Mirasol Announces Remaining 21 Holes from Virginia Project Phase 1 Drilling- Confirm a Significant High-Grade Silver Discovery

VANCOUVER, Jan. 13 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R)  is pleased to announce results for the remaining 21 holes of the Phase 1 diamond drilling program of the Julia Vein at its 100% owned, Virginia Project in Santa Cruz province, Argentina. These results confirm a significant high-grade silver discovery at the project with multiple new drill holes returning intersections between 9 and 26.6 metres with grades between 250 and 1,000 grams per tonne (g/t) silver, which include higher grade internal intervals grading between 1,000 g/t and 6,298 g/t silver.

The 2,200 metre long Julia Vein has now been tested by 28 diamond HQ diameter drill holes (Figure 1) which targeted the structure at 25 and 50 metres below surface. As with the seven previously reported holes, all mineralized material is strongly oxidized with abundant iron oxides. The only sulphide observed is galena in minor amounts.

The Julia North segment of the structure has now been tested by 14 holes and dips at 50 to 80 degrees to the west.  Better intersections from this round of holes (Table 1) include VG-014 which returned a true width of 26.59 metres of 348 g/t silver including a higher grade interval of 5.91 metres with 1,208 g/t silver, and VG-028, located 498 metres  south of hole VG-014, with a true width of 9.33 metres at 654 g/t silver, including a higher grade interval of 5.05 metres of 1,152 g/t silver.

These, with previously announced results from Julia North, demonstrate the continuity of mineralization over a 500 metre strike length and as much as 60 metres down dip. The majority of holes have returning impressive widths and silver grades, in most cases exceeding widths and grades anticipated from surface channel sampling. The mineralization is clearly open to the north and down dip.

New holes on Julia Central and Julia South also contained significant intercepts. The widest of these was at Julia South where VG-023 intersected a true width of 7.57 metres containing 245 g/t silver including a higher grade interval of 2.62 metres of 560 g/t silver (Figure 1).

Julia South mineralization continues to be hosted by competent rock with good core recoveries. At Julia Central and Julia North, faulting in and around the mineralized zone continues to produce variable core recoveries. Methods used in logging and quality control are consistent with industry best practice as described in the previous news release. (December 16, 2010).

New holes have confirmed the trends indicated by the initial seven holes of Phase 1. As a group, the 28 holes have provided consistent intercepts of economic interest. Mirasol has resumed surface work on Virginia with a program of mechanical trenching commencing on other veins and targets surrounding the Julia Vein. It is Mirasol's intention to recommence drilling at the Virginia project during the first quarter of 2011.

Table 1. Julia Vein Drill Hole Results

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
VG-008 18.90 21.00 2.10 1.82         107              195           85
VG-008 30.00 36.00 6.00 5.20         106              548          40
VG-014 5.00 32.00 27.00 26.59         348           9,242           67
including 18.00 24.00 6.00 5.91      1,208           7,138           17
VG-015 16.00 24.00 8.00 7.52         108              815           72
and 30.00 46.00 16.00 15.04         456           6,854           46
including 31.00 36.00 5.00 4.70      1,215           5,708           41
or combined 16.00 46.00 30.00 28.19         279           7,875           54
VG-016 20.45 43.00 22.55 19.91         368           7,319           66
including 32.00 36.00 4.00 3.53      1,627           5,745           66
VG-017 30.00 43.00 13.00 10.38         892*           9,260           60
including 35.90 37.00 1.10 0.88      6,298*           5,533           75
VG-018 34.80 35.90 1.10 0.78         304              236           82
VG-019     no significant assays          
VG-025 55.25 78.00 22.75 18.86         249           4,689           65
including 62.00 66.70 4.70 3.90         872           3,399           56
VG-026 62.45 76.57 14.12 11.71           91           1,070           64
including 66.70 69.00 2.30 1.91         187              357           63
VG-027 70.00 81.90 11.90 9.12         716           6,531           75
including 75.00 78.00 3.00 2.30      1,761           4,046           90
VG-028 60.00 72.00 12.00 9.33         654           6,097           72
including 63.10 69.60 6.50 5.05      1,152           5,821           64
Julia Central
VG-009 39.40 41.80 2.40 1.70           85              144           53
VG-013 33.00 36.80 3.80 2.73         462           1,262           43
including 33.00 35.50 2.50 1.80         655           1,178           30
Julia South
VG-010 31.35 34.00 2.65 2.14           81              173           94
VG-011 47.50 50.45 2.95 1.82         206              374           89
including 49.50 50.45 0.95 0.58         437              256           90
VG-012 31.00 39.00 8.00 5.95         328           1,952           86
including 34.10 35.40 1.30 0.97         742              717           97
VG-020 65.00 71.70 6.70 4.74         142              675           97
including 68.80 71.70 2.90 2.05         198              406           98
VG-021     hole abandoned due to drilling problems without reaching target  
VG-022 77.07 81.35 4.28 2.14         112              239           98
VG-023 26.00 36.70 10.70 7.57         245           1,854           79
including 33.00 36.70 3.70 2.62         560           1,465           98
VG-024 28.00 30.85 2.85 2.39         169              403           91

Notes:  All analyses done by ALS Laboratory Group.

* A single sample returned an assay of   > 10,000 g/t silver and the new assay with higher limits is still pending. These provisional values were calculated using a value of 10,000 g/t.

  1. True widths have been estimated using cross sections of the mineralized intercepts with the geology of the drill hole and surface information.
  2. Silver grades have not been capped and are thus "uncut".
  3. Intercepts are calculated at a 50 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 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; Exploration Manager, Timothy Heenan; and Principal Geologist, Paul Lhotka, all 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 standards.

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.

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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