VANCOUVER, BC, September 5, 2007 – Mirasol Resources Ltd. (TSXV:MRZ, Frankfurt: M8R) wishes to announce results from first pass diamond drilling completed by Coeur d’Alene Mines (Coeur) at the Sascha Project in Santa Cruz Province, southern Argentina. Coeur is earning an interest in a joint venture with Mirasol on the Sascha property in return for certain work and payment commitments.
Initial drilling focused on the principle Sascha vein system, a 4.5 kilometre long, northwest-trending gold-silver mineralized quartz vein system. The Sascha Main sector contains intermittently outcropping quartz veins, with minor electrum, silver sulphosalt minerals and rare visible gold. Previous channel chip sampling confirmed gold and silver anomalies in outcrop at Sascha Main and Sascha Sur sectors. (See news releases dated February 21, 2006 and March 27, 2007.)
The Sascha diamond drill program totaled 2,764 metres in 19 shallow holes, designed to test targets at the Sascha Main and Sascha Sur prospects. To date, no drilling has been conducted in the Sascha Central prospect, where geophysical and gold-in-soil targets have been identified.
Anomalous gold and silver assays were returned from eight of the first phase of 19 holes (Table1). All gold and silver assays correspond to mineralized quartz vein material, vein breccias and veinlets intersected at depths between 30 and 144 metres below surface. These holes test a 250 metre-long section of the principal vein, “Vein 7”, before it trends under post-mineral cover to the northwest. To view the Drilling Program map, refer to Sascha Project page of Mirasol’s website: http://www.mirasolresources.com/s/Sascha.asp.
The best intersections were returned from holes DDS-01, 02, 12 and 13 on the northwest end of the Sascha Main sector.
DDS 01 — 1.47 metres of 1.47 g/t gold and < 2 g/t silver
DDS 02 — 1.55 metres of 8.92 g/t gold and 27.7 g/t silver,
DDS 12 — 0.59 metres of 1.33 g/t gold and 46.0 g/t silver,
DDS 13 — 0.21 metres of 10.74 g/t gold and 10.0 g/t silver and
0.17 metres of 1.54 g/t gold and 320.0 g/t silver.
Mineralized veins have been intersected in two units: a brittle crystal tuff, exposed at surface in the northwest sector of Sascha Main, and an underlying pumice-rich rhyolite, exposed at surface in the central and southern Sascha Main sectors. The best mineralization relates to lithological controls and brittleness of the host rocks. The best intercept was obtained at Sascha Main (hole DDS-02) in a quartz vein hosted in the upper crystalline tuff unit. Other high-grade intercepts were also obtained at Sascha Main in narrow veins hosted in the underlying pumice-rich rhyolites (hole DDS-13). This suggests a vector for further exploration to the northwest along covered sections of this structure.
Holes DDS-16 and 17 drilled into the Sascha Sur prospect returned anomalous gold and silver intersections from between 45 and 105 metres below surface, with best results of 2.85 metres of 0.13 g/t gold and 2.1 g/t silver.
Detailed interpretation of results and modeling from drill hole data, surface geology and geophysics will continue and will be used to guide future exploration decisions on the project.
Interval Down Hole (m)
Au eq. g/t *
Intercepts at 0.2 g/t gold cut-off reported.
*Gold equivalent calculated using 60 g/t silver = 1.0 g/t gold.
Additionally, Mirasol announces it has expanded its land holding from 50 to 200 square kilometres at its 100%-held Libanesa Project in Santa Cruz Province in Southern Argentina. These claims cover new areas of gold-bearing veining discovered by Mirasol’s reconnaissance team. The Libanesa project is centred on an outcropping zone of silver, gold and lead that locally host bonanza silver and lead grades (see news release dated July 20, 2007).
Mirasol Resources Ltd. is well positioned, with $6.5 million in cash, to pursue generative exploration focused on discovery and acquisition of new, high-potential precious metals deposits in the Americas. Mirasol is actively exploring in Chile and is focused on underexplored areas with potential for high-value discoveries. Mirasol’s Argentina subsidiaries hold 100% of exploration rights totaling more than 200,000 hectares in covering eight epithermal gold and silver projects in Santa Cruz Province, southern Argentina. The Company has joint venture option agreements with the Hochschild Mining Group and Coeur to explore four gold-silver projects in the Patagonia region of Argentina.
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.
For further information, contact:
Mary L. Little President & CEO
Tel: (604) 602-9989: Fax: (604) 688-8852
Trent Dahl, Ascenta Capital Partners Inc.
Phone: (604) 684-4743 ext. 228
Toll free: 1-866-684-4743 ext. 228
Quality Assurance/Quality Control: Assay sample intervals were selected by an experienced geologist based on geologically significant breaks varying between 0.1 and 2.0 m in length. Core samples were split with a diamond saw at Coeur Mina Martha sample preparation facility. Half core samples were sealed in plastic bags and allocated a unique numeric identifier. All samples were transported by road from Coeur sample preparation facility to Alex Stuart Assay laboratory in Mendoza, certified under ISO 9001. All samples submitted were analyzed for gold and silver by fire assay with a gravimetric finish. Thirty-six sample blanks (equivalent to 7% of the samples submitted) were randomly intercalated between samples with expected to contain gold and or silver. Assay standards were not submitted. Alex Stuart Laboratories carried out 58 internal re-analyses of the sample batch. Coeur has submitted pulp and coarse reject samples for check assaying at an independent laboratory.
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