VANCOUVER, BC, April 27, 2009 — Mirasol Resources Ltd. (TSX-V:MRZ, Frankfurt: M8R) is pleased to announce that Phase 2 drilling is in progress at the La Negra and La Morocha silver-gold discoveries on its 100% owned Joaquin project in Santa Cruz province Argentina. Mirasol is also pleased to present the final silver and gold assay results from Phase 1 drilling of these prospects.
Exploration at the Joaquin Project is being funded and operated by Mirasol’s joint venture partner Coeur d’Alene Mines Corporation (“Coeur”). Coeur has the option to earn up to 71% of Joaquin by investing US$ 4 million over four years, by making staged cash payments to Mirasol, by completing a feasibility study and funding Mirasol’s percentage of development costs with repayment recovered from cash flow. The Joaquin project is strategically located 80 km north of Coeur’s Martha high grade silver mine.
Previously reported partial results from Phase 1 drilling at La Morocha (see press release dated March 2, 2009) intersected a shallowly-dipping zone of breccias, veinlets and disseminated mineralization up to 42 metres wide with encouraging silver grades. Phase 1 drilling (See Figure 1) confirmed that the La Morocha structure is continuously mineralized over a 300 metre strike length, and down dip to a depth of 110 metres below surface. All five holes drilled in the La Morocha structure returned between 15.8 and 42 metre wide intercepts of silver mineralization, with hole DDJ-15 returning two mineralized intervals each over 20 metres wide (Table 1). Better assays from Phase 1 drilling, calculated at a 30 g/t silver cut off, include: 30.07 metres @ 104.7 g/t Ag, including 17.96 metres of 134.8 g/t Ag; 23.03 metres of 72.2 g/t Ag including 2.8 metres of 157.9 g/t Ag, and 42.0 metres of 57.2 g/t Ag, including 3.0 metres of 116.5 g/t Ag. Mineralization at La Morocha remains open at depth and along strike to the north, and results to date suggest a trend to increasing silver grades at depth.
Phase 1 drilling at La Negra returned high grade silver and gold from a 1.1 to 2.8 metre wide, steeply- dipping banded epithermal vein, and its lower grade halo of brecciated and veined wall rock up to 11.4 metres wide. To date, drilling has tested 150 metres of strike length of the vein and up to 100 metres down dip. (See Figure 2) All three holes drilled into the vein returned encouraging silver and gold assays, confirming that the vein is mineralized from surface and is open at depth and along strike to the north. Better assay results from the vein, calculated at a 60 g/t silver cut off, include 2.6 metres of 375.9 g/t Ag and 2.07 g/t Au, and 2.8 metres of 476.6 g/t Ag and 2.39 g/t Au.
A proposed 1800 metre Phase 2 drill program is in progress at Joaquin, and is designed to test up to an additional 550 metres of strike length of the La Morocha prospect, and an additional 500 metres of the La Negra structures at approximately 100 to 150 metre centres. An additional objective of Phase 2 drilling at La Negra is to improve on poor core recovery experienced in the three initial holes, and to gain greater confidence in the grades and widths quoted above and in Table 1.
The new results from the Phase 1 drilling confirm the presence of high grade silver-gold vein mineralization over potentially mineable widths at La Negra, and the potential for bulk mineable style mineralization at La Morocha. The close proximity to existing road infrastructure and Coeur’s mill facilities at the Martha mine further enhance potential economic viability of these discoveries.
TABLE 1 – JOAQUIN PROJECT
Main intercepts calculated at
Silver equivalent calculated
Recoveries in all La Morocha
Recoveries in La Negra vein
Stephen C. Nano, Vice President of Exploration for Mirasol, is the Qualified Person under NI 43-101 who has prepared and approved the technical content of this news release.
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Quality Assurance/Quality Control: Coeur d’Alene operates the Joaquin Project and generated the drilling data and QAQC used in this news release and reported it to Mirasol. Drill core 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. Coeur’s QAQC included insertion of blanks and standards into the sample stream. Mirasol has performed an independent analysis of the QAQC data generated by Coeur. Stephen Nano has reviewed the Coeur data and calculated the intercepts in this news release and prepared the content of this release, and is a qualified person as defined by National Instrument 43-101.
All assay results reported herein are for core rock samples; assay results from drill core samples may be higher, lower or similar to results obtained from surface samples.
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