Mirasol Resources Ltd (CVE:MRZ) (OTCPINK:MRZLF) (FRA:M8R) and partner Silver Sands Resources (CSE:SAND) have posted assays from diamond drilling at the Virginia project in Argentina, which show the potential to expand the current resource area.
The assays come from six holes for 903 metres (m) or 32% of the 2,831 m Phase I exploration program, which was completed in the fourth quarter last year.
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Results included 33.5m at a grade of 198 grams per ton (g/t) silver, with a higher-grade section of 17.7m grading 313 g/t silver in one hole at the Martina target. At the Ely Central target, another hole returned a 12m intercept of 184 g/t silver, which included a higher-grade intersection of 4.5m at 442 g/t silver.
This first phase drilling was completed at Virginia in late 2020 and was testing the potential for new high-grade silver zones to expand on the existing NI 43 101 resource.
That showed open-pit constrained indicated mineral resource of 11.9 million ounces of silver at 310 g/t and a further inferred 3.1 million ounces of silver at 207 g/t.
"Virginia is one of Mirasol’s flagship projects currently under partnership and located in a prolific silver mining district. The latest drill results confirm the strong potential to build on Virginia’s current resource base within the 74,000 ha mining concession, which remains unexplored. With Silver Sands, we intend to methodically explore the entire project to grow its scale," said Mirasol’s interim CEO Patrick Evans in a statement.
Silver Sands’ CEO Keith Anderson, added: "These results confirm our strong faith in the project, showing both strike potential for additional silver mineralization in known veins and indications of new mineralization in minimally to untested peripheral veins. We are excited to get the next phase of the fully funded 2021 exploration program underway to further expand the known mineralization and locate new mineralization."
Planning for a Phase II program is progressing well and Mirasol’s crew is mobilizing to recommence drilling later this month, the company added.
Shares nudged up 2% to C$0.51 in Toronto.
Contact the author at giles@proactiveinvestors.com