VANCOUVER, BC June 10, 2005 – Mirasol Resources Ltd. (TSX-V:MRZ) is pleased to announce preliminary results of reconnaissance exploration at its 100%-owned Joaquin gold-silver project, located in central Santa Cruz Province, Argentina.
The 8040-hectare Joaquin property covers one of several new epithermal gold-silver discoveries resulting from Mirasol’s 2004/05 generative programs in the Jurassic volcanic terrane of Southern Argentina. These Jurassic volcanic rocks are host to Anglogold – Ashanti’s Cerro Vanguardia gold-silver mine and Coeur D’Alene’s high-grade silver Martha mine, as well as the feasibility-stage gold-silver projects of Minera Andes (San Jose) and Pan American Silver (Manantial Espejo).
Mirasol’s first pass reconnaissance of the Joaquin claims identified three discrete zones of high-grade gold and/or silver mineralization at the Joaquin Main, Morocha and La Negra prospects (Table1). All mineralization discovered to date occurs within fissure veins and structural breccias composed of chalcedonic to saccharoidal silica with colloform and crustiform textures, typical of low- to intermediate-sulphidation epithermal mineralization.
At Joaquin Main, 0.2- to 0.7-metre-wide veins in float and subcrop are intermittently exposed over a 600-metre strike length. Rock chip samples have returned assays in the range 0.1 to 222.88 g\t Au and 0.8 to 1606.0 g\t silver from oxidized vein and vein breccia material.
La Morocha is a prominent vein zone that crops out semi-continuously over a 400-metre strike length. Individual veins vary between one to six metres in width and host bands of manganese oxides, fine sulphides and probable silver sulphosalts. Assay results show a polymetallic and silver-dominant signature ranging from 0.01 to 2.4 g\t gold and 8.3 to 1103.0 g\t silver.
La Negra vein outcrops over a 200-metre strike length before trending under soil and alluvial cover to the north. The vein is characterized by a 0.7- to 1.5-metre-wide vein and veinlet zone. The silica is typically dark grey to black due to abundant manganese oxides and probable silver sulphosalts. Rock chip samples returned assays ranging between 0.6 and 2.4 g/t gold and 40.8 to 716.0 g/t silver.
Not withstanding the possible influence of supergene effects on assay results, the presence of bonanza-grade gold and/or silver mineralization in these three zones is considered very encouraging for this early stage project.
Table 1: Gold – Silver Assays Joaquin Rock Chip Samples
|Sample No.||Width (m)||Gold (g/t)||Silver (g/t)||Gold Equivalent* (g/t)|
|* All gold equivalent values are calculated on the basis of 1 g/t=60 g/t Ag value, i.e. Au+(Ag/60)= Gold Equivalent in g/t. Gold equivalent values are based on recent metal prices of US$420/oz gold and US$7.00/oz silver. Values presented reflect gross metal values and have not been adjusted for individual metal recoveries.|
Detailed channel rock chip sampling and mapping of the Morocha and La Negra veins is in progress. Completion of first-pass reconnaissance of the claims is planned for the South American spring / summer 2005 which begins in September.
Mirasol Resources Ltd. (TSXV-MRZ) is a recently listed exploration and development company focused on discovery and acquisition of new, high-potential precious metals deposits in the Americas. Mirasol Argentina SRL (“Mirasol Argentina”, the Company’s Argentine subsidiary) was formed in 2004 to capitalize on the cumulative local experience of Mirasol’s exploration team, utilizing state-of-the art remote sensing technology and targeting expertise. Mirasol Argentina currently holds 100% of the rights of eight exploration projects, totaling more than 82,000 hectares in Santa Cruz Province, in the Patagonia region of southern Argentina.
Timothy W. Heenan, BSc, Manager of Exploration and a Director of the Company, is the Qualified Person under NI 43-101 responsible for the technical content of this release.
The Company invites investors and interested parties to review its Prospectus dated April 7, 2005 on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
“Mary L. Little”
Mary L. Little
President and CEO
For further information, contact:
Mary L. Little, President
Tel: (604) 602-9989
Tracy Hurley, Corporate Development
Tel: (604) 377-6407
Quality Assurance/Quality Control: Exploration at the Joaquin Project is supervised by Timothy Heenan, the Company’s Exploration Manager and a Qualified Person 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 composite chip or chip channel 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.
Disclaimer: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This discussion includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward–looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.