CA: TSX.V: OCG
US: OTCPK: MRDD.F
DE: DB: MRG1
Vancouver, BC, Canada – June 15, 2015 – Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) has signed a Letter of Intent with Activos Mineros de Colombia SAS to acquire 6 applications that are contiguous with four existing Miranda applications comprising the Antares Project, Colombia. The combined project covers 10,500 hectares. It is located 20km east northeast of Medellin and 45km west southwest of the Gramalote deposit within the Antioquia Batholith.
Miranda’s prospecting at Antares led to a large-scale stream sediment sampling program which showed widespread anomalous gold values in most drainages. Follow up of these anomalies led to systematic channel sampling of a historic large hydraulically mined open cut. Through this work, Miranda believes it has identified an intrusive related gold system that covers several sq km.
Gramalote (4M ounces gold, owned by B2 Gold and Anglo Ashanti), is a large intrusive related gold system that is noted for large areas of historic open cut hydraulic mining. Similarly, the Antares project contains eight large pits that were a result of historic hydraulic gold mining of in situ weathered granite. Mined areas commonly show subparallel high density fracturing and veinlets within the granitic host rock. Clays and hematite are the dominant alteration types; locally veins show distinctive alteration selvages that may be relict feldspar and potassic alteration. The dominant structures on both the fracture scale and project scale are northeast. An alignment of hydraulic workings and adits suggests that the Antares mineralization extends for 5.5km.
Systematic 2m-interval channel sampling by Miranda within the Santa Rita hydraulic pit shows an area of 310m by 160m of near continuous mineralization where sample intervals composite above 0.4 g Au/t. The better continuous runs of channel samples within the larger anomaly include 32m of 1.24 g Au/t and 18m of 1.5 g Au/t. This mineralization is open in two directions and extends to the limit of the pit. A small road cut exposure approximately 150m north of the pit limit shows 4m of 2.6 g Au/t and this mineralization may be continuous with the mineralization in the pit.
Miranda sampling shows that the central project area is within the footprint of a very strong stream sediment anomaly that covers approximately 12sq km. Of fifteen stream sediment samples that make up this anomaly, all are more than 100ppb, and seven of fifteen are greater than 500ppb Au with a high of 9,820ppb Au. Numerous other high-grade stream sediments samples require follow-up and definition elsewhere on the project.
Miranda’s exploration model is for an intrusive-related sheeted vein-fracture system analogous to the Gramalote deposit. The resource at Gramalote consists of five or more parallel, northeast mineralized strands. The strands probably reflect structures of a regional dilational framework that is also prevalent and important for exploration at Antares. Exploration will begin in and around the Santa Rita pit while identifying other mineralized zones along a 5.5km trend, especially in the large stream sediment anomaly.
Antares is subject to the Agnico Eagle Mines, Ltd and Miranda Gold exploration alliance and Agnico will be provided with a Target Report to see if they want participate in the project.
On June 9, 2015, Miranda signed a binding letter of intent, subject to Miranda satisfactorily completing 60 days due diligence, to enter into a renewable fifty year mining lease. Miranda will pay $60,000 on signing the mining lease and $60,000 on the first anniversary. A $70,000 payment will be due within 30 days of the registration of the mining concession in the National Register of the core application and subsequent annual payments will be required on the anniversary of that registration date until the payments of a 1.8 % production royalty commence from commercial production. Annual work requirements to a cumulative $2 million are required over six years, but this work commitment can be suspended for any two year period that Miranda does not have a partner funding work at Antares. All dollars are U.S.
Data disclosed in this press release, have been reviewed and verified by Miranda’s Executive Vice President Joseph Hebert, C.P.G., B.Sc. Geology and Qualified Person as defined by National Instrument 43-101.
Miranda is a gold exploration company active in Colombia and Alaska whose emphasis is on generating gold exploration projects with world-class discovery potential. Miranda performs its own grass roots exploration and then employs a joint venture business model on its projects in order to maximize exposure to discovery while minimizing exploration risk. Miranda has ongoing relationships with Agnico Eagle Mines Ltd., Prism Resources, and Montezuma Mines Inc.
For more information related to Miranda:
Joe Hebert, Executive Vice President