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Mirasol Summarizes Virginia Silver Project Drill Results on Seven Deposits

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VANCOUVER, BC, June 26, 2012. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) announces the compiled results of four diamond drilling campaigns over the last two seasons at the 100%-owned Virginia Silver Project, Santa Cruz Province, Argentina. Drilling on the Julia, Naty, Ely and Martina veins has outlined seven silver deposits (shoots) with potentially economic silver grades. These seven deposits comprise a total of 3,435 metres of strike length of positive drill results (Figure 1). All of the deposits start at or near surface and are thus potentially accessible for open-cut development.

Phase 1 through 4 drill campaigns systematically tested vein targets with 195 diamond holes, plus re-drills to replace holes with low recovery or which did not reach the target, for a total of over 23,318 metres. Drilling at Julia North, Julia Central, Julia South, Naty, and Ely South and Ely North, and Martina vein systems (Figure 2,Figure 3 and Figure 4) has defined potentially economic silver grades and widths, at a nominal drill spacing of 50 by 50 metres or tighter. Results highlights from the Phase 4 drill campaign and an overview of 2012 surface exploration and targets were reported on June 21, 2012.

All seven silver deposits are mineralized from surface, or within a few metres of surface, and are highly oxidized to the lower limit of drilling, up to 150 metres vertical depth (Table 1). The deposits are characterized by a high-grade, central zone of quartz vein and vein breccia-hosted silver mineralization with intersections typically in the range of 1.5 to 5.3 metres true width containing from hundreds to thousands of grams per tonne (g/t) silver. The central zone is surrounded by a broad halo of greater than 30 g/t silver. True widths of the full mineralized zone, at a cut-off of 30 g/t silver, commonly reach 10 to 20 metres wide, and can reach as much as 79 metres wide, with overall grades for the total mineralized zone typically grading 50 to 200 g/t silver. The seven mineralized bodies remain open at depth and along strike in some areas. No resources have been calculated yet for these shoots.

Table 1. Virginia Vein Zone – Summary of Mineral Deposits Outlined by Drilling

Deposit

Drilled Strike
Length (metres)

Vertical Extent
Tested (metres)

True Widths
at 30 g/t silver cut-off

(min. to
max. metres)

Approx. average
true width – all
intercepts (metres)

Comments

Julia North

590

160

2.8 to 62.1

13

Longest, widest with highest grade

Julia Central

580

115

1.2 to 45.4

7

High-grade core zone

Julia South

435

65

2.7 to 9.7

5

Open at depth

Naty Vein

675

100

0.6 to 60.1

18

Broad with high-grade core

Ely South

520

140

0.9 to 21.8

6

Open along
strike and at depth

Ely North

440

140

5.3 to 79.9

17

Open along strike and at depth

Martina

195

80

1.5 to 25.4

16

Open along strike

The long sections presented in Figure 2, Figure 3 and Figure 4 have been prepared using assays and intercepts from initial and re-drilled holes, and exclude the original holes which were replaced by re-drilling, thus utilizing the most reliable information available. The longitudinal sections clearly demonstrate the discovery of seven silver deposits containing widths and grades of potential economic interest. Representative drill hole intersections from each of the seven deposits are presented in Appendix 1 below.

Independent engineering estimates of silver resources will be required to accurately determine the quantity and grade of silver mineralization. Independent metallurgical test work commenced in 2012 to begin to determine the mineralogical characteristics of the oxidized deposits and a process for recovering silver, a necessary step in determining economics for development of the Virginia Project. Systematic mineralogical studies have been undertaken on representative samples of the Julia and Naty veins, and on the lower-grade envelope of mineralization surrounding those veins. Samples have been subjected to studies by scanning electron microscope with energy dispersive spectrometer (SEM-EDS). In both cases, the principle silver mineral identified to date is a silver sulphide (Ag2S), acanthite, a common ore mineral of silver. Mirasol believes the current drill hole spacing density would support future resource estimations. The geometry, surficial location, and deeply-oxidized character of the mineralization suggests potential for future development by open-cut, bulk-tonnage methods.

The Virginia silver vein system has produced multiple, high-quality silver deposits since its discovery in late 2009. As such, Mirasol’s technical team has shown its ability to deliver its second significant precious metals discovery, from initial green fields exploration through to successful drilling. Mirasol’s management team believes that we will continue to add value for our shareholders as we transition to the next stage at Virginia.

A complete summary of Phase 1 through 4 drill campaigns’ mineralized intercepts and drill hole locations is available on Mirasol’s website, www.mirasolresources.com

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 Mendoza, 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 1. Virginia Silver Project – Representative Selected Holes

Hole1

From
(metres)

To
(metres)

Core Length
(metres)

True Width
(metres)2

Silver
(g/t) 3,4

Silver grade x
true width
(g/t * m)

Core Recovery
(%)5

Julia North Vein

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-143A

138.85

154.4

15.55

12.70

155

1,971

91

including

149.9

153.28

3.38

2.80

486

1,344

87

Julia Central

VG-068

64.00

105.45

41.45

35.90

200

7,167

93

including

72.19

78.80

6.61

5.72

669

3,832

83

VG-058

44.65

51.80

7.15

5.06

158

800

95

Julia South Vein

VG-012

27.00

40.00

13.00

9.66

215

2,082

90

including

34.10

35.40

1.30

0.97

742

717

97

VG-194

81.00

87.56

6.56

4.47

150

670

100

including

83.32

86.25

2.93

2.00

283

565

100

Ely North Vein

VG-184

75.94

172.08

96.14

79.70

55

4,380

96

including

160.65

163.40

2.75

2.28

419

956

96

VG-118A

33.00

48.00

15.00

13.24

95

1,262

97

including

37.70

40.90

3.20

2.83

232

656

96

Ely South Vein

VG-138

105.00

133.0

28.00

18.37

195

3,575

99

including

110.90

115.50

4.60

3.02

493

1,489

100

also including

121.40

123.25

1.85

1.21

737

895

99

VG-137

188.90

194.40

5.50

3.75

116

435

100

including

188.9

189.75

0.85

0.58

378

219

100

Naty Vein

VG-053

46.70

75.00

28.30

26.59

230

6,111

89

including

50.40

54.10

3.70

3.48

1,402

4,874

94

VG-064

80.00

83.00

3.00

2.82

201

567

100

including

81.02

81.82

0.80

0.75

567

426

100

Martina Vein

VG-089A

31.00

46.00

15.00

10.23

245

2,510

95

including

32.80

38.06

5.26

3.59

530

1,901

89

VG-092

87.00

107.00

20.00

12.86

40

513

98

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

  1. For each deposit, the holes with the highest and middle value of silver gram metre product, selected from all the holes included in the respective long section.
  2. True widths have been estimated using cross sections of the mineralized intercepts, based on geology of the drill hole, surface information and adjacent holes and cross sections.
  3. Silver grades have not been capped and are thus “uncut”.
  4. Intercepts are calculated at a 30 g/t silver cut-off with no value given to gold or lead. “Included” intercepts are selected so as to show higher grade intervals.
  5. Core recovery is the length weighted average (“LWA”) of the intercept quoted.

 

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