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Mirasol Reports Joaquin Silver Project Expansion Drill Results, Argentina

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VANCOUVER, BC, February 23, 2012 Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the results from expansion drilling at the La Negra and La Morocha silver deposits, part of a major >12,000 metre drilling program and feasibility study at the Joaquin Silver Project located in Santa Cruz Province, Argentina, which is 100% funded by Mirasol’s joint venture partner, Coeur d’Alene Mines (“Coeur”). Coeur has announced a 2012 budget of $5.8 million for exploration and feasibility activities at the Joaquin Project. In addition, regional exploration has identified several other targets where exploration and drilling has returned significant silver and/or gold intercepts (Figure 1).

Highlights of the expansion program include DDJ-168 and 180 located east of the La Negra resource pit, where high grade silver intercepts are included within long mineralized intercepts at relatively shallow depths, located outside of the Whittle(r) resource pit (Figure 2, Table 1 and Appendix 1). Better intercepts include DDJ-168 which contains 36 metres of 343 g/t silver plus 0.06 g/t gold, including 2 metres of 4,900 g/t silver and 0.32 g/t gold in a near-surface sulphide zone. These two holes may have intersected a second feeder zone. To the west of the main La Negra feeder zone, and outside of the Whittle(r) resource pit, DDJ-162 cut 19 metres of 69 g/t silver and 0.07 g/t gold. Mineralization on the northeast side of the La Negra pit remains open to the northeast (DDJs-160, 182, 185, and 186 area), and further drilling is warranted.

At La Morocha hole DDJ-175 cut 5.2 metres of 163 g/t silver and 2.77 g/t gold (Figure 3 and Table 1). Hole DDJ-177 intersected 1.0 metre of 136 g/t silver and 6.79 g/t gold, confirming that locally gold values are significant at Joaquin.

Table 1. Joaquin Project — Summary Highlights of Expansion Drill Holes

Drill Hole

Intercept

From (metres)

To
(metres)

Intercept length (metres)

Core Recv. (%)

Silver
(g/t)

Gold
(g/t)

AgEQ
(g/t)

AgEQ gram meter product

La Negra

DDJ-162

1st

46.0

65.0

19.0

95


69

0.07

73

1,394

DDJ-168

1st

21.0

57.0

36.0

98


343

0.06

347

12,508

including

 

47.0

55.0

8.0

99

     1,429

0.20

1,442

11,539

including

 

48.0

50.0

2.0

99

     4,900

0.32

4,921

9,842

DDJ-179

2nd

118.0

121.0

3.0

na


156

0.00

156

467

DDJ-179

4th

261.0

266.0

5.0

na


120

0.00

120

600

DDJ-179

5th

390.0

391.0

1.0

na

     1,075

0.91

1,134

1,134

DDJ-180

1st

36.0

40.0

4.0

100


397

0.00

397

1,590

DDJ-184

1st

31.0

35.0

4.0

97


98

0.00

98

392

DDJ-184

2nd

71.0

85.0

14.0

96


64

0.27

82

1,147

DDJ-191

1st

28.0

42.0

14.0

96


179

0.00

179

2,509

La Morocha

DDJ-175

4th

208.8

214.0

5.2

98


163

2.77

343

1,785

DDJ-177

1st

55.0

56.0

1.0

na


136

6.79

577

577

DDJ-177

3rd

106.0

110.0

4.0

na


105

0.00

105

420

DDJ-177

4th

137.0

139.0

2.0

na


540

0.63

581

1,162

DDJ-187

1st

100.0

110.0

10.0

93


41

0.18

52

524

  • 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
  • n.a. = not available

The expansion drilling program commenced in October 2011 on the Joaquin Silver Project, where the initial resource estimation comprises 19.6 million ounces of silver in the Indicated category and 47.9 million ounces of silver in the Inferred category (Mirasol news release May 9, 2011 and Appendix 1). The current release reports results for an additional 33 holes (DDJ-160 to -192) designed to test the down dip and peripheral areas around the two resource deposits. A complete list of intercepts is found in Appendices 2 and 3. In addition to the new expansion holes, Mirasol previously reported infill holes drilled in the north part of La Negra resource area, subsequent to the resource estimation (August 8, 2011; DDJ-141 to -143 and DDJ-153 to -159). A total of 43 holes totalling 6,330 metres have been drilled as infill and expansion around the two resource deposits since the initial resource estimation (Figure 2 and Figure 3).

Coeur holds a vested 51% interest in the Joaquin project, and has elected to proceed to increase its equity to 61% by funding all expenditures through to the delivery of a full feasibility study. Our JV partner informs that it intends to re-calculate the published resources for the La Negra and La Morocha deposits in Q2 of 2012 and is resuming metallurgical test work on both deposits. Currently our partner is focused on an infill drill program of >10,000 metres of drilling, to include metallurgical drill holes. These activities form part of a planned feasibility study.

Surface exploration has been undertaken to the north and west of the La Morocha deposit following a series of ring fractures which appear to focus mineralization (Figure 1). The work comprises geological mapping, rock chip sampling and also PDP-IP geophysical surveying (pole-dipole induced polarization). Much of the property remains unexplored and only a small part has been drill tested. Mirasol expects Coeur to resume exploration drilling to test several new targets prior to the southern hemisphere winter.

Mirasol Resources Ltd. is a prospect generation exploration company focused on the discovery of new, high-potential precious metals deposits in the Americas. Mirasol currently holds 100% of the rights of twenty exploration prospects, including eight advanced exploration stage precious metals properties located in Santa Cruz Province southern Argentina. This includes the exciting Virginia Silver Project where near-surface, oxidized silver vein mineralization is being outlined by shallow diamond drilling. The company operates subsidiary companies in Argentina and Chile, holds the strategic Rubi copper-gold porphyry property in Chile, and is engaged in generative exploration in prospective regions elsewhere in the Americas.

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: 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 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 1. Resources – Joaquin Project (100% of Project)

Mineral Type and Category

Ktonnes

Silver g/t

Contained
Koz Silver

Gold g/t

Contained
Koz Gold

Oxide material

Indicated

6,785

77.7

      16,952

0.16

34

Inferred

11,128

86.6


30,989

0.09

32

 

Sulphide material

Indicated

419

203.5


2,741

0.16

2

Inferred

2,667

197.8


16,963

0.12

10

 

Total of Oxide & Sulphide material

Indicated

7,204

85. 0


19,693

0.16

36

Inferred

13,794

108.1


47,952

0.10

43

Reported by Mirasol on May 9, 2011. Effective April 2010. Metal prices used were US$20 /oz Ag and US$1,300 oz/Au. Oxide mineral resources estimated using a cutoff grade of 33 g/t Ag Eq. (silver equivalent) and sulphide mineral resources using a cutoff of 51.9 g/t Ag Eq. within Whittle(r) pit design. Ag Eq (silver equivalent) = Ag grade in grams per tonne + Au grade in grams per tonne x 65. Mineral resources estimated by the consulting firm of NCL Ingeniería y Construcción Ltda. in Santiago, Chile. Mineral resources that are not mineral reserves have not demonstrated economic viability

Appendix 2. Joaquin Project — Complete Expansion Drilling Results – La Negra

Drill Hole

Intercept

From (metres)

To
(metres)

Intercept length (metres)

Core Recv. (%)

Silver
(g/t)

Gold
(g/t)

AgEQ
(g/t)

AgEQ gram meter product

DDJ-160

1st

99.0

107.0

8.0

99

115

0.00

115

917

DDJ-160

2nd

120.0

124.0

4.0

100

24

0.00

24

95

DDJ-160

3rd

132.0

135.0

3.0

99

22

0.00

22

66

DDJ-160

4th

153.0

162.0

9.0

93

44

0.04

47

421

DDJ-161

1st

57.0

59.0

2.0

97

22

0.07

26

52

DDJ-161

2nd

97.0

102.0

5.0

95

45

0.05

48

242

DDJ-162

1st

46.0

65.0

19.0

95

69

0.07

73

1,394

DDJ-163

1st

87.0

96.0

9.0

46

33

0.43

62

554

DDJ-164

1st

76.0

79.0

3.0

96

20

0.19

33

98

DDJ-165

no significant intercepts

DDJ-166

no significant intercepts

DDJ-167

1st

49.0

51.0

2.0

97

33

0.00

33

66

DDJ-168

1st

21.0

57.0

36.0

98

343

0.06

347

12,508

including

 

47.0

55.0

8.0

99

1,429

0.20

1,442

11,539

including

 

48.0

50.0

2.0

99

4,900

0.32

4,921

9,842

DDJ-168

2nd

66.0

68.0

2.0

97

364

0.00

364

728

DDJ-168

3rd

73.0

78.0

5.0

98

46

0.00

46

230

DDJ-169

1st

83.0

86.0

3.0

100

40

0.00

40

119

DDJ-170

1st

52.0

53.0

1.0

88

26

0.00

26

26

DDJ-179

1st

102.0

104.0

2.0

na

95

0.00

95

190

DDJ-179

2nd

118.0

121.0

3.0

na

156

0.00

156

467

DDJ-179

3rd

124.0

125.0

1.0

na

83

0.00

83

83

DDJ-179

4th

261.0

266.0

5.0

na

120

0.00

120

600

DDJ-179

5th

390.0

391.0

1.0

na

1,075

0.91

1,134

1,134

DDJ-180

1st

36.0

40.0

4.0

100

397

0.00

397

1,590

DDJ-180

2nd

42.0

44.0

2.0

100

179

0.12

186

373

DDJ-180

3rd

51.0

52.0

1.0

100

117

0.00

117

117

DDJ-180

4th

59.0

63.0

4.0

99

191

0.00

191

762

DDJ-180

5th

69.0

75.0

6.0

100

47

0.00

47

280

DDJ-181

1st

42.0

45.0

3.0

100

25

0.00

25

75

DDJ-182

1st

77.0

86.0

9.0

96

47

0.00

47

427

DDJ-182

2nd

96.0

101.0

5.0

95

30

0.00

30

151

DDJ-182

3rd

158.0

161.0

3.0

97

40

0.00

40

121

DDJ-182

4th

182.0

183.0

1.0

80

260

0.00

260

260

DDJ-182

5th

217.6

218.2

0.6

97

582

0.66

625

375

DDJ-183

1st

52.0

56.0

4.0

97

81

0.00

81

325

DDJ-183

2nd

97.0

102.0

5.0

60

23

0.00

23

115

DDJ-183

3rd

114.0

117.0

3.0

80

22

0.00

22

66

DDJ-183

4th

136.0

140.0

4.0

98

2

0.46

31

125

DDJ-184

1st

31.0

35.0

4.0

97

98

0.00

98

392

DDJ-184

2nd

71.0

85.0

14.0

96

64

0.27

82

1,147

DDJ-185

1st

105.0

106.0

1.0

97

70

0.00

70

70

DDJ-185

2nd

119.0

125.0

6.0

98

39

0.00

39

233

DDJ-185

3rd

131.0

134.0

3.0

100

115

0.00

115

344

DDJ-185

4th

137.0

141.0

4.0

95

21

0.00

21

82

DDJ-185

5th

150.0

153.0

3.0

88

25

0.00

25

74

DDJ-185

6th

167.0

168.0

1.0

100

111

0.00

111

111

DDJ-185

7th

219.9

223.0

3.2

97

31

0.00

31

98

DDJ-186

1st

20.0

22.0

2.0

88

189

0.00

189

378

DDJ-186

2nd

74.0

78.0

4.0

95

185

0.00

185

738

DDJ-186

3rd

80.0

82.0

2.0

96

55

0.00

55

109

DDJ-188

1st

54.0

56.0

2.0

100

48

0.00

48

96

DDJ-188

2nd

59.0

60.0

1.0

96

139

0.00

139

139

DDJ-188

3rd

74.0

77.0

3.0

89

22

0.00

22

66

DDJ-188

4th

83.0

84.0

1.0

98

100

0.00

100

100

DDJ-188

5th

87.0

94.0

7.0

99

22

0.00

22

156

DDJ-189

1st

29.0

35.5

6.5

100

97

0.00

97

631

DDJ-190

1st

48.0

52.0

4.0

97

45

0.00

45

181

DDJ-190

2nd

57.0

68.0

11.0

99

60

0.04

63

696

DDJ-190

3rd

72.0

74.0

2.0

100

26

0.00

26

51

DDJ-191

1st

28.0

42.0

14.0

96

179

0.00

179

2,509

DDJ-191

2nd

59.0

64.0

5.0

94

28

0.00

28

141

DDJ-191

3rd

67.0

69.0

2.0

98

28

0.00

28

55

DDJ-191

4th

88.0

91.0

3.0

98

40

0.00

40

121

DDJ-191

5th

103.0

107.0

4.0

97

54

0.05

58

230

DDJ-192

no significant intercepts

  • 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
  • n.a. = not available

Appendix 3. Joaquin Project — Complete Expansion Drilling Results – La Morocha

Drill Hole

Intercept

From (metres)

To
(metres)

Intercept length (metres)

Core Recv. (%)

Silver
(g/t)

Gold
(g/t)

AgEQ
(g/t)

AgEQ gram meter product

DDJ-171

1st

105.0

106.5

1.5

100

35

0.00

35

51

DDJ-171

2nd

128.0

129.0

1.0

100

33

0.00

33

33

DDJ-171

3rd

153.2

154.1

0.9

100

28

0.17

39

35

DDJ-172

1st

140.5

142.4

1.9

97

20

0.00

20

38

DDJ-173

1st

190.0

196.0

6.0

100

23

0.00

23

138

DDJ-173

2nd

232.0

233.5

1.5

100

25

0.00

25

38

DDJ-174

1st

219.0

222.0

3.0

100

46

0.00

46

137

DDJ-174

2nd

229.0

231.8

2.8

100

28

0.00

28

77

DDJ-174

3rd

246.0

248.0

2.0

98

31

0.00

31

62

DDJ-175

1st

141.1

142.2

1.1

100

41

0.00

41

45

DDJ-175

2nd

145.2

146.7

1.5

99

28

0.00

28

42

DDJ-175

3rd

188.0

191.0

3.0

98

80

0.23

94

283

DDJ-175

4th

208.8

214.0

5.2

98

163

2.77

343

1,785

DDJ-176

1st

141.7

143.0

1.3

98

239

0.23

254

343

DDJ-176

2nd

147.0

148.0

1.0

98

5

0.35

28

28

DDJ-176

3rd

155.0

156.0

1.0

100

27

0.00

27

27

DDJ-176

4th

159.0

160.0

1.0

97

0.33

21

21

DDJ-176

5th

164.0

168.0

4.0

97

12

0.27

30

118

DDJ-177

1st

55.0

56.0

1.0

na

136

6.79

577

577

DDJ-177

2nd

98.0

99.0

1.0

na

55

0.07

60

60

DDJ-177

3rd

106.0

110.0

4.0

na

105

0.00

105

420

DDJ-177

4th

137.0

139.0

2.0

na

540

0.63

581

1,162

DDJ-178

1st

133.0

134.5

1.5

na

10

0.70

56

83

DDJ-187

1st

100.0

110.0

10.0

93

41

0.18

52

524

  • Notes as per Appendix 2.

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