Mirasol Resources Ltd has told investors that Newcrest International has given notice to terminate its option and farm-in agreement at the company’s Altazor project in Chile. However, it said the gold mining giant will continue exploring at the Gorbea project, also in Chile, with a drill program planned to start in the fourth quarter of 2021.
In an update on the two high sulfidation epithermal (HSE) gold projects, Mirasol said Newcrest made the decision to focus its exploration efforts elsewhere in Chile, including at Gorbea. It said Newcrest has spent more than US$3 million on the Altazor project and highly prospective drill-ready targets have been identified, which now remain untested.
“Mirasol has commenced a detailed review of the Altazor exploration data and targets generated in order to assess its options to advance the project,” Mirasol president Tim Heenan said in a statement.
“We are continuing to engage with local stakeholders to be in position to drill the project during the upcoming field season either with a partner or as a self-funded project. Altazor has some of the most attractive drill targets in our portfolio,” he added.
WATCH: Mirasol Resources continues to be busy with exploration in Chile and Argentina
Heenan said Newcrest expects to complete at least 2,000 metres of drilling at Gorbea this year, which will include an initial drill test of the promising El Dorado gold target.
The El Dorado project is located just 6 kilometres to the southeast of the Atlas target and only separated by recent post mineralization mafic volcanics. Geological mapping and geophysical CSAMT (controlled source audio magnetotellurics) resistivity anomalies at El Dorado have defined new and attractive targets.
Mirasol is a well-funded exploration company focused in Chile and Argentina. The company has six partner-funded projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals (TSX:FQM) (Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile), Silver Sands Resources (Argentina), and Patagonia Gold (Argentina). Mirasol is currently self-funding exploration at two projects, Inca Gold (Chile) and Sacha Marcelina (Argentina).
Contact the author at stephen.gunnion@proactiveinvestors.com