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Mirasol Reports Initial Results of Phase 3 Drilling at the Virginia Silver Project

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VANCOUVER, BC, January 26, 2012. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce partial assay results for Phase 3 diamond drilling at the Virginia Project which was completed in December 2011, including complete drill results from the Martina and Naty Extension vein holes, and partial assay results from the Ely South Vein. Phase 3 drilling indicates that Martina and Ely South are likely to host silver deposits which add to the four previously discovered deposits (Julia North, Central and South veins, and Naty Vein) on the 100%-owned Virginia Silver Project in Santa Cruz Province, Argentina.

Highlights at Naty Extension include 1.5 metres of 797 grams per tonne (g/t) silver in VG-096 and 2.0 metres of 214 g/t silver including 0.3 metres of 1,195 g/t silver in VG-097 (Table 1). Martina Vein highlights include 3.8 metres of 155 g/t silver within a broad intercept of 25.4 metres grading 61 g/t silver in VG-119B, and 10.9 metres of 63 g/t silver, including 1.1 metres of 141 g/t silver, in VG-122A. Ely South highlights include 21.8 metres of 79 g/t silver including 1.9 metres of 495 g/t silver in VG-113, and 18.2 metres of 63 g/t silver including 4.5 metres of 109 g/t silver in VG-111.

Phase 3 drilling was undertaken in five principle areas, four of which previously had a single scout hole (Figure 1). Results are reported herein for all Phase 3 holes drilled at the Martina Vein, all holes drilled at Naty Extension, and the first eight holes at Ely South (Table 1). Remaining holes at Ely South, Ely North, Julia South and three holes at Julia Central, will be reported in future news releases when assays are received.

In Phase 3 nine new holes were drilled at the Martina Vein northwest of scout hole VG-089A (Figure 2). Eight of nine Martina holes contained significant intercepts above a 30 g/t silver cutoff. Martina is characterized by broad, often 10 to 20 metre wide, intercepts of silver mineralization hosted by oxidized, brecciated, altered rock and minor quartz veinlets. Typically in these shallow holes a strong, central vein is not well developed. It is interpreted that the level of exposure of the hydrothermal vein may be higher than in the Julia Vein to the west, suggesting that deeper drilling could encounter better silver values at depth. Several new holes were twinned to improve sample recovery and ensure that lower recovery did not affect the assay results. In two cases improved recovery resulted in little change in the assay values, and in the other case grades were somewhat lower (Appendix A). To date, Martina has been tested by ten holes along 400 metres of strike length and remains open along strike in both directions and to depth.

Table 1. Virginia Silver Project Phase 3 Partial Results – Highlights

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

Martina Vein

VG-093

34.00

53.00

19.00

13.0


62


804


95

including

37.25

38.00

0.75

0.5


244


125


89

VG-094A*

24.37

44.20

19.83

13.0


61


797


93

including

26.94

30.53

3.59

2.4


119


280


93

and

66.50

67.26

0.76

0.5


173


86


100

VG-119B*

27.00

65.65

38.65

25.4


61


1,541


94

including

42.75

48.50

5.75

3.8


155


585


91

VG-122A*

74.54

87.90

13.36

10.9


63


692


89

including

83.00

84.30

1.30

1.1


141


150


69

VG-123

24.86

29.47

4.61

3.0


57


172


98

VG-125

53.00

64.00

11.00

7.2


46


330


96

including

55.80

56.30

0.50

0.3


272


89


99

Naty Extension Vein

VG-096

48.70

50.75

2.05

1.5


797


1,176


95

VG-097

21.25

24.15

2.90

2.0


214


423


73

including

23.05

23.50

0.45

0.3

     1,195


367


81

VG-102

19.50

49.30

29.80

21.1


22


457


96

including

48.75

49.30

0.55

0.4


90


40


100

VG-116

42.40

43.88

1.48

1.3


80


105


95

Ely South Vein

VG-110

47.18

61.15

13.97

9.5


100


951


97

including

58.87

60.55

1.68

1.1


556


637


93

VG-111

37.47

62.00

24.53

18.2


63


1,144


92

including

56.00

62.00

6.00

4.5


109


487


98

VG-112

29.80

39.94

10.14

7.4


163


1,206


99

including

29.80

35.02

5.22

3.8


219


834


98

and

86.35

92.00

5.65

4.1


122


503


97

including

87.90

90.60

2.70

2.0


210


415


99

VG-113

63.00

97.00

34.00

21.8


79


1,735


97

including

87.80

90.75

2.95

1.9


495


939


91

Notes: All analyses done by Alex Stewart Argentina S. A. laboratory.

  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 (“LWA”) of the intercept quoted.
  5. Hole designated with an asterisk * are twins which have been redrilled with the objective of increasing the core recovery. Complete results for original and twin holes are in Appendix A.


Drilling at Naty Extension included five new holes near VG-086, a scout hole drilled during Phase 2. These holes intersected mineralization of variable grade and thickness with local high grade values (Figure 3). Farther north, a second cluster of seven holes targeted an IP chargeability anomaly in an area with little or no outcrop, where prospecting had located scattered mineralized quartz vein float blocks. Holes directed at the IP chargeability anomaly (VG-098, 099 and 100) did not intersect mineralization as expected but did cut wide zones of pervasive silicification with silver values of less than 30 g/t yet failed to explain the source of mineralized quartz blocks. Additional holes VG-101, 102 and 103 were drilled further uphill and to the east along magnetic lineaments parallel to the IP chargeability anomaly and intersected metre-scale, silver bearing quartz veins. The chargeability anomaly remains unexplained, as this type of pervasive silicification, lacking abundant iron oxides, has not been noted previously at Virginia. Additional interpretation is required, but it is possible that the source of the IP chargeability anomaly lies at greater depth, beneath the broad silicification. If so, further drilling is warranted. A 390 metre long chargeability anomaly between the two areas remains untested.

At Ely South, assays are presented for eight new holes, and results are pending for eight additional holes drilled to greater depth and along strike to the south (Figure 3). All Ely South holes contain intercepts exceeding 30 g/t silver cutoff, with excellent core recovery in the mineralized zones (Appendix A). Based on early visual observations, additional holes were drilled to depth at Ely South. Visual observations from the deeper holes suggest that the silver mineralization continues to depth. The presence of silver sulphosalts similar to those identified in the Julia Vein, were also observed at depth in the Ely Vein. To date, Ely South silver mineralization has been confirmed at or near surface over a strike length of 345 metres, and remains open along strike and at depth.

“Initial Phase 3 drilling results indicate that the Martina and Ely South veins are taking shape as new silver deposits and therefore expand the Virginia Project’s scope to six silver zones”, stated Mary Little, Mirasol’s president. Drilling already underway as Phase 4 is expected to expand these six deposits along strike and to depth. The new Martina and Ely South discoveries share characteristics with the Julia — Naty vein system in that they are deeply oxidized, near-surface deposits and have potential for definition of high-quality, silver mineralization that may be amenable to low cost, open-cut mining techniques.

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 who is the Qualified Person 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 Argentina for analysis. Results are routinely examined by an independent geochemist to ensure laboratory performance meets required standards.

Assay results from diamond 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 A. Virginia Silver Project — Phase 3 Results for Naty Extension, Martina and Ely South (partial) – New 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

Martina Vein

VG-092

87.00

107.00

20.00

12.9


40


513


98

VG-093

37.25

38.00

0.75

0.5


244


125


89

and

66.00

83.00

17.00

11.6


40


458


97

VG-094

24.00

42.00

18.00

11.8


88


1,045


87

including

25.65

29.00

3.35

2.2


257


566


42

and

58.00

70.50

12.50

8.2


36


294


87

VG-094A*

24.37

44.20

19.83

13.0


61


797


93

Including*

26.94

30.53

3.59

2.4


119


280


93

and*

62.50

71.04

8.54

5.6


50


280


98

Including*

66.50

67.26

0.76

0.5


173


86


100

VG-119

26.00

57.00

31.00

20.3


77


1,559


83

including

42.80

51.75

8.95

5.9


159


935


47

VG-119A*

27.00

62.00

35.00

23.0


69


1,579


71

Including*

43.00

56.00

13.00

8.5


107


909


53

VG-119B*

27.00

65.65

38.65

25.4


61


1,541


94

including*

42.75

48.50

5.75

3.8


155


585


91

VG-122

76.00

92.00

16.00

13.1


60


792


66

VG-122A*

74.54

87.90

13.36

10.9


63


692


89

including

83.00

84.30

1.30

1.1


141


150


69

VG-123

24.86

29.47

4.61

3.0


57


172


98

and

50.66

51.22

0.56

0.4


46


17


97

VG-124

5.60

41.00

35.40

23.7


33


774


98

VG-125

53.00

64.00

11.00

7.2


46


330


96

including

55.80

56.30

0.50

0.3


272


89


99

Naty Extension Vein

VG-095

101.93

104.00

2.07

1.2


38


46


96

VG-096

48.70

50.75

2.05

1.5


797


1,176


95

and

82.35

83.12

0.77

0.5


38


20


88

VG-097

21.25

24.15

2.90

2.0


214


423


73

including

23.05

23.50

0.45

0.3

     1,195


367


81

and

38.50

40.70

2.20

1.5


48


72


95

and

68.00

79.10

11.10

7.6


42


319


99

VG-098

no significant intercepts

VG-099

no significant intercepts

VG-100

68.00

70.00

2.00

1.3


71


93


94

VG-101

20.50

23.53

3.03

2.2


51


111


96

and

34.50

35.00

0.50

0.4


50


18


95

combined

20.50

35.00

14.50

10.4


26


271


95

VG-102

19.50

22.33

2.83

2.0


36


72


97

and

32.00

38.00

6.00

4.2


35


148


99

and

48.75

49.30

0.55

0.4


90


40


100

combined

19.50

49.30

29.80

21.1


22


457


96

VG-103

38.79

39.16

0.37

0.2


21


5


92

VG-115

53.00

55.00

2.00

1.3


31


40


99

and

83.00

85.00

2.00

1.3


33


42


100

VG-116

42.40

43.88

1.48

1.3


80


105


95

VG-117

no significant intercepts

Ely South Vein

VG-107

89.23

97.50

8.27

5.1


40


201


98

VG-108

47.56

50.65

3.09

2.1


50


106


98

VG-109

44.52

57.50

12.98

8.9


41


361


91

VG-110

47.18

61.15

13.97

9.5


100


951


97

including

58.87

60.55

1.68

1.1


556


637


93

VG-111

37.47

62.00

24.53

18.2


63


1,144


92

including

56.00

62.00

6.00

4.5


109


487


98

VG-112

29.80

39.94

10.14

7.4


163


1,206


99

including

29.80

35.02

5.22

3.8


219


834


98

and

63.72

67.00

3.28

2.4


59


143


100

and

86.35

92.00

5.65

4.1


122


503


97

including

87.90

90.60

2.70

2.0


210


415


99

VG-113

63.00

97.00

34.00

21.8


79


1,735


97

including

87.80

90.75

2.95

1.9


495


939


91

VG-114

92.00

93.68

1.68

1.1


66


74


100

Notes: All analyses done by Alex Stewart Argentina S. A. laboratory.

  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 (“LWA”) of the intercept quoted.
  5. Hole designated with an asterisk * are twins which have been redrilled with the objective of increasing the core recovery.

 

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