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Mirasol Reports Initial Phase 2 Drill Results from Virginia Project – Significant Silver Intercepts in Julia North, Julia Central and Naty Veins

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VANCOUVER, BC, April 19, 2011. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the results for the initial 21 drill holes of the Phase 2 diamond drilling program at its 100% owned, Virginia Project in Santa Cruz province, Argentina. Assay results received for Phase 2 holes (VG-29 to -49) have identified significant new zones of silver mineralization in the Naty and Julia Central veins, as well as additional broad zones of high-grade mineralization in the previously tested Julia North Vein.

Phase 1 drilling confirmed that an important silver discovery exists at the Virginia Project (news releases of December 16, 2010 and January 13, 2011). The current Phase 2 drill campaign is focused on delineation of the bonanza silver grades in Julia North and exploration of Julia Central and the Naty Vein structures (Figure 1).

All 21 of the Phase 2 holes reported here (Table1, Figure 1 and Figure 2) returned intercepts of silver mineralization, calculated at greater than 30 grams per tonne (g/t) cutoff. Mineralization remains completely oxidized to depths of at least 100 metres down dip from surface in Julia North. Phase 2 drilling is ongoing at Virginia with more than 42 new, previously unreported holes, for a total of 4,000 metres completed to date.

At Julia Central, holes VG-42 and VG-43 were drilled on the same drill section and both holes intersected a much wider zone of silver mineralization than was evident from surface channel sampling. Hole VG-42 intersected an estimated true width of 30.9 metres containing 178 g/t silver, including 11.6 metres of 295 g/t silver, while hole VG-43 intersected a true width of 40.8 metres containing 172 g/t silver, including 10.0 metres of 485 g/t silver (Table 1). This high-grade zone remains open to the south and at depth.

Julia Central is now known to host high grade silver in quartz veins, breccia zones and faulted zones with a wide halo of lower grade mineralization, similar in character to Julia North.

At Julia North, nine new holes are reported, which returned a range of encouraging silver intercepts that support the Phase 1 results. These include hole VG-36 which has the highest silver grade-thickness (gram-metre) product of any hole drilled at Virginia to date, and which contains a true width of 36.5 metres of 312 g/t silver including 5.3 metres of 1,843 g/t silver, Notably this hole has core recoveries of 90% and 85% respectively for the intercept and included high grade. Drilling to date of the Julia North structure may indicate the existence of more than one, shoot where higher silver grades and mineralized widths are present.

The Naty Vein parallels the Julia North sector approximately 200 metres to the west, and is exposed at surface as mineralized subcrop and float blocks for approximately 200 metres of strike length before passing under soil cover to the north. The first shallow holes were drilled to test mineralization indicated by float blocks coincident with a strong IP chargeability anomaly (Figure 1). The best results reported from Naty to date, holes VG-40 and VG-41, were sited on the same drill section. VG-40 intersected an estimated true width of 59.5 metres containing 92 g/t silver, including 4.8 metres of 470 g/t silver, while hole VG-43 intersected a true width of 44.6 metres containing 142 g/t silver which included 8.1 metres of 510 g/t silver. The Naty Vein comprises a fault zone with quartz vein material and quartz breccias, as well as broad, lower grade zones.. Based on the initial seven holes reported here, the Naty Vein appears to be of similar character as the Julia North and Julia Central vein segments.

Core recovery though the mineralized intervals continued to be variable during the early stages of the Phase 2 drill program due to the effects of oxidation and post-mineral faulting along the Julia and Naty structures. Mirasol has systematically worked through these challenges with the drilling contractor to improve recoveries in the more recently drilled holes. In addition, Mirasol brought to site at Virginia an independent, North American-based drilling consultant with extensive drilling expertise in Patagonia, in order to further improve recoveries. These combined efforts are yielding marked improvements for core recoveries in the new holes and in key holes that have been twinned to date. Assay results are not yet available for twinned holes.

The Phase 2 drill campaign at Virginia continues to produce encouraging silver results which validate the potential of the Virginia vein system and district. Phase 2 drilling has defined new, well-mineralized zones in all segments of the vein field drilled to date. The highly-oxidized character and broad zones of silver mineralization, which commonly envelope a core of higher-grade vein and breccia material, suggest potential for Virginia to contain a significant deposit of near-surface, high-quality silver mineralization amenable to surface development.

Table 1. Virginia Vein Zone Drill Hole Results

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

VG-029

31.50

49.50

18.00

14.18

184

2,609

70

including

32.00

36.20

4.20

3.31

555

1,837

29

VG-030A

45.00

53.7

8.70

6.86

38

263

95

and

72.00

75.60

3.60

2.84

86

245

80

VG-031

126.50

127.90

1.40

1.13

68

77

64

and

143.35

147.30

3.95

3.20

66

210

89

VG-032

22.00

57.00

35.00

26.81

175

4,680

85

including

35.10

40.30

5.20

3.98

695

2,769

39

VG-035

19.00

49.00

30.00

27.41

75

2,067

88

including

23.90

26.80

2.90

2.65

362

960

84

VG-036

15.40

53.00

37.60

36.48

312

11,389

90

including

21.35

26.85

5.50

5.34

1,843

9,835

85

VG-037

43.00

69.50

26.50

25.71

123

3,169

80

including

51.55

57.10

5.55

5.39

359

1,935

65

VG-038

94.50

112.00

17.50

13.60

382

5,195

71

including

97.05

100.50

3.45

2.68

1,649

4,420

65

VG-039

42.40

54.80

12.40

9.50

45

428

65

including

49.35

52.80

3.45

2.64

73

192

29

Julia Central

VG-042

16.90

51.00

34.10

30.91

178

5,495

66

including

27.50

40.30

12.80

11.60

295

3,425

51

VG-043

41.45

86.50

45.05

40.83

172

7,015

69

including

52.00

63.00

11.00

9.97

485

4,835

56

VG-044

30.50

35.00

4.50

3.69

185

683

54

VG-045

59.00

64.30

5.30

4.39

289

1,270

80

including

60.10

61.03

0.93

0.77

991

764

85

VG-046

32.60

34.85

2.25

1.72

166

287

91

Naty Vein

VG-033

14.00

43.75

29.75

27.96

35

970

78

VG-034

24.00

36.00

12.00

11.28

32

361

81

VG-040

12.07

75.40

63.33

59.51

92

5,467

78

including

38.15

43.20

5.05

4.75

470

2,230

29

VG-041

46.00

93.50

47.50

44.64

142

6,343

88

including

65.70

74.35

8.65

8.13

510

4,145

85

VG-047

7.00

15.00

8.00

7.52

30

222

89

and

29.00

51.50

22.50

21.14

45

944

79

and

64.00

71.00

7.00

6.58

34

222

66

combined

7.00

71.00

64.00

60.14

32

1,914

80

VG-048

27.30

44.10

16.80

13.59

37

502

59

VG-049

10.00

37.00

27.00

26.08

104

2,710

80

including

13.85

17.00

3.15

3.04

427

1,298

66

Notes: All analyses done by ALS Laboratory Group.

  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 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; 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. 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 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.

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