VANCOUVER, BC November 25, 2005 – Mirasol Resources Ltd. (TSX-MRZ) announces new results from its 100%-owned Claudia gold-silver project located 30 km south of Anglogold-Ashanti’s producing Cerro Vanguardia gold mine, Santa Cruz Province, Argentina. Claudia is a new discovery by Mirasol geologists and has not seen previous exploration.
Results of recently completed channel sampling of the Claudia North, South and East zones confirmed gold-silver mineralization in multiple veins and sheeted veinlets, hosted within broad zones of silicified tuffs of the Jurassic-age Chon Aike formation. New channel assay values reaching 3.28 g/t gold with 15.33 g/t silver over 1.7 metres, and individual vein results up to 14.2 g/t Au with 229 g/t Ag over 0.7 metres were obtained. Based on mapping to date, Company geologists believe that the significant areal exposure containing veins and silicification could represent the high levels of a newly discovered epithermal vein field.
Reconnaissance exploration of Mirasol’s 15,270-hectare Claudia property (see August 15, 2005 news release) identified three separate areas of gold-silver anomalies; the Claudia East, Claudia North and Claudia South zones. Each hosts multiple, mineralized quartz veins or veinlets of classic, epithermal low-sulphidation style.
The Claudia East zone, a broad area measuring 600 by 250 metres, hosts at least four high-level, crustiform to chalcedonic quartz veins and veinlets which crop out as subparallel, silicified “ribs” individually more than 200 metres in length. Vein textures indicate progressively higher levels of preservation to the east. Channel samples include 3.28 g/t and 1.34 g/t gold with 15.3 g/t and 11.5 g/t silver over 1.7 and 2.9 metres respectively. Claudia East is open to the east and south where vein structures pass under cover.
The “J vein” segment at Claudia East returned bonanza gold-silver assays of 14.17 g/t and 3.54 g/t gold and 229 g/t and 215 g/t silver, over 0.70 and 0.90 metre widths respectively, while a 2.4 metre channel sample returned 3.02 g/t Au and 35.78 g/t silver. The “J vein” sector exhibits saccharoidal quartz breccia fragments hosted in a chalcedonic-saccharoidal quartz matrix, where both fragments and matrix contain silver sulphosalts.
Claudia North is characterized by a prominent east-west ridge of altered tuffs. Multiple zones of sheeted veinlets, individual veins and epithermal vein breccias ranging up to 2 metres wide occur as outcrop, subcrop and abundant float blocks. Vein material is colloform-banded and chalcedonic to saccharoidal-textured, interpreted to have formed high in the epithermal vein column. Recent mapping extended the Claudia North zone by 500 metres to the west for a total trend length of 1.5 km. While Claudia North channel values are typically sub-gram in gold (0.33 to 0.55 g/t gold), they everywhere carry elevated silver (5.2 to 31.5 g/t silver), which is significantly anomalous for high-level epithermal veins.
Five hundred metres to the south, the Claudia South zone hosts a set of parallel, banded epithermal veins exposed for more than 250 metres in length and up to a metre in width, which may be continuous under cover with the “J vein” exposed 1 km to the east. Epithermal quartz textures are indicative of slightly deeper levels of erosion. Assay results of four channels range from 1.10 to 3.7 g/t gold and 5.8 to 85.10 g/t silver, with visible silver sulphosalts present.
Weighted average results of a recently completed rock saw channel sampling program are presented below. Continuous channel samples were obtained where possible.
|Channel/Sample Number||Channel Length (m)||Gold (g/t)||Silver (g/t)||Gold (g/t) Equivalent*||Silver (g/t) Equivalent*|
|East Zone (from west to east)|
|(float composite) 2350||0.40||3.70||5.90||3.80||227.90|
|(float composite) 2363||0.70||0.55||22.69||0.93||55.69|
|* All gold and silver equivalent values are calculated on the basis of 1 g/t=60 g/t Ag value, i.e. Au+(Ag/60)= Gold Equivalent in g/t. Gold and silver equivalent values are based on recent metal prices of US$420/oz gold and US$7.00/oz silver. Values presented reflect gross metal values and have not been adjusted for individual metal recoveries.|
Mirasol Resources Ltd. (TSXV-MRZ) is a recently listed exploration and development company focused on discovery and acquisition of new, high-potential precious metals deposits in the Americas. Mirasol’s wholly owned Argentina subsidiary manages all project exploration and holds 100% of exploration rights totaling more than 80,000 hectares in Santa Cruz Province.
Timothy W. Heenan, Exploration Manager for the Company, is the Qualified Person under NI 43-101 who has reviewed and approved the technical content of this release.
“Mary L. Little”
President and CEO
For further information, contact:
Mary L. Little, President
Tel: (604) 602-9989
Quality Assurance/Quality Control: Exploration at the Claudia Project is supervised by Timothy Heenan, the Company’s Exploration Manager and a Qualified Person 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. Rock chip samples are collected as either representative composite chip or chip channel samples and typically weigh greater than 3-kg each. All samples are collected under the supervision of Company geologists and dispatched via commercial transport to Alex Stewart Assayers laboratories in Mendoza, Argentina, an ISO 9001:2000-accredited laboratory. Gold is analyzed by 50-gm fire assay, and silver by ICP with an atomic absorption finish. Sample results that exceed 10 g\t gold or 200 g\t silver are re-analyzed utilizing 50-gm fire assay and gravimetric finish. Systematic assaying of field sample duplicates and commercially prepared standards and blanks is performed for analytical reliability. Results are routinely examined by an independent geochemist to ensure laboratory performance meets required standards.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.