Mirasol Resources Ltd (CVE:MRZ) (OTCPINK:MRZLF) (FRA:M8R) has kicked off a new 2,700 metres drill program at its Virginia Silver project in Santa Cruz, Argentina, it announced Tuesday.
The Phase II program, which is being funded as part of a partnership with Silver Sands Resources Corp (CSE:SAND) (OTCQB:SSRSF) is designed to test gaps and extensions of the main veins at six targets on the property.
Mirasol will also follow up and drill down dip and adjacent to some of the more promising intersections from its 2,831-metres (m) Phase I program that was completed last year.
Virginia is a high-grade silver project with an open-pit constrained indicated mineral resource of 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.
Virginia – Plan map with the Phase II drill hole collar location
“The Phase II drill program promises to be exciting as we continue to expand the area of mineralization at Virginia,” Mirasol’s interim CEO Patrick Evans said in a statement.
Silver Sands will fund exploration expenses well over the US$1 million commitment for the first 12 months, Evans told investors. “We are pleased to see them taking full advantage of the current exploration season.”
Mirasol, a Vancouver-based project generator, and Silver Sands will also drill three holes at the Santa Rita target on the northern portion of the property, the company told shareholders.
Previous exploration at Santa Rita has defined an open-ended 3,500m long by 500m wide northwest orientated trend containing mapped breccia veins with silver epithermal mineralization generally less than 10m wide. The target saw around 2,050m sunk across 12 holes, but updated interpretation indicates that these historic holes may have not been drilled deep enough as the mineralization identified to date is hosted in cooler, high level silica species, according to Mirasol.
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