Mirasol Reports Additional Phase 2 Drill Results from Virginia Project
- Significant Silver Intercepts in Julia Central and Naty Veins
VANCOUVER, BC, May 12, 2011. Mirasol Resources Ltd. (TSX-V: MRZ,
Frankfurt: M8R) is pleased to announce the
results for 14 additional drill holes from the Phase 2 diamond drilling
program at its 100%-owned, Virginia Project in Santa Cruz province,
Argentina. Bonanza grade intercepts of over 1,000 grams/tonne (g/t) oxide
silver mineralization have been identified in both the Naty and Julia Central
veins in holes VG-050 to VG-62, as well as wide intercepts of bulk-tonnage
grade silver mineralization.
Twelve of the 14 holes reported here contain significant intercepts of silver
mineralization, calculated at greater than 30 g/t cut-off grade (Table1, Figure 1). They includes true width intercepts of 29.1 metres
grading 251 g/t silver, and 26.6 metres assaying 230 g/t silver, plus high
grade intervals of 3.48 metres grading 1,402 g/t silver and 2.25 metres
grading 1,309 g/t silver.
Silver mineralization intersected at Julia Central and Naty remains
completely oxidized to depths in excess of 60 metres down dip, and as
previously reported, intense oxidation is known to extend below 100 metres
depth in the Julia North structure.
Table 1.
Virginia Vein Zone Drill Hole Results -- Naty and Julia Central
Hole
|
From (m)
|
To (m)
|
Core
Length
(m)
|
True
Width
(m)1
|
Silver
(g/t) 2,3
|
Silver
grade
x true width
(g/t * m)
|
Core
Recovery
4
|
Julia Central
|
VG-050
|
35.00
|
68.60
|
33.60
|
29.10
|
251
|
7,310
|
70
|
VG-051
|
34.10
|
75.00
|
40.90
|
35.42
|
110
|
3,901
|
74
|
including
|
35.00
|
47.00
|
12.00
|
10.39
|
248
|
2,573
|
49
|
VG-052
|
41.70
|
63.60
|
21.90
|
18.97
|
49
|
925
|
72
|
VG-055
|
40.60
|
53.00
|
12.40
|
10.74
|
88
|
943
|
95
|
including
|
47.80
|
50.90
|
3.10
|
2.68
|
217
|
583
|
87
|
VG-056A
|
33.40
|
80.10
|
46.70
|
40.44
|
159
|
6,429
|
90
|
including
|
36.40
|
39.00
|
2.60
|
2.25
|
1,309
|
2,948
|
57
|
VG-057
|
no significant assays
|
VG-058
|
44.65
|
51.80
|
7.15
|
5.06
|
158
|
800
|
95
|
Naty Vein
|
VG-053
|
46.70
|
75.00
|
28.30
|
26.59
|
230
|
6,111
|
89
|
including
|
50.40
|
54.10
|
3.70
|
3.48
|
1,402
|
4,874
|
94
|
VG-054
|
15.70
|
42.50
|
26.80
|
24.67
|
48
|
1,191
|
87
|
VG-059A
|
no significant assays
|
VG-060
|
36.02
|
49.00
|
12.98
|
12.20
|
81
|
986
|
91
|
including
|
46.00
|
47.25
|
1.25
|
1.17
|
497
|
584
|
96
|
VG-061
|
4.00
|
21.00
|
17.00
|
15.97
|
160
|
2,562
|
66
|
including
|
8.30
|
15.82
|
7.52
|
7.07
|
301
|
2,125
|
49
|
VG-062
|
35.69
|
38.60
|
2.91
|
2.73
|
76
|
207
|
96
|
VG-048A (Twin)
|
34.85
|
50.10
|
15.25
|
12.34
|
35
|
435
|
86
|
VG-0485
|
27.30
|
44.10
|
16.80
|
13.59
|
37
|
502
|
59
|
Notes: All analyses done by ALS
Laboratory Group.
1.
True widths have been estimated using cross sections
of the mineralized intercepts with the geology of the drill hole and surface
information and adjacent holes and cross sections.
2.
Silver grades have not been capped and are thus
"uncut".
3.
Intercepts are calculated at a 30 g/t silver cutoff
with no value given to gold or lead. "Included" intercepts are
selected so as to show higher grade intervals.
4.
Core recovery is the length weighted average of the
intercept quoted.
5.
Previously published but repeated here for
comparison to VG-048A.
At Julia Central, seven holes were drilled to follow up broad intercepts of
silver mineralization previously reported in holes VG-42 and VG-43 (see news
release of April 19, 2011). These new holes were successful in expanding the
wide, silver-bearing shoot along strike to the northwest with hole VG-050
intersecting an estimated true width of 29.1metres grading 251 g/t silver.
The shoot was also extended to the southeast, where holes VG-51 intersected
35.4 metres assaying 110 g/t silver, and VG-056A returning 40.4 metres
grading 159 g/t silver. The strike of the Julia Central shoot extends for 150
metres from hole VG-055 to VG-052, and forms part of a 535 metre-long
mineralized sector of Julia Central (Figure 2). Further
drilling has been completed and assays are pending on another seven holes at
Julia Central.
A total of six new holes are reported from the Naty Vein paralleling the
Julia North vein segment, where holes VG-040 and VG-041 previously
intersected a strong, wide zone of silver mineralization (Figure 2). The new
holes (Table 1) include broad intersections with silver grades in multiple
holes, highlighted by VG-053 which has a true width of 26.6 metres grading
230 g/t silver, including a higher grade intercept of 3.5 metres true width
assaying 1,402 g/t silver. These holes confirm that bonanza grades are
present in the Naty structure. Naty has now been partly tested along 425
metres of strike length, where a majority of holes returned significant
intercepts. Naty is open to the northwest and its' continuity is suggested by
the extension of the geophysical IP chargeability anomaly and presence of
several blocks of silver-mineralized, quartz vein found in the largely
soil-covered anomaly (Figure 1).
The 14 holes reported here total 1,124 metres of new drilling. Several new
holes have been drilled at Julia North with results pending (Figure 1).
Currently, over 24 additional holes have been completed at Virginia
representing more than 2,400 metres of drill core.
Phase 2 drilling has delineated and extended the known Naty and Julia Central
vein mineralization. Phase 2 drilling has outlined a cumulative strike length
of mineralized veining totaling 1,735 metres (575 metres in Julia North, 535
metre in Julia Central, 425 metres in Naty, and 200 metres in Julia South)
including what appear to be a series of bonanza-grade shoots. These
relationships are shown in long sections of the vein segments (Figure 2).
Mirasol's Management is pleased by the results received from the Phase 2
Virginia drill campaign. Results to date have identified significant silver
mineralization over substantial widths and strike lengths. The Virginia Vein
zone's apparent continuity, deeply oxidized nature, and near-surface
configuration, are all considered positive features that support potential
for definition of significant bodies of high quality, silver mineralization
that may be amenable to low cost, open pit mining techniques.
Paul G. Lhotka, Principal Geologist for Mirasol, is the Qualified Person
under NI 43-101 who has approved the technical content of this news release.
For further information, contact:
Mary L. Little
President and CEO
Tel:(604) 602-9989; Fax:(604) 609-9946
Email: contact@mirasolresources.com
Website: www.mirasolresources.com
Quality Assurance/Quality Control:
Exploration at Mirasol's Projects is supervised by Stephen C. Nano, Vice
President of Exploration; Timothy Heenan, Exploration Manager; and Paul
Lhotka, Principal Geologist; all qualified persons under NI 43-101. All
technical information for the Company's projects is obtained and reported
under a formal quality assurance and quality control (QA/QC) program. Drill
core, rock chip and stream sediment samples are collected under the
supervision of Company geologists in accordance with standard industry
practice. Samples are dispatched via commercial transport to an ISO
9001:2000-accredited laboratory in Mendoza, Argentina for analysis. Results
are routinely examined by an independent geochemist to ensure laboratory
performance meets required standards.
Assay results from subsurface drill core or RC drill samples may be higher,
lower or similar to results obtained from surface samples.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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