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Mirasol Options the Nico Silver-Gold Project to Coeur d'Alene Mines
VANCOUVER, Feb. 12 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ; Frankfurt: M8R) announces that it ...
About this update from Mirasol Resources Ltd
[{"type":"text","content":"\n\n\n\nVANCOUVER, Feb. 12 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ; Frankfurt:\nM8R) announces that it has signed an exploration option agreement with Coeur d\nAlene Mines (TSX:CDM, NYSE:CDE) to explore and develop Mirasol's 100% owned\nNico Project, located in the Deseado Massif gold-silver epithermal district of\nSanta Cruz province, southern Argentina.\n\n\nThe terms of the agreement provide that Coeur spend US $2.3 million in\nexploration over four years to earn a 55% interest in the property, and a 65%\ninterest on completion of a bankable feasibility study, at which time Mirasol\nmay elect to maintain a 35% participation. Coeur may acquire a 75% interest by\nproviding project development financing at commercial terms to Mirasol.\nAdditionally, during the exploration period Coeur will make cash payments\ntotaling US $250,000 to Mirasol and act as project operator.\n\n\nUnder the terms of the agreement, Coeur has a first year exploration\ncommitment of US $250,000 and will pay US $50,000 on signing of the agreement.\nExploration activities are projected to begin immediately, and include\ndetailed prospect mapping, additional geochemical sampling, and drilling.\n\n\nThe Nico project was identified and staked by Mirasol geologists through\nthe Company's proprietary generative exploration program which has identified\nmany new epithermal gold and silver systems in the Deseado Massif. The Nico\nmineral property comprises an area of 198 square kilometres and straddles a\nprovincial road 40 kilometres north of Coeur's producing bonanza-grade Martha\nsilver mine. During exploration campaigns from 2005 to 2008, Mirasol conducted\nan integrated exploration program of geological mapping, 120 line kilometres\nof gradient array IP/resistivity geophysics, 552 line kilometres of\nhigh-resolution ground magnetics and 134 rock chip samples, which outlined\nhighly prospective targets.\n\n\nInitial exploration returned up to 8.5 g/t gold and 324 g/t silver in\noutcrop from the Nico Main zone (see press release dated October 11, 2007).\nFurther exploration significantly extended the known mineralized trends and\nidentified five discrete gold-silver prospect areas on a regional basis,\ndefined by anomalous silver, gold or pathfinder elements and large chargeable\n/ resistive geophysical anomalies. The principal targets of the Nico Main zone\...