Mirasol Announces New High Grade Silver and Gold Showings at the Libanesa Project

    VANCOUVER, Feb. 27 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ; Frankfurt:
M8R) is pleased to present an exploration update and to announce upgrading of
its wholly owned Libanesa project. New high-grade silver and gold showings
have been identified adjacent to the previously reported Cerro Plomo
silver-gold-lead breccias at Libanesa, Santa Cruz Province, southern
    Exploration completed since the last press release (February 28, 2008)
includes: follow-up prospecting of Mobile Metal Ion (MMI) soil anomalies, an
induced polarization (IP) geophysical survey, additional geological mapping
and petrographic studies of the newly discovered mineralization. Recent work
has broadened knowledge of the property and provided additional exploration
concepts and targets.
    Mineralization at Libanesa is developed as localized hydrothermal and
phreatic breccias, sulphide - quartz veining and gossans associated with a 2
km diameter, radial-dyke swarm. The geochemical signature of mineralization is
silver, gold, and base metal-dominant with anomalous tellurium, seen in veins
peripheral to the Cerro Plomo breccia.
    Shallow soil and gravel cover much of the prospect area, potentially
concealing additional mineralization. Processing of the MMI soil results
suggests that mineralization at Libanesa falls along two northeast trending
corridors (Figure 1 - http://files.newswire.ca/786/Libanesa.JPG) that are up
to 1400 metres long. The more pronounced northern belt hosts the Cerro Plomo
breccias and three new showings of mineralization found at Bajo Aspero, Anibal
and Zona NE, which are associated with phreatic breccias. The phreatic
breccias have silicified matrix, are often anomalous in silver, arsenic,
molybdenum, lead or zinc, but appear to predate the main mineralized phase of
hydrothermal breccias and veining.
    At the Bajo Aspero prospect located 300 metres west of Cerro Plomo, a
cluster of gossan blocks believed to be completely-oxidized, sulphide
mineralization has assayed 18 g/t gold, 10 g/t silver and 1.96% lead (Table
1). The size, orientation and nature of the gossan body has not yet been
determined, but it is spatially associated with nearby phreatic breccias which
cut altered tuffs that are in turn cut by occasional crystalline quartz veins.
    At the Anibal prospect 200m north of Cerro Plomo, quartz vein float and
subcrop have assayed up to 1,150 g/t Ag with weakly anomalous gold. The veins
are comprised of fine-grained crystalline and saccharoidal quartz overgrown by
comb quartz. The true widths and orientations have not yet been determined due
to the poor outcrop and extensive thin soil cover.
    The Zona NE prospect comprises two sectors of vein development where
quartz veins have been found in subcrop and float in association with phreatic
breccias. Again, these veins are characterized by fine crystalline and comb
quartz, but here they are accompanied by copper oxides and visible sulphide
mineralization. Assay results have returned high silver values to 3,910 g/t
Ag, and appreciable gold to a maximum of 3.60 g/t. One of the samples with
high gold and silver values (MRR06743) also contains the highest tellurium
assays from the property of 882 ppm Te. Petrographic studies on this sample
have shown it contains fine native gold grains, probable gold-tellurides and
the silver sulphosalts argentite/acanthite.
    A series of lesser veins are seen in subcrop and float of fine-grained to
comb and crystalline quartz with traces of sulphide and copper oxides. These
veins are typically anomalous in silver with values up to 211 g/t Ag, contain
tellurium, but typically have low gold values.

    Table 1. Select Rock Chip Samples - Other Prospects
    (not previously released)
    Prospect            Sample     Silver (g/t)    Gold (g/t)        Lead (%)
    Anibal             MRR08552        1,150            0.07            0.48
    Anibal             MRR05754          262            0.06            0.56
    Anibal             MRR05783           89            0.04            0.30
    Bajo Aspero        MRR06801           10           18.00            1.96
    Zona NE            MRR08648        3,910            3.60            0.21
    Zona NE            MRR06743(*)     1,845            2.66            0.16
    Zona NE            MRR06740           92            0.05            0.22
    Various Veins      MRR05869          211            0.15            0.06
    Various Veins      MRR05798          199            0.30            0.03
    (*) sample MRR06743 also contains 882 ppm tellurium (Te)
    Select Cerro Plomo Trench and Channel Results
    (previously released)
    Trench/Channel    Length (metres) Silver (g/t)   Gold (g/t)      Lead (%)
    C1 - full length      13.35         52.0            0.74            0.85
    Including              2.80        105.0            1.00            1.56
    C2 - full length       9.65        151.6            0.53            2.13
    T 2 - full length     18.10         16.9            0.85            1.12
    Including             10.90         13.0            1.21            1.36
    Including              1.90         18.5            1.90            0.55
    T 3 - full length     14.70         19.1            0.58            0.76
    Including              3.90         59.6            1.58            0.76

    Gradient-array IP and high-resolution, ground-magnetic surveys were
conducted over the center of the project to test soil-covered areas and the
outcropping mineralization at depth. The gradient array survey experienced
some loss of current, probably due to shallow clays and saline water table
associated with a seasonal lake south of Cerro Plomo. This most likely reduced
depth penetration of the survey.
    Low order chargeability anomalies (fig 1) overlap with the Cerro Plomo
breccia and the Anibal high-grade vein. The remainder of the anomalies
correlate to pyritized and altered sections of the andesite radial-dyke swarm.
Chargeability anomalies and silver-gold-base metal prospects rim a 400m
diameter, soil-covered, topographic low. The topographic low coincides with a
prominant magnetic "gap" along the trace of an andesite dyke at the center of
the radial dyke swarm, suggesting magnetite destruction occurred due to
hydrothermal alteration of dykes in this area.
    Tentatively, it is interpreted that the andesitic dykes have been
emplaced into a radial fracture pattern developed peripheral to a covered
central breccia or intrusive body. The silver-gold-tellurium-base metal
geochemistry suggests an alkalic intrusive association for the mineralization.
    The Libanesa project has unique combination of geological characteristics
when compared to other mineral systems in the Deseado Massif. Geological
potential exists for deposit types heretofore unknown in Patagonia, perhaps
more akin to the polymetallic precious and base metal deposits in the mining
districts in Bolvia, Peru and Mexico.
    Paul Lhotka, Principal Geologist for Mirasol, is the Qualified Person
under NI 43-101 who has prepared and approved the technical content of this
news release.

    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
surface samples.

    Quality Assurance/Quality Control: Exploration at Mirasol's Projects is
supervised by Mirasol's 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.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news

    %SEDAR: 00021558E

For further information:

For further information: Mary L. Little, President & CEO, Tel: (604)
602-9989, Fax: (604) 609-9946, Email: contact@mirasolresources.com, Website:

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