Virginia

  • Property Type

    LSE Silver Project

    Size

    74,429 ha

    Status

    Option Agreement with Silver Sands Resources Corp.

    Exploration Stage

    Completed a NI 43-101 Resource Estimate report
    8,857m of drilling completed under partnership with Silver Sands
    1,500m Phase IV drill program initiated in April 2022

     

    Location

    • Located in the prolific epithermal province of Santa Cruz, Argentina
    • Approx. 100 km south of Newmont’s Cerro Negro Mine

    Mirasol discovered the Virginia silver deposit in 2009 following-up a high-priority reconnaissance target identified by its generative team. Mineralization at Virginia consists of high-grade vein/breccia structures most of which outcrop on surface.  After drilling at Virginia from 2010 to 2012, Mirasol completed a NI 43-101 Resource Estimate report (amended and filed in 2016) defining seven outcropping bodies of high-grade silver mineralization, constrained[1]  within conceptual pits, with an indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag.

    Mirasol Resources later expanded its claims holdings at the project and in 2018 announced that high-grade silver assays were returned from three new reconnaissance target areas located to the south and southeast of the resource drilling, suggesting that further exploration may identify new veins and expand the size of the Virginia silver district.

    Since the execution of the option agreement with Silver Sands, Mirasol completed 3 drill programs at Virginia, which encompassed 58 drill holes for a total of 8,867m. The drill programs confirmed the potential to identify new well-mineralized structures that were not previously included in the NI 43-101 resource and the potential for new mineralization to be defined in the system at the Ely Central, Ely North, Martina NW, Margarita and Julia South targets. Mirasol also completed maiden drilling at the Santa Rita Central and East prospects. 

     

    OPTION AGREEMENT 

    On May 21, 2020, Mirasol announced that it signed a definitive agreement with Silver Sands Resources Corp. (Silver Sands) for its Virginia Silver project. Silver Sands has completed two private placements raising almost C$5 million and providing it with ample capital to move the project forward.

    Mirasol has granted Golden Opportunity the option to acquire 100% of the Project over 3 years by:

    • Making share issuances totalling 19.9% of the shares outstanding of Golden Opportunity at the time of vesting
    • Completing US$6 M in exploration expenditures, including a US$1 M firm commitment

    Upon completion of the option, Golden Opportunity will have earned a 100% interest in the Project and Mirasol will retain a 3% NSR royalty, of which 1% can be bought back by Silver Sands for US$2 M.

    [1] The Qualified Persons responsible for this amended Technical Report were commissioned by Mirasol Resources Ltd. to review all geologic, geochemical, geophysical, surface trenching, diamond drill core sampling and metallurgical recovery data pertaining to the Virginia project for the purpose of completing a Mineral Resource estimate in accordance with the guidelines of the Canadian Institute of Mining and Metallurgy (CIMM). For calculating conceptual pits, a silver price of US$20 per ounce was used. Sensitivity analyses by the Qualified Persons indicate that the Mineral Resources are not particularly sensitive to operating costs or silver price fluctuations. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

  • Mirasol first discovered the Virginia silver deposit in 2009, following-up a high-priority reconnaissance target identified by its generative team. Over the next few years, Mirasol defined high-grade, intermediate sulfidation epithermal style mineralization in a series of prominent outcrops of vein-breccia that are associated with a rhyolitic volcanic flow dome field. Rock chip and saw-cut channel sampling over these outcrops defined significant strike lengths of continuously mineralized vein-breccia, with many samples assaying over 1,000 g/t Ag.

    From 2010 to 2012, Mirasol completed a series of drill programs at the project, drilling a total of 23,318 m of diamond core in 223 holes, testing the mineralized structures to a maximum depth of 266 m. This work was followed by the filing of an amended NI 43-101 Resource Estimate report in 2016 defining seven outcropping bodies of high-grade silver mineralization, constrained[1] within conceptual pits, with an indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag (amended NI 43 -101 technical report filed February 29, 2016).

    Later that year, Mirasol reported that preliminary prospecting of new claims identified quartz vein and vein-breccia rock float, scattered along a 2 km trend. With a strong belief in the exploration potential of the Virginia district, Mirasol further expanded its property holdings in 2017 with an extra 27,017 ha of claims to the south of the limit of the previous drilling. In May 2018, high-grade silver assay results were reported from the additional prospecting of three new target areas, suggesting the potential for an unrecognized, shallow soil covered, high-grade mineralization that would expand the potential of the Virginia silver project.

    Exploration Program under Option Agreement with Silver Sands

    In late 2020, Mirasol completed the Phase I exploration program at Virginia, under the partnership with Silver Sands, that tested the potential for new high-grade silver zones to expand on the existing NI 43-101 resource. The program comprised a total of 2,831m in 18 diamond drill holes, which was 331m more than originally planned.  The results confirmed the potential to identify new well-mineralized structures that do not outcrop on surface and the potential to identify new well-mineralized structures that were not previously included in hte current resource estimate. See news release January 21, 2021 and February 23, 2021 for more details on the drill program. 

    Notable intersects from the Phase I drill program include:

    • Martina: 33.5m at 198.51 g/t Ag, including 17.7m at 316 g/t Ag
    • Ely Central: 9.25m at 233.54 g/t Ag, including 4.5m at 441.71 g/t Ag
    • Julia South: 8.50m at 123.43 g/t Ag, including 3.90m at 168.34 g/t Ag
    • Martina SE: 16.05m at 63.97 g/t Ag including 0.90m at 352.32 g/t Ag

    In May 2021, Mirasol reported on the results from the Phase II drilling program at Virginia, which encompassed 20 drill holes for a total of 3,104m. The program was designed both to follow-up on encouraging Phase I intersections and to test several new prospective zones. This program led to the discovery of a new high-grade zone at Ely Central, where drilling has intersected strong and continuous Ag grades in four drill holes over a 200m strike length. Mineralization remains open to expansion both laterally to the north, south and to depth. Significant intercepts have also been encountered at the Ely North, Martina NW and Julia South targets, confirming that the potential for new mineralization to be defined in this system. See news release May 17, 2021 for more details on the drill program.  

    Highlighted intercepts from the Phase II program at Ely Central include:

    • 9.98m at 560 g/t Ag, including 2.87m at 1,578 g/t Ag
    • 9.60m at 639 g/t Ag
    • 10.80m at 625 g/t Ag, including 5.70m at 1,110 g/t Ag

    The results from Phase I and II exploration programs, which included drilling, mechanical trenching, sampling and geophysical surveys, were reviewed for planning the 2,700m Phase III program which was completed in Q4 2021.

    At the main Virginia vein field, high-grade mineralization was discovered on the Margarita vein trend in a single core hole intersecting 2.63m at 1,456 g/t Ag. This hole was collared to follow up on elevated Ag results in trenches and float-block sampling on surface and represents the first mineralized interval from this new target. This confirms the prospectivity of the Margarita target and opens a new mineralized trend to be aggressively explored along strike and at depth.

    At the Martina NW target, two holes were collared to test the depth extent of the mineralized polymictic hydrothermal breccia structure that was previously drilled. A drill hole was targeted at the Martina NW structure at 107m below surface and intercepted the same breccia structure. Unfortunately, core recuperation in this drill hole was poor within the mineralized zone (<50%) and a second drill hole was completed at a shallower dip and intersected 4.75m at 242 g/t Ag, including 2.45m at 404 g/t Ag, 68m vertically below surface. The results from Martina NW are very encouraging as these new intersections support the potential to increase the mineral resource along this trend (news release February 1, 2022).

    At Ely, continued drilling returned a broad interval of 33.8m at 88 g/t Ag from 71.3m which successfully closes the gap between the mineralized structure delineated last season at Ely Central and Ely North. In addition, Au mineralization was intercepted with hole EC-DDH-007 which returned 4.55m at 0.33 g/t Au and 30 g/t Ag from 173.65m (including 1.2m at 0.63 g/t Au and 26 g/t Ag). The presence of this Au pulse may indicate the introduction of a stronger and more consistent gold-rich pulse in the deeper parts of the Virginia vein system that could potentially add significant Au credits to the project (news release January 25, 2022).

    At Santa Rita Central and East, the maiden drilling intercepted encouraging Au and Ag mineralization confirming that the structures mapped and sampled on surface extend to depth, providing vectors for further deeper drilling. The Santa Rita prospects have low sulfidation epithermal mineralization signatures characterized by elevated Au values compared to those returned from the main silver-rich Virginia vein field. The best results were obtained at Santa Rita East with two drill holes 50m apart returned 5.65m at 0.68 g/t Au from 35.65m, including 1.35m at 1.87 g/t Au and 5.20m at 0.63 g/t Au and 7 g/t Ag from 35.30m (news release February 10, 2022).


    [1] The Qualified Persons responsible for this amended Technical Report were commissioned by Mirasol Resources Ltd. to review all geologic, geochemical, geophysical, surface trenching, diamond drill core sampling and metallurgical recovery data pertaining to the Virginia project for the purpose of completing a Mineral Resource estimate in accordance with the guidelines of the Canadian Institute of Mining and Metallurgy (CIMM). For calculating conceptual pits, a silver price of US$20 per ounce was used. Sensitivity analyses by the Qualified Persons indicate that the Mineral Resources are not particularly sensitive to operating costs or silver price fluctuations. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

     

  • April 6, 2022
    Mirasol Announces Start of Phase IV Drill Program at Virginia Silver Project, Argentina

    March 29, 2022
    Mirasol Holds 8.6% Interest in Silver Sands Resources Corp.

    February 10, 2022
    Mirasol Reports Shallow Gold Mineralization from Santa Rita Prospect at Virginia Project, Argentina

    February 1, 2022
    Mirasol Reports High-Grade Silver Drill Intersection on the Margarita Trend at Virginia Silver Project, Argentina

    January 25, 2022
    Mirasol Reports Extension of Ely Central Zone at Virginia Silver Project, Argentina

    November 24, 2021
    Mirasol Resources Announces Start of Drilling at Gorbea and Provides Exploration Update

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

    May 21, 2021
    Mirasol Announces Receipt of Common Shares of Silver Sands Resources Corp.

    May 17, 2021
    Mirasol Resources Makes a New High-Grade Silver Discovery at Virginia Silver Project, Argentina

    February 23, 2021
    Mirasol Resources Reports Remaining 2020 Drill Results at the Virginia Silver Project

    February 2, 2021
    Mirasol Resources Starts 2,700m Phase II Drill Program at the Virginia Silver Project, Argentina

    January 21, 2021
    Mirasol Resources Reports Encouraging Initial Drill Results at the Virginia Project

    December 22, 2020
    Mirasol Resources Announces Completion of Phase I Exploration Program at Virginia Project, Argentina

    October 29, 2020
    Mirasol Resources Starts Drilling at Virginia Silver Project in Argentina

    August 5, 2020
    Mirasol Announces Start of Exploration Program at Inca Gold and Provides an Update on its Exploration Plans for 2020/2021

    May 21, 2020
    Mirasol Signs Definitive Option Agreement for its Virginia Silver Project in Argentina

    February 27, 2020
    Mirasol Signs Letter Of Intent to Option its Virginia Silver Project in Argentina

    May 10, 2018
    Mirasol Identifies High-Grade Silver Mineralization at Virginia

    September 14, 2016
    Mirasol receives high-grade silver assays from initial prospecting at Virginia Silver Project and expands claim holdings

    March 29, 2016
    Mirasol files Amended Resource Report for Virginia Silver Project, Santa Cruz Argentina

    January 28, 2015
    Mirasol Announces Initial Pit Constrained Mineral Resource for the Virginia Silver Project Santa Cruz Province, Argentina

    February 21, 2014
    Mirasol Files 43-101 Technical Report and Identifies Exploration Trenching and Drill Targets for the Virginia Silver Project

    February 7, 2013
    Mirasol Reports Successful Initial Metallurgical Test Results on High-Grade Vein/Breccia, Virginia Silver Project

    June 26, 2012
    Mirasol Summarizes Virginia Silver Project Drill Results on Seven Deposits

    June 21, 2012
    Mirasol Completes Phase 4 Drilling at the Virginia Silver Project — Ely North Confirmed as Significant Discovery

    March 1, 2012
    Mirasol Reports Final Results of Phase 3 Drilling at the Virginia Silver Project — Ely South Confirmed as Significant Discovery

    January 26, 2012
    Mirasol Reports Initial Results of Phase 3 Drilling at the Virginia Silver Project

    January 18, 2012
    Mirasol Commences Phase IV Drilling at the Virginia Silver Project

    October 27, 2011
    Mirasol Commences Drilling Program at the Virginia Silver Project, Argentina

    September 7, 2011
    Mirasol Summarizes Virginia Silver Project Drill Results on Four Deposits from the 2010-11 Drilling and Plans 2011-12 Work

    July 18, 2011
    Significant Silver Intercepts reported from New Veins drilled at Mirasol’s Virginia Silver Project

    June 9, 2011
    Mirasol Reports Virginia Silver Project Additional Drill Results

    May 12, 2011
    Mirasol Reports Additional Phase 2 Drill Results from Virginia Project – Significant Silver Intercepts in Julia Central and Naty Veins

    May 9, 2011
    Mirasol Reports Coeur’s Initial Resource Estimate for the Joaquin Project with Over 19 million Indicated plus 47 million Inferred Silver Ounces Accessible by Open Pit

    April 19, 2011
    Mirasol Reports Initial Phase 2 Drill Results from Virginia Project – Significant Silver Intercepts in Julia North, Julia Central and Naty Veins

    February 15, 2011
    Mirasol Commences Phase Two Drilling at the Virginia Project, Argentina

    January 13, 2011
    Mirasol Announces Remaining 21 Holes from Virginia Project Phase 1 Drilling- Confirm a Significant High-Grade Silver Discovery

    December 16, 2010
    Mirasol’s First Drill Results Confirm the Virginia Silver Vein Zone, Argentina

    November 19, 2010
    Mirasol Announces Start of Drilling at the Virginia Silver Project, Argentina

    November 8, 2010
    Mirasol Receives Approval for Drilling the Virginia Silver Project, Argentina

    September 15, 2010
    Mirasol Discovers Multiple New Silver Veins at the Virginia Vein Zone, Argentina

    July 22, 2010
    Mirasol Reports initial results from Phase 4 drilling and commencement of Phase 5 drill programs at the Joaquin Project, Argentina

    June 7, 2010
    Mirasol Confirms Silver Results from the Ely, Margarita, and Naty Veins, Virginia Vein Zone, Argentina

    April 13, 2010
    Mirasol Confirms High-Grade Silver Results through Infill Channels at the Julia Vein, Argentina

    March 4, 2010
    Mirasol channel samples further upgrade silver values at the Julia Vein, Santa Cruz, Argentina

    February 16, 2010
    Mirasol Reports Results from New High-Grade Silver Veins at the Virginia Vein Zone, Argentina

    January 6, 2010
    Mirasol Reports Discovery of a New High Grade Silver Vein, Santa Cruz, Argentina

    February 26, 2007
    Mirasol Finalizes Joint Venture Agreement with Hochschild for Claudia and Santa Rita Projects

    October 3, 2006
    Mirasol Crystallizes Argentina Exploration Agreement with Hochschild

    October 7, 2005
    Mirasol Announces First-Stage Exploration Results from Santa Rita Silver-Gold Project

  • March 29, 2016
    Amended Technical Report, Virginia Project

    March 29, 2016
    Amended Virginia Pit Constrained Initial Silver Mineral Resource Estimate Supplemental information

    February 20, 2014
    Technical Report

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