VANCOUVER, BC, July 13, 2009 — Mirasol Resources Ltd. (TSX-V:MRZ, Frankfurt: M8R) is pleased to announce the completion of the second phase of drilling at the La Morocha and La Negra zones at the Joaquin Project and to report further encouraging silver results from La Morocha. Assay results are pending for the La Negra zone and will be reported when finalized. The second phase of drilling at La Morocha has encountered higher grade than the first phase, including 9.4 metres of 501.1 g/t (grams/tonne) silver.
The Joaquin property is hosted by Jurassic age volcanic rocks of the Deseado Massif, Santa Cruz Province, southern Argentina. Exploration at Joaquin is being funded and operated by Mirasol’s joint venture partner Coeur d’Alene Mines Corporation (“Coeur”). Coeur operates the high grade Martha silver mine, one of four precious metals mines in the province, which is located 80 km to the south of the Joaquin project.
Seven diamond drill holes totalling 970.90 metres were drilled during the second phase program at La Morocha (DDJ-24 to -30 (See Figure 1 and Section 2 and Section 3)). The mineralization at Morocha is silver dominant with gold intersections to date having a maximum value of 0.35 g/t. Multiple individual assays of greater than 500 g/t silver were returned from this round of drilling, with a peak assay of 0.95 m at 2,573 g/t silver. Best true width intersections from this round of drilling (Table 1) include 22.5 m of 179.4 g/t silver and 9.4 m of 501.1 g/t silver.
The silver mineralization is predominantly hosted in a silica-poor, clay-altered zone containing iron and manganese oxides as disseminations, fracture veinlets and breccias. Locally, silica veinlets, siliceous breccias and pervasive silicification also host significant mineralization. The low silica character of the mineralization suggests that significant portions of the zone may not crop out.
The La Morocha zone has now been tested with 13 diamond drill holes totalling 1,650 metres along a strike length of 870 metres and down to a maximum depth of 105 metres below surface (155 metres measured down the dip of the structure). Of the four holes collared at the southeast part of the zone, one hole (DDJ-29) encountered silver mineralization, whereas three holes (DDJ-27, 28 and 30) may not have intersected the zone due to structural complexities. The remaining holes have intersected silver mineralization.
Better intersections from 9 of the 13 holes outline an apparently continuously mineralized, 550 metre long structure that dips at between 50 and 70 degrees to the northeast. The recent Phase 2 drilling program has returned the best silver intersections to date from holes DDJ-25 and 26. Drilling to date also suggests a strong vectoring for increasing silver grade at depth. Applying a a 30 g/t cut off, the zone is between 9.4 metres and 41.3 metres wide, with assay results from 46.5 g/t to 501.0 g/t silver. The mineralization remains open at depth and towards the northwest along trend.
Table 1. Morocha Zone Phase 1 & 2 Drill Results
|Phase 2 Drilling|
|approx True Width
|Ag g/t||Au g/t|
|Phase 1 Drilling|
Interval calculated using 30 g/t Ag cutoff a maximum internal dilution of 5 g/t Ag over a composite of 2 meters
Sub-interval calculated using 60 g/t Ag cutoff a maximum internal dilution of 5 g/t Ag over a composite of 2 meters
BDL = Below Detection Limit
Mirasol’s management is very encouraged by the positive results returned from this round of drilling which continue to upgrade the potential of the La Morocha Zone. Mirasol’s partner Coeur is planning to undertake a significant geophysical program during the present Southern Hemisphere winter months followed by a third phase of diamond drilling at Joaquin to further test the La Morocha Zone in spring.
Stephen C. Nano, Vice President of Exploration for Mirasol, is the Qualified Person under NI 43-101 who has verified and approved the technical content of this news release.
For further information, contact:
Quality Assurance/Quality Control: Coeur d’Alene operates the Joaquin Project and generated the drilling data and QAQC used in this news release and reported it to Mirasol. Drill core samples were submitted to Alex Stewart (Assayers), Argentina S.A. in Mendoza, Argentina. Gold and silver results were determined using standard fire assay techniques on a 50 gram sample with an atomic absorption finish for gold and a gravimetric finish for silver. Coeur’s QAQC included insertion of blanks and standards into the sample stream. Mirasol has performed an independent analysis of the QAQC data generated by Coeur. Stephen Nano has reviewed the Coeur data and calculated the intercepts in this news release and is a qualified person as defined by National Instrument 43-101.
All assay results reported herein are for core rock samples; assay results from drill core samples may be higher, lower or similar to results obtained from surface samples.
Neither 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.