Libanesa

  • Property Type

    Intermediate Sulphidation Epithermal  Au/Ag – Base Metal Project

    Size

    14,500 ha

    Status

    Option Agreement with Golden Arrow Resources Corp. 

    Exploration Stage

    Rock Chip sampling, geophysical survey, geological mapping, drill targeting

    Location

    • Located at the north eastern margin of the Deseado Massif Au-Ag metallogenic Santa Cruz province, Argentina
    • Approx. 70 km west from the port of Puerto Deseado
    • 40 km northwest of the Cerro Moro Mine operated by Yamana Gold and 100 km northeast of the Don Nicolas mine operated by Cerrado Gold

    The Libanesa project is a drill ready project hosting several diversified geological, geochemical and geophysical supported drill targets. Cerro Plomo is the principal target and is characterized by a well mineralized Au/Ag hydrothermal breccia that is exposed at surface, and supported by both chargeability and resistivity geophysical anomalies at depth. Peripheral polymetallic veins at the Libanesa Main prospect represent secondary targets and are supported by strong base metal +/- Au mineralization. The Lagunita prospect is a third prospective zone, which has reported some encouraging rock chip Au values from more typical low sulfidation type epithermal veins and breccias. This prospect requires additional surface exploration to vector into the potentially better mineralized parts of this extensive vein system, where intermittent vein occurrences, outcropping/subcropping through post mineral cover, have been mapped over a strike length of at least 2.3 km.

    OPTION AGREEMENT TERMS

    On October 12, 2021 Mirasol announced the signing of a definitive option agreement with Golden Arrow Resources Corporation on the Libanesa project.  

    Mirasol granted Golden Arrow an option to earn a 75% interest in the project over six years (the “Option Period”) by:

    • incurring exploration expenditures totaling US$4,000,000
      • US$500,000 per year during the first 2 years; and
      • US$750,000 per year thereafter.
    • making cash payments to Mirasol totaling US$1,000,000
      • US$100,000 to be paid on the 2nd, 3rd and 4th anniversaries;
      • US$250,000 on the 5th anniversary; and
      • US$450,000 on the 6th anniversary.

    The initial US$500,000 in exploration expenditures is a firm commitment, but it may be incurred over 24 months instead of 12 months, if the required exploration permits are not in place by the end of March 2021. In addition, Golden Arrow is required to complete a minimum of 2,000m of drilling by the end of the second year. Golden Arrow will be the operator during the Option Period.

    Upon exercise of the option, Mirasol and Golden Arrow will hold 25% and 75%, respectively, in a participating JV company holding Libanesa. If either party’s equity interest is diluted below 10%, it will convert to a 2% net smelter return royalty.

  • Mirasol initial field evaluation and targeting programs at Libanesa has identifying two main prospects:

    • Libanesa Main prospect:

    The Libanesa Main prospect lies along a dilational northwest structure and within a north-northwest corridor bounded by large-scale transfer faults that are clearly identified by the ground magnetic surveys. The main outcropping geological unit comprises partially welded and massive, crystal-rich, rhyolitic flow tuffs intruded by an andesitic to trachytic dike swarm that displays a radial distribution.

    The principal target at Libanesa Main is the Cerro Plomo hydrothermal breccia pipe, which is approximatively 50m in diameter and forms an obvious geomorphic positive relief feature at this prospect. The Cerro Plomo breccia pipe has returned strong Au/Ag mineralization from both rock chip sampling and trench sampling (see Table 1, Figure 3 and 4), displaying a geochemical signature characterized by an Ag(±Au)-base metal association. A trenching program completed to explore under shallow lacustrine sediments confirmed the continuity of the mineralization, which remains open under a clay pan (dry lake) to the south. Highlighted results from the trench sampling include:

    • 6m at 0.8 g/t Au, 243.8 g/t Ag and 0.4% Pb
    • 10.5m at 0.98 g/t Au, 53.4 g/t Ag and 0.9% Pb
    • 11m at 1.21 g/t Au, 13.5 g/t Ag and 1.4% Pb

    These positive geochemical results are coincident with shallow and deep-seated geophysical anomalies below the Cerro Plomo target that are defined by the Magnetotellurics (MT) and Audio MT (AMT) geophysical surveys completed by Mirasol (2009/2010 and 2019), further strengthening the target.

    In addition, a series of epithermal polymetallic veins (Bajo Aspero, Anibal, NE Zone), located peripheral and outboard from the Cerro Plomo breccia system, and associated with patchy argillic/pyritic alteration, have returned a strong Ag-Au-Pb-Zn and As-Sb-Te geochemical signature. Notably, the Au values do not correlate well with other metals, but Ag values are strongly correlated with Pb, Cu and Sb (+/-As,Te). This distribution of mineralization suggests the presence of at least two mineralization events related to the polymetallic veins and the Cerro Plomo hydrothermal breccia at the Libanesa Main prospect.

    • Lagunita Prospect:

    The Lagunita prospect, located approximately 6 km north of Cerro Plomo, is a 10 km2 erosional window exposed through the quaternary gravel cover, where reconnaissance prospecting has identified multiple quartz veining and structural breccia occurrences. The local geology is comprised of small outcrops of Jurassic aged fine ash, rhyolitic tuffs, andesitic dykes and minor calcareous rocks. A strong northwest structural trend appears to focus pervasive silicification and emplacement of crystalline, drusy and saccharoidal quartz veinlets. At Lagunita, rock chip geochemistry returned good Au values (see Table 1) with lower Ag values and base metals including Pb, Zn and Cu, thus displaying a more typical low sulfidation epithermal signature and clearly distinguishing the Lagunita veins from the breccias and polymetallic veins located at the Libanesa Main prospect.

    Table 1: Au and Ag geochemistry result statistics

  • October 12, 2021
    Mirasol Resources Provides Updates on its Libanesa and Virginia Precious Metals Projects in Argentina

    June 1, 2021
    Mirasol Resources Signs LOI for its Libanesa Project in Argentina

    October 20, 2009
    Mirasol upgrades Libanesa silver-gold project with significant new drill targets

    February 27, 2009
    Mirasol Announces New High Grade Silver and Gold Showings at the Libanesa Project

    July 21, 2008
    Mirasol Upgrades Libanesa and Identifies new Silver – Gold Target adjacent to Cerro Plomo

    July 23, 2007
    Mirasol Explores New Libanesa Silver-Gold-Lead Project in Santa Cruz

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