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Mirasol Discovers Multiple New Silver Veins at the Virginia Vein Zone, Argentina

VANCOUVER, BC, September 15, 2010 – Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to report results from the 100%-owned Virginia Vein Zone in southern Argentina. Exploration has previously focused on the Julia Vein as well as the nearby Ely, Margarita and Naty veins, which host high-grade silver values over significant widths and strike lengths (see press releases of Feb. 16, 2010 and June 07, 2010). Current exploration highlights the discovery of additional silver-bearing veins, the Roxane, Martina, Priscila and Magi veins. Assay results show significant silver grades in all new veins including assays up to 2,880 g/t silver from the Roxane Vein.

The four new veins host important silver mineralization and substantially increase the cumulative strike length and footprint of veins at the Virginia Vein Zone, which now exceeds 9,600 metres (Figure 1).

Mapping and sampling of the Virginia Vein Zone is now complete for the 2009-2010 field season. Drill targets are being identified and prioritized based on the geology, assay results and geophysics completed. Environmental permitting for drilling is well advanced. It is the intention of Mirasol management to undertake the first round of drilling at the Virginia project during the southern hemisphere summer.

Technical Discussion

Assays reported here include channel and rock chip sampling from the Roxane, Martina, Priscila and Magi veins. Saw-cut channels were selected by Mirasol geologists to give a systematic test along strike where distribution of outcrop permits.

Twenty-four rock chip samples of the Roxane Vein (Figure 2) returned assays which range from 103 to 2,880 g/t silver with an average of 1,039 g/t silver (Table 1). The Roxane Vein is adjacent to and parallels the central segment of the high-grade Julia Vein that also hosts multiple channel samples with values exceeding 1,000 g/t silver.

The Roxane Vein, as known to date, is defined by a northwesterly trending zone of aligned float blocks up to 0.7 metres wide that can be traced for a strike length of 590 metres (Figure 2). The true width of the vein is unknown; trenching and/or drilling will be required to determine the vein’s grades and widths. Veins material is composed of fine-grained, massive to banded saccharoidal quartz with abundant iron oxides including specular hematite and occasionally minor galena.

Table 1. Roxane Vein Rock Samples – Compiled Results

Channel ID

Sample Type

Sampled Length
(m)

Silver
(g/t) 1

Lead
(%) 2

MRR09578

float select

0.20

591

0.44

MRR09579

float select

0.15

367

0.16

MRR09570

float select

0.15

2,630

3.21

MRR09568

float select

0.20

522

6.04

MRR09567

float select

0.10

2,020

0.18

MRR09566

float select

0.10

1,515

0.43

MRR09565

float select

0.20

436

0.11

MRR09564

float select

0.15

936

0.10

MRR09563

float composite

Not applicable

1,055

0.23

MRR08991

float select

0.25

581

0.11

MRR08990

float select

0.10

323

0.62

MRR09562

float select

0.30

1,925

3.77

MRR09573

float composite

Not applicable

2,880

0.06

MRR08988

float select

0.30

2,670

0.74

MRR08764

float composite

Not applicable

2,275

0.51

MRR08989

float select

0.20

879

0.10

MRR09583

float select

0.25

902

0.20

MRR09590

float select

0.15

129

0.08

MRR08992

float select

0.20

352

0.12

MRR09591

float select

0.10

115

0.21

MRR09560

float select

0.20

172

0.10

MRR09561

float select

0.10

1,305

0.71

MRR08758

float composite

Not applicable

259

0.15

MRR08755

float composite

Not applicable

103

0.25

Minimum

103

0.06

Maximum

2,880

6.04

Average

1,039

0.78

Notes: All analyses done by ALS Chemex Laboratory.

  1. Silver results are by Ag-GRA21, a fire assay collection method with gravimetric finish
  2. Lead results to 10,000 ppm (1%) are by ME-ICP41 with over values >1% by Pb-OG46
  3. Gold assayed by Au-AA24, a fire assay collection method with atomic absorption spectroscopy finish. Gold values for the channel composites range from <0.05 g/t to a maximum of 0.46 g/t and hence are not tabulated.

The Priscila Vein is northeast trending and has been traced in outcrop and subcrop over a strike length of 410 metres (Figure 2). Sampling comprises both saw-cut channels and rock chips. The Priscila vein is up to one metre in width, composed of chalcedonic to fine grained saccharoidal quartz containing abundant iron oxides. Assays to date have returned silver up to 104 g/t.

Table 2. Priscila Vein Channel Composites – Compiled Results

Channel ID

Sampled
Length
(m) 1

Unsampled
Gaps
(m) 2

Gaps as %
of Total
Length

Total
Length
(m) 3

Silver
(g/t) 4, 5

Lead
(%) 4, 6

EV-390067

0.95

0.24

20%

1.19

74

0.16

EV-38981

0.93

0.15

14%

1.08

77

0.06

EV-38963

0.52

0.00

 

0.52

93

0.03

EV-38840

0.12

0.00

 

0.12

104

0.18

Length Weighted Average Channels =

0.73

80

0.10

Notes : All analyses done by ALS Chemex Laboratory.

 

  • Sampled length is the actual true width that was sampled.
  • Unsampled gaps is the cumulative length of any gaps in outcrop which were unable to be sampled. See Technical Appendix of March 4, 2010 press release for details.
  • Total length is the sum of the actual sampled outcrop plus any gaps which could not be sampled.
  • The length weighted silver, gold and lead averages are based on the sampled width not the total length and all values are uncut (i.e. no grade capping has been applied)
  • Silver results are by Ag-GRA21, a fire assay collection method with gravimetric finish
  • Lead results to 10,000 ppm (1%) are by ME-ICP41 with over values >1% by Pb-OG46
  • Channels so marked have sampling gaps greater than 20% of their total length. See Technical Appendix of March 4, 2010 press release.

 

 

  1. Gold assayed by Au-AA24, a fire assay collection method with atomic absorption spectroscopy finish. Gold values for the channel composites range are all <0.05 ppm.

The Martina Vein is located north of the Priscila Vein, is 400 metres long with a sinuous strike ranging from northeasterly to northwesterly. To the northwest the vein is covered by a soil-filled valley (Figure 2). Subcropping and outcropping veins on the north side of the valley may be the continuation of the Martina Vein. Grades of the channel sample composites increase towards the northwest nearing the soil-filled valley. Table 3 shows the average grade of 19 channel composites from the Martina Vein is 110 g/t silver, however the northernmost 6 channel composites have an average grade of 248 g/t silver. In the higher grade segment, channel samples were mainly collected from subcropping blocks with widths of 0.11 to 0.89 metres. The true width of the vein is uncertain. Typically the vein is comprised of chalcedonic to fine grained saccharoidal quartz with abundant iron oxides.

Table 3. Martina Vein Channel Samples – Compiled Results

Channel ID

Sampled
Length
(m) 1

Unsampled
Gaps
(m) 2

Gaps as %
of Total
Length

Total
Length
(m) 3

Silver
(g/t) 4, 5

Lead
(%) 4, 6

MT-39706

0.65

0.00

 

0.65

335

0.12

MT-39664a

0.89

0.00

 

0.88

220

0.19

MT-39664b

0.64

0.00

 

0.64

232

0.15

MT-39648a

0.35

0.00

 

0.35

195

0.07

MT-39648b

0.11

0.00

 

0.11

264

0.23

MT-39648c

0.25

0.00

 

0.25

228

0.04

MT-39628

0.50

0.10

17%

0.60

44

0.13

MT-39615

0.69

0.09

12%

0.78

46

0.21

MT-39567a

0.43

0.01

2%

0.44

37

0.53

MT-39567b

0.25

0.00

 

0.25

52

0.08

MT-39543

0.31

0.00

 

0.31

30

0.02

MT-39525a

0.14

0.00

 

0.14

86

0.05

MT-39525b

0.43

0.00

 

0.43

129

0.05

MT-39525c

0.15

0.00

 

0.15

149

0.03

MT-395107

1.47

0.72

33%

2.19

79

0.05

MT-39501

1.47

0.07

5%

1.54

51

0.08

MT-39481

0.84

0.00

 

0.84

45

0.01

MT-39457

0.98

0.00

 

0.98

64

0.04

MT-39414

0.45

0.00

 

0.45

42

0.03

Length Weighted Average all 19 Channels =

 

110

0.10

Length Weighted Average 6 Channels
MT-39648 to 39796 =

 

248

0.14

Notes: All analyses done by ALS Chemex Laboratory.

  1. Sampled length is the actual true width that was sampled.
  2. Unsampled gaps is the cumulative length of any gaps in outcrop which were unable to be sampled. See Technical Appendix of March 4, 2010, press release for details.
  3. Total length is the sum of the actual sampled outcrop plus any gaps which could not be sampled.
  4. The length weighted silver, gold and lead averages are based on the sampled width not the total length and all values are uncut (i.e. no grade capping has been applied)
  5. Silver results are by Ag-GRA21, a fire assay collection method with gravimetric finish
  6. Lead results to 10,000 ppm (1%) are by ME-ICP41 with over values >1% by Pb-OG46
  7. Channels so marked have sampling gaps greater than 20% of their total length. See Technical Appendix of March 4, 2010 press release.
  8. Gold assayed by Au-AA24, a fire assay collection method with atomic absorption spectroscopy finish. Gold values for the channel composites are all <0.05 g/t.

Magi Vein is the easternmost vein discovered to date at Virginia (Fig. 2). The vein has a northwesterly trend, is intermittently exposed over a 770 metre strike and reaches 3 metres in width. Quartz textures in the vein are generally fine-grained and chalcedonic, and contain less iron oxide than the veins further west. Silver assays from the vein range from 1 to 39 g/t silver with lower concentrations of lead and arsenic than typically seen elsewhere in the Virginia Vein Zone. Two blocks of float with high silver assays to 2,970 g/t to the east are texturally different from the outcropping vein and may source from an as yet unidentified vein source.

District scale zoning patterns are evident at the Virginia Vein Zone. Silver, base metals and trace element results generally are lower towards the east. These trends, together with the quartz textures are tentatively interpreted to indicate progressively lower temperature levels in the mineralized system towards the east, and are interpreted to indicate that the Martina, Priscila and Magi veins are exposed at progressively shallower levels, or peripherally, in the hydrothermal system. This suggests that the eastern veins have potential to increase in silver grade at depth.

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.

All assay results reported herein are for surface rock chip samples; assay results from subsurface drill core or RC 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.

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