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

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VANCOUVER, BC, January 13, 2011. 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.

For further information, contact:
Mary L. Little
President and CEO

Tel:(604) 602-9989: Fax:(604) 609-9946

Email: contact@mirasolresources.com
Website: www.mirasolresources.com

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.

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