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Mirasol Reports Coeur’s Updated Resource Estimate for the Joaquin Project with 39.7 Million Measured + Indicated, plus 31.7 million Inferred Silver Ounces Accessible by Open Pit

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VANCOUVER, BC, August 7, 2012. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the second National Instrument 43-101 resource estimate for the Joaquin Silver-Gold Project, Santa Cruz Province, Argentina, as prepared by an independent consultant for Mirasol’s joint venture partner, Coeur d’Alene Mines (“Coeur”). The estimate is an in-pit resource for the La Negra and La Morocha deposits, and includes 39.7 million ounces of silver in the measured and indicated categories, and 31.7 million ounces of silver in the inferred category, when both oxide and sulphide mineralization are combined for the two adjacent deposits (Table 1, Figure 1).

Table 1.  Resources Joaquin Project Totals

Mineral Type and Category

Tonnes (000)

Silver g/t

Silver oz. (000)

Gold g/t

Gold oz.

Total of Oxides & Sulphides

Measured

1,800

95.8

5,600

0.10

6,000

Indicated

11,900

89.2

34,100

0.10

36,600

Meas. + Indic.

13,700

90.1

39,700

0.10

42,600

Inferred

8,300

118.3

31,700

0.07

19,800

Mineral resources that are not mineral reserves have not demonstrated economic viability

The estimate was prepared according to NI 43-101 standards and in accordance with CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines (CIM 2005) by independent consulting firm NCL Ingenieria y Construcción Ltda. (“NCL”) of Chile, which was selected and contracted by Coeur, and who also performed the original NI 43-101 resource estimate (press release May 9, 2011).

Also, a significant amount of infill diamond drill hole data was not incorporated into the current estimate due to time constraints, particularly from the La Morocha deposit. Mirasol has received assay results from many of the omitted holes, that include the best hole (DDJ-277) containing a 35.3 metre core length intercept of 704 grams per tonne (g/t) silver and 0.24 g/t gold, which includes 15.3 metres of 2,372 g/t silver and 0.90 g/t gold. The infill holes in the Morocha deposit confirm grade and continuity, and Mirasol expects their eventual inclusion will further increase the confidence classification of the resource, and perhaps also increase the average silver grade. (Table 4 and Appendix 1).

Geological data was used to separate the mineralization into oxide and sulphide types, and discreet mineralized bodies were defined by geology and grade shells to spatially limit the assay data. At Morocha, a single tabular body, dipping moderately north-easterly, was defined. At La Negra, a sub-vertical feeder and sub-horizontal manto (planar tabular) bodies were defined.

The in-pit resources have been computer-modeled by Whittle® Pit mine shells designed using the technical parameters determined by Coeur’s Technical Services Group and accepted by NCL (Table 2). They include Coeur’s current estimates of the operating costs and parameters. Sufficient work has not yet been done to classify the resources as reserves and the parameters used in Table 2 are considered to be preliminary in nature. The resources are not demonstrated to have economic viability at this stage, but are believed to have a reasonable probability of doing so, when required additional engineering studies are completed.

Table 2. Parameters used for Whittle® Pits

Parameter

Units

May 2011

August 2012

La Morocha

La Negra

Open Pit Mining

US$/tonne

$2.00

$2.79

$2.82

Oxide Leaching

$14.50

$13.93

$13.93

Sulphide Processing

$28.00

$20.75

$20.75

Reclamation

$0.04

$0.04

Incremental Tailings

$0.75

$0.75

Silver — smelting

$US/ounce

$0.50

$0.15

$0.15

Gold — smelting

$10.00

$7.50

$7.50

Transport &
Refining

$2.50

$2.50

Royalty (Argentina)

%

3

3

Silver — price

$US/ounce

$20

$30

$30

Gold — price

$1,300

$1,500

$1,500

Pit Slope Angle

degrees

50

50

50

Oxide Silver Recovery

%

70

70

70

Oxide Gold Recovery

85

85

85

Sulphide Silver Recovery

86

86

86

Sulphide Gold Recovery

92

92

92

Cut-off Oxide
(resource reporting)

grams/tonne

33 Silver equivalent

25
Silver

25
Silver

Cut-off Sulphide (resource reporting)

grams/tonne

51.9 Silver equivalent

37
Silver

37
Silver

Resources reported herein are only those within the pit shell designed using the parameters in Table 2, and only those within the pit shells that exceed the cut-off grade. Project-specific metallurgical test work is at preliminary stage at Joaquin. Additional test work has been performed since the initial resource estimate, however it was decided not to change the assumptions of the metallurgical recovery parameters. It was determined that lower processing costs are to be expected for the oxide mineralization than the sulphide mineralization (Table 2) and this was incorporated into the pit design. The sulphide mineralization is, however, higher grade on average. For the purposes of reporting the current resource estimate results, a cut-off grade of 25 g/t silver was used for oxide mineralization, and a cut-off of 37 g/t silver was used from sulphide mineralization for mineralization within the pit design. Most of the resource is comprised of oxide mineralization (74% of the silver ounces) with lesser sulphide mineralization (26% of the silver ounces). The majority of the sulphide mineralization is found at La Morocha where it occurs beneath oxide mineralization.

The current resources are tabulated on a project-wide basis (Table 1), as well as separately for the La Morocha (Table 3A) and La Negra (Table 3B) deposits, and are differentiated by category into those resources categorized as Measured and Indicated (with greater confidence levels) and Inferred (lesser confidence level), and by mineralization type into oxide and sulphide types. Individually, on a tonnage basis, the La Negra resource has progressed from 53% Indicated with no Measured in May 2011 to a current combined 89% Measured and Indicated classification (Figure 2). At La Morocha in May 2011 there was no Measured and 4% Indicated and this has now progressed to Measured and Indicated of 27%. On a project-wide basis, 62% of the resource tonnes have now been classified as Measured and Indicated while the remaining 38% are classified as Inferred. This is a large increase over the initial resource estimate (May 2011) in which 34% of the total tonnes were classified as Indicated and the remainder as Inferred.

Table 3A. Resources La Morocha Deposit

Mineral Type and Category

Tonnes (000)

Silver g/t

Silver oz. (000)

Gold g/t

Gold oz.

Oxides

Measured

500

81.2

1,400

0.05

900

Indicated

1,600

82.3


4,300

0.05

2,600

Meas. + Indic.

2,100

82.0

5,700

0.05

3,500

Inferred

5,400

98.0


16,900

0.06

9,600

 

Sulphides

Measured

100

275.7

900

0.14

500

Indicated

400

258.5

3,000

0.15

1,700

Meas. + Indic.

500

262.4

3,900

0.15

2,200

Inferred

1,500

222.2

10,900

0.13

6,400

 

Total of Oxides & Sulphides

Measured

600

113.3

2,300

0.07

1,300

Indicated

2,000

114.4

7,300

0.07

4,300

Meas. + Indic.

2,600

114.1

9,600

0.07

5,700

Inferred

6,900

125.4

27,800

0.07

16,000

Table 3B. Resources La Negra Deposit

Mineral Type and Category

Tonnes (000)

Silver g/t

Silver oz. (000)

Gold g/t

Gold oz.

Oxides

Measured

1,100

84.5

2,900

0.12

4,300

Indicated

9,300

82.1

24,500

0.10

30,400

Meas. + Indic.

10,400

82.4

27,400

0.10

34,700

Inferred

1,100

77.8

2,800

0.08

2,900

 

Sulphides

Measured

100

106.7

400

0.09

300

Indicated

600

114.7

2,300

0.09

1,900

Meas. + Indic.

700

113.6

2,700

0.09

2,200

Inferred

300

105.3

1,100   

0.09

1,000

 

Total of Oxides & Sulphides

Measured

1,200

86.5

3,300

0.12

4,600

Indicated

9,900

84.2

26,800

0.10

32,300

Meas. + Indic.

11,100

84.4

30,100

0.10

36,900

Inferred

1,400

84.0

3,900

0.08

3,900

Due to time constraints, NCL was unable to include 29 infill holes and 2 metallurgical holes at the Morocha deposit, and 13 infill and expansion holes at the La Negra deposit in the estimate (Figures 3 and 4). Results of infill drilling at La Morocha have been very successful in confirming the current resource, and infill drilling cut some of the longest intercepts and highest silver grades to date (Figure 3, Tables 3 and 4, and Appendices 1 and 2). Mirasol expects that incorporation of these unused holes at La Morocha will significantly increase the percentage of tonnes in the Measured and Indicated categories, which currently represent 27% of the total tonnes, to a much higher percentage, as occurred at La Negra where the percentage increased from 53% as Indicated to 89% as Measured and Indicated, when the infill holes were included (Figure 2).

Table 4. Highlights of Drill Intercepts Not Included in the Current Resource Estimate

Drill Hole

Inter-cept

From (metres)

To
(metres)

Intercept length (metres)

Core Recv. (%)

Silver
(g/t)

Gold
(g/t)

AgEQ
(g/t)

AgEQ gram- metre product

La Morocha
—  Infill Holes Not Included in Current Resource

DDJ-263

1st

114.6

147.0

32.4

97

184

0.19

196

6,368

DDJ-265

1st

67.9

92.0

24.1

100

129

0.04

131

3,160

DDJ-267

2nd

76.0

116.0

40.0

98

298

0.08

303

12,138

including

 

88.6

96.1

7.5

98

437

0.07

441

3,302

including

 

101.0

107.3

6.3

97

1,166

0.45

1,195

7,531

DDJ-269

1st

118.0

145.0

27.0

95

110

0.32

130

3,519

DDJ-270

1st

66.0

106.0

40.0

98

161

0.00

161

6,422

DDJ-271

2nd

145.5

175.0

29.5

97

654

0.16

664

19,583

including

 

150.2

153.8

3.6

95

4,257

1.23

4,337

15,396

DDJ-272^

1st

17.0

37.0

20.0

90

151

0.00

151

3,023

DDJ-275^

1st

85.2

107.0

21.8

97

209

0.00

209

4,546

DDJ-276

1st

95.0

119.0

24.0

96

384

0.05

387

9,293

including

 

107.0

112.0

5.0

100

1,551

0.00

1,551

7,756

DDJ-277

1st

129.0

164.3

35.3

98

1,253

0.46

1,283

45,294

including

 

131.0

139.5

8.4

99

704

0.24

720

6,081

including

 

149.0

164.3

15.3

97

2,372

0.90

2,430

37,178

DDJ-279+

1st

166.0

196.0

30.0

99

149

0.09

154

4,631

DDJ-280+

1st

13.0

90.0

77.0

92

53

0.01

54

4,167

DDJ-282+

1st

68.0

124.0

56.0

98

185

0.00

185

10,371

including+

 

99.2

104.0

4.8

100

1,197

0.00

1,197

5,804

DDJ-283+

1st

117.0

165.0

48.0

95

348

0.67

391

18,776

including+

 

135.0

142.0

7.0

95

1,384

0.00

1,384

9,689

including+

 

152.0

157.0

5.0

94

515

5.43

868

4,340

La Negra
—  Expansion Holes Not Included in Current Resource

DDJ-228

2nd

84.0

92.0

8.0

95


174

0.00

174

1,391

DDJ-233

1st

98.0

105.0

7.0

94


80

0.02

82

571

DDJ-233

4th

128.0

139.0

11.0

69


139

0.60

178

1,958

DDJ-237

1st

47.0

69.0

22.0

89


96

0.02

97

2,136

DDJ-237

2nd

83.0

94.0

11.0

90


63

0.00

63

696

DDJ-238

1st

29.0

42.0

13.0

95


79

0.20

92

1,192

– Silver equivalent is calculated as AgEQ g/t = Ag g/t + 65 x Au g/t. Metallurgical recoveries are assumed to be 100%.
– Primary intersections are calculated at a cutoff grade of 20 g/t 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 the uncorrected core lengths of the intercepts
– + indicated holes are considered preliminary pending QA/QC data for certified standards
– ^ the two indicated holes have 5m gaps in sampling which are assumed to have zero grade herein

Currently Mirasol holds a 49% interest in the Joaquin Joint Venture. Coeur may earn a 61% interest by completing a full feasibility study that meets criteria for bank financing, which is currently underway. On delivery of the feasibility study, Mirasol may retain a 39% participating interest or, at its election, request that Coeur provide mine financing, and in return Coeur may increase its participation to 71% in the project if it elects to proceed to the next stage.

Mirasol looks forward to future upgrades in the confidence classification of the Joaquin Project resources through incorporation of unused drill data, as well as expansion through the exploration for new deposits on this highly prospective property. At the present time, results are pending on 34 drill holes (DDJ-284 to 315), most of which were drilled on new exploration targets. The new resource estimate presented here represents a significant increase in confidence in the geometry, nature and grade of the La Negra and La Morocha silver-gold deposits and thus reduces uncertainty and shareholder risk associated with the resources. It also represents a significant step towards Coeur’s goal of completing a feasibility study which meets bank finance criteria.

NCL and Coeur have provided technical information to Mirasol upon which Mirasol is relying. NCL is currently finalizing a NI 43-101 Technical Report describing in detail the methods and work on the Joaquin Project resource on behalf of Mirasol, which will be made available on SEDAR at www.sedar.com within the next 45 days. Methods used by NCL in the current resource estimate are in general similar to those used in the previous estimate (as posted on SEDAR on June 23, 2011).

Paul G. Lhotka, Principal Geologist for Mirasol, and the Qualified Person for Mirasol under NI 43-101, has summarized and approved the technical content of this news release and the drilling results presented here which are not included in the updated resource estimate.

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:
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 30 gram sample with a gravimetric finish for gold and 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.

Assay results from subsurface 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. Complete Results of Drill Intercepts Not Included in the Current Resource Estimate

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Drill Hole

Inter-cept

From (metres)

To
(metres)

Intercept length (metres)

Core Recv. (%)

Silver
(g/t)

Gold
(g/t)

AgEQ
(g/t)

AgEQ gram metre product

La Morocha
—  Holes

DDJ-253*

1st

129.0

174.0

45.0

94

215

0.16

225

10,129

including*

 

148.3

158.0

9.7

96

479

0.37

502

4,874

DDJ-254*

1st

124.0

151.0

27.0

99

211

0.07

215

5,817

including*

 

136.0

140.0

4.0

99

533

0.04

536

2,143

DDJ-254*

2nd

155.0

162.0

7.0

97

104

0.46

134

937

DDJ-254*

3rd

176.0

181.3

5.3

99

78

0.39

103

542

 metallurgical
holes DDJ-253 and 254 were previously published, but are not included in the
current resource estimate

DDJ-255

1st

67.0

68.0

1.0

97

156

0.00

156

156

DDJ-255

2nd

83.1

83.4

0.3

100

169

0.00

169

42

DDJ-255

3rd

89.0

90.0

1.0

100

57

0.00

57

57

DDJ-255

4th

115.0

118.0

3.0

91

256

0.08

262

785

DDJ-256

1st

43.0

57.0

14.0

98

104

0.00

104

1,459

DDJ-256

2nd

81.0

88.0

7.0

82

24

0.00

24

167

DDJ-257

1st

41.0

68.0

27.0

92

78

0.00

78

2,106

DDJ-258

1st

100.0

102.0

2.0

100

55

0.00

55

110

DDJ-258

2nd

107.0

109.0

2.0

97

317

0.00

317

635

DDJ-258

3rd

112.0

115.0

3.0

100

53

0.00

53

159

DDJ-258

4th

119.0

120.0

1.0

93

138

0.00

138

138

DDJ-259

1st

123.0

131.0

8.0

99

157

0.00

157

1,252

DDJ-259

2nd

183.0

186.0

3.0

96

16

0.67

59

178

DDJ-260

1st

141.0

143.0

2.0

98

40

0.00

40

80

DDJ-260

2nd

175.0

177.0

2.0

98

21

0.00

21

42

DDJ-260

3rd

196.5

199.0

2.5

100

31

0.86

87

217

DDJ-261

1st

14.0

32.9

18.9

100

23

0.00

23

425

DDJ-262

1st

69.0

105.0

36.0

98

76

0.00

76

2,738

DDJ-263

1st

114.6

147.0

32.4

97

184

0.19

196

6,368

DDJ-264

1st

143.7

145.0

1.3

91

34

0.04

37

50

DDJ-264

2nd

165.0

185.0

20.0

78

99

0.10

105

2,106

DDJ-264

3rd

198.0

204.0

6.0

79

66

0.04

69

413

DDJ-264

4th

210.7

218.0

7.3

97

81

0.00

81

591

DDJ-265

1st

67.9

92.0

24.1

100

129

0.04

131

3,160

DDJ-265

2nd

109.0

112.7

3.7

96

245

0.00

245

905

DDJ-266

1st

6.0

27.0

21.0

82

59

0.00

59

1,245

DDJ-266

2nd

30.0

37.0

7.0

91

24

0.00

24

170

DDJ-266

3rd

41.0

59.5

18.5

96

48

0.00

48

897

DDJ-267

1st

57.0

66.0

9.0

100

35

0.00

35

319

DDJ-267

2nd

76.0

116.0

40.0

98

298

0.08

303

12,138

including

 

88.6

96.1

7.5

98

437

0.07

441

3,302

including

 

101.0

107.3

6.3

97

1,166

0.45

1,195

7,531

DDJ-267

3rd

121.2

123.0

1.8

96

95

0.00

95

171

DDJ-268#

1st

18.0

69.0

51.0

97

34

0.00

34

1,716

DDJ-269

1st

118.0

145.0

27.0

95

110

0.32

130

3,519

DDJ-269

2nd

150.0

153.6

3.6

95

35

0.26

52

188

DDJ-269

3rd

156.6

161.0

4.4

98

69

0.07

73

326

DDJ-270

1st

66.0

106.0

40.0

98

161

0.00

161

6,422

including

 

80.2

81.8

1.6

100

1,602

0.00

1,602

2,483

including

 

90.5

93.0

2.5

99

400

0.00

400

1,001

DDJ-270

2nd

118.0

123.0

5.0

99

23

0.00

23

115

DDJ-271

1st

125.6

135.5

9.9

99

57

0.00

57

564

DDJ-271

2nd

145.5

175.0

29.5

97

654

0.16

664

19,583

including

 

150.2

153.8

3.6

95

4,257

1.23

4,337

15,396

DDJ-272^

1st

17.0

37.0

20.0

90

151

0.00

151

3,023

Including

 

33.0

34.7

1.7

78

1,301

0.00

1,301

2,212

DDJ-273

1st

108.0

126.0

18.0

97

117

0.00

117

2,113

DDJ-273

2nd

132.2

134.0

1.8

100

83

0.75

132

244

DDJ-274

1st

53.0

66.0

13.0

97

44

0.00

44

577

DDJ-274

2nd

69.0

97.4

28.4

99

67

0.02

68

1,944

DDJ-275^

1st

85.2

107.0

21.8

97

209

0.00

209

4,546

DDJ-276

1st

95.0

119.0

24.0

96

384

0.05

387

9,293

including

 

107.0

112.0

5.0

100

1,551

0.00

1,551

7,756

DDJ-277

1st

129.0

164.3

35.3

98

1,253

0.46

1,283

45,294

including

 

131.0

139.5

8.4

99

704

0.24

720

6,081

including

 

149.0

164.3

15.3

97

2,372

0.90

2,430

37,178

DDJ-278

1st

30.0

51.0

21.0

97

54

0.11

61

1,278

DDJ-279+

1st

166.0

196.0

30.0

99

149

0.09

154

4,631

DDJ-280+

1st

13.0

90.0

77.0

92

53

0.01

54

4,167

DDJ-281+

1st

81.0

88.0

7.0

90

72

0.65

114

801

DDJ-281+

2nd

95.0

99.0

4.0

98

18

0.96

80

320

DDJ-281+

3rd

107.0

110.0

3.0

92

44

0.00

44

131

DDJ-282+

1st

68.0

124.0

56.0

98

185

0.00

185

10,371

including+

 

99.2

104.0

4.8

100

1,197

0.00

1,197

5,804

DDJ-282+

2nd

144.0

150.0

6.0

87

52

0.78

102

611

DDJ-283+

1st

117.0

165.0

48.0

95

348

0.67

391

18,776

including+

 

135.0

142.0

7.0

95

1,384

0.00

1,384

9,689

including+

 

152.0

157.0

5.0

94

515

5.43

868

4,340

La Negra
—  Holes

DDJ-228

1st

77.0

80.0

3.0

98


39

0.00

39

118

DDJ-228

2nd

84.0

92.0

8.0

95


174

0.00

174

1,391

DDJ-229

1st

50.0

60.0

10.0

97


86

0.07

91

908

DDJ-229

2nd

79.0

99.0

20.0

98


34

0.00

34

680

DDJ-229

3rd

109.0

114.0

5.0

97

110

0.00

110

552

DDJ-229

4th

122.0

127.0

5.0

71


77

0.00

77

387

DDJ-230

1st

30.0

47.0

17.0

95


37

0.00

37

625

DDJ-231

1st

25.0

41.0

16.0

88


64

0.00

64

1,028

DDJ-231

2nd

55.0

66.0

11.0

92


49

0.15

59

649

DDJ-232

1st

90.0

92.0

2.0

100


42

0.00

42

84

DDJ-232

2nd

120.0

123.0

3.0

96


38

0.05

42

125

DDJ-233

1st

98.0

105.0

7.0

94


80

0.02

82

571

DDJ-233

2nd

113.0

117.0

4.0

98


45

0.17

56

224

DDJ-233

3rd

121.0

123.0

2.0

95


30

0.00

30

59

DDJ-233

4th

128.0

139.0

11.0

69


139

0.60

178

1,958

DDJ-234

1st

15.0

35.0

20.0

90


28

0.14

37

737

DDJ-234

2nd

75.0

77.0

2.0

90


30

0.00

30

59

DDJ-235

1st

124.0

126.0

2.0

95


33

0.00

33

65

DDJ-235

2nd

129.0

133.0

4.0

64


32

0.00

32

127

DDJ-235

3rd

138.0

143.0

5.0

95


124

0.00

124

619

DDJ-236

1st

112.0

128.0

16.0

88


50

0.00

50

801

DDJ-236

2nd

134.0

137.0

3.0

86


76

0.00

76

227

DDJ-236

3rd

141.0

143.0

2.0

90


56

0.00

56

112

DDJ-237

1st

47.0

69.0

22.0

89


96

0.02

97

2,136

DDJ-237

2nd

83.0

94.0

11.0

90


63

0.00

63

696

DDJ-237

3rd

97.0

99.0

2.0

83


32

0.00

32

64

DDJ-238

1st

29.0

42.0

13.0

95

79

0.20

92

1,192

DDJ-238

2nd

48.0

70.0

22.0

95


41

0.00

41

904

DDJ-238

3rd

83.0

88.0

5.0

92


126

0.00

126

629

DDJ-238

4th

93.0

100.0

7.0

91


36

0.00

36

254

DDJ-248

1st

21.0

23.0

2.0

100

54

0.00

54

108

DDJ-248

2nd

28.0

39.0

11.0

98

117

0.00

117

1,287

DDJ-248

3rd

47.0

50.0

3.0

100

301

0.00

301

903

DDJ-248

4th

54.0

55.0

1.0

100

43

0.80

95

95

DDJ-250

1st

24.0

26.0

2.0

100

48

0.00

48

96

holes DDJ-239 to 247,
and 249 are included in the current estimate, hence they are not listed here

– Silver equivalent is calculated as AgEQ g/t = Ag g/t + 65 x Au g/t. Metallurgical recoveries are assumed to be 100%.
– Primary intersections are calculated at a cutoff grade of 20 g/t 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 the uncorrected core lengths of the intercepts
– + indicated holes are considered preliminary pending QA/QC data for certified standards
– # indicated hole is pending a single assay which has been assumed to have zero grade herein
– ^ the two indicated holes have 5m gaps in sampling which are assumed to have zero grade herein

Appendix 2. Joaquin Project — Locations of Holes not Included in Current Resource Estimate (includes previously published DDJ- 253 and 254)

 

Hole
ID
E
GKCI
N
GKCI
Elevation mAz
degrees
Dip
degrees
Length m
DDJ-2282,458,994.64,677,485.0907.9234.00-55.0120.00
DDJ-2292,458,887.04,677,530.0912.5234.00-50.0130.00
DDJ-2302,458,621.54,677,270.1905.2234.00-52.090.00
DDJ-2312,458,582.24,677,305.5903.4234.00-50.092.00
DDJ-2322,458,849.44,677,318.3910.3234.00-50.0130.80
DDJ-2332,458,912.04,677,299.0921.0234.00-50.0140.00
DDJ-2342,458,804.64,677,166.8912.2234.00-45.077.00
DDJ-2352,459,030.24,677,562.0921.6234.00-50.0150.00
DDJ-2362,458,849.64,677,561.6916.3234.00-50.0200.00
DDJ-2372,458,679.44,677,624.5915.1234.00-50.0110.00
DDJ-2382,458,557.74,677,348.3902.7234.00-45.0101.00
DDJ-2392,458,503.14,677,627.9902.8238.00-50.065.00
DDJ-2402,458,467.54,677,601.2898.3235.00-50.160.00
DDJ-2412,458,463.84,677,743.6896.2234.00-47.085.00
DDJ-2422,458,444.74,677,580.5899.1234.00-50.040.00
DDJ-2432,458,441.84,677,612.6898.1235.00-50.041.00
DDJ-2442,458,408.94,677,643.9898.6235.00-50.040.00
DDJ-2452,458,416.64,677,680.6897.6235.00-50.050.00
DDJ-2462,458,437.34,677,724.9896.0232.90-44.860.00
DDJ-2472,458,416.34,677,709.9897.0236.00-47.055.00
DDJ-2482,458,396.74,677,695.6899.3237.00-45.055.00
DDJ-2492,458,453.44,677,708.7896.3234.00-50.065.00
DDJ-2502,458,433.14,677,661.6897.1225.00-85.050.00
DDJ-251*2,458,428.64,677,643.8897.50.00-90.050.00
DDJ-252*2,458,439.84,677,624.1897.9245.00-84.550.00
DDJ-253*2,457,130.24,677,534.0935.70.00-90.0200.00
DDJ-254*2,457,218.64,677,460.9940.90.00-90.0194.00
DDJ-2552,457,270.74,677,355.8944.490.00-88.2150.00
DDJ-2562,457,247.74,677,322.7947.7147.50-88.2120.00
DDJ-2572,457,192.54,677,330.0952.4122.70-88.690.00
DDJ-2582,457,240.44,677,394.5943.40.00-90.0170.00
DDJ-2592,457,264.04,677,428.6941.70.00-90.0200.00
DDJ-2602,457,285.94,677,460.6943.60.00-90.0221.00
DDJ-2612,457,158.14,677,369.1950.9215.00-50.080.00
DDJ-2622,457,106.24,677,467.7943.20.00-90.0140.00
DDJ-2632,457,126.44,677,495.4940.00.00-90.0170.00
DDJ-2642,457,162.84,677,552.2935.2149.00-89.3222.00
DDJ-2652,457,171.24,677,392.6948.689.00-87.0140.00
DDJ-2662,457,020.34,677,439.5947.6318.90-89.790.00
DDJ-2672,457,063.84,677,495.9939.7182.00-89.8140.00
DDJ-2682,456,930.74,677,483.2942.3139.20-88.287.00
DDJ-2692,457,091.74,677,532.5936.476.00-89.0191.00
DDJ-2702,456,962.14,677,524.9936.1120.00-87.6130.00
DDJ-2712,457,121.74,677,550.4934.655.90-89.8230.00
DDJ-2722,457,113.44,677,396.3950.8212.70-49.990.00
DDJ-2732,456,989.34,677,563.1928.0106.00-89.4160.00
DDJ-2742,457,143.74,677,435.1946.7216.40-59.6110.00
DDJ-2752,457,147.84,677,441.2946.5185.40-88.1143.00
DDJ-2762,456,936.14,677,570.9925.254.00-89.1147.00
DDJ-2772,457,175.14,677,478.1941.4351.10-89.4180.00
DDJ-2782,456,868.34,677,568.1924.2202.00-60.280.00
DDJ-2792,457,204.14,677,520.5938.141.50-89.2210.00
DDJ-2802,456,988.24,677,470.0944.1150.70-87.7120.00
DDJ-2812,456,890.04,677,596.7918.4170.30-89.4147.00
DDJ-2822,457,023.74,677,523.2934.892.30-88.9162.00
DDJ-2832,457,050.54,677,564.1929.50.00-90.0201.00

* previously published
GKCI = Gauss Kruger Campo Inchauspe coordinates

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