Mirasol Resources Ltd. (TSX-V:MRZ, OTC:MRZLF) reported that it has identified a porphyry copper alteration system after completing a diamond drill program at its Rubi Copper project in Chile, under an option agreement with Mine Discovery Fund (MDF).
The Vancouver-based exploration company, which is focused on Chile and Argentina, said the drilling focused on the Lithocap and Zafiro targets. The results clearly indicate the presence of “a large and strong prospective porphyry-style alteration system,” according to the company.
MDF is planning a deep sensing Induced Polarization and magnetotellurics geophysical program to focus on follow-up drilling on better-mineralized porphyry targets.
READ: Mirasol Resources initiates 2,000-meter drill program at Rubi Copper project in Chile
In a statement, Mirasol President Tim Heenan said: “Rubi is located in a highly prospective neighborhood with Codelco’s El Salvador Copper Mine just 20 kilometers (km) to the north and in a very similar geological environment.”
“We are pleased to continue working with MDF to explore the potential at Rubi. We look forward to the upcoming geophysical campaign to help us refine targets for our next drill program,” he added.
Meanwhile, MDF Managing Director Joe Webb noted that the results of the Phase I drilling at Rubi were “very encouraging.”
“Drilling intersected strong phyllic and sulphide alteration, plus intense anhydrite veining and sulphide mineralisation with increased alteration intensity to the south, possibly representing a single multi-kilometre scale alteration system indicative of a large hydrothermal system,” added Webb. “MDF is looking forward to progressing exploration at Rubi.”
A total of 1,887 meters (m) of core in 10 vertical and inclined (-70°) holes was completed, with 719m in eight holes at Lithocap, and 1,168m in two holes at the Zafiro.
The company said the drill results indicate proximity to a potential covered and well-mineralized porphyry copper system, based on the following:
- The occurrence of porphyritic daci-andesite intrusive rocks and hydrothermal brecciation exhibit strong quartz-sericite (phyllic) alteration overprinting now relict K-feldspar alteration that host trace fine pyrite-chalcopyrite-magnetite mineralization.
- Good ground preparation, which is critical for mineral deposition with strong to locally intense fracturing infilled with late gypsum/anhydrite and calcite veining.
- The presence of anomalous copper, Molybdenum (Mo) and locally elevated geochemistry results over substantial intervals.
- Assay results for both holes (RD-DD-001/009) at the Zafiro target returned weakly anomalous copper (Cu) around 105 part per million (ppm) over significant intercepts, including a higher-grade 4m interval in hole RB-DD-001 from a phyllic altered zone, which averaged 416 ppm Cu, and elevated As and Mo (640-1040 ppm and 7-11 ppm respectively).
At the Lithocap target, seven short vertical holes for 569m were completed to sample bedrock under shallow gravel cover to the west and south of the outcropping. The hydrothermal brecciation and phyllic alteration intersected by these drill holes is the strongest encountered on the target to date, said the firm. It indicates that the drilling is potentially closing in on the “central more prospective part of this porphyry system,” added the company.
Vectoring from the data provided from these drill holes combined with that from previous drill holes at Rubi, led to a single vertical, deeper hole RB-DD-010 also being drilled. Assays from the hole returned anomalous Cu and Mo over the entire extent of bedrock intercepted over 155.7m from 89.9m to 245.6m, with weighted averages of 124 ppm Cu and 2.2 ppm Mo.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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