Mirasol Reports Joaquin Silver Project Expansion Drill Results, Argentina

VANCOUVER, Feb. 23, 2012 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the results from expansion drilling at the La Negra and La Morocha silver deposits, part of a major >12,000 metre drilling program and feasibility study at the Joaquin Silver Project located in Santa Cruz Province, Argentina, which is 100% funded by Mirasol's joint venture partner, Coeur d'Alene Mines ("Coeur").  Coeur has announced a 2012 budget of $5.8 million for exploration and feasibility activities at the Joaquin Project. In addition, regional exploration has identified several other targets where exploration and drilling has returned significant silver and/or gold intercepts (Figure 1).

Highlights of the expansion program include DDJ-168 and 180 located east of the La Negra resource pit, where high grade silver intercepts are included within long mineralized intercepts at relatively shallow depths, located outside of the Whittle® resource pit (Figure 2, Table 1 and Appendix 1).  Better intercepts include DDJ-168 which contains 36 metres of 343 g/t silver plus 0.06 g/t gold, including 2 metres of 4,900 g/t silver and 0.32 g/t gold in a near-surface sulphide zone.  These two holes may have intersected a second feeder zone.  To the west of the main La Negra feeder zone, and outside of the Whittle® resource pit, DDJ-162 cut 19 metres of 69 g/t silver and 0.07 g/t gold.  Mineralization on the northeast side of the La Negra pit remains open to the northeast (DDJs-160, 182, 185, and 186 area), and further drilling is warranted.

At La Morocha hole DDJ-175 cut 5.2 metres of 163 g/t silver and 2.77 g/t gold (Figure 3 and Table 1).  Hole DDJ-177 intersected 1.0 metre of 136 g/t silver and 6.79 g/t gold, confirming that locally gold values are significant at Joaquin.

Table 1. Joaquin Project - Summary Highlights of Expansion Drill Holes

Drill Hole Intercept From
(metres)
To
(metres)
Intercept
length
(metres)
Core
Recv.
(%)
Silver
(g/t)
Gold
(g/t)
AgEQ
(g/t)
AgEQ
gram
meter
product
 La Negra
DDJ-162 1st 46.0  65.0  19.0  95           69  0.07  73  1,394
DDJ-168 1st 21.0  57.0  36.0  98          343  0.06  347  12,508
including   47.0  55.0  8.0  99       1,429  0.20  1,442  11,539
including   48.0  50.0  2.0  99       4,900  0.32  4,921  9,842
DDJ-179 2nd 118.0  121.0  3.0  na          156  0.00  156  467
DDJ-179 4th 261.0  266.0  5.0  na          120  0.00  120  600
DDJ-179 5th 390.0  391.0  1.0  na       1,075  0.91  1,134  1,134
DDJ-180 1st 36.0  40.0  4.0  100          397  0.00  397  1,590
DDJ-184 1st 31.0  35.0  4.0  97           98  0.00  98  392
DDJ-184 2nd 71.0  85.0  14.0  96           64  0.27  82  1,147
DDJ-191 1st 28.0  42.0  14.0  96          179  0.00  179  2,509
 La Morocha
DDJ-175 4th 208.8  214.0  5.2  98          163  2.77  343  1,785
DDJ-177 1st 55.0  56.0  1.0  na          136  6.79  577  577
DDJ-177 3rd 106.0  110.0  4.0  na          105  0.00  105  420
DDJ-177 4th 137.0  139.0  2.0  na          540  0.63  581  1,162
DDJ-187 1st 100.0  110.0  10.0  93           41  0.18  52  524
  • Silver equivalent is calculated as AgEQ g/t = Ag g/t + 65 x Au g/t. Metallurgical recoveries are assumed to be 100%.
  • Primary intersections are calculated at a cutoff grade of 20 g/t with some internal dilution allowed at the discretion of the project's Qualified Person.
  • "Included" intersections are calculated at a 50 g/t or higher cutoff grade.
  • Reported grades are not capped.
  • Estimated true widths have not been calculated and the AgEq gram metre product is thus based on the uncorrected core lengths of the intercepts
  • n.a. = not available

The expansion drilling program commenced in October 2011 on the Joaquin Silver Project, where the initial resource estimation comprises 19.6 million ounces of silver in the Indicated category and 47.9 million ounces of silver in the Inferred category (Mirasol news release May 9, 2011 and Appendix 1).  The current release reports results for an additional 33 holes (DDJ-160 to -192) designed to test the down dip and peripheral areas around the two resource deposits.  A complete list of intercepts is found in Appendices 2 and 3.  In addition to the new expansion holes, Mirasol previously reported infill holes drilled in the north part of La Negra resource area, subsequent to the resource estimation (August 8, 2011; DDJ-141 to -143 and DDJ-153 to -159).  A total of 43 holes totalling 6,330 metres have been drilled as infill and expansion around the two resource deposits since the initial resource estimation (Figure 2 and Figure 3).

Coeur holds a vested 51% interest in the Joaquin project, and has elected to proceed to increase its equity to 61% by funding all expenditures through to the delivery of a full feasibility study.  Our JV partner informs that it intends to re-calculate the published resources for the La Negra and La Morocha deposits in Q2 of 2012 and is resuming metallurgical test work on both deposits. Currently our partner is focused on an infill drill program of >10,000 metres of drilling, to include metallurgical drill holes.  These activities form part of a planned feasibility study.

Surface exploration has been undertaken to the north and west of the La Morocha deposit following a series of ring fractures which appear to focus mineralization (Figure 1). The work comprises geological mapping, rock chip sampling and also PDP-IP geophysical surveying (pole-dipole induced polarization).  Much of the property remains unexplored and only a small part has been drill tested.  Mirasol expects Coeur to resume exploration drilling to test several new targets prior to the southern hemisphere winter.

Mirasol Resources Ltd. is a prospect generation exploration company focused on the discovery of new, high-potential precious metals deposits in the Americas.  Mirasol currently holds 100% of the rights of twenty exploration prospects, including eight advanced exploration stage precious metals properties located in Santa Cruz Province southern Argentina.  This includes the exciting Virginia Silver Project where near-surface, oxidized silver vein mineralization is being outlined by shallow diamond drilling. The company operates subsidiary companies in Argentina and Chile, holds the strategic Rubi copper-gold porphyry property in Chile, and is engaged in generative exploration in prospective regions elsewhere in the Americas.

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:  Coeur d'Alene operates the Joaquin Joint Venture and generated the drilling data used in this news release and reported it to Mirasol. Drill core samples were submitted to Alex Stewart (Assayers), Argentina S.A. and ALS Laboratories, both ISO 9000-2000 accredited laboratories located in Mendoza, Argentina. Gold and silver results were determined using standard fire assay techniques on a 30 gram sample with a gravimetric finish for gold and silver. Coeur's QAQC program includes the insertion of blanks, standards and duplicates into the sample stream for Joaquin drill holes. Mirasol has performed an independent analysis of the QAQC data generated by Coeur. Dr. Paul Lhotka has reviewed the Coeur data, calculated the intercepts in this news release, and is a qualified person as defined by National Instrument 43-101.

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.  Resources -  Joaquin Project (100% of Project)

Mineral Type and
Category
Ktonnes Silver g/t Contained
Koz Silver
Gold g/t Contained
Koz Gold
Oxide material
Indicated 6,785 77.7       16,952 0.16 34
Inferred 11,128 86.6       30,989 0.09 32
 
Sulphide material
Indicated 419 203.5         2,741 0.16 2
Inferred 2,667 197.8       16,963 0.12 10
 
Total of Oxide & Sulphide material
Indicated 7,204 85.0 19,693 0.16 36
Inferred 13,794 108.1 47,952 0.10 43

Reported by Mirasol on May 9, 2011.
Effective April 2010. Metal prices used were US$20 /oz Ag and US$1,300 oz/Au. 
Oxide mineral resources estimated using a cutoff grade of 33 g/t Ag Eq. (silver equivalent) and sulphide
mineral resources using a cutoff of 51.9 g/t Ag Eq. within Whittle® pit design.
Ag Eq (silver equivalent) = Ag grade in grams per tonne + Au grade in grams per tonne x 65.
Mineral resources estimated by the consulting firm of NCL Ingeniería y Construcción Ltda. in Santiago, Chile.
Mineral resources that are not mineral reserves have not demonstrated economic viability

Appendix 2. Joaquin Project - Complete Expansion Drilling Results - La Negra

Drill Hole Intercept From
(metres)
To
(metres)
Intercept
length
(metres)
Core
Recv.
(%)
Silver
(g/t)
Gold
(g/t)
AgEQ
(g/t)
AgEQ
gram
meter
product
DDJ-160 1st 99.0  107.0  8.0  99  115  0.00  115  917
DDJ-160 2nd 120.0  124.0  4.0  100  24  0.00  24  95
DDJ-160 3rd 132.0  135.0  3.0  99  22  0.00  22  66
DDJ-160 4th 153.0  162.0  9.0  93  44  0.04  47  421
DDJ-161 1st 57.0  59.0  2.0  97  22  0.07  26  52
DDJ-161 2nd 97.0  102.0  5.0  95  45  0.05  48  242
DDJ-162 1st 46.0  65.0  19.0  95  69  0.07  73  1,394
DDJ-163 1st 87.0  96.0  9.0  46  33  0.43  62  554
DDJ-164 1st 76.0  79.0  3.0  96  20  0.19  33  98
DDJ-165 no significant intercepts
DDJ-166 no significant intercepts
DDJ-167 1st 49.0  51.0  2.0  97  33  0.00  33  66
DDJ-168 1st 21.0  57.0  36.0  98  343  0.06  347  12,508
including   47.0  55.0  8.0  99  1,429  0.20  1,442  11,539
including   48.0  50.0  2.0  99  4,900  0.32  4,921  9,842
DDJ-168 2nd 66.0  68.0  2.0  97  364  0.00  364  728
DDJ-168 3rd 73.0  78.0  5.0  98  46  0.00  46  230
DDJ-169 1st 83.0  86.0  3.0  100  40  0.00  40  119
DDJ-170 1st 52.0  53.0  1.0  88  26  0.00  26  26
DDJ-179 1st 102.0  104.0  2.0  na  95  0.00  95  190
DDJ-179 2nd 118.0  121.0  3.0  na  156  0.00  156  467
DDJ-179 3rd 124.0  125.0  1.0  na  83  0.00  83  83
DDJ-179 4th 261.0  266.0  5.0  na  120  0.00  120  600
DDJ-179 5th 390.0  391.0  1.0  na  1,075  0.91  1,134  1,134
DDJ-180 1st 36.0  40.0  4.0  100  397  0.00  397  1,590
DDJ-180 2nd 42.0  44.0  2.0  100  179  0.12  186  373
DDJ-180 3rd 51.0  52.0  1.0  100  117  0.00  117  117
DDJ-180 4th 59.0  63.0  4.0  99  191  0.00  191  762
DDJ-180 5th 69.0  75.0  6.0  100  47  0.00  47  280
DDJ-181 1st 42.0  45.0  3.0  100  25  0.00  25  75
DDJ-182 1st 77.0  86.0  9.0  96  47  0.00  47  427
DDJ-182 2nd 96.0  101.0  5.0  95  30  0.00  30  151
DDJ-182 3rd 158.0  161.0  3.0  97  40  0.00  40  121
DDJ-182 4th 182.0  183.0  1.0  80  260  0.00  260  260
DDJ-182 5th 217.6  218.2  0.6  97  582  0.66  625  375
DDJ-183 1st 52.0  56.0  4.0  97  81  0.00  81  325
DDJ-183 2nd 97.0  102.0  5.0  60  23  0.00  23  115
DDJ-183 3rd 114.0  117.0  3.0  80  22  0.00  22  66
DDJ-183 4th 136.0  140.0  4.0  98  2  0.46  31  125
DDJ-184 1st 31.0  35.0  4.0  97  98  0.00  98  392
DDJ-184 2nd 71.0  85.0  14.0  96  64  0.27  82  1,147
DDJ-185 1st 105.0  106.0  1.0  97  70  0.00  70  70
DDJ-185 2nd 119.0  125.0  6.0  98  39  0.00  39  233
DDJ-185 3rd 131.0  134.0  3.0  100  115  0.00  115  344
DDJ-185 4th 137.0  141.0  4.0  95  21  0.00  21  82
DDJ-185 5th 150.0  153.0  3.0  88  25  0.00  25  74
DDJ-185 6th 167.0  168.0  1.0  100  111  0.00  111  111
DDJ-185 7th 219.9  223.0  3.2  97  31  0.00  31  98
DDJ-186 1st 20.0  22.0  2.0  88  189  0.00  189  378
DDJ-186 2nd 74.0  78.0  4.0  95  185  0.00  185  738
DDJ-186 3rd 80.0  82.0  2.0  96  55  0.00  55  109
DDJ-188 1st 54.0  56.0  2.0  100  48  0.00  48  96
DDJ-188 2nd 59.0  60.0  1.0  96  139  0.00  139  139
DDJ-188 3rd 74.0  77.0  3.0  89  22  0.00  22  66
DDJ-188 4th 83.0  84.0  1.0  98  100  0.00  100  100
DDJ-188 5th 87.0  94.0  7.0  99  22  0.00  22  156
DDJ-189 1st 29.0  35.5  6.5  100  97  0.00  97  631
DDJ-190 1st 48.0  52.0  4.0  97  45  0.00  45  181
DDJ-190 2nd 57.0  68.0  11.0  99  60  0.04  63  696
DDJ-190 3rd 72.0  74.0  2.0  100  26  0.00  26  51
DDJ-191 1st 28.0  42.0  14.0  96  179  0.00  179  2,509
DDJ-191 2nd 59.0  64.0  5.0  94  28  0.00  28  141
DDJ-191 3rd 67.0  69.0  2.0  98  28  0.00  28  55
DDJ-191 4th 88.0  91.0  3.0  98  40  0.00  40  121
DDJ-191 5th 103.0  107.0  4.0  97  54  0.05  58  230
DDJ-192  no significant intercepts
  • Silver equivalent is calculated as AgEQ g/t = Ag g/t + 65 x Au g/t. Metallurgical recoveries are assumed to be 100%.
  • Primary intersections are calculated at a cutoff grade of 20 g/t with some internal dilution allowed at the discretion of the project's Qualified Person.
  • "Included" intersections are calculated at a 50 g/t or higher cutoff grade.
  • Reported grades are not capped.
  • Estimated true widths have not been calculated and the AgEq gram metre product is thus based on the uncorrected core lengths of the intercepts
  • n.a. = not available

Appendix 3. Joaquin Project - Complete Expansion Drilling Results - La Morocha

Drill Hole Intercept From
(metres)
To
(metres)
Intercept
length
(metres)
Core
Recv.
(%)
Silver
(g/t)
Gold
(g/t)
AgEQ
(g/t)
AgEQ
gram
meter
product
DDJ-171 1st 105.0  106.5  1.5  100  35  0.00  35  51
DDJ-171 2nd 128.0  129.0  1.0  100  33  0.00  33  33
DDJ-171 3rd 153.2  154.1  0.9  100  28  0.17  39  35
DDJ-172 1st 140.5  142.4  1.9  97  20  0.00  20  38
DDJ-173 1st 190.0  196.0  6.0  100  23  0.00  23  138
DDJ-173 2nd 232.0  233.5  1.5  100  25  0.00  25  38
DDJ-174 1st 219.0  222.0  3.0  100  46  0.00  46  137
DDJ-174 2nd 229.0  231.8  2.8  100  28  0.00  28  77
DDJ-174 3rd 246.0  248.0  2.0  98  31  0.00  31  62
DDJ-175 1st 141.1  142.2  1.1  100  41  0.00  41  45
DDJ-175 2nd 145.2  146.7  1.5  99  28  0.00  28  42
DDJ-175 3rd 188.0  191.0  3.0  98  80  0.23  94  283
DDJ-175 4th 208.8  214.0  5.2  98  163  2.77  343  1,785
DDJ-176 1st 141.7  143.0  1.3  98  239  0.23  254  343
DDJ-176 2nd 147.0  148.0  1.0  98  5  0.35  28  28
DDJ-176 3rd 155.0  156.0  1.0  100  27  0.00  27  27
DDJ-176 4th 159.0  160.0  1.0  97  -  0.33  21  21
DDJ-176 5th 164.0  168.0  4.0  97  12  0.27  30  118
DDJ-177 1st 55.0  56.0  1.0  na  136  6.79  577  577
DDJ-177 2nd 98.0  99.0  1.0  na  55  0.07  60  60
DDJ-177 3rd 106.0  110.0  4.0  na  105  0.00  105  420
DDJ-177 4th 137.0  139.0  2.0  na  540  0.63  581  1,162
DDJ-178 1st 133.0  134.5  1.5  na  10  0.70  56  83
DDJ-187 1st 100.0  110.0  10.0  93  41  0.18  52  524
  • Notes as per Appendix 2.

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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