Mirasol Resources Ltd.

Published : July 18th, 2011

Significant Silver Intercepts reported from New Veins drilled at Mirasol's Virginia Silver Project

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

Significant Silver Intercepts reported from New Veins drilled at Mirasol's Virginia Silver Project

VANCOUVER, BC, July 18, 2011. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce that it has received positive results from six holes drilled on previously undrilled vein targets, which expand the mineral potential of the Virginia Silver project, and additional assays from the Julia and Naty veins, at its 100%-owned Virginia Silver Project in Santa Cruz Province, Argentina. All six scout Diamond drill holes returned silver mineralization, with three of the six intersecting high-grade silver intercepts (Table 1, Figure 1). These results include high-grade intercepts from the Naty South Extension with 11.3 metres grading 239 grams per tonne (g/t) silver, including 0.9 metres of 1,884 g/t silver; the Ely South Vein with 8.5 metres grading 174 g/t silver, including 2.0 metres of 538 g/t silver; and the Martina Vein with 10.2 metres grading 245 g/t silver including 3.6 metres of 530 g/t silver.

Table 1. Virginia Project Drill Hole Results - New Veins
Hole From
To (m) Core
(g/t) 2,3
Silver grade x
true width
(g/t * m)
Naty South Vein Extension
VG-86 24.00 40.00 16.00 11.31 239 2,699 98
including 32.95 37.30 4.35 3.08 704 2,165 97
including 32.95 34.20 1.25 0.88 1,884 1,665 95
Ely North Vein
VG-87 36.00 59.45 23.45 15.07 35 524 96
Ely South Vein
VG-88 34.00 47.30 13.30 8.55 174 1,487 98
including 40.00 43.10 3.10 1.99 538 1,072 97
Martina Vein
VG-89A 31.00 46.00 15.00 10.23 245 2,510 95
including 32.80 38.06 5.26 3.59 530 1,901 89
Magi Vein
VG-90 37.80 40.75 2.95 2.67 49 130 83
and 55.90 59.00 3.10 3.05 49 150 89
VG-91 98.00 108.00 10.00 8.19 52 424 97
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 calculated for the length weighted average ("LWA") of the intercept quoted.

The six scout holes were drilled during the recent Patagonian fall season and confirm significant new silver mineralization is present at the Virginia Silver Project. These holes tested the peripheral veins, intersecting wide zones of alteration and oxidation at >30 g/t silver values, and three holes also returned high-grade silver intercepts in quartz vein and hydrothermal breccia. Mineralization in the veins is generally strongly oxidized and contains few or no visible sulphide minerals. Collectively these holes identify multiple targets which show similar characteristics to the four silver vein deposits that have been defined by drilling to date along the exposed Julia - Naty vein systems. The Virginia Silver Project continues to exhibit potential to outline significant additional, near-surface, oxidized silver mineralization, which may be amenable to open cut surface development.

The northwesterly extension of the Naty Vein is defined by a linear gradient induced polarization (IP) chargeability high response that extends for at least 1,300 metres beyond the last drill hole reported at the Naty South sector (Figure 1). This IP trend is mostly soil-covered with sparse mineralized float blocks. A step-out hole, VG-86, sited 200 metres northwest of the nearest Naty South Vein drill hole (Figure 2), intersected a broad zone of silver mineralization containing 11.3 metres (estimated true width) of 239 g/t silver, centred on a high-grade intercept of 0.9 metres of 1,884 g/t silver (Table 1). The Naty Vein IP chargeability anomaly trend remains untested for at least 1,100 metres to the northwest, including the Naty Jog sector, and will require extensive drill testing.

The Ely North and Ely South Veins (Figure 1) were each tested with one exploration drill hole. At Ely South, hole VG-88 was targeted where surface channel and rock chip samples indicated high silver grades in the structure (Figure 3, Table 1). VG-88 intersected 8.5 metres grading 174 g/t silver, including 2.0 metres of 538 g/t silver, and was sited near the north end of a 475 metre long IP chargeability high, which is projected to continue to the south under soil cover.

Surface rock chip and channel sampling at Ely North indicated the presence of a narrow high-grade, silver-bearing structure. A single hole, VG-87, intersected a broad structural zone containing lower grades of oxidized silver mineralization over an estimated true width of 15.1 metres grading 35 g/t silver, but did not intersect a central, high grade vein (Figure 3, Table 1). Ely North is associated with a 500 metre long IP chargeability anomaly and remains prospective.

The Martina Vein crops out approximately 1.7 kilometres to the east of the Julia Vein system, and was drilled to test an area of coincident surface silver assays and an IP chargeability high (Figure 1). Hole VG-89A was sited to test where the Martina vein's strike changes from northwest to north-northwest orientation, and intersected a 10.2 metre wide zone grading 245 g/t silver, including 3.6 metres of 530 g/t silver centred on a quartz vein and fault-controlled structure (Table 1, Figure 2). A considerably wider intersection of mineralized vein with wall rock was intersected than anticipated from surface exposures. The Martina structure's chargeability signature extends for > 2 kilometres while the sector showing surface silver mineralization in outcrop and float, including a soil covered sector in the middle, is 475 metres in length and has been tested by one hole to date.

The Magi Vein crops out approximately 3.0 kilometres to the east of the Julia Vein system (Figure 1). Surface sampling of the Magi structure, reaching three metres wide in outcrop, returned silver assays of up to 39 g/t silver. Nearby float samples contain high silver grades, but they are geologically different and their source has not been identified. Quartz textures and indicator geochemistry suggest that Magi is a lower temperature vein, thus holes VG-90 and VG-91 were sited to test for higher temperature vein material and higher grades at depth. Holes VG-90 and VG-91 returned silver intercepts ranging from 49 to 52 g/t over estimated true widths of 2.7 to 8.2 metres. The Magi Vein has been traced over an 850 metre strike length and merits further exploration.

An additional 14 holes are reported here for the Julia North, Julia Central and Naty veins. All 14 holes have significant silver intercepts calculated at a 30 g/t silver cutoff (Table 2, Figure 4). These holes provide additional detail on the shape, grade and extent of the mineralized shoots and comprise infill and modest extensions to depth of the mineralization.

Table 2. Virginia Project - Julia North, Central and Naty South - New Drill Hole Results

Hole From
To (m) Core
(g/t) 2,3
Silver grade x
true width
(g/t * m)
Julia North Vein
VG-072 5.80 53.00 47.20 38.66 79 3,054 88
including 34.50 37.50 3.00 2.46 362 889 94
VG-073 16.00 44.00 28.00 22.94 116 2,660 88
including 25.95 29.30 3.35 2.74 453 1,242 64
VG-074 47.00 77.95 30.95 26.80 66 1,779 92
including 65.45 66.10 0.65 0.56 651 366 71
VG-075 12.00 44.00 32.00 26.21 75 1,977 98
including 18.35 20.00 1.65 1.35 611 826 86
and 58.00 78.57 20.57 16.85 33 563 98
combined 12.00 78.57 66.57 54.53 52 2,819 94
VG-076 87.50 152.00 64.50 52.84 81 4,270 97
including 94.85 99.00 4.15 3.40 665 2,261 92
VG-077 55.00 83.00 28.00 25.38 143 3,634 96
including 61.60 63.98 2.38 2.16 1,122 2,419 95
VG-078 119.00 140.00 21.00 20.68 88 1,829 92
including 127.50 129.80 2.30 2.27 435 985 70
VG-079 96.00 109.00 13.00 12.22 91 1,111 94
including 105.44 107.07 1.63 1.53 440 674 69
VG-080 11.25 17.00 5.75 5.40 58 315 99
and 89.00 115.00 26.00 24.43 41 1,002 92
VG-081 43.00 67.00 24.00 18.39 302 5,552 95
including 49.75 51.40 1.65 1.26 3,116 3,939 91
and 81.00 99.00 18.00 13.79 32 435 97
Julia Central Vein
VG-082 104.60 131.00 26.40 18.67 130 2,419 89
including 104.60 114.50 9.90 7.00 267 1,868 96
VG-083 129.40 131.15 1.75 1.24 94 116 94
and 138.50 141.20 2.70 1.91 94 179 93
Naty Vein
VG-084 111.00 112.95 1.95 1.38 48 66 100
VG-085 110.00 114.50 4.50 4.43 59 263 77
and 132.20 136.00 3.80 3.74 30 113 97
Notes: Same as for Table 1.

"The initial campaign of scout holes drilled on new and widely-spaced vein targets demonstrates clear potential for economic grades and widths of silver mineralization. This drilling expands the Virginia Project's scope well beyond the silver-mineralized Julia and Naty Veins drilled during the 2010-11 season", commented Mirasol's president, Mary Little. "Additional drilling during the 2011-12 southern field season is planned to test the Virginia Silver Project, and we believe there is excellent potential for discovery of further silver mineralization". The new drill discoveries share characteristics with the Julia - Naty Vein system in that they are 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 Mendoza, 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.
Data and Statistics for these countries : Argentina | All
Gold and Silver Prices for these countries : Argentina | All

Mirasol Resources Ltd.

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$ 27.5 millions as of today (US$ 22.0 millions, € 19.3 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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