ISE Gold Silver Project
Controlled through an option agreement with Newmont Corporation
Inca Gold Project is a 16,200 ha ISE gold and silver property located within the Inca Del Oro mining district of the Paleocene belt of Chile. The Inca Del Oro district is known for hosting Santiago Metals’ San Pedro de Cachiyuyo Cu-Au tourmaline breccia deposit and PanAust/Codelco’s Inca de Oro Cu-Mo-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.
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.
The 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.
The completed surface and prospecting activities to date have identified five target areas (Rincon, Guerda, Inca North, Sandra and Vania) - none of which have been drill tested.
Located at the southwestern border of the property, Sandra is a target where a large hydrothermal system with the development of intermediate sulfidation mineralization has been recognized.
Mineralization at Sandra comprises of at least five subparallel trends striking NW within an area of 2.5 kilometers x 4 kilometers, with continuous individual vein trends extending over lengths of up to 1.2 kilometers with wide individual veins (up to 3 meters) and intervening sheeted vein zones (20 meters).
Vein textures are comprised of brecciated and crustiform-colloform banding with commonly bladed textures. Multiple pulses of vein fill is observed with a first stage of crystalline quartz with elevated Cu-low Au grades, generally occupying the margin of the veins at the contact with host rocks, and a second stage of colloform-crustiform banding with fine-grained quartz and abundant Mn oxides, sulfide-rich bands (now completely leached and replaced by hematite), high Ag-Zn-Pb (±Au) values, including:
The Sandra prospect may potentially host concealed or blind veins.
Mirasol´s exploration plans include a systematic geological mapping and sampling program as well as electrical IP geophysics to aid in the selection of the best targets for the maiden drill program. Structural mapping and interpretation will be used to gain a clear understanding of the controls on mineralization and to define drill targets. Mirasol may use a small portable diamond drill rig to minimize environmental impact during the first drill campaigns, which will include up to 1,500 meters as an initial test-of-concept at this exciting under-explored 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.
Mirasol has successful staked an additional 2,200 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.
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