Mirasol’s partner Coeur upbeat about Joaquin silver project drill results
VANCOUVER, BC, August 17, 2009 — Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R)– Mirasol resources wishes to inform its shareholders that Coeur d’Alene Mines Corporation (“Coeur”) has commented on the positive drill results from Mirasol’s Joaquin project in their quarterly report (Q2), webcast and presentation published on August 6, 2009 (http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTI0NTZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1 ). The Joaquin project is a joint venture between Coeur and Mirasol announced November 20, 2006.
Excerpts from Coeur’s webcast include:
“Joaquin, Argentina. Coeur’s exploration teams completed a second phase of drilling at the La Morocha and La Negra zones at the Joaquin Project, under option from Mirasol Resources Ltd., located north of the Company’s Martha mine. A total of 15 holes and 1,900 meters were completed in this phase. All of the second phase core holes encountered wide zones of silver and gold mineralization. A third phase of drilling is planned for Q3 at Joaquin as well as a first phase on Nico, a second property under option, which borders the Martha mine property at the north.
Results at Joaquin in southern Argentina have been very encouraging this year with wide zone of silver and gold mineralization encountered in nearly all drill holes, and a third phase of drilling will commence in the next quarter at this potential stand-alone surface mining opportunity to establish the size of the mineralization and provide samples for initial metallurgical testing.”
In the webcast Coeur commented on their upcoming exploration plans:
“We expect this work, and follow up drilling, to lead to an increase in reserves at Palmarejo and Cerro Bayo, and along with results from a soon to commence Phase III at Joaquin, an estimate of the first mineral resources for that property near Martha.”
Mirasol recently reported phase 2 drilling results from the La Negra and Morocha prospects at Joaquin on July 13 and July 23, 2009. At La Negra, best true width intersections at a 30 g/t silver cut-off included 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 both contained within a combined zone with an estimated true width of 48.24m grading 194.4 g/t silver and 0.08 g/t gold. At La Morocha, best true width intersections at a 30 g/t cut-off from this round of drilling included 22.5 m of 179.4 g/t silver and 9.4 m of 501.1 g/t silver.
A new discussion of Joaquin project results with sections and geology has been added to Mirasol’s web page: http://www.mirasolresources.com/s/Joaquin.asp.
“Mirasol is very pleased that drilling at Joaquin has returned encouraging silver-gold results in the recently completed second drill phase,” stated Mary Little, President and CEO of Mirasol Resources. “Coeur plans to commence a third phase of drilling shortly of both the La Morocha and La Negra zones, which are open to depth and along strike to the north. We are gratified to have a productive working relationship with Coeur and are actively collaborating with Coeur to advance the project.”
About the Joaquin Project:
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 Deseado Massif volcanic province of Santa Cruz, southern Argentina, which is host to four operating precious metal mines. Exploration at the Joaquin project is being funded and operated by Mirasol’s joint venture partner Coeur d’Alene Mining Corporation. Coeur has the option to earn 61% of Joaquin by investing US$ 6 million over four years, by making staged cash payments to Mirasol and by completing a feasibility study, and up to 71% of Joaquin by funding Mirasol’s percentage of development costs, subsequently repaid from cash flow. The Joaquin project is strategically located 80 km north of Coeur’s high grade Martha silver mine.
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 Mirasol’s results for this news release.
For further information, contact:
Mary L. Little
President and CEO
Tel: (604) 602-9989 Fax: (604) 609-9946
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.