VANCOUVER, Feb. 12 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ; Frankfurt:
M8R) announces that it has signed an exploration option agreement with Coeur d
Alene Mines (TSX:CDM, NYSE: CDE) to explore and develop Mirasol's 100% owned
Nico Project, located in the Deseado Massif gold-silver epithermal district of
Santa Cruz province, southern Argentina.
The terms of the agreement provide that Coeur spend US $2.3 million in
exploration over four years to earn a 55% interest in the property, and a 65%
interest on completion of a bankable feasibility study, at which time Mirasol
may elect to maintain a 35% participation. Coeur may acquire a 75% interest by
providing project development financing at commercial terms to Mirasol.
Additionally, during the exploration period Coeur will make cash payments
totaling US $250,000 to Mirasol and act as project operator.
Under the terms of the agreement, Coeur has a first year exploration
commitment of US $250,000 and will pay US $50,000 on signing of the agreement.
Exploration activities are projected to begin immediately, and include
detailed prospect mapping, additional geochemical sampling, and drilling.
The Nico project was identified and staked by Mirasol geologists through
the Company's proprietary generative exploration program which has identified
many new epithermal gold and silver systems in the Deseado Massif. The Nico
mineral property comprises an area of 198 square kilometres and straddles a
provincial road 40 kilometres north of Coeur's producing bonanza-grade Martha
silver mine. During exploration campaigns from 2005 to 2008, Mirasol conducted
an integrated exploration program of geological mapping, 120 line kilometres
of gradient array IP/resistivity geophysics, 552 line kilometres of
high-resolution ground magnetics and 134 rock chip samples, which outlined
highly prospective targets.
Initial exploration returned up to 8.5 g/t gold and 324 g/t silver in
outcrop from the Nico Main zone (see press release dated October 11, 2007).
Further exploration significantly extended the known mineralized trends and
identified five discrete gold-silver prospect areas on a regional basis,
defined by anomalous silver, gold or pathfinder elements and large chargeable
/ resistive geophysical anomalies. The principal targets of the Nico Main zone
are the Tito vein zone and Carlos breccia zone, which host multi-gram gold
values and multi-ounce silver values on surface (see press release dated May
"We are very pleased to have Coeur as our partner for the Nico Project.
We have an excellent relationship with Coeur, who are exploring and have
recently drilled our Joaquin gold-silver property", stated Mary Little,
President and Chief Executive Officer of Mirasol Resources Ltd. "Coeur brings
exceptional geological and local operational expertise to the Nico Project and
we look forward to a productive venture."
About Mirasol Resources Ltd.:
Mirasol Resources Ltd. is an exploration company focused on the discovery
and acquisition of high-potential, precious metals deposits in the Americas,
utilizing leading edge technology for strategic advantage. Mirasol currently
holds 100% of the rights of seven active exploration projects and ten
early-stage prospects in Santa Cruz Province identified through the Company's
proprietary exploration. The Company has joint ventured several of its
Patagonian projects with strong, well-funded partners Coeur (TSX: CDM; NYSE:
CDE) and the Hochschild Group (LN: HOC). The company operates subsidiary
companies in Argentina and Chile and is engaged in generative exploration in
high-potential regions elsewhere in the Americas. For further information,
visit the Company's web page at www.mirasolresources.com.
Surface Geochemical Sampling: All assay results reported herein are for
rock and stream sediment samples collected from surface; assay results from
drill core samples may be higher, lower or similar to results obtained from
Quality Assurance/Quality Control: Exploration at Mirasol's Projects is
supervised by Mirasol's Exploration Manager, Timothy Heenan, and Principal
Geologist, Paul Lhotka, Ph.D., P. Geo., both 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.
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
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responsibility for the adequacy or accuracy of the content of this news
For further information:
For further information: Mary L. Little, President and CEO, Tel: (604)
602-9989, Fax: (604) 609-9946, Email: email@example.com, Website: