VANCOUVER, BC, June 1, 2009 — Mirasol Resources Ltd. (TSX-V:MRZ, Frankfurt: M8R) reports that the Hochschild Mining Group (“Hochschild”) has relinquished its earn-in rights to Mirasol’s Claudia precious metal property in Santa Cruz Province, southern Argentina. In doing so, Hochschild has forfeited all rights, title and interest in and to the property in favour of Mirasol.
The Claudia exploration property is strategically located on-strike and adjacent to Anglogold Ashanti’s producing Cerro Vanguardia gold-silver mine (4.5 M oz gold plus 57.7 M oz silver resources) in the prolific Deseado Massif volcanic terrain of Santa Cruz Province, Patagonian Argentina. Mirasol’s 100%-held, large 1200-square kilometre property hosts occurrences of mineralized epithermal veins, sinters, domes and outcropping high grade gold and silver mineralization, probably related to the extensive Cerro Vanguardia district footprint.
During the joint venture, Hochschild completed more than 4,000 line kilometres of ground magnetometry, and 249 line kilometres of gradient array IP geophysics covering six blocks, 1155 rock chip samples and MMI geochemistry. A total of 3,794 metres of core drilling in 26 holes were completed in December 2007, and 3,168 metres of reverse circulation (RC) drilling in 25 holes were completed in December 2008. Drilling results include multiple intercepts greater than 100 g/t silver, including five intercepts from 118 g/t Ag to 217 g/t Ag with up to 1.3 g/t Au.
The exploration program to date has provided a cursory first pass test of a limited number of prospects at the Claudia project. Many outcropping gold-silver mineralized veins and covered geophysical targets remain untested.
Integrated analysis of the extensive new data base will prove to be an invaluable targeting tool to focus further exploration. Preliminary synthesis shows five principal exploration areas which host a range of targets that warrant drill testing. (Figure 1).
Of particular note are the Rio Seco Vein Zone and Curahue trends. At Rio Seco, only two shallow RC holes were drilled in the 4 kilometres of exposed vein trends, with no drilling of the better outcropping zones of gold and silver mineralization. (Figure 2). At Curahue, a largely gravel-covered, 15 kilometre long northwest structural trend is evident in the magnetic survey. Rock chip sampling of vein outcrop and float, exposed in windows through gravel cover, returned assays of up to 1.4 g/t Au and 22.4 g/t Ag from high level epithermal vein material. Drill hole RC-10 targeted a gravel-covered structure and returned an intercept of 2 metres of 146 g/t Ag and anomalous gold, with epithermal trace elements. (Figure 3).
“The exploration potential of the Claudia Project remains largely untested and shows clear potential for Vanguardia-style epithermal gold-silver mineralization. Several precious metals producers have expressed interest in exploring Claudia. The Claudia property remains highly prospective for the discovery of gold and silver mineralization, and continues to represent a core holding in Mirasol’s portfolio in the Deseado Massif,” stated Mary Little, President and CEO of Mirasol Resources.
Mirasol wishes to thank Hochschild for their joint venture partnership and for the data created during the 2007-2008 exploration program.
About Mirasol Resources
Mirasol Resources Ltd. is a well funded exploration company focused on the discovery and acquisition of high-potential, precious metals deposits in the Americas, utilizing leading edge technology for strategic advantage. Mirasol currently holds 100% of the rights of eight active exploration projects and ten early-stage precious metals prospects in Santa Cruz Province, in the Patagonian region of southern Argentina, identified through the Company’s proprietary exploration. The Company has joint ventured several of its Patagonian projects with strong, well-funded producers. In addition, Mirasol holds 100% interest in the Rubi copper-gold porphyry target, strategically located in the El Salvador copper mining district, northern Chile. The company operates subsidiary companies in Argentina and Chile and is engaged in generative exploration in high-potential regions elsewhere in the Americas. For further information, visit the Company’s web page at www.mirasolresources.com.
Stephen C. Nano, Vice President of Exploration for Mirasol, is the Qualified Person under NI 43-101 who has verified and 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
Quality Assurance/Quality Control: The Hochschild Group operated the Claudia Project and generated the drilling data and QAQC used in this news release and reported it to Mirasol. Drill core and RC samples were submitted to Alex Stewart (Assayers), Argentina S.A. 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. Hochschild’s QAQC included insertion of blanks and standards into the sample stream. Mirasol has performed an independent analysis of the QAQC data generated by Hochschild. Stephen Nano has reviewed the Hochschild data and is a qualified person as defined by National Instrument 43-101.
All assay results reported herein are for core rock samples and RC (reverse circulation) drilling samples; assay results from drill samples may be higher, lower or similar to results obtained from surface samples.
Neither 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.