Mirasol Resources has signed a definitive option agreement for its Rubi Copper Porphyry Project in northern Chile with Australian firm Mine Discovery Fund (MDF).
The Rubi Project hosts two large-scale copper-molybdenum-gold exploration targets, and the MDF partnership has solidified a commitment to the 2,000m drill program at the Lithocap and Zafiro sites, which will begin when permitting has been is finalized. Mirasol’s stream sediment sampling has found strong evidence of copper in the area, and exploration is slated to begin in Q2 2021.
Mirasol granted MDF the option to earn-in 80pc of the project over eight years with Marisol remaining its operator during the option period. After completion of the initial drill program commitment, MDF is required to invest a minimum of $1mn annually in exploration. Upon completion of the earn-in, MDF will have the opportunity to acquire the remaining 20pc stake.
The Rubi project is located on 7,543 acres within Chile’s Paleocene porphyry belt, home to other drill sites. The Lithocap site has previously been drilled, but Mirasol found potential concealed materials outside previous drill holes. The Zafiro target is a gravel-covered area with magnetic signatures. Various geographical details point to the potential for similar characteristics as the El Salvador mining district.
Mirasol is an exploration company that operates in Chile and Argentina. The company is currently self-funding project explorations in Chile (Inca Gold) and Argentina (Sacha Marcelina). Mirasol presently has six partner-funded projects, with five in Chile and one in Argentina with Silver Sands Resources. The ones in Chile are two with Newcrest Mining, one with First Quantum Minerals, one with Mine Discovery Fund, and the last with Mineria Activa.