Mirasol Resources Ltd. discloses that its partner Golden Arrow Resources Corporation has begun the first diamond drilling program at the Libanesa silver–gold project in Argentina’s Santa Cruz region. To evaluate the Cerro Redondo, Lagunita and Lagunita West prospects, up to 2,000 m of drilling will be completed in 18 holes varying in depth from 75 to 250 m.
Libanesa project and planned drill holes. Image Credit: Mirasol Resources Ltd.
We are pleased by the fast progress from our partner at Libanesa. Their surface work has confirmed and refined the drill targets previously delineated by Mirasol as well as identifying new prospective targets.
Tim Heenan, President, Mirasol Resources Ltd.
Libanesa is a 14,500-hectare silver–gold (lead) project situated on the northeastern border of the Deseado Massif Gold-Silver metallogenic region, about 40 km northwest of Yamana Gold’s Cerro Moro Mine and 100 km northeast of Cerrado Gold’s Don Nicolas Mine.
Golden Arrow has six years to gain a 75% interest in Libanesa by investing US$4 million on exploration, drilling a minimum of 2,000 m, and making US$1 million in payments to Mirasol. Mirasol would maintain a 25% participating interest in the project.
Golden Arrow, as the operator, launched a detailed surface work program following the execution of the definitive agreement to clarify the previously stated objectives and examine new regions within the site.
They have gathered 274 channel and rock chip samples from 20 trenches so far.
Target Highlights
This summary is based on data given by Golden Arrow and mentioned in their March 24th, 2022, News Release. Mirasol’s Qualified Person reviewed it through.
The Cerro Redondo potential region contains a sub-circular geomorphic structure with a diameter of about 1 km and multiple gold–silver–lead anomalies within and around it. There are a few more targets within 500 m of this feature.
Cerro Plomo is the prospect’s main target, and it is also defined by a well-mineralized gold-silver hydrothermal breccia that is visible at the surface. Chargeability and resistivity geophysical anomalies at depth also support this target. The hydrothermal breccia has a diameter of around 50 m and is found in lapilli and crystal tuffs, as well as pyroclastic breccias.
Mineralization occurs mostly in the breccia matrix, with rock chip samples ranging up to 2.55 g/t Au and 2,802 g/t Ag. Channel samples yielded 1.21 g/t Au and 13.5 g/t Ag up to 11 m.
Golden Arrow revealed disseminated mineralization in the crystal tuffs outside the main hydrothermal breccia with up to 0.32 g/t Au and 15 g/t Ag in recent comprehensive channel sampling. Cerro Redondo will have 13 drill holes.
The Lagunita target is located about 5.5 km north of Cerro Redondo and contains usual low sulfidation epithermal veins and breccias. Mirasol identified intermittent vein formations outcropping/subcropping over post-mineral cover along a strike length of approximately 2.3 km.
A second target identified by Golden Arrow’s surface work program is Lagunita West, where silicified tuffs with quartz veinlets and disseminated pyrite characterize a distinct epithermal system with high gold and low silver.
Golden Arrow gathered twelve rock chip samples over 400 m in Lagunita West and found four abnormal values of 2.4 g/t Au, 0.31 g/t Au, 0.17 g/t Au, and 0.15 g/t Au, all of which coincided with a northwest striking magnetic low. For these two targets, five drill holes are proposed.