Mirasol Reports Final Infill Drill Results for the La Negra Deposit, Joaquin Silver Project, Argentina

VANCOUVER, Jan. 18 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the results from an infill drilling at the La Negra silver-gold deposit at the Joaquin Project in Santa Cruz, Argentina and to present a new  geological  model for the La Negra deposit being explored by Mirasol's joint venture partner Coeur d'Alene Mines ("Coeur").    

Infill drilling at La Negra was conducted on 50 metre spaced sections with approximately 50 metre spaced drill centers. This press release presents a summary of the infill drilling results (Table 1), with complete results available on Mirasol's website (click here - Table 3a). 

Better intersections from the infill drilling include DDJ-115 with 67.0 metres of 94 g/t AgEQ (silver equivalent), DDJ-117 with 15.0 metres of 972 g/t AgEQ, and DDJ-132 with 13.6 metres of 1,454 AgEQ.  These intersections correspond to what has been modeled (Figure 1 and Figure 2) as feeder zone and "manto" style mineralization proximal to the feeder. Additional indicative intersections from within the mantos include  DDJ-123 of 61.85m with of 82 g/t AgEQ, and DDJ-124 containing 58.3 metres of 65 g/t AgEQ.  The overall grade and thickness of the intercepts from the infill program appears similar to that of the previous drill holes. 

Modeling of the La Negra silver mineralization by Coeur suggests the possibility of a central, sub-vertical, structurally-controlled feeder zone with a series of stacked sub-horizontal "mantos" possibly controlled by lithologic contacts adjacent to the feeder structure.  The plan projection of the mantos to surface is up to 800 metres wide, while the strike length of the feeder zone has been drilled over 1,000 metres.  This new model, if proven to be correct by further drilling, may have significant positive implications for the volume of mineralization present. 

The modeling also shows that although the depth of oxidation is variable, the majority of the La Negra deposit is oxidized to between 200 and 250 metres below surface.  This deep oxidation suggests potential for development of the oxide material via a bulk mining leach operation.

Coeur is actively undertaking surface exploration at Joaquin in Q1 of 2011 on the approximately 80% of the Joaquin claims that remain underexplored.  Coeur has commissioned an independent study which has identified multiple priority targets for exploration follow up.   This program is expected to include drill testing of previously untested targets.

In December 2010, Coeur, the Project operator, notified Mirasol that it has expended the necessary funds to earn a 51% interest in Joaquin.  Coeur may elect to increase its interest to 61% by funding a 43-101 compliant feasibility study on Joaquin, and upon completion, may acquire a further 10% to reach 71% interest if project financing is provided at the request of Mirasol. The Joaquin project is located in the Area of Special Interest for Mining in Santa Cruz, Argentina where four precious metal mines are currently operating.

Table 1. Joaquin Project - Selected La Negra Infill Drill Results

Drill
Hole
Intercept From
(metres)
To
(metres)
Intercept
length
(metres)
Core
Recv.
(%)
Silver
(g/t)
Gold
(g/t)
AgEQ
(g/t)
AgEQ
gram
metre
product
DDJ-115 2nd 63.1 105.0 41.9 90 66 0.03 68     2,012
including   79.5 79.9 0.4 85 2,090 1.87 2,212        626
DDJ-115 5th 213.5 280.5 67.0 88 88 0.09 94     4,466
including   256.0 259.4 3.4 62 564 1.39 654     1,572
DDJ-117 1st 57.0 81.7 24.7 100 38 0.02 39        677
DDJ-117 2nd 207.0 228.5 21.5 92 24 0.03 26        397
DDJ-117 3rd 240.5 246.5 6.0 94 35 0.00 35        150
DDJ-117 4th 272.5 287.5 15.0 98 537 6.70 972   10,311
including   274.0 275.5 1.5 93 4,980 66.80 9,322     9,887
DDJ-119   33.0 84.5 51.5 94 160 0.31 181     6,581
including   47.0 53.0 6.0 99 465 0.47 495     2,102
DDJ-121 1st 22.5 61.4 38.9 97 32 0.01 33        901
DDJ-121 2nd 82.5 163.7 81.2 95 61 0.14 70     4,018
including   113.5 130.4 16.9 97 144 0.25 160    1,912
DDJ-123 1st 30.3 92.2 61.9 96 74 0.11 82     3,567
including   85.2 90.9 5.7 98 487 0.53 522     2,102
DDJ-124 1st 48.9 107.2 58.3 84 64 0.01 65     2,674
including   94.7 100.2 5.6 96 232 0.00 232        912
DDJ-124 4th 245.1 274.5 29.4 77 80 0.47 110     2,291
including   249.8 268.5 18.7 72 106 0.67 149     1,972
DDJ-125   52.0 102.0 50.0 97 39 0.24 55     1,937
DDJ-126 1st 46.5 53.8 7.3 100 425 0.03 427     2,194
including   46.5 48.0 1.5 100 1,810 0.00 1,810     1,920
DDJ-126 2nd 77.3 102.0 24.7 95 76 0.06 81     1,408
including   94.7 95.5 0.8 100 732 0.45 761        431
DDJ-126 3rd 112.0 182.5 70.5 94 28 0.07 32     1,602
DDJ-132 1st 59.9 73.5 13.6 96 1,443 0.16 1,454   13,961
including   62.4 67.4 5.0 95 3,731 0.31 3,751   13,263
  • Silver equivalent is calculated as AgEQ g/t = Ag g/t + 65 x Au g/t. Metallurgical recoveries are unknown and therefore assumed to be 100%.
  • Primary intersections are calculated at a cutoff grade of 20 g/t (La Negra) silver equivalent (AgEQ) and 30 g/t (La Morocha) with some internal dilution allowed at the discretion of the project's Qualified Person.
  • "Included" intersections are calculated at a 50 g/t or higher cutoff grade.
  • Reported grades are not capped.
  • Estimated true widths have not been calculated and the AgEq gram metre product is thus based on uncorrected core lengths of the intercepts

Mirasol's management is pleased with the infill drilling results at the La Negra silver-gold deposit, which confirm the potential for bulk-mineable mineralization at economic grades.  Mirasol Resources is pleased to be evaluating this project with Coeur d'Alene, who brings to the joint venture significant experience in the exploration and development of epithermal precious metal mineralization in the region.

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: Coeur d'Alene operates the Joaquin Joint Venture and generated the drilling data used in this news release and reported it to Mirasol. Drill core samples were submitted to Alex Stewart (Assayers), Argentina S.A. and ALS Laboratories, both ISO 9000-2000 accredited laboratories located 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 program includes the insertion of blanks, standards and duplicates into the sample stream for Joaquin drill holes.  Mirasol has performed an independent analysis of the QAQC data generated by Coeur.  Dr. Paul Lhotka has reviewed the Coeur data, calculated the intercepts in this news release, and is a qualified person as defined by National Instrument 43-101. 

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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