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Mirasol Receives US$400,000 Option Payment from Yamana Gold Confirming Continuation of Gorbea Gold Belt Joint Venture in Chile
Mirasol Receives US$400,000 Option Payment from Yamana Gold Confirming Continuation of Gor...
About this update from Mirasol Resources Ltd
[{"type":"text","content":"\n\n\n\nMirasol Receives US$400,000 Option Payment from Yamana Gold Confirming Continuation of Gorbea Gold Belt Joint Venture in Chile\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 30, 2017\n\n\n\nVANCOUVER, May 30, 2017 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) (the \"Company\" or \"Mirasol\") is pleased to announce that it has received a US$400,000 option payment from Yamana Gold Corporation (\"Yamana\") confirming that it will continue exploration at the Gorbea Belt Joint Venture (the \"Gorbea JV\") for a third year, targeting large, bulk-mineable oxide gold deposits.  \n\nThe Gorbea JV covers nine 100% Mirasol-owned precious metal properties totalling approximately 23,084 ha, including the Atlas and Titan projects.  Yamana has the option to acquire, in multiple stages, up to a 75% interest in these projects by completing a series of exploration expenditures, making US$2 million in staged option payments to Mirasol and funding Mirasol's 25% retained project capital position to production. \n\nSince inception of the Gorbea JV in March 2015, through to early February 2017, Yamana has reported to Mirasol that it has incurred exploration expenditures totalling approximately US$4.1 million, against the US$10 million required to satisfy the first stage of the option earn-in for a 51% interest in the Gorbea JV.  Yamana has also to-date made cumulative option payments totalling US$580,000 to Mirasol.\n\nThe Gorbea JV exploration program is targeting large-tonnage high-sulphidation epithermal (HSE) oxide gold deposits.  Recent significant discoveries of this deposit type have been made elsewhere in this same mineral belt by Gold Fields, at Salares Norte (resource of 3.8 Moz Au grading 4.6 g/t, and 43.8 Moz Ag grading 53.1 g/t1), and by Barrick Gold Corporation, at Alturas (inferred resource of 6.8 Moz Au grading 1.00g/t Au2).\n\nDuring the southern hemisphere 2015-16 summer exploration season, Yamana drilled a combined total of 6,146 m of DDH and RC in 14 holes across Atlas and Titan.  At Atlas, the...