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Mirasol Completes Phase 4 Drilling at the Virginia Silver Project — Ely North Confirmed as Significant Discovery

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VANCOUVER, BC, June 21, 2012. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the results for Phase 4 diamond drilling conducted during Q1 and Q2 of 2012 at the Virginia Project, Mirasol’s 100%-held high grade silver discovery in Santa Cruz Province, Argentina. Phase 4 drilling results demonstrate the quality and continuity of silver mineralization of these deposits at the Julia, Ely South and Naty veins, and the discovery of a significant new deposit at the Ely North vein (Figure 1).

Highlights of drill intercepts include 15.6 metres grading 155 grams per tonne (g/t) silver including 3.38 metres of 486 g/t silver in hole VG-143A, drilled at depth in Julia North zone. At the Ely North vein, a newly defined mineralized shoot returned multiple long mineralized intersections including high-grade intervals, such as 96.14 metres at 55 g/t silver including 2.75 metres of 419 g/t silver in hole VG-184. Ely North remains open at depth and along strike and now has sufficient drill hole density to consider it a drill discovery.

Mirasol is confident that the Virginia Silver Project now comprises six discrete mineralized deposits containing sufficient grade, size and drill hole density to support a resource estimate. Typically, high grade silver vein mineralization is enclosed by a broad envelope of silver mineralized wall rock, which yields deposits which may be amenable to bulk tonnage surface development.

The most significant exploration advances in Phase 4 came at Ely North where 20 holes have been completed (Table 1, Figure 1). This zone has been traced for 440 metres in strike length and is open along strike and to depth. The Ely North deposit strikes north-south, dips at approximately 70 degrees to the east, and has been defined by true widths which range from 10 to 30 metres wide to a maximum of 79 metres wide, at¬¬ a cut-off grade of 30 g/t silver. Within the lower grade envelope, local higher grade intercepts such as in VG-184 with 2.75m of 419 g/t silver, VG-161 with 7.67m of 129 g/t silver, and VG-181 with 1.7m of 311 g/t silver exist. All of the Ely North mineralization is oxidized and within 150 metres of surface.

The Phase 4 drilling program conducted in the first two quarters of 2012 totaled 8,004 metres of drilling in 55 holes. Drilling productivity and core recoveries were excellent; no holes were re-drilled due to core recovery difficulties and only one hole was re-drilled because tools were lost before the target zone was crossed. In general, drilling was undertaken at an approximate spacing of 40 metres along strike by 40 metres to depth on the Julia North, Julia South, Naty, Ely North and Ely South deposits. Complete results of Phase 4 drilling, together with all drilling results to date for the Virginia Silver Project, with all drill hole locations, will be posted at www.mirasolresources.com. Highlights of Phase 4 drilling are tabulated in Table 1 with corresponding hole locations (Appendix 1). New d¬rilling at Naty, Ely South, Ely North, Julia North and Julia South has added depth and strike length to these silver deposits.

In addition to drilling, an extensive surface exploration program was undertaken during the field season which included geological exploration, rock sampling, IP (induced polarization) geophysics and mechanical trenching. This program successfully expanded the “footprint” of the Virginia vein system (Figure 2) and has clearly identified several new targets for exploration next season. Geochemical results for many of the trenches and surface samples shown are pending, and will be communicated when they become available.

Mirasol will present details of the six deposits in graphical format (long section and plan view) in the very near future to assist shareholders in visualizing the potential value in these near-surface silver deposits that may be accessible by low cost, open-cut mining techniques.

Table 1. Virginia Silver Project Phase 4 Final Results — Highlights

  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 Vein

VG-143A

138.85

154.40

15.55

15.6

155

1,971

91

Including

149.90

153.28

3.38

2.8

486

1,344

87

VG-146

76.40

88.00

11.60

11.2

76

848

97

Including

81.25

83.10

1.85

1.8

220

394

95

VG-157

34.00

40.00

6.00

5.1

53

273

99

And

118.30

122.70

4.40

3.8

240

904

81

Naty Vein

VG-142

1.57

16.00

14.43

11.2

68

765

86

VG-153

84.00

88.49

4.49

4.4

70

298

95

Ely North Vein

VG-161

92.00

164.70

72.70

60.3

47

2,860

99

Including

155.80

163.47

7.67

6.8

129

881

100

VG-164

60.00

111.46

51.46

48.9

42

2,037

97

Including

108.20

111.46

3.26

3.1

199

616

100

VG-166

29.70

47.00

17.30

17.2

94

1,616

98

Including

33.93

41.00

7.07

7.0

150

1,059

97

VG-181

61.00

90.00

29.00

28.9

62

1,777

96

Including

78.60

80.30

1.70

1.7

311

527

95

VG-184

75.94

172.08

96.14

79.7

55

4,380

96

Including

160.65

163.40

2.75

2.3

419

956

99

Ely South Vein

VG-169

128.55

137.00

8.45

5.3

90

478

97

Including

134.08

135.90

1.82

1.1

217

249

92

VG-173

72.00

80.00

8.00

6.6

116

772

100

Including

74.00

78.15

4.15

3.4

172

591

100

Julia South Vein

VG-174

72.00

82.00

10.00

8.2

209

1,714

99

Including

76.75

78.00

1.25

1.0

1,126

1,153

99

VG-177

72.60

81.70

9.10

6.4

90

579

97

VG-192

64.60

73.10

8.50

7.7

159

1,224

99

Including

71.13

72.10

0.97

0.9

1,045

919

99

VG-195

37.44

40.45

3.01

2.4

182

439

100

Including

38.95

39.42

0.47

0.4

824

309

100

And

73.89

75.12

1.23

0.9

134

132

95

Notes: All analyses done by Alex Stewart Argentina S. A. laboratory.

  1. True widths have been estimated using cross sections of the mineralized intercepts with the geology of the drill hole and surface information and adjacent holes and cross sections.
  2. Silver grades have not been capped and are thus “uncut”.
  3. Intercepts are calculated at a 30 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 (“LWA”) 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; Timothy Heenan, Exploration Manager; and Paul Lhotka, Principal Geologist, who is the Qualified Person 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. Drill core, 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.

Assay results from diamond drill core or RC drill samples may be higher, lower or similar to results obtained from surface samples.

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.

Appendix 1. – Virginia Project Drill Hole Collar Locations from Table 1.

Hole

Easting
GKCI*

Northing
GKCI*

Elevation
(metres)

Azimuth

Dip

Length
(metres)

VG-142

2,427,706

4,739,815

1,048

78.0

-45.0

212.00

VG-143A

2,427,836

4,739,446

1,041

78.0

-45.0

224.00

VG-146

2,427,899

4,739,378

1,042

78.0

-45.0

110.00

VG-153

2,427,457

4,740,054

1,059

68.0

-45.0

119.90

VG-157

2,427,838

4,739,596

1,038

78.0

-45.0

159.00

VG-161

2,429,026

4,740,223

1,016

264.0

-45.0

182.00

VG-164

2,428,975

4,740,137

1,005

264.0

-45.0

152.00

VG-166

2,428,905

4,740,453

1,034

264.0

-45.0

80.00

VG-169

2,428,591

4,739,021

987

101.0

-45.0

164.00

VG-173

2,428,652

4,739,095

998

101.0

-45.0

121.20

VG-174

2,428,521

4,738,362

973

278.0

-45.0

108.50

VG-177

2,428,534

4,738,401

973

278.0

-45.0

117.00

VG-181

2,428,959

4,740,458

1,029

264.0

-45.0

118.00

VG-184

2,429,028

4,740,183

1,011

264.0

-45.0

190.00

VG-192

2,428,510

4,738,283

970

278.0

-45.0

110.00

VG-195

2,428,560

4,738,630

982

278.0

-45.0

110.00

* Gauss Kruger Campo Inchauspe coordinate system.

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