Inca Gold

  • Property Type

    ISE Gold Silver Project

    Size

    16,300 ha

    Status

    Controlled through an option agreement with Newmont Corporation

    Exploration Stage

    1,500m Phase I diamond drill program scheduled for late-February 2021

    Systematic rock sawn geochemical channel sampling and mapping completed at Sandra prospect 

    Prospecting of other prospects

    Location

    • Located on the Paleocene belt of Chile
    • 100 kilometers north of Copiapo
    • 17 kilometers east of the town of Inca de Oro
    • Altitude of 2,000 to 3,000 meters ASL
    • Year-round access and near infrastructure

    The 16,300 ha Inca Gold project is located in Region III of Chile, approximately 100 km north of Copiapo, and within the Inca Del Oro mining district that hosts both Santiago Metals Delirio Cu/Au mine and PanAust/Codelco’s Inca de Oro Cu/Au porphyry deposit. The project has year-round road access and near infrastructure for exploration activities.

    Mirasol signed an option agreement with subsidiaries of Newmont Corporation (Newmont) in January 2020 to acquire the project and to add to its portfolio a district-scale and underexplored, intermediate sulfidation epithermal project to its portfolio. While the previous prospecting work done has identified five key target areas, Mirasol plans to initially focus its exploration and drilling activities at the Sandra prospect.

    Agreement with Newmont Corporation

    On January 13, 2020, Mirasol announced that it signed an option agreement with subsidiaries of Newmont to acquire the Inca Gold project in Northern Chile.

    Mirasol was granted the option over 5 years to earn 100% of the project, subject to a 1.5% NSR royalty, by drilling 1,000 meters over 2 years; and incurring US$3 million in exploration expenditures over 5 years. Mirasol can terminate the agreement at any time after the completion of the initial 1,000 meters drilling commitment.

    Upon completion of this option, Newmont will have the right to earn back 70% of the project, in two stages, by paying in cash US$3 million to Mirasol; and delivering a NI 43-101 compliant Prefeasibility Study reflecting a resource of no less than 2 million ounces of gold-equivalent using agreed upon cut-off grades; or incurring an additional US$21 million in exploration expenditures over 6 years.

  • Geology Highlights of the Key Target Areas

    The Inca Gold project lies within the Paleocene Belt that hosts both intermediate (El Peñon, Faride, Amancaya) and high (Guanaco) sulfidation epithermal deposits, as well as copper porphyry deposits (Spence, Sierra Gorda).

    Local geology on the southern portion of the project is characterized by a thick volcanic-sedimentary sequence consisting of ignimbrites, lava flows, and volcanic breccias. The northern portion consists of an older sequence of intensely folded and faulted ignimbrites and volcanic breccias. These two geologic domains are separated by a regional NE lineament mostly covered by Atacama Gravels.

    Initial surface and prospecting activities have identified five target areas (Rincon, Guerda, Inca North, Sandra and Vania) - none of which have been drill tested.

    Sandra prospect

    Mirasol’s first surface work program, which commenced this season, has to date focused exclusively on the Sandra prospect, and was designed to evaluate the extensive Au/Ag vein system hosted in a Paleocene caldera setting where ISE mineralization was previously recognized. At least five subparallel vein trends striking northwest, within a 2.5 x 4 km area, have been mapped. Continuous individual vein trends extend over strike lengths of 1.2 km and are up to 3m wide.

    Mirasol initial surveys included 1:2,000 scale geological mapping of the quartz vein swarms, systematic rock sawn geochemical channel sampling across the key veins and reconnaissance geochemical rock chip sampling over outlying areas of the prospect. In total, 498 samples were collected from 138 individual sawn channel cuts. Seven zones of veining and anomalous geochemistry have been outlined within the Sandra prospect, and three of these targets have been prioritized for testing by an initial 1,500m drill program.

    Mapping and detailed channel sampling have revealed brecciated and crustiform-colloform banding with common bladed and replacement vein textures. Multiple pulses of vein fill are observed, with an initial pulse of milky quartz with lattice bladed and drusy textures carrying anomalous Au (0.1 to 0.42 g/t) and Ag (24 to 168 g/t). A later pulse, characterized by massive and crustiform quartz, also carries elevated Au geochemistry (0.13 to 0.26 g/t) and Cu (473 to 6,950 ppm), with Cu oxides and chalcopyrite. Higher Pb and Zn values are also associated with this later pulse that is generally emplaced along re-opened margins of the veins at the contact with host rocks.

    Target

    Channel

    From

    (m)

    To

    (m)

    Width

    (m)

    Ag

    (g/t)

    Au

    (g/t)

    AgEq

    (g/t)

    Cu

    (ppm)

    Pb

    (ppm)

    Zn

    (ppm)

    Veta Valle

    IG-CH-021

    1.90

    2.26

    0.36

    156

    0.43

    192

    1,145

    2,410

    1,380

    Veta Valle

    IG-CH-022

    0.00

    0.31

    0.31

    86

    0.07

    92

    1,685

    2,150

    568

    Veta Escuela

    IG-CH-002

    1.53

    1.78

    0.25

    66

    0.13

    77

    4,930

    2,370

    113,500

    Veta Escuela W

    IG-CH-016

    0.53

    0.80

    0.27

    64

    0.07

    70

    499

    159

    84

    Lomo Ballena

    IG-CH-071

    0.00

    0.29

    0.29

    58

    0.03

    61

    6,950

    18,600

    10,250

    Veta Escuela

    IG-CH-001

    1.69

    1.94

    0.25

    47

    0.16

    61

    3,660

    3,510

    94,800

    Lomo Ballena

    IG-CH-066

    0.47

    1.07

    0.60

    50

    0.05

    54

    1,656

    5,760

    988

    Veta Valle

    IG-CH-013

    0.00

    0.76

    0.76

    34

    0.16

    48

    6,080

    1,050

    700

    Lomo Ballena

    IG-CH-070

    0.29

    0.93

    0.64

    29

    0.03

    32

    785

    10,520

    2,010

    Lomo Ballena

    IG-CH-065

    0.28

    0.69

    0.41

    19

    0.04

    22

    755

    3,480

    278

    Table: Selected Geochemical Assay Results from the Rock Sawn Channel Sampling Program (using a 20 g/t AgEq1 cut off)

    Historical sampling by Newmont and due diligence sampling by Mirasol returned encouraging Au and Ag grades from selective sampling along the various vein structures (see news release January 13, 2020).  This more selective sampling, although not representative in nature, confirms the presence of higher grade pulses in the system that could be related to possible “leakage” during repetitive reactivation and subsequent sealing of the mineralized structures. The recent systematic sampling has revealed details of favourable vein textures and geochemistry which may provide vectors to potentially higher grade and completely preserved mineralized shoots at depth. Planned drill hole locations have been based on structural information collected from detailed mapping along the trend, as well as geochemical Ag and Au data. To date, the widths of most of the higher-grade mineralized pulses are sub-one meter at surface.

    Detailed geochemical analysis of the channel sample database has also shown a notable increase in precious metals grades and other pathfinder elements, which are vectoring to an elevation below 2,450m ASL, indicating that this elevation may represent a more favorable part of the hydrothermal system. The presence of boiling textures in outcrop (lattice blading and platy carbonate; as voids and pseudo-morphed by quartz), and anomalous trace element geochemistry (Zn, Pb, Sb, Te, Se and Bi) is also supporting the potential presence of an ISE-style Au and Ag mineralized zone below surface. 

    Drill Targeting Overview

    The 1,500m diamond drilling program, planned for Q1 2021, will target three of the most prospective zones along the principal Sandra trend, and initially test to a depth of 80 to 200m vertically below the outcropping surface exposures. These targets include Lomo Ballena (“LB”), Veta Escuela (“VE”) and Veta Valle (“VV”). The three targets, which represent the deepest eroded parts of the outcropping system (<2,450m ASL), show an overall increase in Au and Ag grades when compared with the higher elevation surrounding areas, and are considered geologically, structurally and geochemically strong targets for this initial drill program.

    The LB vein exposure is located along the 2,450m ASL elevation contour and sits on an important intersection of north-west and north-northwest trending structures. Cumulative vein, veinlets and stockwork reach up to 15m in width, with individual vein exposures of over 3m wide.

    The VE vein is exposed at an elevation 30m lower and to the northwest of the LB vein. This outcropping exposure has some of the best epithermal textures and shows clear evidence of the multi-pulse character of the local system, coincident with strong geochemical anomalies in Au and Ag.

    Finally, the VV vein forms the northwestern extension of the VE vein and is exposed by deeper erosion in the valley. This outcrop is the lowest topographically exposed vein structure along the main Sandra trend, with topography increasing to the northwest. This section of the trend hosts one of the highest assay results recovered in channel sampling to date, with an intersection of 0.36m returning grades of 0.43 g/t Au and 156 g/t Ag.

    Five diamond drill holes, ranging from 90 to 200m, have been selected as initial priorities. Based on results, an additional series of drill holes are planned to follow along strike, down-dip and to step out to other prospective epithermal structures in the system. Results will be reported when they are available.

    1Silver equivalent (“AgEq”) is calculated using the 3-year average metal prices of US$ 1457/oz for Au and US$ 17.18/oz for Ag. Recoveries are assumed to be 100% as no metallurgical test data is available. The equation used is thus: AgEq g/t = Ag g/t + (Au g/t x 84.81)

    Vania Prospect

    Vania, the next highest priority, is a concealed porphyry target located on a regional northeast lineament, below the Atacama gravels, with subtle hydrothermal alteration zones identified in the surrounded host rocks. Grid soil samples have identified Au anomalies surrounded by a halo of pathfinder metals (Hg-Mo-Ag-Ni-As) coincident with a magnetic depletion zone at the intersection of northwest and northeast lineaments.

    2020 Claim Expansion

    Mirasol has successful staked an additional 2,400 ha of claims, which are strategically located directly to the south of the Sandra target. The new claims cover some of the structural trend defined by the vein traces outcropping at the Sandra target. Mirasol will complete a first pass evaluation during the ongoing field campaign.

     

     

  • January 26, 2021
    Mirasol Resources Mobilizes to Commence Drilling at Self-funded Inca Gold Project, Chile

    November 25, 2020
    Mirasol Resources Reports on Surface Exploration Program and Drill Target Generation at Inca Gold Project, Chile

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

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

    January 13, 2020
    Mirasol to Acquire the Inca Gold Project in Northern Chile

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