VANCOUVER, BC, July 23, 2009 – Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce results from the second phase of drilling from the La Negra zone at the Joaquin Project. These results continue to build on the encouraging silver assays recently reported (July 13, 2009) from Mirasol’s Morocha prospect located 1.5 km (see Figure 1) to the west of La Negra and previously released drill results from La Negra itself (April 27, 2009). Best true width intersections from the present round of drilling include a zone of 7.45 metres grading 703.8 grams per tonne (g/t) silver within a broader zone of 48.2 metres grading 194.4 g/t silver.
The 100% Mirasol owned Joaquin project contains four precious metal prospects including the silver-rich La Morocha and La Negra zones. Joaquin is located in the province of Santa Cruz, southern Argentina, which is host to four operating precious metal mines. Exploration at Joaquin is being funded and operated by Mirasol’s joint venture partner Coeur d’Alene Mines Corporation (“Coeur”) who can earn an initial 51% interest and up to 71% in Joaquin by meeting certain obligations (see news release of November 20, 2006). Coeur operates the high grade Martha silver mine located 80 km to the south of the Joaquin project.
Coeur recently completed a second phase diamond drill program at Joaquin, including eight core holes (DDJ-31 – 38) totalling 1,095.9 metres at La Negra (Table 1). All holes intersected silver dominant mineralization with lesser gold values. Results include multiple individual assays over 1,000 g/t silver and gold assays up to 6.37 g/t. Best true width intersections at a 30 g/t silver cut off from this round of drilling were returned from DDJ-38. These results include of 7.45 metres of 703.8 g/t silver and 0.13 g/t gold, and 15.96 metres of 200 g/t silver and 0.08 g/t gold.
Preliminary interpretations suggest up to three parallel zones of mineralization have been intersected to date at La Negra. These appear to be sub-vertical or dip at up to 70 degrees to the northeast. In hole DDJ-38 it appears that the three parallel zones of mineralization tend to merge with the intervening rock mineralization commonly grading 20 – 30 g/t Ag. The average grade of the full mineralized intercept, including intervening wall rock has a true width of 48.2 metres of 194.4 g/t silver and 0.08 g/t gold. The gram-metre product of the combined three zones is the highest of any holes drilled to date at either La Negra or La Morocha and a result which compares favourably with other known bulk tonnage silver deposits.
At La Negra, silver and gold mineralization values correspond to banded grey silica veins, that typically contain the higher (>= 1 ppm) gold, and clay-barite-silica zones that may be brecciated with iron and manganese oxides, and host high-grade, silver dominant mineralization. Core recovery through vuggy vein zones maybe reduced, as the veins can break up during drilling.
The La Negra zone has now been tested by 11 drill holes over a strike length of approximately 500 metres and up to 110 metres below surface (130 metres down dip) (Figure 2). All holes have intersected potentially significant zones of silver and gold mineralization that remain open at depth. Importantly, DDJ-38 represents a 200 metre step out under cover, demonstrating that mineralization is open to the northwest and shows high grade silver associated with a subtle style of mineralization.
Table 1. La Negra Zone Phases 1 and 2 Drill Results
|Est. True Width
|Phase 2 Drilling|
|DDJ-38 Intercept 1||27.0||37.5||10.50||7.45||703.8||0.13||711.4||85|
|DDJ-38 Intercept 2||40.5||63.0||22.50||15.96||200.0||0.08||205.1||89|
|DDJ-38 Intercept 3||91.0||95.0||4.00||2.97||147.7||0.44||174.3||87|
|Previously Reported Phase I Drilling|
|Min length reported = intercepts of > 1.1 m
Silver and gold assays are uncapped.
Maximum Internal dilution 2m@10 g/t
Primary intersection uses Min. Grade = 30 g/t Ag
“Includes” uses Min. Grade = 60 g/t Ag
Ag Eq. = Ag g/t + 60 x Au g/t ;metallurgical recoveries and net smelter returns are assumed to be 100%.
The estimated true width of an intersection may increase, decrease, or remain the same in the future as more drilling provides improved information on the dip angle of the mineralized structure.
Mirasol’s management is encouraged by the positive results returned from the second round of drilling. The proximity of the La Negra and La Morocha zones suggests the possibility that these zones could cumulatively contain a significant mineral resource. Coeur is planning a third phase of drilling at La Negra and La Morocha for the Southern Hemisphere spring of 2009 to further test the potential of the La Morocha – La Negra system.
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.
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