Connect with us

Precious Metals

Silver Sands Partner Mirasol Resources Announces Start of Drilling at Gorbea With 2021 Exploration Update

Mirasol today provided an update on exploration plans for the current field season…

Published

on

VANCOUVER, British Columbia, Nov. 24, 2021 (GLOBE NEWSWIRE) — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company” or “Mirasol”) today provided an update on exploration plans for the current field season and is also pleased to report that drilling has commenced at its Newcrest-partnered Gorbea Au project in Northern Chile.

Tim Heenan, Mirasol’s President stated: “We have made excellent progress on our self-funded and partnered projects and are off to a very strong start this field season. Drilling is currently underway at our partnered projects Gorbea, Nord and Virginia. We are very excited to be preparing for a maiden ground exploration program at our self-funded Sobek project to follow up on compelling magnetic features identified in the recently completed aeromagnetic survey. We are also currently conducting a deep-penetrating geophysical survey at our self-funded Sascha Marcelina project, which will be followed up by deep drilling to further test the principal sulphide-rich Pellegrini breccia target.”

A webinar with Tim Heenan, the Company’s President and Patrick Evans, the Executive Chair will be held on December 7th, 2021 at 10:00 am PT / 1:00 pm ET. A short presentation will be followed by a Q&A session. Registration can be completed using this link.

Figure 1: Mirasol’s Project Portfolio

Chile Update:

Newcrest plans to complete five reverse circulation drill holes for 2,500m on the Atlas and El Dorado prospects. Atlas is the most advanced prospect in the Gorbea high sulfidation epithermal (“HSE”) Au-Ag property package and has been the focus of Newcrest’s drilling activities to date. The El Dorado prospect is a new target that will be drill tested for the first time.

Atlas hosts widespread Au-Ag mineralization within the central breccia complex, which remains open to the north, east and southwest. Newcrest is planning to drill two holes at Atlas for 1,000m to test potential extensions and higher-grade mineralized zones.

El Dorado is located 10 km to the southeast of Atlas and the area between these two prospects is covered by post mineralization mafic volcanics. El Dorado comprises mid-Miocene felsic-andesitic lavas and volcanic breccias that have been intruded by daci-andesite domes and polymictic breccias with clasts of vuggy silica, which are host to a large (3.1 x 1.4 km) northwest trending zone of advanced argillic alteration. A geochemical soil sampling program completed by Newcrest has defined an anomalous zone of pathfinder elements including Sb, As, Se and Bi that is associated with the margins of a dome complex in the southern part of the property. A strong association of Bi, Mo, As, Se, Hg is also seen to be closely associated with zones of steam heated alteration in both the northern and southern parts of the prospect. Newcrest also completed five survey lines of Controlled Source Audio-Magnetotellurics (“CSAMT”), totalling 11.4 km, identifying multiple highly resistive (>10,000 ohm), subvertical zones along the margins of the southern outcropping dacitic dome complex that are coincident with steam-heated and alunite-altered polymictic breccias. Based on this surface work, Newcrest will drill three scout holes for 1,500m to test the north and south zones, which are characterized by coincident geochemical and geophysical anomalies in prospective geology.

  • Sobek Cu Project – Self-funded

The processing of the high-resolution aeromagnetic survey has been completed and multiple highly prospective geophysical targets have been identified. Preparations for a ground exploration program at Sobek are well advanced and Mirasol expects to complete an initial campaign before the end of the year. This program will assess the potential for porphyry Cu-Au and epithermal Au-Ag mineralization with geochemical sampling, detailed geological mapping and potentially additional ground (Induced Polarization (“IP”) and magnetics) geophysical surveys over priority prospects.

  • Altazor Au/Ag Project – Self-funded

Altazor is a drill-ready project with both a centrally located Maricunga-style Au-(Cu) porphyry target and a HSE Au-Ag target further to the south under post alteration young capping volcanic flows. Mirasol is considering self-funding an initial 2,000m drill program to test these two targets, but is also assessing partner opportunities to advance the project aggressively. Engagement with the local community on exploration plans is progressing.

First Quantum is preparing to further advance and test the porphyry Cu target previously delineated at the Coronación project during the current field season. Surface sampling, alteration and geological mapping and geophysical surveys completed to date have outlined an attractive porphyry target that displays characteristics similar to other Miocene age porphyry Au-(Cu) systems in the highly productive Maricunga belt.

  • Rubi Cu Project – Under Option to Mine Discovery Fund Pty Ltd.

Mirasol recently reported the results of a 1,887m drill program completed at the Rubi Cu porphyry project, which identified a large and strongly developed porphyry-style alteration system. A deep-sensing IP and magnetotellurics (“MT”) geophysical program is planned to be completed in Q1 2022 in preparation for follow-up drilling at the Lithocap and Zafiro targets.

  • Nord Polymetallic Project – Under Option with Encantada SpA

Drilling is ongoing at Nord to test the multiple north-northeast trending mineralized corridors identified on the property. Encantada has completed three drill holes located within the Mirasol property for a total of 500m as part of a 1,200m program.

  • Inca Gold – Self-funded

A geophysical survey focused on the Au anomaly outlined at the Vania porphyry Au-Cu prospect is expected to be completed in Q1 2022. Vania sits within a prospective structural setting within a strong north-northeast structural corridor which hosts the Inca del Oro porphyry to the south and the giant El Salvador mine to the north.

Argentina Update:

  • Sascha Marcelina Au/Ag Project – Self-funded

A deep penetrating IP geophysics program is underway at the Pellegrini target to follow up on the mineralization encountered during the Phase I drill program. A 450m-deep hole is planned for early December to test whether the broad interval of mineralization returned in hole PEL-DDH-005 is peripheral to a larger mineralized breccia body extending to depth and laterally.

The Phase III drill program at Virginia is progressing well, with 2,437m completed in 15 holes in proximity to the current Virginia Ag resource. Drilling is now focused on the Central and East zones at the Santa Rita target, 15 km north-northwest of the Virginia resource area, which is characterized by outcropping epithermal vein structures and zones of sheeted veinlets where surface rock chip sampling has returned encouraging Au and Ag results. Five holes for approx. 500m are planned at this prospect to test the continuation of Au-Ag mineralization at depth.

  • Libanesa Au/Ag Project – Under Option to Golden Arrow Resources Corp.

Golden Arrow has initiated its surface exploration program at Libanesa to refine targets for a drill program expected to commence in the first quarter of 2022. Reconnaissance rock chip sampling in proximity to the key prospects and soil (LAG) sampling lines have already been completed.

This season, Patagonia Gold will be advancing with the surface exploration work at Homenaje, which is located just to the south of their Cap Oeste operation. Exploration activities to define drill targets are to include detailed geological mapping, channel geochemical sampling across exposed structures, ground magnetics and IP geophysics surveys over priority targets.

Summary

Drilling is now ongoing on three projects (Gorbea, Nord and Virginia), with a fourth (Sascha Marcelina) to be drill tested shortly, for a cumulative 6,500m to be drilled by the end of 2021. Further drilling is anticipated in early 2022 as Mirasol and its partners are actively working to advance five additional projects to a drill-ready stage. This represents another active exploration season for Mirasol and will support strong news flow over the next 6 to 9 months as results are reported.

About Mirasol Resources Ltd.

Mirasol is a well-funded exploration company focused in Chile and Argentina. Mirasol has seven partner-funded projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals (Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile), Silver Sands Resources (Argentina), Patagonia Gold (Argentina) and Golden Arrow (Argentina). Mirasol is currently self-funding exploration at Sobek (Chile), Inca Gold (Chile) and Sacha Marcelina (Argentina).

For further information, contact:

Tim Heenan, President
or
Jonathan Rosset, VP Corporate Development

Tel: +1 (604) 602-9989
Email: [email protected]
Website: www.mirasolresources.com

Qualified Person Statement: Mirasol’s disclosure of technical and scientific information in this press release has been reviewed and approved by Tim Heenan (MAIG), the interim President for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101. Newcrest is the operator for the Gorbea project, and Mirasol relied on their internal quality control and quality assurance protocols.

Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

newcrest mining limited

Author: Author

Precious Metals

Crypto roundup: Is Bitcoin entering a… crab market? FTSE developing crypto index

With the crypto market getting its cues and clues from macro forces, some analysts are predicting potential choppy sideways action … Read More
The post…

With the crypto market getting its cues and clues from macro forces, some analysts are predicting potential choppy sideways action and a clawing sense of uncertainty for Bitcoin in the next month or two.

At the time of writing, trading on the major US stock markets, as reflected by the S&P 500 market index, has opened without too much drama. In fact, the index is up more than one percentage point right now. A few more words from the US Federal Reserve chief Jerome Powell this week, though, and who knows what could happen.

As for the crypto market, it’s down about 2%  from this time yesterday, but in better shape than it appeared at the start of the weekend just passed.

Coin360.com

All coins in the top 10 by market cap, aside from Terra (LUNA), are within about a percentage point or so to the positive or negative compared with this time on Sunday. And the fact that Bitcoin (BTC) and Ethereum (ETH) are both looking a fair bit healthier than a couple of days ago, at present, is cause for at least some temporary encouragement.

LUNA, by the way, having mooned past Dogecoin into the top 10, has pulled back a little bit – a bit of buyer exhaustion there, perhaps. It’s currently down 8.5 per cent in the past 24 hours.

Perhaps hinting at the possibility this bull market ain’t done yet, there are the odd few double-digit gainers in the top 100 standing out today, including: OKB +13.8%; PancakeSwap (CAKE) +11.5%; BitTorrent (BTT) +15%; Basic Attention Token (BAT) +11%; and Ecomi (OMI) +10%.

 

A Bitcoin crab market?

Some analysts, though, aren’t particularly sold on the idea that the crypto bull market will kick back into gear any time soon – at least not necessarily this month. There are, however, more crystal balls floating about Crypto Twitter than a fortune-teller convention. Copious grains of salt always required.

But here are some of the better known analysts predicting a bit of a crab (sideways) market for the meantime, including self-described possible cyborg, Kevin Svenson…

The wunderkind on-chain data genius Will Clemente, meanwhile, added in an ultimately positive resolution to the chop…

… while his fellow on-chain guru, the Kiwi-born Willy Woo, believes the OG crypto is “trading at a decent discount”.

Scott “the Wolf of All Streets” Melker believe’s Bitcoin could well “drive people nuts” for months, however, as it potentially ranges between its recent low of about US$42k and about the US$53k mark.

And if that sideways action does actually take place, or even if things do take more of a tumble from here, you can probably put a decent bet on that certain usual über-bullish suspects will be buying the Bitcoin dip. Heavily.

One of those will surely be El Salvador’s backwards-cap-wearing president Nayib Bukele, who provided the tweet of the month so far in response to the usual stuff from US gold bug Peter Schiff…

And lastly, for this section, a timely reminder from Benjamin “lengthening cycles, diminishing returns” Cowen about, well, a potential lengthening Bitcoin bull-market cycle…

 

Also making news: FTSE Russell developing broad crypto index

FTSE Russell, the company behind the benchmark index of the London stock exchange (the FTSE 100), is making a crypto move. A big one. Reports suggest that the firm is developing a crypto index containing 43 digital assets, to apparently sit alongside the FTSE 100 and Russell 2000 indexes.

FTSE Russell reportedly estimates that crypto will have a global market cap greater than US$3 trillion by 2025. Seeing as it’s more than two thirds of the way there now, true believers will probably view that as a somewhat conservative estimate.

The post Crypto roundup: Is Bitcoin entering a… crab market? FTSE developing crypto index appeared first on Stockhead.


Author: Rob Badman

Continue Reading

Economics

Business As Usual Despite Omicron

Investors hoping that Friday’s release of the November…

“Business As Usual” Despite Omicron?

By Jane Foley, head of FX strategy at Rabobank

Investors hoping that Friday’s release of the November US labor market would be a simple tick-box exercise for the Fed’s move towards policy normalisation were likely disappointed.  The headline non-farm payrolls report at 210K was only about half what the market had expected it to be, though the shock of this number was lessened by talk of a potentially unreliable seasonal adjustment in addition to a strong set of data from the household survey.  The latter showed a sharp drop in the unemployment rate to just 4.2% in November.  For many this will have been sufficient for the Fed to continue preparing to announce a hastening in the pace of tapering of its bond buying program at the December 14/15 FOMC meeting.  After a volatile fortnight on the back of fears of a more hawkish Fed, the Nasdaq closed down 1.92% on Friday.  While Asian stocks this morning mostly followed US stocks lower, futures are showing signs of resilience. 

Despite the confusion surrounding the economic implications from the Omicron variant, Fed Chair Powell and other FOMC members had suggested a ‘business as usual’ approach to policy last week by suggesting that a hastening in the pace of QE tapering very much remained on the cards.  The fact that the market consensus for this week’s US November CPI inflation release stands at a eye-watering 6.7% y/y will be seen by some as an endorsement of the Fed’s hawkish tone. 

That said, the IMF has warned of growth risks stemming from Omicron and other central banks seem prepared to take a more cautious approach.  The BoE’s Chief hawk Saunders, who voted for a rate hike in November, suggested on Friday that he would like more information on Omicron before deciding how to vote on policy next week.  The UK money market has backed away from fully pricing in a BoE rate hike for December, though a February move is still on the cards.  Both the BoC and the RBA are due to meet this week and steady policy is expected from both.  Omicron is likely to provide the RBA with further reason to extend its already dovish position.  That said, the strong rise in Canadian employment in November is feeding speculation that the BoC could bring forward rate hikes, with April being touted by commentators as a possible start date for policy tightening. 

There have been various headlines in recent days in a slew of countries about additional restrictions being put in place in an effort to slow the transmission of Covid.  Over the weekend police in Belgian used water cannon and tear-gas to disperse violent protests against fresh restrictions.  Germany last week announced social curbs on the unvaccinated while Greece introduced fines on the over-60s who refuse to be jabbed.

As evidenced by the protests, none of this sits comfortably in liberal democracies with some premiers, such as UK PM Johnson, likely very nervous of a backlash from any further fresh restriction.  Omicron has now been detected in seventeen EU countries and US data suggest that Omicron has spread to around one–third of US states, though Delta remains the dominant variant.  Encouraging there have been several press reports indicating that while Omicron may increase the risk of transmission, the symptoms may be milder.  This view was endorsed by US infectious disease official Fauci over the weekend who commented that “thus far it does not look like there’s a great degree of severity to it.”  That said, S. Africa is preparing its hospitals for more admission, though its low vaccine rollout rate will be a factor.

Bitcoin took a tumble over the weekend as profit-taking picked up momentum.  Gold found support on the fall back in longer term bond yields and oil prices picked up some support after Saudi Arabia raised prices for crude sold to Asia and the US.  No real progress appears to have been made on reviving the nuclear deal between the US and Iran.

Week ahead

President’s Biden and Putin will speak via video call on Tuesday amid mounting tensions over Ukraine.  This follows reports from US Secretary of State that there was evidence that Russia had made plans for a ‘large scale’ attack on Ukraine.  It is expected the Biden will reaffirm US support for the sovereignty and territorial integrity of Ukraine. Bloomberg news have reported that over the weekend there was a ‘testy exchange’ between US Secretary of State Blinken and Russian Foreign Minister Lavrov over Ukraine with the former recapping events in 2014 when more than 100 people participating in a peaceful protests were killed.

Evergrande is back in the headlines this morning following a statement from the Chinese property developers on Friday saying that creditors had demanded USD260 million and that it could not guarantee enough funds.  Chinese government officials summoned Evergrande’s Chair and the PBoC has stepped up its criticism of the company accusing it of ‘poor management’ and pursing ‘blind expansion’.  Reports in Chinese state media that Beijing will cut banks’ reserve requirement ratio ‘in a timely way’ lent a little support to mainland Chinese blue chips overnight

A decidedly weak -6.9% m/m print for October Germany factory orders this morning is a sharp reminder of the headwinds facing the Eurozone’s largest economy.  Tomorrow, German ZEW survey data is also expected to soften.  Key UK data this week includes monthly GDP data and production numbers for October.  In addition to the November CPI inflation data, the US calendar also includes the December Michigan confidence survey.  Ahead of next weeks Fed, ECB, BoE and BoJ policy meetings little additional direction can be expected from central bankers leaving more room for investors to seek clues from this week’s BoC and RBA policy meetings. 

Tyler Durden Mon, 12/06/2021 – 09:30

Author: Tyler Durden

Continue Reading

Articles

Karora Resources Strengthens Board with Appointment of New Australian-based Director Shirley In’t Veld

TORONTO, Dec. 6, 2021 – Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) (“Karora” or the “Corporation”) is pleased to announce the appointment…

TORONTO, Dec. 6, 2021 – Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) (“Karora” or the “Corporation”) is pleased to announce the appointment of Shirley In’t Veld to its Board of Directors effective immediately.

Paul Andre Huet, Chairman and CEO of Karora said, “”I am pleased to welcome Shirley In’t Veld to Karora’s Board of Directors. The addition of Shirley’s extensive experience as a senior executive and director in the Australian mining, renewables and energy sectors to our team further strengthens our Board and is a strong endorsement of Karora’s position as a premier gold producer. In particular, her experience as a former Director of Northern Star Resources (an Australian gold producer with World class projects located in Australia and North America), her in depth knowledge of Western Australia, and expertise in ESG matters will be a tremendous addition to our Board. We look forward to benefitting from Shirley’s input as we continue to unlock the full potential of our Australian operations.”

Shirley In’t Veld has over 30 years of career experience in mining, renewables and energy sectors. She is currently a Director of Alumina Limited, NBN Co Limited (National Broadband Network Co.) and APA Group. She was formerly Deputy Chair of CSIRO (Commonwealth Science and Industrial Research Organisation), Director of Northern Star Resources Limited, Perth Airport, DUET Group, Asciano Limited and Alcoa of Australia Limited and a Council Member of the Chamber of Commerce and Industry of Western Australia. She was also the Managing Director of Verve Energy (2007 – 2012) and, previously, served 10 years in senior roles at Alcoa of Australia Limited, WMC Resources Ltd, Bond Corporation and BankWest Perth.

In 2014, Shirley was Chair of the Queensland Government Expert Electricity Panel and a member of the Renewable Energy Target Review Panel for the Australian Department of Prime Minister and Cabinet. She also served as a member of the COAG Energy Council Selection Panel, a Council member of the Australian Institute of Company Directors (Western Australia) and the SMART Infrastructure Facility (University of Wollongong).

About Karora Resources 

Karora is focused on doubling gold production to 200,000 ounces by 2024 compared to 2020 and reducing costs at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations (“HGO”) in Western Australia. The Higginsville treatment facility is a low-cost 1.6 Mtpa processing plant, expanding to a planned 2.5 Mtpa by 2024, which is fed at capacity from Karora’s underground Beta Hunt mine and Higginsville mines. At Beta Hunt, a robust gold Mineral Resource and Reserve is hosted in multiple gold shears, with gold intersections along a 4 km strike length remaining open in multiple directions. HGO has a substantial Mineral gold Resource and Reserve and prospective land package totaling approximately 1,900 square kilometers. The Company also owns the high grade Spargos Reward project which is anticipated to begin mining in 2021. Karora has a strong Board and management team focused on delivering shareholder value and responsible mining, as demonstrated by Karora’s commitment to reducing emissions across its operations. Karora’s common shares trade on the TSX under the symbol KRR and also trade on the OTCQX market under the symbol KRRGF.

Cautionary Statement Concerning Forward-Looking Statements

This news release contains “forward-looking information” including without limitation statements relating to the growth potential of the Beta Hunt Mine, the results of exploration and development work, liquidity and capital resources of Karora, production guidance and the potential of the Beta Hunt Mine, Higginsville Gold Operation, the Aquarius Project and the Spargos Gold Project.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Karora to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Karora ‘s filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR at www.sedar.com.

Although Karora has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Karora disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Cautionary Statement Regarding the Higginsville Mining Operations
A production decision at the Higginsville gold operations was made by previous operators of the mine, prior to the completion of the acquisition of the Higginsville gold operations by Karora and Karora made a decision to continue production subsequent to the acquisition. This decision by Karora to continue production and, to the knowledge of Karora, the prior production decision were not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Corporation’s cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.

www.karoraresources.com

SOURCE Karora Resources Inc.



Author: MikeyMike426

Continue Reading

Trending