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www.resourceworld.com 17 F E B R U A R Y / M A R C H 2 0 1 4 • Well funded with strong cash and marketable securities from sale of interest in the Joaquin Ag project. • Industry-leading technical team delivering exploration success in underexplored regions. • Advancing Titan and Atlas Au-Ag projects in emerging gold mineralized district, Chile. • Discovered high-grade silver, resource-ready Virginia deposit in Santa Cruz, Argentina. • Optioned Rubi Cu-Au porphyry to producer First Quantum; $6.5M in exploration over 4 years. Mirasol Resources Ltd. 600 - 890 West Pender Street, Vancouver, B.C. V6C 1J9 T: 604 602 9989 TSX-V: MRZ; Frankfurt: M8R www.mirasolresources.com New Discoveries-New Horizons Invest in a proven generative explorer in precious metals Brownfields development sites at Lynn Lake, Manitoba Multi-million ounce open pittable gold resource Highly motivated mining-friendly government and positive First Nations New NI 43-101 PEA with After-Tax NPV of $377 million, IRR of 25.5% and Payback of 2.77 years Abraham Drost recently appointed as new President and CEO OPEX The Manitoba Advantage Among the Lowest Cost Hydro to the Mill in the World 416.642.0869 twitter: @ carlislegold www.carlislegold.com method as soon as the junior announces good drill results. Unless the target is highly prized, its complexity and depth are factors that could put a damper on investors' enthusiasm. The best geologists understand the economic implications of their discovery which means the explorer has to estimate how much money needs to be spent delineating the mineralized target. The presence of a few high-grade drill intervals should not generate too much excitement unless they are placed in a con - text that suggests an important discovery. The continuity of mineralization is also important, therefore, wide-spaced miner- alized intervals separated by waste rock won't be economic to mine in an under- ground setting. Sometimes high-grade drill intercepts are touted as important even though they are so deep seated that they would be neither open pittable nor accessed by expensive underground mining. The rule of thumb is to compare the drill intervals' grades with the grades and cut- off grades of nearby mines that mine the same commodity (e.g. porphyry deposits) in a similar geological setting. Don't forget that those mines could have been built at times of different commodity prices and the cost of services and materials lower. To quickly evaluate a porphyry copper- gold deposit that is being drilled, simply add the copper grade (e.g. 0.30%) to the gold grade (e.g. 0.47 g/t) and you would get a rough estimate of 0.77% copper equivalent. This can be then compared to a similar nearby porphyry open pit copper- gold mine. Keep in mind that location is important. A mineral deposit located in the Arctic or in an undeveloped part of the world would need better grades than a deposit closer to infrastructure and power. An investor should also be aware that, for example, at US $1,250/oz, a deposit featuring 1.0 gram/tonne gold would translate to about $40 per tonne of ore. The investor should ask if it is economic. Can the company remove the overbur - den, mine the deposit, access electricity, continued on page 49