ARGENTINA – Canada’s Mirasol Resources announced that it has signed an option to purchase agreement which would allow it to complete the consolidation of the Sascha-Marcelina low sulphidation epithermal gold-silver district in the Santa Cruz province of southern Argentina.
In a press release, Mirasol explained that under the terms of the agreement, it can acquire 100% of the Marcelina claims from a privately owned mining company by making staged option payments totaling $3.4 million over four years. The company would also have to invest at least $300,000 in exploration during the first three years of the option period and the claims would be subject to a 1.5% net smelter royalty. The consolidation would expand the Sascha-Marcelina project to 30,600 hectares
The consolidation would expand the Sascha-Marcelina project to 30,600 hectares. According to the Vancouver-based miner, the district has a footprint in excess of 65 km2, as defined by anomalous gold and silver rock chip samples and satellite-based alteration mapping.
In the media brief, Mirasol also said that multi-kilometre long gold-silver vein and structural trends, which traverse and outcrop surrounding the Marcelina silica cap, display similarities in areal extent and geological setting to the Cerro Negro silica cap, where Goldcorp operates the Vein Zone and Bajo Negro mines in the Cerro Negro gold-silver mining district, located 100 km to the north of Sascha-Marcelina.
“Rock chip samples from the Sascha-Marcelina district have assays ranging from weakly gold anomalous (10’s ppb) in the area of the silica cap (above the mineralized epithermal interval), up to a peak assay of 160 g/t gold, (5.14 opt) and 780 g/t silver (25.07 opt) at the Sascha Main prospect,” the company stated.
Mirasol said it is now mobilizing a field team to the Marcelina district to begin a program of systematic surface exploration to define drill targets.
“Consolidation of the very prospective Sascha and Marcelina projects into a large scale district play has been a long term objective of Mirasol. This agreement will allow the multiple underexplored prospects to be systematically explored utilizing the company’s knowledge of large zoned epithermal gold and silver districts, gained through more than 15 years of successful exploration in Santa Cruz province,” president and CEO, Stephen Nano, said in the statement.
This story first appeared on www.Mining.com.