VANCOUVER, BC February 21, 2006 – Mirasol Resources Ltd. (TSX-V:MRZ) is pleased to report the completion of a mechanical trenching program at its 100%-owned Sascha gold-silver project. The Sascha property package covers 15,985 hectares of the prospective Jurassic age volcanic rocks of the Deseado Massif in north-central Santa Cruz Province, Argentina.
Results of recently completed trench sampling at the Sascha gold-silver project confirmed the presence of a high-grade phase of gold and silver mineralization at Sascha Main and anomalous gold and silver at the Sascha Sur prospect.
Trench channel assays from the 1.7-km long Sascha Main zone include intervals of 22.14 g/t gold and 48.06 g/t silver over 0.8 metres width, and 17.14 g/t gold and 231 g/t silver over 2.0 metres width, which includes 49.28 g/t gold and 796 g/t silver over 0.5 metres, from intermittently outcropping veins.
The Sascha vein system is a 4.4-km long trend of steeply dipping, low sulphidation quartz veins and veinlets exposed intermittently through soil cover. Rock chip assay results from the Sascha Main zone, (previously described in a 43-101 Technical Report) demonstrated the presence of a “bonanza” (multi-ounce) grade phase of gold and silver mineralization reporting to vein segments with banded silver sulphosalt minerals and native gold.
The Sascha trenching program tested rock chip gold-silver anomalies as well as IP geophysical targets. Thirty-eight trenches totaling 1,485 meters were completed over the vein trend, with 34 trenches focused on Sascha Main. Highlights of weighted average results of channel sampling of Sascha Main trenches are presented below. Trench locations at various intervals over 1,130 metres of strike length are ordered from northwest to southeast.
Summary of Sascha Main Zone Gold-Silver Trench Results
|Trench ID||Sample ID||Length (m)||Gold (g/t)||Silver (g/t)|
* Weighted average of samples. All gold equivalent values calculated on the basis of 1 g/t Au=60 g/t Ag value, i.e. Au+ (Ag/60) = Gold Equivalent in g/t. Gold equivalent values are based on recent metal prices. Values presented reflect gross metal values and have not been adjusted for individual metal recoveries.
The Sascha Main gold-silver mineralization crops out as a series of shoots along the vein structure (Shoots A to D). In outcrop, mineralization is exposed as irregular or poddy veins and veinlet halos, hosted by low-competency tuffs. Detailed alteration studies indicate that mineralized outcrops at Sascha Main correspond to the top of the mineralized interval, in accordance with the low sulphidation gold model. Thus, potential exists for preservation of the full mineralized interval, and for mineralization to improve in width and grade at depth, as is common in epithermal vein deposits in this setting.
Summary of Mineralized Shoots at Sascha Main
|Shoot ID||Inferred Strike Length (m)||Max Vein Width (m)||Vein / Veinlet Envelope (m)||Average Gold / Silver (g/t) *||Maximum Gold / Silver (g/t)||Trench intersections|
|Shoot A||80||1.3||2.0 to 5.0 m||8.4 / 24.6||62.5 / 229||0.8 m @ 22.0 g\t Au & 48.0 g/t Ag|
|Shoot B||+80||1.3||2.0 to 4.0 m||22.6 / 131.0||160.0 / 796||2.2 m @ 6.4 g/t Au & 15.5 g\t Ag
2.0 m @ 17.1 g\t Au & 231.0 g/t Ag
|Shoot C||105||0.8||3.5 to 7.5 m||0.8 / 8.3||5.9 / 148.0||1.0 m @ 1.4 g/t Au & 12.4 g/t Ag
3.0 m @ 0.7 g/t Au & 4.7 g/t Ag
|Shoot D||+95||1.5||4.0 to 10.0 m||0.3 / 0.5||3.1 / 4.9||0.5m @ 3.06 g/t Au & 0.5 g/t Ag|
* “Average gold / silver” represents the average grade of all outcrop, subcrop, float and channel samples from the “shoot”. The total number of samples ranges from 18 to 42, per shoot.
Sascha Sur is a 1.4-km long, semi-continuous trend of multi-directional veinlets and sheeted veinlets, developed in the hanging wall to the Sascha fault. Assay results from 120 composite veinlet samples averaged 0.2 g/t gold and 3.8 g/t silver, including peak assays of 0.69 and 1.59 g/t Au and up to 158.0 g/t Ag, and with elevated values of indicator elements barium (Ba), arsenic (As), and antimony (Sb).
At Sascha Main, 4 drill targets have been proposed to test the down dip intersection of outcropping gold-silver bearing shoots with more competent host rocks at depth, where strong vein development would be expected. Geological mapping has demonstrated that more competent welded tuff units, a preferred host for robust vein development, should be present below exposed vein outcrops. Host rock competency is a well documented control on vein development in a range of epithermal vein deposits, including the Cerro Vanguardia mine in Argentina, the Hishikari mine in Japan and the Cracow deposit in Australia.
At Sascha Sur, veinlet styles and alteration minerals are consistent with those seen at shallow levels of classic, low sulphidation epithermal vein systems, and surface veinlet zones may coalesce into wider mineralized veins at depth.
Stephen C. Nano, Vice President of Exploration for the Company, is the Qualified Person under NI 43-101who has reviewed and approved the technical content of this news release.
For further information, contact:
Mary L. Little, President & CEO
Tel: (604) 602-9989: Fax: (604) 688-8852
Surface Geochemical Sampling: All assay results reported herein are for rock samples collected from surface outcrops; assay results from drill core samples may be higher, lower or similar to results obtained from surface samples.
Quality Assurance/Quality Control: Exploration at the Sascha Project is supervised by Mirasol’s Exploration Manager, Timothy Heenan, a qualified persons 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 rock saw channel cuts, composite chip channel or composite chip 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.
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