logo-loader
viewMirasol Resources Ltd.

Mirasol Resources poised for further exploration in Argentina after closing option with Golden Opportunity Resources

The company has now inked the definitive agreement with Golden Opportunity Resources Corp, which was announced in February

Mirasol Resources Ltd. -
The pair are now establishing an exploration committee to finalize exploration and drilling plans

Mirasol Resources Ltd (CVE:MRZ) (OTCMKTS:MRZLF), the project generator, said Thursday it has now closed the previously announced option on its Virginia Silver project in Argentina, where drilling is expected to kick off in late Q3 or early Q4 this year.

The company has inked the definitive agreement with Golden Opportunity Resources Corp (CSE:GOOP), which has now completed an oversubscribed C$2.2 million financing, providing it with the financial firepower to advance the site, Mirasol told investors in a statement.

READ: Mirasol Resources' trenching at Los Amarillos project yields no drill targets

The pair are now establishing an exploration committee to finalize exploration and drilling plans.

"There are a variety of targets at Virginia, including the down-dip and along strike extensions of veins already in the resource, mapped but undrilled veins, and geochemical anomalies which may indicate the presence of new vein structures. All of these provide the potential to significantly increase the resource," said Norm Pitcher, the chief executive at Mirasol.

Mirasol first discovered the deposit in 2009 and has defined high-grade, epithermal style mineralization there.

A resource estimate in 2016 pegged higher confidence indicated resources at 11.9 million ounces of silver at 310 grams per ton (g/t) and a further inferred 3.1 million ounces of silver at 207 g/t. In  2018, further prospecting suggested the potential to expand the project.

Under the terms of the deal, Golden Opportunity has the option to buy 100% of the project over three years, by making staged payments of shares and cash. It must complete a total of US$6 million of exploration over the three years.

Mirasol will be the operator of the project during the option period and receive a management fee.

Upon completion, Mirasol will retain a 3% net smelter royalty (NSR) royalty, of which 1% can be bought back by Golden Opportunity for US$2 million.

Contact the author at [email protected]

Quick facts: Mirasol Resources Ltd.

Price: 0.37 CAD

TSX-V:MRZ
Market: TSX-V
Market Cap: $20.04 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Mirasol Resources Ltd. named herein, including the promotion by the Company of Mirasol Resources Ltd. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Mirasol signs deal to move forward on its Virginia project...

Mirasol Resources (CVE: MRZ- OTCPK: MRZLF) CEO Norm Pitcher joined Steve Darling from Proactive with news the company has signed a definitive deal with the company Golden Opportunity to move their Virginia Silver project in Argentina to the next step.   Pitcher telling Proactive how...

on 05/21/2020

2 min read