VANCOUVER, June 1 /CNW/ - Mirasol Resources Ltd. (TSX-V:MRZ, Frankfurt:
M8R) reports that the Hochschild Mining Group ("Hochschild") has relinquished
its earn-in rights to Mirasol's Claudia precious metal property in Santa Cruz
Province, southern Argentina. In doing so, Hochschild has forfeited all
rights, title and interest in and to the property in favour of Mirasol.
The Claudia exploration property is strategically located on-strike and
adjacent to Anglogold Ashanti's producing Cerro Vanguardia gold-silver mine
(4.5 M oz gold plus 57.7 M oz silver resources) in the prolific Deseado Massif
volcanic terrain of Santa Cruz Province, Patagonian Argentina. Mirasol's
100%-held, large 1200-square kilometre property hosts occurrences of
mineralized epithermal veins, sinters, domes and outcropping high grade gold
and silver mineralization, probably related to the extensive Cerro Vanguardia
During the joint venture, Hochschild completed more than 4,000 line
kilometres of ground magnetometry, and 249 line kilometres of gradient array
IP geophysics covering six blocks, 1155 rock chip samples and MMI
geochemistry. A total of 3,794 metres of core drilling in 26 holes were
completed in December 2007, and 3,168 metres of reverse circulation (RC)
drilling in 25 holes were completed in December 2008. Drilling results include
multiple intercepts greater than 100 g/t silver, including five intercepts
from 118 g/t Ag to 217 g/t Ag with up to 1.3 g/t Au.
The exploration program to date has provided a cursory first pass test of
a limited number of prospects at the Claudia project. Many outcropping
gold-silver mineralized veins and covered geophysical targets remain untested.
Integrated analysis of the extensive new data base will prove to be an
invaluable targeting tool to focus further exploration. Preliminary synthesis
shows five principal exploration areas which host a range of targets that
warrant drill testing.
(Figure 1 - http://files.newswire.ca/786/NR090601_Claudia_Fig1.jpg).
Of particular note are the Rio Seco Vein Zone and Curahue trends. At Rio
Seco, only two shallow RC holes were drilled in the 4 kilometres of exposed
vein trends, with no drilling of the better outcropping zones of gold and
silver mineralization. (Firgure 2 -
http://files.newswire.ca/786/NR090601Claudia_Fig2.jpg). At Curahue, a largely
gravel-covered, 15 kilometre long northwest structural trend is evident in the
magnetic survey. Rock chip sampling of vein outcrop and float, exposed in
windows through gravel cover, returned assays of up to 1.4 g/t Au and 22.4 g/t
Ag from high level epithermal vein material. Drill hole RC-10 targeted a
gravel-covered structure and returned an intercept of 2 metres of 146 g/t Ag
and anomalous gold, with epithermal trace elements. (Figure 3 -
"The exploration potential of the Claudia Project remains largely
untested and shows clear potential for Vanguardia-style epithermal gold-silver
mineralization. Several precious metals producers have expressed interest in
exploring Claudia. The Claudia property remains highly prospective for the
discovery of gold and silver mineralization, and continues to represent a core
holding in Mirasol's portfolio in the Deseado Massif," stated Mary Little,
President and CEO of Mirasol Resources.
Mirasol wishes to thank Hochschild for their joint venture partnership
and for the data created during the 2007-2008 exploration program.
About Mirasol Resources
Mirasol Resources Ltd. is a well funded 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 eight active exploration
projects and ten early-stage precious metals prospects in Santa Cruz Province,
in the Patagonian region of southern Argentina, identified through the
Company's proprietary exploration. The Company has joint ventured several of
its Patagonian projects with strong, well-funded producers. In addition,
Mirasol holds 100% interest in the Rubi copper-gold porphyry target,
strategically located in the El Salvador copper mining district, northern
Chile. 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
Stephen C. Nano, Vice President of Exploration for Mirasol, is the
Qualified Person under NI 43-101 who has verified and approved the technical
content of this news release.
Quality Assurance/Quality Control: The Hochschild Group operated the
Claudia Project and generated the drilling data and QAQC used in this news
release and reported it to Mirasol. Drill core and RC samples were submitted
to Alex Stewart (Assayers), Argentina S.A. in Mendoza, Argentina. Gold and
silver results were determined using standard fire assay techniques on a 50
gram sample with an atomic absorption finish for gold and a gravimetric finish
for silver. Hochschild's QAQC included insertion of blanks and standards into
the sample stream. Mirasol has performed an independent analysis of the QAQC
data generated by Hochschild. Stephen Nano has reviewed the Hochschild data
and is a qualified person as defined by National Instrument 43-101.
All assay results reported herein are for core rock samples and RC
(reverse circulation) drilling samples; assay results from drill samples may
be higher, lower or similar to results obtained from surface samples.
Neither 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.
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: