
Mirasol has granted Patagonia the option to earn an undivided 75% interest in the project over six years by delivering, by the end of the option period, a positive Prefeasibility Study (as defined by NI 43-101) for a resource of no less than 300,000 oz of Au equivalent. In addition, Patagonia shall complete a minimum of US$ 2.55 million in staged exploration expenditures as scheduled below:
- US$ 400,000 committed within the first 18 months, including 2,500m of drilling;
- An additional US$ 750,000 within the first 30 months; and
- A minimum of US$ 400,000 annually, or US$ 200,000 in any six-month period, thereafter.
Upon completion of the option, Mirasol and Patagonia will hold a 25% and 75% interest, respectively, in a participating joint venture company that will hold the project. If either party’s equity interest is diluted below 10%, it will convert to a 2% net smelter return (“NSR”) royalty.
Exploration to date has been limited as more than 90% of the project area is covered by thin post-mineral rocks, including Tertiary plateau basalt and gravels. However, small erosional windows show Middle to Upper Jurassic tuffs assigned to La Matilde Formation, which hosts localized hydrothermal breccias, veinlets and stockworks of chalcedonic quartz.
Analysis and interpretation of outcropping alteration, mineralization, structural setting, magnetics and chargeability/resistivity gradient array responses have defined four northwest trending prospective structural trends, with similar geologic characteristics to those of the adjacent COSE and Cap Oeste mineralized areas.
Initial rock chip sampling of mineralized structures, discontinuously outcropping on a northwest trending corridor, identified in an area of 1,500m x 800m that returned anomalous Au, Ag, As, Sb, Mo, Cu and Pb. Anomalous samples are characterized by altered tuff with thin chalcedony veinlets.
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