Polymetallic (Cu, Zn, Pb, Ag, Au) /Epithermal/Porphyry
Executed the definitive option agreement with Encantada, an affiliate of Mineria.
The 1,967 ha Nord project locates in Region III of Chile within the Exploradora District which lies on the western side of the NS trending, regional-scale Domeyko fault zone, and within the world-class Eocene-Oligocene Copper Porphyry belt. The project has the potential to host two main styles of mineralization, large vein type zones injected into fault structures and Cu-Au porphyry style mineralization.
The project surrounds Mineria Activa’s Ciclon-Exploradora development project making them a logical buyer and this agreement will allow them to explore the Nord project for potential extensions or parallel structures to the known mineralization as well as other mineralization styles in this prospective land package.
On October 31, 2019, Mirasol announced that it signed an MOU with Mineria Activa (“Mineria”) for the Nord project. Mineria is a Chilean, mining-focused private equity fund with over US$150 million in assets under management. The Nord project lies adjacent to the Ciclon-Exploradora polymetallic-epithermal project, which is currently being advanced toward production by Mineria.
In September 2020, Mirasol executed the definitive option agreement with Encantada SpA (“Encantada”), an affiliate of Mineria.
Mirasol granted to Encantada the option to earn 100% of the project over 4 years by making annual cash payments totalling US$3,000,000 and completing at least US$500,000 of exploration expenditures over the first 2 years of the option period.
Upon completion of the option obligations, Encantada will have earned a 100% interest in the Project and Mirasol will retain a 2% Net Smelter Return (“NSR”) royalty. Encantada has the right to buy back 0.5% of the royalty for US$3 million, exercisable within 8 years.
Based on the surface exploration work done to date by Mirasol, the project has the potential to host two main styles of mineralization.
The first type is characterized by large vein type mineralization injected into fault structures as seen in the active small-scale mines located near the NE corner of the claim boundary and at Mineria’s Ciclon-Exploradora development project, which is located adjacent to the eastern blocks of the project. These veins and breccias occupy NNW, ENE & WNW trending faults hosting polymetallic (Cu, Zn, Pb, Ag, Au) mineralization.
The potential for Cu-Au porphyry style mineralization is also present on the project. In the central part of the property package, a large alteration zone exists displaying patterns of quartz-sericite and advance argillic alteration with thin tourmaline(?) veinlets, which are characteristic of porphyry style alteration assemblages. This style of mineralization is present on CODELCO’s Exploradora project, located just 2.5 km directly east of the Nord project.
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