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Virginia

Project Overview

The road accessible Virginia Silver Project lies in Santa Cruz province, Argentina in the region known generally as Patagonia. The original 32,730 hectare property was increased to 59,747 hectares in 2016 as a result of discovery on new mineralization to the south of the known silver vein. Included in the property package are two large ranches (Estancias) totaling almost 36,000 hectares.

Silver Sands - Virginia Property Location Map

Virginia lies within the Deasado Massif, a large regional complex consisting mainly Jurassic volcanic and other older rocks surrounded by younger Cretaceous and Tertiary sedimentary rock which form basins and lap onto the older units. The Massif is dominated by middle Jurassic Rocks of the Bahia Laura Group, which are mainly volcanic in origin. The Bahia group is sub-divided into the Chon Aike Formation, mainly felsic volcanic rocks, and the Bajo Pobre Formation, mainly intermediate or mafic volcanic rocks. Both units appear to be of middle to upper Jurassic age and both are known to host important precious metal deposits believed to be upper Jurassic in age. Bahia Laura is overlain, and probably in part interbedded with, the Matilde Formation comprised of fine grained tuffaceous and sedimentary rocks of upper Jurassic age. These are the units which contain most of the known precious metals in the massif.

Early Exploration

Silver Sands - Virginia Property Regional Geology

Initial Mirasol exploration in the early 2000’s focused on the Santa Rita zones in the north of the original claim block and resulted in an agreement with Hochschild Mining Corporation through 2008, during which time surface programs and drilling were completed. After Hochschild terminated the option, Mirasol focussed exploration to the south and located the Julia and other silver veins in the Virginia Window, an erosional window through the thin overlying post-mineralization tuffs. The silver veins are hosted by a Jurassic-age volcanic sequence consisting of local, generally felsic lava flows and pyroclastic tuffs and volcanic breccias overlain by a distinctly different post-mineral ash-flow ignimbrite.

Exploration of the Virginia Veins consisted of geological mapping, rock sampling, geophysics, trenching, and drilling. Initial surface rock chip sampling revealed significant silver grades over impressive widths over potentially interesting strike lengths. Channel sampling and geological mapping at 1:50 scale along saw-cut channels confirmed significant widths and grades of silver mineralization, with the first series of channel samples on the Julia Veins averaging 792 g/t silver over 1.88 metres.

Virginia Veins Exploration

Silver Sands - Virginia Property Ground Magnetic Survey

Exploration of the Virginia Veins consisted of geological mapping, rock sampling, geophysics, trenching, and drilling. Initial surface rock chip sampling revealed significant silver grades over impressive widths over potentially interesting strike lengths. Channel sampling and geological mapping at 1:50 scale along saw-cut channels confirmed significant widths and grades of silver mineralization, with the first series of channel samples on the Julia Veins averaging 792 g/t silver over 1.88 metres.

Four programs of diamond drilling between 2010 and 2012 totalled 23,318 metres in 227 holes (including holes which were redrilled to improve the core recovery). Seven distinct segments of four of the known veins were drilled, with highlight drill intersections shown in the following table:

Silver Sands - Virginia Property Resources

Virginia Veins Drilling

hole intercept from (m) intercept to (m) core length (m) interce pt angle
(°)
true width (m) Ag (g/t) Ag grade x true thickness
(g/t * m)
Core Recovery % Comments
JULIA NORTH
VG-036 15.40 53.00 37.60 76 36.48 312 11,389 90
included 21.35 26.85 5.50 76 5.34 1,843 9,835 85
VG-006A 13.00 39.00 26.00 69 24.27 326 7,901 96 twin hole
included 18.65 24.52 5.87 69 5.48 1,038 5,687 98 twin hole
VG-017A 27.00 106.90 79.90 51 62.09 125 7,752 98 twin hole
included 37.90 44.75 6.85 51 5.32 912 4,858 95 twin hole
JULIA CENTRAL
VG-068 64.00 105.45 41.45 60 35.90 200 7,167 93
included 72.19 78.80 6.61 60 5.72 669 3,832 83
VG-050A 37.69 71.00 33.31 58 28.25 220 6,216 98 twin hole
included 37.69 59.05 21.36 58 18.11 303 5,483 96 twin hole
VG-043A 44.00 95.00 51.00 63 45.44 129 5,868 96 twin hole
included 54.94 75.02 20.08 63 17.89 255 4,570 95 twin hole
JULIA SOUTH
VG-012 27.00 40.00 13.00 48 9.66 215 2,082 90
included 34.10 35.40 1.30 48 0.97 742 717 97
VG-023 24.50 36.70 12.20 45 8.63 221 1,904 81
included 33.00 36.70 3.70 45 2.62 560 1,465 98
VG-003 39.50 47.70 8.20 40 5.27 328 1,726 98
included 39.50 41.65 2.15 40 1.38 672 929 97
NATY
VG-053 46.70 75.00 28.30 70 26.59 230 6,111 89
included 50.40 54.10 3.70 70 3.48 1,402 4,874 94
VG-041A 47.50 98.00 50.50 68 46.82 123 5,739 100 twin hole
included 71.40 78.15 6.75 68 6.26 532 3,327 99 twin hole
VG-040A 15.00 66.00 51.00 68 47.29 86 4,043 92 twin hole
included 41.00 48.70 7.70 68 7.14 205 1,460 84 twin hole
ELY SOUTH
VG-138 105.00 133.00 28.00 41 18.37 195 3,575 99
included 110.90 115.50 4.60 41 3.02 493 1,489 100
VG-127 124.60 151.50 26.90 34 15.04 135 2,024 98
included 144.48 145.67 1.19 34 0.67 1,760 1,171 91
VG-113 63.00 97.00 34.00 40 21.85 79 1,735 97
included 87.80 90.75 2.95 40 1.90 495 939 91
ELY NORTH
VG-184 75.94 172.08 96.14 56 79.70 55 4,380 96
included 160.65 163.40 2.75 56 2.28 419 956 99
VG-161 92.00 164.70 72.70 56 60.27 47 2,860 99
included 155.80 163.47 7.67 63 6.83 129 881 100
VG-105 68.00 119.00 51.00 30 25.50 88 2,233 99
included 77.74 82.90 5.16 30 2.58 142 367 98
included 102.50 116.00 13.50 30 6.75 137 928 99
MARTINA
VG-089A 31.00 46.00 15.00 43 10.23 245 2,510 95
included 32.80 38.06 5.26 43 3.59 530 1,901 89
VG-119B 27.00 65.65 38.65 41 25.36 61 1,541 94 twin hole
included 42.75 48.50 5.75 41 3.77 155 585 91 twin hole
VG-094A 24.37 44.20 19.83 41 13.01 61 797 93 twin hole
included 26.94 30.53 3.59 41 2.36 119 280 93 twin hole

Virginia Current Resource

The drilling was successful in the definition of preliminary indicated and inferred resources in 2014. The resources was disclosed in “Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina - Initial Silver Mineral Resource Estimate” by Earnest, D.F. and Lechner, M.J. dated February 29, 2016 with an effective date of October 24, 2014. The Mineral Resource is contained in seven outcropping silver-bearing epithermal-type veins that demonstrate reasonable continuity along strike and at depth beneath the surface. These Mineral Resources were estimated using silver assay data from a total of 191 surface trench channel samples and samples from 223 diamond drill holes. The Mineral Resources for each individual vein were based on rotated three-dimensional block models consisting of 2-meter by 2-meter by 2-meter blocks. Estimations of block grades were derived from 2-meter-long down-hole/along-trench assay composites constructed from individual high-grade outlier-capped raw silver assays, using a three-pass inverse distance cubed (1/d3) estimation method. Block tonnes were estimated based on density factors of 2.52 g/cm3 for vein/breccia material and 2.11 g/cm3 for halo/wallrock material. All of the mineral resources are contained within conceptual open pits that were generated using the following parameters:

Silver Sands - Virginia Property Current Resource

The Indicated Mineral Resources is 1,197,000 Tonnes @ 310 g/t Ag (11,927,000 Ag Ounces) and the Inferred Mineral Resource is 460,000 Tonnes @ 207 g/t Ag (3,062,000 Ag Ounces). The details are shown in the following tables:

PIT CONSTRAINED DILUTED MINERAL RESOURCE ESTIMATE VEIN-BRECCIA $US20 SILVER (63 G/T SILVER CUTOFF)

Deposit INDICATED RESOURCES* INFERRED RESOURCES
Tonnes (000) Ag (g/t) Ag oz s (000) Tonnes (000) Ag (g/t) Ag oz s (000)
Julia North 561 402 7,251 5 344 55
Julia Central 252 239 1,936 94 189 571
Ely South 171 184 1,012 76 187 457
Julia South 110 291 1,029 61 175 343
Naty 45 285 412 144 268 1,241
Ely North 58 154 287 53 138 235
Martina 0 0 0 27 184 160
Total 1,197 310 11,927 460 207 3,062

*Note: Mineral Resource Estimates which are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resource Estimates have a high degree of uncertainty as to their existence, and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a high category. Reger to Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina - Initial Silver Mineral Resource Estimate - report date 29th February 2016.

Post Resource Exploration

Silver Sands - Virginia Property Rock Chip Assays

In 2016 through 2018, Mirasol extended exploration further to the south of the known veins and discovered new high-grade silver mineralization, including:

Silver Sands - Virginia Property Margarita Vein Assays
  • The strike length of the undrilled Margarita vein located 300 m west of the Virginia resource area was extended to 450 metres, currently defined by 65 trench and rock chip samples which have an overall average of 366.0 g/t Ag
  • The new Julia South Dome Trend, consisting of intermittent vein and vein-breccia subcrop and float samples, and extending 2.15 km south from the limits of the previous drilling, is defined by 144 rock chip samples with assays ranging from BDL to a peak assay of 6,586.3 g/t Ag, averaging 186.8 g/t Ag
  • The new East Zone target, covering a 1.2 km x 600 m area of sub-cropping epithermal vein-breccia and aligned float blocks, returned high-grade silver assays defining multiple NW and NE oriented, interpreted structural trends which are individually up to 1 km in length. Rock chip assays range from BDL to a peak of 2,609.7 g/t Ag, with 15 samples exceeding 500 g/t Ag. The average of the of 150 rock chip samples collected to date average of 176.2 g/t Ag. The angular shape of the vein block float in this area indicates that they have not been transported far from source, suggesting the potential for undiscovered, high-grade veins, under thin soil cover
Silver Sands - Virginia Property Julia South / Eastern Targets Rock Chip Assays

Virginia Exploration Model

  • Erosional level rises moving to the east
  • Julia, Ely, Nagy at top of ore shoot
  • Maos – Magi, Johanna above the shoot; lower grades on surface
Silver Sands - Virginia Property Mineralization Model

Looking Forward

The Silver Sands Technical Team are commencing discussions with members of the Mirasol Technical Team to lay out the program for the upcoming exploration program.

Details to follow once the program is firmed up.