News Releases

Mirasol Expands Targets at Atlas High-sulphidation Silver-gold Project in the Gorbea Belt, Chile

February 26, 2014
  • Mirasol believes it has identified a significant, new precious metal district in Chile — the Gorbea Belt.
  • lMirasol’s Atlas and Titan projects are the most advanced of nine 100%-owned, precious metal projects comprising its Gorbea Belt property portfolio in the prolifically mineralized Miocene-age volcanic belt of Chile.
  • New rock chip assays, including up to 492.0 g/t Ag expand the Atlas Gold Zone (AGZ) and Atlas Silver Zone (ASZ) prospects.
  • New prospects were identified with new float rock and outcrop samples, with assays of up to 2.91 g/t Au and 2,470.0 g/t Ag.

VANCOUVER, BC, February 26, 2014 — Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to report encouraging silver and gold assay results from a recent project-wide rock chip sampling program at its 100%-owned Atlas high-sulphidation epithermal precious metal project, in the Gorbea Belt, Chile. These samples have returned assays of up to 2.91 g/t Au and 2,470.0 g/t Ag from float and outcrop, highlighting a number of new gold and silver targets and significantly expanding the recognized area of surface mineralization at the Atlas project.

The Gorbea Belt (Figure 1) is Mirasol’s new strategic area-play for high-sulphidation epithermal gold and silver mineralization in Chile. The Gorbea Belt is located in the prolifically mineralized Miocene-age volcanic arc, and is situated approximately 150 km north of the Maricunga Belt which contains two major gold and silver mines (Maricunga Mine and La Coipa), and five large-scale gold and copper deposits.

Mirasol’s Atlas and Titan projects are the most advanced of the Company’s nine 100%-owned precious metals properties (Figure 1) in the Gorbea Belt. At Titan, Mirasol recently reported encouraging oxide gold results from the near-surface in the first round of drilling (see news release of November 25, 2013). Atlas and Titan have the logistical advantage of being located only eight km apart with good access via a well-travelled gravel road, which will benefit exploration and potential future development.

At Atlas, Mirasol applied a combination of short-wave infrared alteration-vectoring, trace-element gridding and detailed remote sensing to focus this season’s field exploration into the more prospective areas of the +25 sq km alteration system. A total of 1,020 rock chip samples were collected from October to December 2013, during ground reconnaissance of these areas. Combined with last season’s sampling, these samples give Mirasol a rock chip data base with an impressive 3,032 assay points across the project; however, large areas of the project are covered by late syn-mineral to post-mineral flow domes and lavas, as well as scree and soil, which could conceal additional mineralized areas.

Preliminary analysis of the Atlas rock chip database (Figure 2) shows widespread anomalous gold and silver mineralization across the project. To date, five discrete prospect areas have been identified where surface outcrop or float samples assayed higher than 1 g/t gold and/or contained silver greater than 60 g/t.

Assay results from this season’s sampling have increased the areal extent of the AGZ (Atlas Gold Zone) and ASZ (Atlas Silver Zone) prospects where Mirasol previously reported encouraging gold and silver channel results from an initial trenching program (see news release of September 16, 2013). This season’s assays include silicified float from ASZ assaying up to 0.189 g/t Au and 492.0 g/t Ag. Higher grade assays from new target areas include float samples of brecciated and vuggy silica assaying 2.91 g/t Au and 24.3 g/t Ag from an area located 1.5 km to the southwest of the ASZ. In the northern extent of the project area, 3 km northeast of the AGZ, silicified float returned assays up to 0.02 g/t Au and 2,470.0 g/t Ag.

Information gathered to date at Atlas, including publicly available radiometric age-dates of alteration, demonstrate that Atlas is a large-scale, early Miocene-age silver and gold- enriched high-sulphidation epithermal system. The combination of the age of mineralization, the silver-enriched character and the high-sulphidation style of mineralization, show strong geological similarities* to Kinross Gold’s La Coipa silver — gold mine, located at the northern end of the Maricunga gold belt, which has historic production and remaining resources totaling** approximately 2.75 million oz gold and 128 million oz silver.

Surface exploration continues to upgrade the Atlas silver and gold project, where exploration has now identified multiple exploration targets, and appears to outline a series of mineralized trends up to 3 km in length. Mirasol’s field teams have initiated follow-up sampling of the new target areas in order to prioritize targets for potential trenching and/or electrical geophysical surveys.

Through the process of open ground staking and an earn-in JV agreement with a private Chilean company (see news release of June 26, 2013), Mirasol Resources has expanded the claims it is exploring to over 40,000 hectares in the Gorbea Belt and surrounding areas.

Mirasol plans to initiate third party field reviews of its Gorbea Belt projects with the objective of identifying a strategic joint venture partner to accelerate exploration of its Gorbea Belt package of precious metal projects.

Stephen C. Nano, Vice President of Exploration for Mirasol, is the Qualified Person under NI 43-101 who has prepared and approves the technical content of this news release.

For further information, contact:
Mary L. Little
President and CEO
Tel: (604) 602-9989

*Analog that has similar geological characteristics (age of mineralization / type of mineralization / style and potentially the grade of mineralization). This may be used to suggest exploration prospectivity but does not give any guarantee that exploration could identify any resource or a resource of similar size of scale to the original mine.

**Indicative total only. Should only be used as an indication of the pre-mining global metal contained in the La Coipa district.

Quality Assurance/Quality Control:
Exploration at the Titan and Atlas Projects and the Gorbea belt is supervised by Stephen C. Nano, Vice President of Exploration, who is the Qualified Person under NI 43-101, and Timothy Heenan, Exploration Manager. All technical information for the Company’s projects is obtained and reported under a formal quality assurance and quality control (QA/QC) program. All rock chip, stream sediment and drill samples are collected under the supervision of Company geologists in accordance with standard industry practice. Samples are dispatched to an ISO 9001:2000-accredited laboratory in Chile for analysis. All rock chip, stream sediment and drill samples are submitted to the Laboratory with independently sourced, accredited standard and blanks and where appropriate duplicate samples to facilitate monitoring of laboratory performance. Certified Results are examined by an independent qualified consultant to ensure laboratory performance meets required standards.

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.

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