logo
logo

Mirasol Reports Joaquin Silver Project Infill Drill Results, Argentina

PDF IconView PDF

VANCOUVER, BC, May 7, 2012. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce new results from infill drilling at the La Negra silver deposit, part of a major >12,000 metre diamond drilling program and feasibility study at the Joaquin Silver Project located in Santa Cruz Province, Argentina. The feasibility study is 100% funded by Mirasol’s Joint venture partner, Coeur d’Alene Mines (“Coeur”). Results are presented for 35 new infill holes on La Negra, plus 4 holes drilled for metallurgical studies (Figure 1). Results for an additional 54 infill and expansion holes are pending at La Negra and La Morocha. Currently Coeur continues to drill exploration holes at other targets on the property with two drill rigs.

These holes build on the initial resource for the La Negra and La Morocha deposits at Joaquin, reported in May 2011 (see Appendix 1 and news release of May 9, 2011). The majority of the new holes are located within the La Negra Whittle(r) design resource pit with a lesser number immediately adjacent to it. The previously determined resource block model and resource pits were based on data from drill holes through to DDJ-135 (Figure 1, Table 1, and Appendix 1 to 4). Including the holes released here, 92 drill holes have been drilled in, and around, the La Negra and La Morocha design pits since the first resource estimate was calculated; 60% of those have assays pending (Figure 2).

Highlights of the La Negra infill program include DDJ-213 and DDJ-218 both of which contain significant gold values in addition to silver. Gold-rich intercepts occur in hole DDJ-213 which cut 21.0 metres of 278 g/t silver and 0.79 g/t gold, and hole DDJ-218 with 6.0 metres of 1,077 g/t silver and 1.98 g/t gold. Both of these gold-rich intercepts were part of long intercepts of silver mineralization. DDJ-213 cut 156 metres of 71 g/t silver and 0.18 g/t gold and DDJ-218 cut 45.0 metres of 179 g/t silver and 0.28 g/t gold. Calculations of interpreted true thickness are not provided because the La Negra mineralization model comprises sub-horizontal “mantos” (blankets) as well as a steeply-dipping feeder zone and therefore requires a complete geological interpretation which will be done for the planned updated estimate of mineral resources later in 2012.

Holes drilled specifically to obtain material for metallurgical test work were targeted at sulphide mineralization at depth in La Morocha, and near surface at La Negra. Assays for two new vertical metallurgical holes drilled on near-surface sulphide material at La Negra returned extremely high grade silver, including the highest grade-thickness product values on the project to date, surpassing the original high-grade discovery holes DDJ-43 and DDJ-58 in the same area, in both length of intercept and grade (Figure 2, inset map). The true thickness of the new intercepts is unclear, but both holes confirm spectacular high grades with intercepts of core lengths of 28.0 metres of 1,970 g/t silver, and 0.59 g/t gold, and of 26.2 metres of 3,208 g/t silver and 0.79 g/t gold, respectively, in holes DDJ-251 and -252 (uncapped grades). DDJ-251 contains an included intercept of 3.0 metres which averages 17,905 g/t silver and 1.84 g/t gold with 100% core recovery (uncapped grades).

Table 1. Joaquin Project — Summary Highlights of Infill and Metallurgical Drill Holes

Drill Hole

Intercept

From (metres)

To
(metres)

Intercept length (metres)

Core Recv. (%)

Silver
(g/t)

Gold
(g/t)

Silver Equiv.
“AgEQ”
(g/t)

AgEQ gram metre product

La Negra — Infill Holes

DDJ-195

1st

17.0

54.0

37.0

92

64

0.00

64

2,385

including

 

47.0

54.0

7.0

98

182

0.00

182

1,271

DDJ-196

1st

8.0

33.0

25.0

67

98

0.01

99

2,477

including

 

14.0

21.0

7.0

68

228

0.05

231

1,616

DDJ-200

1st

133.0

158.0

25.0

92

91

0.57

129

3,217

including

 

142.0

154.0

12.0

98

164

1.10

235

2,825

DDJ-208

1st

30.0

79.0

49.0

80

63

0.01

64

3,155

including

 

70.0

76.0

6.0

98

293

0.03

295

1,770

DDJ-208

2nd

87.0

100.0

13.0

98

44

0.00

44

568

DDJ-208

3rd

108.0

115.0

7.0

96

126

0.00

126

882

DDJ-210

1st

30.0

68.0

38.0

97

77

0.06

81

3,076

including

 

52.0

65.0

13.0

96

154

0.17

165

2,141

DDJ-213

1st

29.0

32.0

3.0

93

90

0.22

104

313

DDJ-213

2nd

48.0

204.0

156.0

91

71

0.18

83

13,004

including

 

62.0

70.0

8.0

97

309

0.22

324

2,589

also including

172.0

193.0

21.0

86

149

0.79

200

4,194

DDJ-215

1st

44.0

62.0

18.0

99

149

0.12

157

2,826

including

 

48.0

51.1

3.1

100

532

0.63

573

1,787

DDJ-215

2nd

67.0

94.0

27.0

96

77

0.07

82

2,206

including

 

87.0

91.0

4.0

97

278

0.28

297

1,186

DDJ-215

3rd

111.0

117.0

6.0

94

22

0.00

22

134

DDJ-215

4th

123.0

132.0

9.0

94

24

0.01

24

218

DDJ-215

5th

177.0

186.0

9.0

92

19

0.11

26

236

DDJ-215

6th

199.0

213.0

14.0

88

19

0.01

20

279

DDJ-217

1st

36.0

82.0

46.0

78

72

0.08

78

3,577

including

2nd

66.0

73.0

7.0

71

225

0.55

261

1,830

DDJ-218

1st

33.0

78.0

45.0

93

179

0.28

197

8,882

including

 

37.0

43.0

6.0

85

1,077

1.98

1,205

7,231

Metallurgical Holes – La Negra*

DDJ-251

1st

13.0

39.6

26.6

92

3,208

0.79

3,259

86,697

including

 

20.0

32.0

12.0

100

7,058

1.45

7,152

85,822

including

 

21.0

24.0

3.0

100

17,905

1.84

18,024

54,073

DDJ-252

1st

10.0

38.0

28.0

62

1,970

0.59

2,008

56,236

including

 

16.1

22.3

6.3

46

7,780

2.00

7,910

49,437

Metallurgical Holes – La
Morocha

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

– 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
* Five individual samples initially returned values greater than the maximum detection limit of 10,000 g/t silver. These five were subsequently analyzed by a method for concentrates with higher detection limits and these values were used in calculating intercepts.

Hole DDJ-251 had one hundred percent core recovery in the highest grade part of the hole, whereas hole DDJ-252 had moderate to poor core recoveries of 62 to 46% in the high grade zone (Table 1). Poor recoveries can potentially affect representative sampling, and can cause artificially high or low reporting of grades for the interval. While the geometry of the high-grade mineralization remains uncertain, it is noteworthy that the original holes were drilled at approximately 45 degree angle towards the southwest, whereas the two new holes were drilled vertically. It is therefore unlikely that the original holes were drilled parallel to the dip of the structure.

Core from these holes was quartered to provide sample material for assays (Tables 1 and 2). The remaining core is being shipped for metallurgical tests including flotation tests which have previously provided excellent recoveries of contained silver from 83% to 97% and gold from 77% to 87% on sulphide material (Technical Report, Mirasol press release of June 28, 2011). Assays results of the two metallurgical holes at La Morocha are similar to the original holes, which were twinned by DDJ-253 and DDJ-254 (for DDJ-100 and DDJ-49, respectively).

The expansion and infill drilling program commenced in October 2011 on the Joaquin Silver Project, where the previously published initial resource estimate 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 35 holes (DDJ-193 to -227) designed to increase drill hole density within the La Negra deposit. A complete list of intercepts is found in Appendices 2 and 3. In addition to the new infill holes, Mirasol previously reported infill and expansion 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; and Feb. 23, 2012; DDJ-160 to -192).

A summary map of results of all the holes drilled at La Negra post the initial resource estimate is provided (Figure 2), which shows the large amount of new data generated to support future resource estimates. The data is presented as the cumulative grade-thickness product of silver equivalent values (“AgEQ gram metre product”) plotted at the collar of each hole to represent the relevance of each individual hole.

Coeur has previously announced a 2012 budget of $5.8 million for exploration and feasibility activities at the Joaquin Project. It now 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 43-101 compliant feasibility study. Coeur informs that it intends to re-calculate the estimated resources for the La Negra and La Morocha deposits in Q2 of 2012 which will include holes through to DDJ-227, as compared to the initial resource which included holes through DDJ-135.

Mirasol is encouraged with the advances being made on the Joaquin Silver Project, and is looking forward to reporting work done to increase the confidence and size of the known resources, and their means and probability of extraction, as well as ongoing exploration at other parts of this large, prospective property.

About Mirasol Resources

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 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)
 

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 Metallurgical Drilling Results

Drill Hole

Intercept

From (metres)

To
(metres)

Intercept length (metres)

Core Recv. (%)

Silver
(g/t)

Gold
(g/t)

Silver Equiv.
“AgEQ”
(g/t)

AgEQ gram metre product

Metallurgical Holes – La Negra*

DDJ-251

1st

13.0

39.6

26.6

92

3,208

0.79

3,259

86,697

including

 

20.0

32.0

12.0

100

7,058

1.45

7,152

85,822

including

 

21.0

24.0

3.0

100

17,905

1.84

18,024

54,073

DDJ-252

1st

10.0

38.0

28.0

62

1,970

0.59

2,008

56,236

including

 

16.1

22.3

6.3

46

7,780

2.00

7,910

49,437

Metallurgical Holes – La
Morocha

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

0.48

109

573

– 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
* Five individual samples initially returned values greater than the maximum detection limit of 10,000 g/t silver. These five were subsequently analyzed by a method for concentrates with higher detection limits and these values were used in calculating intercepts.

Appendix 4. Joaquin Project — Locations of Previously Unpublished Holes

Hole
ID

E
GKCI

N
GKCI

Elevation m

Azimuth
degrees

Dip
degrees

Length m

DDJ-193

2,458,555.4

4,677,592.1

906.4

234.00

-50.0

100.00

DDJ-194

2,458,331.8

4,677,405.1

903.0

234.00

-50.0

70.00

DDJ-195

2,458,532.7

4,677,517.6

900.2

230.00

-48.0

177.00

DDJ-196

2,458,500.1

4,677,489.7

900.6

234.00

-45.0

80.00

DDJ-197

2,458,456.5

4,677,461.6

901.1

234.00

-45.0

70.00

DDJ-198

2,458,302.9

4,677,348.1

904.8

234.00

-50.0

70.50

DDJ-199

2,458,261.5

4,677,314.2

906.5

234.00

-51.1

61.00

DDJ-200

2,458,499.2

4,677,426.1

901.6

254.00

-90.0

200.00

DDJ-201

2,458,500.8

4,677,427.3

901.7

228.00

-51.0

71.00

DDJ-202

2,458,370.1

4,677,333.5

904.7

234.30

-54.4

60.00

DDJ-203

2,458,317.4

4,677,295.4

910.0

234.00

-50.2

60.00

DDJ-204

2,458,366.1

4,677,266.7

908.0

234.00

-50.0

50.00

DDJ-205

2,458,455.9

4,677,335.0

903.4

234.00

-51.0

72.00

DDJ-206

2,458,417.4

4,677,303.9

906.6

234.00

-51.0

51.00

DDJ-207

2,458,493.4

4,677,361.0

902.9

234.00

-50.0

80.00

DDJ-208

2,458,523.9

4,677,386.5

902.1

54.00

-50.0

170.00

DDJ-209

2,458,540.0

4,677,396.8

902.0

234.00

-50.0

80.00

DDJ-210

2,458,582.6

4,677,425.4

901.3

236.00

-50.0

90.00

DDJ-211

2,458,601.7

4,677,509.7

903.3

234.00

-45.0

160.00

DDJ-212

2,458,534.8

4,677,454.8

901.2

234.00

-50.0

70.00

DDJ-213

2,458,557.9

4,677,349.9

902.8

54.00

-70.0

240.00

DDJ-214

2,458,775.7

4,677,509.2

907.4

234.00

-55.0

120.00

DDJ-215

2,458,770.8

4,677,380.0

904.5

234.00

-50.0

250.00

DDJ-216

2,458,622.6

4,677,337.4

902.9

234.00

-50.7

150.00

DDJ-217

2,458,663.8

4,677,365.7

903.1

234.00

-47.3

90.00

DDJ-218

2,458,720.6

4,677,282.1

906.6

234.00

-45.8

120.00

DDJ-219

2,458,656.1

4,677,298.6

904.2

234.00

-50.9

90.00

DDJ-220

2,458,687.2

4,677,262.2

905.9

234.00

-51.2

90.00

DDJ-221

2,458,716.2

4,677,217.4

909.0

234.00

-50.0

100.00

DDJ-222

2,458,748.8

4,677,178.6

911.4

234.00

-55.0

90.00

DDJ-223

2,458,607.2

4,677,128.2

907.8

234.00

-50.0

90.00

DDJ-224

2,458,626.7

4,677,089.4

908.3

234.00

-50.0

90.00

DDJ-225

2,458,530.5

4,677,145.3

907.2

234.00

-58.0

92.00

DDJ-226

2,458,527.0

4,677,071.1

909.5

234.00

-50.0

80.00

DDJ-227

2,458,962.3

4,677,462.5

906.8

234.00

-55.0

120.00

DDJ-251

2,458,428.6

4,677,643.8

897.5

0.00

-90.0

50.00

DDJ-252

2,458,439.8

4,677,624.1

897.9

245.00

-84.5

50.00

DDJ-253

2,457,130.2

4,677,534.0

935.7

0.00

-90.0

200.00

DDJ-254

2,457,218.6

4,677,460.9

940.9

0.00

-90.0

194.00

Comments are closed.