VANCOUVER, BC – May 27, 2008 – Mirasol Resources Ltd. (TSX-V: MRZ; Frankfurt: M8R) is pleased to announce that it has advanced its 100% owned Nico Project with the definition of multiple, high priority silver-gold-base metal drill targets.
The Nico project, covering 198 square kilometres of prospective Jurassic age volcanic units, has excellent logistics and is located along a main provincial road, approximately 40 kilometres north of Coeur d’Alene’s bonanza-grade Martha silver mine in Santa Cruz Province, southern Argentina.
Previously, Mirasol’s exploration focused on the Nico Main prospect (See press release dated October 11, 2007), which returned up to 8.5 g/t gold and 324 g/t silver in outcrop. Mirasol has significantly advanced target definition at Nico Main and surrounding prospects. To date, an integrated exploration program of geological mapping, 120 line kilometres of gradient array IP/resistivity geophysics, 552 line kilometres of high-resolution ground magnetics and 134 rock chip samples, has outlined highly prospective targets. Five discrete gold-silver prospects have been identified, defined by anomalous silver, gold or pathfinder elements and hydrothermal alteration.
The Nico Main prospect is localized at the intersection of regionally important structures within a large, previously unrecognized volcanic dome and flow complex. The prospect is marked by 12 square kilometres of pervasive argillic alteration which hosts ten priority geochemical / geophysical drill targets centered on the Tito Vein Zone and the Carlos breccia targets.
The Tito vein zone contains three trends of polyphase structural breccias and epithermal veins up to one meter in width. Individual breccias and vein trends can be traced for up to 500 metres along strike. Seventy six rock chip samples from the Tito Vein Zone show strong silver-gold-base metal signatures (Tables 1 and 2). Twenty two of the samples returned over 120 g/t silver and sixteen returned over 1 g/t gold with peak assays of 324 g/t silver and 8.6 g/t gold. A series of resistive and chargeable anomalies underlie the Tito Vein trend, which suggest the potential exists for larger bodies of mineralization at depth.
The Carlos Breccia is an exposure of brecciated volcanic unit, reaching one kilometre long by up to 50 meters in width. Sampling of the breccia returned consistently anomalous silver – gold — base metal assays, with seven samples over 10 g/t silver and peak values of 23 g/t silver and 1.7 g/t gold. The Carlos Breccia, which contains low temperature silica hematite matrix, is underlain by a 1200 by 800 metre, strongly chargeable geophysical anomaly which is interpreted to represent a large, concealed zone of sulphide-rich material that could host higher grades of silver, gold and base metals.
Table 1: Nico Main Rock Chip Assays Tito & Carlos Zones (ppm)
|TITO VEIN ZONE||COUNT||MINIMUM||MAXIMUM||MEAN||AG/AU RATIO MEAN|
Table 2: Nico Main Tito Vein Zone separated into Vein Trends (ppm)
|TITO VEIN A||COUNT||MINIMUM||MAXIMUM||MEAN||AG/AU RATIO MEAN|
|TITO VEIN B|
|TITO VEIN C|
The silver-gold-base metal signature of the Nico Project is characteristic of polymetallic-precious metal mineralization that is becoming more frequently recognized in the Deseado Massif volcanic platform of Santa Cruz Province. Other examples may be the El Pinguino project, the high grade Escondida vein of the Cerro Moro district, and the San Jose Mine (Hochschild and Minera Andes). The geological setting and character of targets outlined by Mirasol suggest the potential for higher grade, structurally-controlled, and larger scale bulk mineable styles of mineralization at Nico Main, which are genetically and spatially associated with a volcanic dome complex.
About Mirasol Resources Ltd.:
Mirasol Resources Ltd. is an exploration company focused on the discovery and acquisition of high-potential, precious metals deposits in the Americas, utilizing leading edge technology for strategic advantage. Mirasol currently holds 100% of the rights of eight active exploration projects and ten early-stage prospects in Santa Cruz Province identified through the Company’s proprietary exploration. The Company has joint ventured several of its Patagonian projects with strong, well-funded partners Coeur (TSX: CDM; NYSE: CDE) and the Hochschild Group (LN: HOC). The company operates subsidiary companies in Argentina and Chile and is engaged in generative exploration in high-potential regions elsewhere in the Americas.
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 and CEO
Tel: (604) 602-9989: Fax: (604) 609-9946
Surface Geochemical Sampling: All assay results reported herein are for rock and stream sediment samples collected from surface; assay results from drill core samples may be higher, lower or similar to results obtained from surface samples.
Quality Assurance/Quality Control: Exploration at Mirasol’s Projects is supervised by Mirasol’s Exploration Manager, Timothy Heenan, and Principal Geologist, Paul Lhotka, Ph.D., P. Geo., both qualified persons 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. 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.
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