Golden Opportunity Resources Corp is pleased to announce that it has signed a non-binding letter of intent (the “LOI”) with Mirasol Resources Ltd. to acquire a 100% interest in Mirasol’s 73,411 hectare Virginia silver project located in the Santa Cruz Province of Argentina (the “Project”).In addition, Golden Opportunity is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to C$2,000,000 through the issuance of up to 20,000,000 units of the Company (each a “Unit”) at a price of C$0.10 per Unit with a half of a Warrant at a price of C$0.25 for two years.
Golden Opportunity’s CEO Keith Anderson comments, “This is an exciting time in our Company’s infancy stage since recently being publicly listed. This Letter of Intent with Mirasol is a step towards building an exciting new mining company with a focus on developing precious metal assets in mining friendly jurisdictions. Once this transaction is completed, Mirasol will be a significant shareholder and a strategic partner as we move forward in creating value for all of our shareholders. Mirasol will also continue to be the Operator of the Project, which will come with in-country technical and geopolitical experience of operating in the district.”
“The Virginia Project is located in a well-known, safe and established mining district with neighbouring resources and mines run by some of the largest silver and gold mining companies. Though the mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of the mineralization hosted on the Virginia project, the district includes major mining companies such as McEwen Mining, Hochschild, Pan American Silver, Yamana Gold and Sandstorm Gold. Mirasol has already done a great amount of ground and drilling exploration work to identify, expand and create targets within and outside of the known mineralization. Our team is looking forward to working together on developing this Project.”
Virginia Silver Project Highlights
Mirasol first discovered the Project in 2009, following-up a high-priority reconnaissance target identified by its generative team. Over the next few years, Mirasol defined high-grade, intermediate sulfidation epithermal style mineralization in a series of prominent outcrops of vein-breccia that are associated with a rhyolitic volcanic flow dome field. Rock chip and saw cut channel sampling over these outcrops defined significant strike lengths of continuously mineralized vein-breccia, with many samples assaying over 1,000 g/t silver (“Ag”). From 2010 to 2012, Mirasol completed a series of drill programs at the Project, drilling a total of 23,318 m of diamond core in 223 holes, testing the mineralized structures to a maximum depth of 266m. This work was followed by a technical report entitled “Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina – Initial Silver Mineral Resource Estimate” with an effective date of October 24, 2014 and a report date of February 29, 2016, defining seven outcropping bodies of high grade silver mineralization, constrained within conceptual pits, with an indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag.
Later that year, Mirasol reported that preliminary prospecting of new claims identified quartz vein and vein-breccia rock float, scattered along a 2 km trend. With a strong belief in the exploration potential of the Virginia district, Mirasol further expanded its property holdings in 2017 with an extra 27,017 hectares of claims to the south of the limit of previous drilling. In May 2018, high grade silver assay results were reported from the additional prospecting of three new target areas, suggesting the potential for an unrecognized, shallow, soil covered, high grade mineralization that would expand the potential of the Project.
Golden Opportunity and Mirasol look forward to testing the exploration upside at the Project at a time of improving precious metal prices.
About Golden Opportunity Resources Corp.
Golden Opportunity is engaged in the business of mineral exploration and the acquisition of mineral property assets in mining friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC) a Qualified Person under NI 43-101 and a Director of Golden Opportunity.