Drilling Commences at the Sascha Gold-Silver Project
Vancouver, BC – March 27, 2007 – Mirasol Resources Ltd. (TSXV:MRZ, Frankfurt: WKN:AOF4Z5; M8R) is pleased to announce that its joint venture partner Coeur d’ Alene Mines (“Coeur”) has commenced drilling at its wholly-owned Sascha gold-silver Project located within the prospective Jurassic volcanic rocks of Santa Cruz Province, Argentina. The Sascha Project is included in the Mirasol-Coeur Joint Venture (see news release dated November 20, 2006).
The Sascha project is a 4.4 km long, intermittently outcropping low sulphidation epithermal quartz vein zone. Previous rock chip sampling has demonstrated anomalous gold and silver mineralization along the vein trend, with local indications of bonanza grades in the Sascha Main target (see news release dated February 21, 2006). An independent 43-101 compliant Technical Report for the Sascha Project is available on www.sedar.com.
Since finalizing the joint venture agreement, Coeur has completed an aggressive exploration program along the vein zone to refine and add to drill targets identified by Mirasol. The Coeur exploration program includes 356 line kilometres of detailed ground magnetics, 3,400 metres of infill trenching and mapping, and 24 line kilometres of gradient array geophysics.
The initial drill program calls for approximately 2,400 metres of diamond drilling in 21 holes to test a range of geochemical, structural and geophysical targets in the Sascha Main zone. Additional holes are planned to test targets in the Sascha Central and Sascha Sur zones during this round of drilling.
The terms of the Joint Venture provide Coeur with the option to earn 51% interest in Mirasol’s 100%-owned Sascha and Joaquin projects, by spending $400,000 on each project during the first year, and
$4 million total on each project over four years, with additional cash payments. Coeur may increase its interest to 61% in either project by completing a feasibility study, and at Mirasol’s election, further increase its interest to 71% by providing mine financing on commercial terms to Mirasol. Coeur is the operator of the Joint Venture.
This press release has been prepared by Stephen Nano, VP of Exploration for Mirasol Resources Ltd., a qualified person under 43-101 regulations.
For further information, contact:
Mary L. Little, President & CEO
Mirasol Resources Ltd.
Tel: (604) 602-9989
Bruce Korhonen, Ascenta Capital Partners Inc.
Phone: (604) 684-4743 ext. 230
Toll free: 1-866-684-4743 ext. 230
Quality Assurance/Quality Control: Exploration at the Claudia and Santa Rita Projects is supervised by Mirasol’s Exploration Manager, Timothy Heenan, and Vice President Exploration, Stephen Nano, both qualified persons under NI 43-101. All technical information for the Company’s Argentina projects is obtained and reported under a formal quality assurance and quality control (QA/QC) program.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.