Mirasol reports final Phase 1 drill results at Joaquin, and commencement of Phase 2 drilling at La Negra and La Morocha silver-gold targets



    VANCOUVER, April 27 /CNW/ - Mirasol Resources Ltd. (TSX-V:MRZ, Frankfurt:
M8R) is pleased to announce that Phase 2 drilling is in progress at the La
Negra and La Morocha silver-gold discoveries on its 100% owned Joaquin project
in Santa Cruz province Argentina. Mirasol is also pleased to present the final
silver and gold assay results from Phase 1 drilling of these prospects.
    Exploration at the Joaquin Project is being funded and operated by
Mirasol's joint venture partner Coeur d'Alene Mines Corporation ("Coeur").
Coeur has the option to earn up to 71% of Joaquin by investing US$ 4 million
over four years, by making staged cash payments to Mirasol, by completing a
feasibility study and funding Mirasol's percentage of development costs with
repayment recovered from cash flow. The Joaquin project is strategically
located 80 km north of Coeur's Martha high grade silver mine.
    Previously reported partial results from Phase 1 drilling at La Morocha
(see press release dated March 2, 2009) intersected a shallowly-dipping zone
of breccias, veinlets and disseminated mineralization up to 42 metres wide
with encouraging silver grades. Phase 1 drilling (See Figure 1
http://files.newswire.ca/786/LaMorocha.JPG) confirmed that the La Morocha
structure is continuously mineralized over a 300 metre strike length, and down
dip to a depth of 110 metres below surface. All five holes drilled in the La
Morocha structure returned between 15.8 and 42 metre wide intercepts of silver
mineralization, with hole DDJ-15 returning two mineralized intervals each over
20 metres wide (Table 1). Better assays from Phase 1 drilling, calculated at a
30 g/t silver cut off, include: 30.07 metres @ 104.7 g/t Ag, including 17.96
metres of 134.8 g/t Ag; 23.03 metres of 72.2 g/t Ag including 2.8 metres of
157.9 g/t Ag, and 42.0 metres of 57.2 g/t Ag, including 3.0 metres of 116.5
g/t Ag. Mineralization at La Morocha remains open at depth and along strike to
the north, and results to date suggest a trend to increasing silver grades at
depth.
    Phase 1 drilling at La Negra returned high grade silver and gold from a
1.1 to 2.8 metre wide, steeply- dipping banded epithermal vein, and its lower
grade halo of brecciated and veined wall rock up to 11.4 metres wide. To date,
drilling has tested 150 metres of strike length of the vein and up to 100
metres down dip. (See Figure 2 http://files.newswire.ca/786/LaNegra.JPG) All
three holes drilled into the vein returned encouraging silver and gold assays,
confirming that the vein is mineralized from surface and is open at depth and
along strike to the north. Better assay results from the vein, calculated at a
60 g/t silver cut off, include 2.6 metres of 375.9 g/t Ag and 2.07 g/t Au, and
2.8 metres of 476.6 g/t Ag and 2.39 g/t Au.
    A proposed 1800 metre Phase 2 drill program is in progress at Joaquin,
and is designed to test up to an additional 550 metres of strike length of the
La Morocha prospect, and an additional 500 metres of the La Negra structures
at approximately 100 to 150 metre centres. An additional objective of Phase 2
drilling at La Negra is to improve on poor core recovery experienced in the
three initial holes, and to gain greater confidence in the grades and widths
quoted above and in Table 1.
    The new results from the Phase 1 drilling confirm the presence of high
grade silver-gold vein mineralization over potentially mineable widths at La
Negra, and the potential for bulk mineable style mineralization at La Morocha.
The close proximity to existing road infrastructure and Coeur's mill
facilities at the Martha mine further enhance potential economic viability of
these discoveries.

    
    -------------------------------------------------------------------------
    TABLE 1 - JOAQUIN PROJECT PHASE 1 FINAL DIAMOND DRILLING ASSAY RESULTS
    -------------------------------------------------------------------------
                        From    To              True
    Prospect   Hole ID  depth  depth  Interval  width  Ag g/t  Au g/t  Ag eq
                 (m)     (m)    (m)              (m)                    g/t
    -------------------------------------------------------------------------
    La
     Morocha  DDJ-15     5.00  28.40     23.40  23.03    72.2    0.01   73.0
              includes  24.80  27.65      2.85   2.80   157.9    0.03  159.6
              DDJ-15    33.53  54.00     20.47  20.09    55.5    0.08   60.6
             ----------------------------------------------------------------
              DDJ-16    19.72  63.20     43.48  42.00    57.2    0.05   60.6
              includes  57.82  61.20      3.38   3.01   116.5    0.34  139.0
             ----------------------------------------------------------------
              DDJ-17    35.30  51.20     15.90  15.82    93.6    0.06   97.3
              includes  36.41  45.50      9.09   9.09   128.1    0.09  134.0
             ----------------------------------------------------------------
              DDJ-18    68.20  85.60     17.40  17.19    91.8    0.08   97.2
              includes  68.20  84.50     16.30  16.26    95.1    0.09  100.9
             ----------------------------------------------------------------
              DDJ-19    46.25  79.40     33.15  30.07   104.7    0.06  108.4
              includes  59.42  79.40     19.98  17.96   134.8    0.08  140.1
    -------------------------------------------------------------------------
    La Negra  DDJ-21    30.00  53.95     23.95  18.00   105.4    0.34  127.7
              includes  45.97  49.40      3.43   2.59   375.9    2.07  511.5
             ----------------------------------------------------------------
              DDJ-22    55.06  69.20     14.14  11.41   142.6    0.63  183.9
              includes  56.60  59.90      3.30   2.77   476.6    2.39  632.9
             ----------------------------------------------------------------
              DDJ-23   118.40 119.70      1.30   1.10   337.0    2.06  471.4
    -------------------------------------------------------------------------
    Main intercepts calculated at 30 g/t Ag cut off. "includes" intercepts
     calculated at 60 g/t Ag cut off.
    Silver equivalent calculated as Ag eq = Ag g/t + Au g/t x
     65.4.
    Recoveries in all La Morocha vein zone intercepts are 80% to 100%.
    Recoveries in La Negra vein zones are 5%-21% in DDJ-21, 30% in DDJ-22,
     and 40% in DDJ23.
    -------------------------------------------------------------------------
    

    Stephen C. Nano, Vice President of Exploration for Mirasol, is the
Qualified Person under NI 43-101 who has prepared and approved the technical
content of this news release.
    Quality Assurance/Quality Control: Coeur d'Alene operates the Joaquin
Project and generated the drilling data and QAQC used in this news release and
reported it to Mirasol. Drill core 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. Coeur's
QAQC included insertion of blanks and standards into the sample stream.
Mirasol has performed an independent analysis of the QAQC data generated by
Coeur. Stephen Nano has reviewed the Coeur data and calculated the intercepts
in this news release and prepared the content of this release, and is a
qualified person as defined by National Instrument 43-101.
    All assay results reported herein are for core rock samples; assay
results from drill core 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.
    

    %SEDAR: 00021558E




For further information:

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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890