Mirasol Summarizes Virginia Silver Project Drill Results on Seven Deposits
26 Junio 2012 - 8:00AM
PR Newswire (Canada)
VANCOUVER, June 26, 2012 /CNW/ - Mirasol Resources Ltd.
announces the compiled results of four diamond drilling campaigns
over the last two seasons at the 100%-owned Virginia Silver
Project, Santa Cruz Province, Argentina. Drilling on the Julia,
Naty, Ely and Martina veins has outlined seven silver deposits
(shoots) with potentially economic silver grades. These seven
deposits comprise a total of 3,435 metres of strike length of
positive drill results (Figure 1). All of the deposits start at or
near surface and are thus potentially accessible for open-cut
development. Phase 1 through 4 drill campaigns systematically
tested vein targets with 195 diamond holes, plus re-drills to
replace holes with low recovery or which did not reach the target,
for a total of over 23,318 metres. Drilling at Julia North,
Julia Central, Julia South, Naty, and Ely South and Ely North, and
Martina vein systems (Figure 2, Figure 3 and Figure 4) has defined
potentially economic silver grades and widths, at a nominal drill
spacing of 50 by 50 metres or tighter. Results highlights from the
Phase 4 drill campaign and an overview of 2012 surface exploration
and targets were reported on June 21, 2012. All seven silver
deposits are mineralized from surface, or within a few metres of
surface, and are highly oxidized to the lower limit of drilling, up
to 150 metres vertical depth (Table 1). The deposits are
characterized by a high-grade, central zone of quartz vein and vein
breccia-hosted silver mineralization with intersections typically
in the range of 1.5 to 5.3 metres true width containing from
hundreds to thousands of grams per tonne (g/t) silver. The
central zone is surrounded by a broad halo of greater than 30 g/t
silver. True widths of the full mineralized zone, at a
cut-off of 30 g/t silver, commonly reach 10 to 20 metres wide, and
can reach as much as 79 metres wide, with overall grades for the
total mineralized zone typically grading 50 to 200 g/t silver. The
seven mineralized bodies remain open at depth and along strike in
some areas. No resources have been calculated yet for these
shoots. Table 1. Virginia Vein Zone - Summary of Mineral Deposits
Outlined by Drilling
_____________________________________________________________________
| | | | TrueWidths | Approx. | | | |Drilled |Vertical| at 30 g/t |
average | | | Deposit | Strike | Extent | silver |true width -|
Comments | | | Length | Tested | cut-off | all | | |
|(metres)|(metres)| (min. to | intercepts | | | | | |max. metres)|
(metres) | |
|___________|________|________|____________|____________|_____________|
| | | | | | Longest, | |Julia North| 590 | 160 |2.8 to 62.1 | 13 |
widest with | | | | | | |highest grade|
|___________|________|________|____________|____________|_____________|
| Julia | 580 | 115 |1.2 to 45.4 | 7 | High-grade | | Central | | |
| | core zone |
|___________|________|________|____________|____________|_____________|
|Julia South| 435 | 65 | 2.7 to 9.7 | 5 |Open at depth|
|___________|________|________|____________|____________|_____________|
| | | | | | Broad with | | Naty Vein | 675 | 100 |0.6 to 60.1 | 18
| high-grade | | | | | | | core |
|___________|________|________|____________|____________|_____________|
| | | | | | Open along | | Ely South | 520 | 140 |0.9 to 21.8 | 6
|strike and at| | | | | | | depth |
|___________|________|________|____________|____________|_____________|
| | | | | | Open along | | Ely North | 440 | 140 |5.3 to 79.9 | 17
| strike and | | | | | | | at depth |
|___________|________|________|____________|____________|_____________|
| Martina | 195 | 80 |1.5 to 25.4 | 16 | Open along | | | | | | |
strike |
|___________|________|________|____________|____________|_____________|
The long sections presented in Figure 2, Figure 3 and Figure 4 have
been prepared using assays and intercepts from initial and
re-drilled holes, and exclude the original holes which were
replaced by re-drilling, thus utilizing the most reliable
information available. The longitudinal sections clearly
demonstrate the discovery of seven silver deposits containing
widths and grades of potential economic interest.
Representative drill hole intersections from each of the seven
deposits are presented in Appendix 1 below. Independent engineering
estimates of silver resources will be required to accurately
determine the quantity and grade of silver mineralization.
Independent metallurgical test work commenced in 2012 to begin to
determine the mineralogical characteristics of the oxidized
deposits and a process for recovering silver, a necessary step in
determining economics for development of the Virginia Project.
Systematic mineralogical studies have been undertaken on
representative samples of the Julia and Naty veins, and on the
lower-grade envelope of mineralization surrounding those
veins. Samples have been subjected to studies by scanning
electron microscope with energy dispersive spectrometer (SEM-EDS).
In both cases, the principle silver mineral identified to date is a
silver sulphide (Ag(2)S), acanthite, a common ore mineral of
silver. Mirasol believes the current drill hole spacing
density would support future resource estimations. The geometry,
surficial location, and deeply-oxidized character of the
mineralization suggests potential for future development by
open-cut, bulk-tonnage methods. The Virginia silver vein system has
produced multiple, high-quality silver deposits since its discovery
in late 2009. As such, Mirasol's technical team has shown its
ability to deliver its second significant precious metals
discovery, from initial green fields exploration through to
successful drilling. Mirasol's management team believes that
we will continue to add value for our shareholders as we transition
to the next stage at Virginia. A complete summary of Phase 1
through 4 drill campaigns' mineralized intercepts and drill hole
locations is available on Mirasol's website,
www.mirasolresources.com Paul G. Lhotka, Principal Geologist for
Mirasol, is the Qualified Person under NI 43-101 who has approved
the technical content of this news release. Quality
Assurance/Quality Control: Exploration at Mirasol's Projects is
supervised by Stephen C. Nano, Vice President of Exploration;
Timothy Heenan, Exploration Manager; and Paul Lhotka, Principal
Geologist who is the Qualified Person under NI 43-101. All
technical information for the Company's projects is obtained and
reported under a formal quality assurance and quality control
(QA/QC) program. Drill core, rock chip and stream sediment samples
are collected under the supervision of Company geologists in
accordance with standard industry practice. Samples are dispatched
via commercial transport to an ISO 9001:2000-accredited laboratory
in Mendoza, Argentina for analysis. Results are routinely examined
by an independent geochemist to ensure laboratory performance meets
required standards. Assay results from diamond drill core or RC
drill samples may be higher, lower or similar to results obtained
from surface samples. Neither the 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. Appendix 1.
Virginia Silver Project - Representative Selected Holes
_____________________________________________________________________
| | | | | | |Silver| | | | | | | | |grade | | | | From | To | Core
| True |Silver| x | Core | | Hole1 |(metres)|(metres)| Length |
Width |(g/t) | true |Recovery| | | | |(metres)|(metres)2| 3,4
|width | (%)5 | | | | | | | |(g/t *| | | | | | | | | m) | |
|_________|________|________|________|_________|______|______|________|
| Julia North Vein |
|_____________________________________________________________________|
|VG-036 | 15.40| 53.00| 37.60| 36.48| 312|11,389| 90|
|_________|________|________|________|_________|______|______|________|
|Including| 21.35| 26.85| 5.50| 5.34| 1,843| 9,835| 85|
|_________|________|________|________|_________|______|______|________|
|VG-143A | 138.85| 154.4| 15.55| 12.70| 155| 1,971| 91|
|_________|________|________|________|_________|______|______|________|
|including| 149.9| 153.28| 3.38| 2.80| 486| 1,344| 87|
|_________|________|________|________|_________|______|______|________|
| Julia Central |
|_____________________________________________________________________|
|VG-068 | 64.00| 105.45| 41.45| 35.90| 200| 7,167| 93|
|_________|________|________|________|_________|______|______|________|
|including| 72.19| 78.80| 6.61| 5.72| 669| 3,832| 83|
|_________|________|________|________|_________|______|______|________|
|VG-058 | 44.65| 51.80| 7.15| 5.06| 158| 800| 95|
|_________|________|________|________|_________|______|______|________|
| Julia South Vein |
|_____________________________________________________________________|
|VG-012 | 27.00| 40.00| 13.00| 9.66| 215| 2,082| 90|
|_________|________|________|________|_________|______|______|________|
|including| 34.10| 35.40| 1.30| 0.97| 742| 717| 97|
|_________|________|________|________|_________|______|______|________|
|VG-194 | 81.00| 87.56| 6.56| 4.47| 150| 670| 100|
|_________|________|________|________|_________|______|______|________|
|including| 83.32| 86.25| 2.93| 2.00| 283| 565| 100|
|_________|________|________|________|_________|______|______|________|
| Ely North Vein |
|_____________________________________________________________________|
|VG-184 | 75.94| 172.08| 96.14| 79.70| 55| 4,380| 96|
|_________|________|________|________|_________|______|______|________|
|including| 160.65| 163.40| 2.75| 2.28| 419| 956| 96|
|_________|________|________|________|_________|______|______|________|
|VG-118A | 33.00| 48.00| 15.00| 13.24| 95| 1,262| 97|
|_________|________|________|________|_________|______|______|________|
|including| 37.70| 40.90| 3.20| 2.83| 232| 656| 96|
|_________|________|________|________|_________|______|______|________|
| Ely South Vein |
|_____________________________________________________________________|
|VG-138 | 105.00| 133.0| 28.00| 18.37| 195| 3,575| 99|
|_________|________|________|________|_________|______|______|________|
|including| 110.90| 115.50| 4.60| 3.02| 493| 1,489| 100|
|_________|________|________|________|_________|______|______|________|
|also | 121.40| 123.25| 1.85| 1.21| 737| 895| 99| |including| | | |
| | | |
|_________|________|________|________|_________|______|______|________|
|VG-137 | 188.90| 194.40| 5.50| 3.75| 116| 435| 100|
|_________|________|________|________|_________|______|______|________|
|including| 188.9| 189.75| 0.85| 0.58| 378| 219| 100|
|_________|________|________|________|_________|______|______|________|
| Naty Vein |
|_____________________________________________________________________|
|VG-053 | 46.70| 75.00| 28.30| 26.59| 230| 6,111| 89|
|_________|________|________|________|_________|______|______|________|
|including| 50.40| 54.10| 3.70| 3.48| 1,402| 4,874| 94|
|_________|________|________|________|_________|______|______|________|
|VG-064 | 80.00| 83.00| 3.00| 2.82| 201| 567| 100|
|_________|________|________|________|_________|______|______|________|
|including| 81.02| 81.82| 0.80| 0.75| 567| 426| 100|
|_________|________|________|________|_________|______|______|________|
| Martina Vein |
|_____________________________________________________________________|
|VG-089A | 31.00| 46.00| 15.00| 10.23| 245| 2,510| 95|
|_________|________|________|________|_________|______|______|________|
|including| 32.80| 38.06| 5.26| 3.59| 530| 1,901| 89|
|_________|________|________|________|_________|______|______|________|
|VG-092 | 87.00| 107.00| 20.00| 12.86| 40| 513| 98|
|_________|________|________|________|_________|______|______|________|
Notes: All analyses done by Alex Stewart Argentina S.
A. laboratory. 1. For each deposit, the holes with the highest and
middle value of silver gram metre product, selected from all the
holes included in the respective long section. 2. True widths have
been estimated using cross sections of the mineralized intercepts,
based on geology of the drill hole, surface information and
adjacent holes and cross sections. 3. Silver grades have not been
capped and are thus "uncut". 4. Intercepts are calculated at a 30
g/t silver cut-off with no value given to gold or lead. "Included"
intercepts are selected so as to show higher grade intervals. 5.
Core recovery is the length weighted average ("LWA") of the
intercept quoted. Mirasol Resources Ltd. CONTACT: Mary L.
Little President and CEOTel: (604) 602-9989; Fax: (604)
609-9946Email: contact@mirasolresources.comWebsite:
www.mirasolresources.com
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