Mirasol Completes Phase 4 Drilling at the Virginia Silver Project - Ely North Confirmed as Significant Discovery

VANCOUVER, June 21, 2012 /CNW/ - Mirasol Resources Ltd. (TSXV: MRZ) (Frankfurt: M8R)  is pleased to announce the results for Phase 4 diamond drilling conducted during Q1 and Q2 of 2012 at the Virginia Project, Mirasol's 100%-held high grade silver discovery in Santa Cruz Province, Argentina. Phase 4 drilling results demonstrate the quality and continuity of silver mineralization of these deposits at the Julia, Ely South and Naty veins, and the discovery of a significant new deposit at the Ely North vein (Figure 1).

Highlights of drill intercepts include 15.6 metres grading 155 grams per tonne (g/t) silver including 3.38 metres of 486 g/t silver in hole VG-143A, drilled at depth in Julia North zone. At the Ely North vein, a newly defined mineralized shoot returned multiple long mineralized intersections including high-grade intervals, such as 96.14 metres at 55 g/t silver including 2.75 metres of 419 g/t silver in hole VG-184. Ely North remains open at depth and along strike and now has sufficient drill hole density to consider it a drill discovery.

Mirasol is confident that the Virginia Silver Project now comprises six discrete mineralized deposits containing sufficient grade, size and drill hole density to support a resource estimate.  Typically, high grade silver vein mineralization is enclosed by a broad envelope of silver mineralized wall rock, which yields deposits which may be amenable to bulk tonnage surface development.

The most significant exploration advances in Phase 4 came at Ely North where 20 holes have been completed (Table 1, Figure 1).  This zone has been traced for 440 metres in strike length and is open along strike and to depth. The Ely North deposit strikes north-south, dips at approximately 70 degrees to the east, and has been defined by true widths which range from 10 to 30 metres wide to a maximum of 79 metres wide, at a cut-off grade of 30 g/t silver. Within the lower grade envelope, local higher grade intercepts such as in VG-184 with 2.75m of 419 g/t silver, VG-161 with 7.67m of 129 g/t silver, and VG-181 with 1.7m of 311 g/t silver exist. All of the Ely North mineralization is oxidized and within 150 metres of surface.

The Phase 4 drilling program conducted in the first two quarters of 2012 totaled 8,004 metres of drilling in 55 holes. Drilling productivity and core recoveries were excellent; no holes were re-drilled due to core recovery difficulties and only one hole was re-drilled because tools were lost before the target zone was crossed.  In general, drilling was undertaken at an approximate spacing of 40 metres along strike by 40 metres to depth on the Julia North, Julia South, Naty, Ely North and Ely South deposits.  Complete results of Phase 4 drilling, together with all drilling results to date for the Virginia Silver Project, with all drill hole locations, will be posted at www.mirasolreosurces.com.  Highlights of Phase 4 drilling are tabulated in Table 1 with corresponding hole locations (Appendix 1). New drilling at Naty, Ely South, Ely North, Julia North and Julia South has added depth and strike length to these silver deposits.

In addition to drilling, an extensive surface exploration program was undertaken during the field season which included geological exploration, rock sampling, IP (induced polarization) geophysics and mechanical trenching. This program successfully expanded the "footprint" of the Virginia vein system (Figure 2) and has clearly identified several new targets for exploration next season. Geochemical results for many of the trenches and surface samples shown are pending, and will be communicated when they become available.

Mirasol will present details of  the six deposits in graphical format (long section and plan view) in the very near future to assist shareholders in visualizing the potential value in these near-surface silver deposits that may be accessible by low cost, open-cut mining techniques.

Table 1.  Virginia Silver Project Phase 4 Final 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
Julia North Vein
VG-143A 138.85 154.40 15.55 15.6 155 1,971 91
Including 149.90 153.28 3.38 2.8 486 1,344 87
VG-146 76.40 88.00 11.60 11.2 76 848 97
Including 81.25 83.10 1.85 1.8 220 394 95
VG-157 34.00 40.00 6.00 5.1 53 273 99
And 118.30 122.70 4.40 3.8 240 904 81
Naty Vein
VG-142 1.57 16.00 14.43 11.2 68 765 86
VG-153 84.00 88.49 4.49 4.4 70 298 95
Ely North Vein
VG-161 92.00 164.70 72.70 60.3 47 2,860 99
Including 155.80 163.47 7.67 6.8 129 881 100
VG-164 60.00 111.46 51.46 48.9 42 2,037 97
Including 108.20 111.46 3.26 3.1 199 616 100
VG-166 29.70 47.00 17.30 17.2 94 1,616 98
Including 33.93 41.00 7.07 7.0 150 1,059 97
VG-181 61.00 90.00 29.00 28.9 62 1,777 96
Including 78.60 80.30 1.70 1.7 311 527 95
VG-184 75.94 172.08 96.14 79.7 55 4,380 96
Including 160.65 163.40 2.75 2.3 419 956 99
Ely South Vein
VG-169 128.55 137.00 8.45 5.3 90 478 97
Including 134.08 135.90 1.82 1.1 217 249 92
VG-173 72.00 80.00 8.00 6.6 116 772 100
Including 74.00 78.15 4.15 3.4 172 591 100
Julia South Vein
VG-174 72.00 82.00 10.00 8.2 209 1,714 99
Including 76.75 78.00 1.25 1.0 1,126 1,153 99
VG-177 72.60 81.70 9.10 6.4 90 579 97
VG-192 64.60 73.10 8.50 7.7 159 1,224 99
Including 71.13 72.10 0.97 0.9 1,045 919 99
VG-195 37.44 40.45 3.01 2.4 182 439 100
Including 38.95 39.42 0.47 0.4 824 309 100
And 73.89 75.12 1.23 0.9 134 132 95

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.

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.

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.

Appendix 1. - Virginia Project Drill Hole Collar Locations from Table 1.

Hole Easting
GKCI*
Northing
GKCI*
Elevation
(metres)
Azimuth Dip Length
(metres)
VG-142 2,427,706 4,739,815 1,048 78.0 -45.0 212.00
VG-143A 2,427,836 4,739,446 1,041 78.0 -45.0 224.00
VG-146 2,427,899 4,739,378 1,042 78.0 -45.0 110.00
VG-153 2,427,457 4,740,054 1,059 68.0 -45.0 119.90
VG-157 2,427,838 4,739,596 1,038 78.0 -45.0 159.00
VG-161 2,429,026 4,740,223 1,016 264.0 -45.0 182.00
VG-164 2,428,975 4,740,137 1,005 264.0 -45.0 152.00
VG-166 2,428,905 4,740,453 1,034 264.0 -45.0 80.00
VG-169 2,428,591 4,739,021 987 101.0 -45.0 164.00
VG-173 2,428,652 4,739,095 998 101.0 -45.0 121.20
VG-174 2,428,521 4,738,362 973 278.0 -45.0 108.50
VG-177 2,428,534 4,738,401 973 278.0 -45.0 117.00
VG-181 2,428,959 4,740,458 1,029 264.0 -45.0 118.00
VG-184 2,429,028 4,740,183 1,011 264.0 -45.0 190.00
VG-192 2,428,510 4,738,283 970 278.0 -45.0 110.00
VG-195 2,428,560 4,738,630 982 278.0 -45.0 110.00

* Gauss Kruger Campo Inchauspe coordinate system.

 

 

SOURCE Mirasol Resources Ltd.

For further information:

Mary L. Little 
President and CEO 
Tel: (604) 602-9989; Fax: (604) 609-9946 


Email: contact@mirasolresources.com 
Website: www.mirasolresources.com 


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