LSE Gold Silver Project
Sascha Marcelina is a 30,600 ha LSE gold-silver property located at the north-central part of Santa Cruz in Argentina. The project is conveniently accessible to the provincial road, Ruta 39, and with potential trucking distance of the multiple mine facilities.
The project is located 100 km south of Newmont’s Cerro Negro mine and displays similar geologic and geomorphic settings. Anomalous rock chip Au+Ag assays and Aster satellite alteration anomalies have defined a large-scale, zoned alteration system characteristic of an LSE Au+Ag system. Multiple, multi-kilometre long, mineralized vein and silicified breccia trends have been recognized across the project.
The exploration work completed between 2006 and 2009 have shown a large-scale, zone alteration system characteristic of a large LSE Au+Ag system. Following the consolidation of the property package in 2019, Mirasol initiated additional surface exploration programs and is now searching for a partner to drill test the targets defined on the property.
In early 2019, Mirasol consolidated the large prospective Sascha-Marcelina property by signing an option to purchase agreement for the 5,700 ha from a privately-owned mining company.
Mirasol can acquire 100% of the 5,700 ha claims by making staged option payments totalling US$3.4 million over four years, with US$3.15 million due on the 4th anniversary. If the option is exercised, the Marcelina claims will be subject to a 1.5% NSR royalty. There is a minimum US$300,000 exploration spending commitment by Mirasol during the first three years of the option period.
Mirasol signed an option to purchase agreement for 5,700 ha claims from a privately-owned mining company and consolidated the large prospective Sascha-Marcelina property under one company for the first time.
Following this consolidation, Mirasol has completed an integrated interpretation of district-scale exploration data sets collected prior to 2009. Anomalous rock chip Au+Ag assays and Aster satellite alteration anomalies define a 16.5 x 4.0 km (65 km2) “footprint” to the district, showing a large-scale, zoned alteration system characteristic of a large LSE Au+Ag system. Five, multi-kilometre long, mineralized vein and silicified breccia trends have been recognized to date across the consolidated district. The trends traverse the Pellegrini Silica Cap, or outcrop through post-mineral gravel and basalt cover that surrounds the Silica Cap.
The geologic and geomorphic setting of the Pellegrini Silica Cap and related silica structures and veins is analogous to the setting of the Cerro Negro Mine, which is a high grade, low-cost underground mine operated by Newmont Goldcorp. Cerro Negro is located approximately 100 km to the north of the Sascha-Marcelina project.
Interpretation of mapped volcanic and sedimentary stratigraphy, Au+Ag and multi-element geochemistry and alteration mineralogy shows that different levels of the epithermal system outcrop across the district, exposing what are interpreted to be different levels of the mineralized column of an LSE Au+Ag system.
The surface exploration activities completed this field season on the Sascha-Marcelina Project (see news release July 18, 2019) include geological mapping aided by the acquisition of drone supported high-resolution base images, detailed rock chip sampling, extensive soil grid sampling (with PXRF sourced geochemistry) and the acquisition of alteration data using in-house handheld ASD (Analytical Spectral Devices) technology on all of the rock chips and soil samples collected to date. This recent work has defined a large alteration footprint located in the immediate vicinity of the 11 Marcelina claims and hosting an epithermal silica vein system with multiple mineralized trends. Within this area, new prospects have been recognized, with the “Estancia trend” and the “Igloo trend”, both located in close proximity to an extensive Pellegrini Silica Cap, which is interpreted as representing the preserved fossil paleosurface of a low sulfidation system.
To date, a total of 422 new rock chip samples have been collected from within the Marcelina area with assays averaging 0.25 g/t Au and 2.46 g/t Ag and up to 27.7g/t Au and 121g/t Ag, taken from epithermal silica vein/veinlets and silica-hematite hydrothermal breccias. These precious metal values are accompanied by highly elevated epithermal pathfinder elements including arsenic, antimony, tellurium, and anomalous lead and zinc. Mirasol has also recently completed further surface exploration including a total of 40 line-km of IP geophysics survey over the three principal areas - the Estancia trend (20.5 line-km), the Pellegrini silica cap (14.2 line-km) and the Igloo trend (5.35 line-km).
Mirasol has integrated these results, along with those from the recent mapping and sampling campaigns to define drill targets at all three prospects. Mirasol is making good progress in its search for a partner to drill test the project.
Mirasol staked the Sascha Project in 2003 to secure the 5 km long Sascha Vein Zone, which was partially drill tested on the western end while under an exploration agreement to Coeur Mining (“Coeur”) from 2006 to 2009. Coeur terminated the agreement in 2009 and returned 100% of the project to Mirasol.
Coeur’s exploration program included:
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