Mirasol Resources Ltd (CVE:MRZ) (OTCMKTS:MRZLF), the project generator, said it was eyeing results next year from ongoing drilling program at Gorbea in Chile as well as from its trenching program at Los Amarillos, also in the South American country.
It came in a statement, in which Mirasol revealed that Hochschild Mining Plc had informed it of the decision to terminate the option agreement for the Indra Project in Chile.
"Based on the results and Hochschild's decision to terminate the agreement, Mirasol will drop the Indra project and focus its exploration and business development efforts on other opportunities," said Mirasol.
In October, Mirasol said it had completed a six-hole, 1,685 metre (m) reverse circulation drill program on the Indra property in Chile, under the option to the joint venture agreement with Hochschild Mining.
The program was targeting the depth extension of the carbonate veins mapped and sampled at surface. Assays were received and no mineralization was encountered, it said.
"We wish to thank Hochschild and its exploration team for their investment and for the work completed on the project over the last 12 months and we hope to work with Hochschild again in the near future," said Norm Pitcher, the president and CEO of Mirasol.
"As the year wraps up, we are now looking forward to a positive start to 2020, with results expected from the ongoing drilling program at Gorbea as well as from our trenching program at Los Amarillos."