Mirasol Resources Ltd.

Published : January 26th, 2012

Reports Initial Results of Phase 3 Drilling at the Virginia Silver Project

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Keywords :   Argentina | Diamond | Gold | Iron | Lead | Recovery | Silver |

Mirasol Reports Initial Results of Phase 3 Drilling at the Virginia Silver Project

VANCOUVER, BC, January 26, 2012. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce partial assay results for Phase 3 Diamond drilling at the Virginia Project which was completed in December 2011, including complete drill results from the Martina and Naty Extension vein holes, and partial assay results from the Ely South Vein. Phase 3 drilling indicates that Martina and Ely South are likely to host silver deposits which add to the four previously discovered deposits (Julia North, Central and South veins, and Naty Vein) on the 100%-owned Virginia Silver Project in Santa Cruz Province, Argentina.

Highlights at Naty Extension include 1.5 metres of 797 grams per tonne (g/t) silver in VG-096 and 2.0 metres of 214 g/t silver including 0.3 metres of 1,195 g/t silver in VG-097 (Table 1). Martina Vein highlights include 3.8 metres of 155 g/t silver within a broad intercept of 25.4 metres grading 61 g/t silver in VG-119B, and 10.9 metres of 63 g/t silver, including 1.1 metres of 141 g/t silver, in VG-122A. Ely South highlights include 21.8 metres of 79 g/t silver including 1.9 metres of 495 g/t silver in VG-113, and 18.2 metres of 63 g/t silver including 4.5 metres of 109 g/t silver in VG-111.

Phase 3 drilling was undertaken in five principle areas, four of which previously had a single scout hole (Figure 1). Results are reported herein for all Phase 3 holes drilled at the Martina Vein, all holes drilled at Naty Extension, and the first eight holes at Ely South (Table 1). Remaining holes at Ely South, Ely North, Julia South and three holes at Julia Central, will be reported in future news releases when assays are received.

In Phase 3 nine new holes were drilled at the Martina Vein northwest of scout hole VG-089A (Figure 2). Eight of nine Martina holes contained significant intercepts above a 30 g/t silver cutoff. Martina is characterized by broad, often 10 to 20 metre wide, intercepts of silver mineralization hosted by oxidized, brecciated, altered rock and minor quartz veinlets. Typically in these shallow holes a strong, central vein is not well developed. It is interpreted that the level of exposure of the hydrothermal vein may be higher than in the Julia Vein to the west, suggesting that deeper drilling could encounter better silver values at depth. Several new holes were twinned to improve sample recovery and ensure that lower recovery did not affect the assay results. In two cases improved recovery resulted in little change in the assay values, and in the other case grades were somewhat lower (Appendix A). To date, Martina has been tested by ten holes along 400 metres of strike length and remains open along strike in both directions and to depth.


Table 1. Virginia Silver Project Phase 3 Partial Results - Highlights
  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
Martina Vein
VG-093 34.00 53.00 19.00 13.0 62 804 95
including 37.25 38.00 0.75 0.5 244 125 89
VG-094A* 24.37 44.20 19.83 13.0 61 797 93
including 26.94 30.53 3.59 2.4 119 280 93
and 66.50 67.26 0.76 0.5 173 86 100
VG-119B* 27.00 65.65 38.65 25.4 61 1,541 94
including 42.75 48.50 5.75 3.8 155 585 91
VG-122A* 74.54 87.90 13.36 10.9 63 692 89
including 83.00 84.30 1.30 1.1 141 150 69
VG-123 24.86 29.47 4.61 3.0 57 172 98
VG-125 53.00 64.00 11.00 7.2 46 330 96
including 55.80 56.30 0.50 0.3 272 89 99
Naty Extension Vein
VG-096 48.70 50.75 2.05 1.5 797 1,176 95
VG-097 21.25 24.15 2.90 2.0 214 423 73
including 23.05 23.50 0.45 0.3 1,195 367 81
VG-102 19.50 49.30 29.80 21.1 22 457 96
including 48.75 49.30 0.55 0.4 90 40 100
VG-116 42.40 43.88 1.48 1.3 80 105 95
Ely South Vein
VG-110 47.18 61.15 13.97 9.5 100 951 97
including 58.87 60.55 1.68 1.1 556 637 93
VG-111 37.47 62.00 24.53 18.2 63 1,144 92
including 56.00 62.00 6.00 4.5 109 487 98
VG-112 29.80 39.94 10.14 7.4 163 1,206 99
including 29.80 35.02 5.22 3.8 219 834 98
and 86.35 92.00 5.65 4.1 122 503 97
including 87.90 90.60 2.70 2.0 210 415 99
VG-113 63.00 97.00 34.00 21.8 79 1,735 97
including 87.80 90.75 2.95 1.9 495 939 91
Notes: All analyses done by Alex Stewart Argentina S. A. laboratory.
  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 ("LWA") of the intercept quoted.
  5. Hole designated with an asterisk * are twins which have been redrilled with the objective of increasing the core recovery. Complete results for original and twin holes are in Appendix A.

Drilling at Naty Extension included five new holes near VG-086, a scout hole drilled during Phase 2. These holes intersected mineralization of variable grade and thickness with local high grade values (Figure 3). Farther north, a second cluster of seven holes targeted an IP chargeability anomaly in an area with little or no outcrop, where prospecting had located scattered mineralized quartz vein float blocks. Holes directed at the IP chargeability anomaly (VG-098, 099 and 100) did not intersect mineralization as expected but did cut wide zones of pervasive silicification with silver values of less than 30 g/t yet failed to explain the source of mineralized quartz blocks. Additional holes VG-101, 102 and 103 were drilled further uphill and to the east along magnetic lineaments parallel to the IP chargeability anomaly and intersected metre-scale, silver bearing quartz veins. The chargeability anomaly remains unexplained, as this type of pervasive silicification, lacking abundant iron oxides, has not been noted previously at Virginia. Additional interpretation is required, but it is possible that the source of the IP chargeability anomaly lies at greater depth, beneath the broad silicification. If so, further drilling is warranted. A 390 metre long chargeability anomaly between the two areas remains untested.


At Ely South, assays are presented for eight new holes, and results are pending for eight additional holes drilled to greater depth and along strike to the south (Figure 3). All Ely South holes contain intercepts exceeding 30 g/t silver cutoff, with excellent core recovery in the mineralized zones (Appendix A). Based on early visual observations, additional holes were drilled to depth at Ely South. Visual observations from the deeper holes suggest that the silver mineralization continues to depth. The presence of silver sulphosalts similar to those identified in the Julia Vein, were also observed at depth in the Ely Vein. To date, Ely South silver mineralization has been confirmed at or near surface over a strike length of 345 metres, and remains open along strike and at depth.

"Initial Phase 3 drilling results indicate that the Martina and Ely South veins are taking shape as new silver deposits and therefore expand the Virginia Project's scope to six silver zones", stated Mary Little, Mirasol's president. Drilling already underway as Phase 4 is expected to expand these six deposits along strike and to depth. The new Martina and Ely South discoveries share characteristics with the Julia -- Naty vein system in that they are deeply oxidized, near-surface deposits and have potential for definition of high-quality, silver mineralization that may be amenable to low cost, open-cut 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 who is the Qualified Person 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 Argentina for analysis. Results are routinely examined by an independent geochemist to ensure laboratory performance meets required standards.

Assay results from Diamond 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.


Appendix A. Virginia Silver Project -- Phase 3 Results for Naty Extension, Martina and Ely South (partial) - New Drill Hole Results
  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
Martina Vein

VG-092

87.00

107.00

20.00

12.9

40

513

98

VG-093

37.25

38.00

0.75

0.5

244

125

89

and

66.00

83.00

17.00

11.6

40

458

97

VG-094

24.00

42.00

18.00

11.8

88

1,045

87

including

25.65

29.00

3.35

2.2

257

566

42

and

58.00

70.50

12.50

8.2

36

294

87

VG-094A*

24.37

44.20

19.83

13.0

61

797

93

Including*

26.94

30.53

3.59

2.4

119

280

93

and*

62.50

71.04

8.54

5.6

50

280

98

Including*

66.50

67.26

0.76

0.5

173

86

100

VG-119

26.00

57.00

31.00

20.3

77

1,559

83

including

42.80

51.75

8.95

5.9

159

935

47

VG-119A*

27.00

62.00

35.00

23.0

69

1,579

71

Including*

43.00

56.00

13.00

8.5

107

909

53

VG-119B*

27.00

65.65

38.65

25.4

61

1,541

94

including*

42.75

48.50

5.75

3.8

155

585

91

VG-122

76.00

92.00

16.00

13.1

60

792

66

VG-122A*

74.54

87.90

13.36

10.9

63

692

89

including

83.00

84.30

1.30

1.1

141

150

69

VG-123

24.86

29.47

4.61

3.0

57

172

98

and

50.66

51.22

0.56

0.4

46

17

97

VG-124

5.60

41.00

35.40

23.7

33

774

98

VG-125

53.00

64.00

11.00

7.2

46

330

96

including

55.80

56.30

0.50

0.3

272

89

99

Naty Extension Vein

VG-095

101.93

104.00

2.07

1.2

38

46

96

VG-096

48.70

50.75

2.05

1.5

797

1,176

95

and

82.35

83.12

0.77

0.5

38

20

88

VG-097

21.25

24.15

2.90

2.0

214

423

73

including

23.05

23.50

0.45

0.3

1,195

367

81

and

38.50

40.70

2.20

1.5

48

72

95

and

68.00

79.10

11.10

7.6

42

319

99

VG-098

no significant intercepts

VG-099

no significant intercepts

VG-100

68.00

70.00

2.00

1.3

71

93

94

VG-101

20.50

23.53

3.03

2.2

51

111

96

and

34.50

35.00

0.50

0.4

50

18

95

combined

20.50

35.00

14.50

10.4

26

271

95

VG-102

19.50

22.33

2.83

2.0

36

72

97

and

32.00

38.00

6.00

4.2

35

148

99

and

48.75

49.30

0.55

0.4

90

40

100

combined

19.50

49.30

29.80

21.1

22

457

96

VG-103

38.79

39.16

0.37

0.2

21

5

92

VG-115

53.00

55.00

2.00

1.3

31

40

99

and

83.00

85.00

2.00

1.3

33

42

100

VG-116

42.40

43.88

1.48

1.3

80

105

95

VG-117

no significant intercepts

Ely South Vein

VG-107

89.23

97.50

8.27

5.1

40

201

98

VG-108

47.56

50.65

3.09

2.1

50

106

98

VG-109

44.52

57.50

12.98

8.9

41

361

91

VG-110

47.18

61.15

13.97

9.5

100

951

97

including

58.87

60.55

1.68

1.1

556

637

93

VG-111

37.47

62.00

24.53

18.2

63

1,144

92

including

56.00

62.00

6.00

4.5

109

487

98

VG-112

29.80

39.94

10.14

7.4

163

1,206

99

including

29.80

35.02

5.22

3.8

219

834

98

and

63.72

67.00

3.28

2.4

59

143

100

and

86.35

92.00

5.65

4.1

122

503

97

including

87.90

90.60

2.70

2.0

210

415

99

VG-113

63.00

97.00

34.00

21.8

79

1,735

97

including

87.80

90.75

2.95

1.9

495

939

91

VG-114

92.00

93.68

1.68

1.1

66

74

100

Notes: All analyses done by Alex Stewart Argentina S. A. laboratory.
  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 ("LWA") of the intercept quoted.
  5. Hole designated with an asterisk * are twins which have been redrilled with the objective of increasing the core recovery.

Associated File: http://www.mirasolresources.com/i/pdf/NR120126.pdf
55 KB in size, approx. 11 seconds to download at 56.6Kbps
Data and Statistics for these countries : Argentina | All
Gold and Silver Prices for these countries : Argentina | All

Mirasol Resources Ltd.

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CODE : MRZ.V
ISIN : CA6046801081
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Mirasol Res. is a gold and silver exploration company based in Canada.

Mirasol Res. holds various exploration projects in Argentina.

Its main asset in development is JOAQUIN in Argentina and its main exploration properties are SASCHA, ESPEJO, CLAUDIA, NICO and SANTA RITA SILVER in Argentina.

Mirasol Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 21.1 millions as of today (US$ 16.9 millions, € 14.8 millions).

Its stock quote reached its lowest recent point on October 24, 2008 at CA$ 0.04, and its highest recent level on March 11, 2011 at CA$ 7.94.

Mirasol Res. has 49 120 000 shares outstanding.

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Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-2.33%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.44+1.67%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.00-1.96%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.27+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.32+3.28%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.38-2.06%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 72.24+1.92%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :