Mirasol Completes Phase 4 Drilling at the Virginia Silver Project - Ely North Confirmed as Significant Discovery
21 Juni 2012 - 2:30PM
PR Newswire (Canada)
VANCOUVER, June 21, 2012 /CNW/ - Mirasol Resources Ltd. is
pleased to announce the results for Phase 4 diamond drilling
conducted during Q1 and Q2 of 2012 at the Virginia Project,
Mirasol's 100%-held high grade silver discovery in Santa Cruz
Province, Argentina. Phase 4 drilling results demonstrate the
quality and continuity of silver mineralization of these deposits
at the Julia, Ely South and Naty veins, and the discovery of a
significant new deposit at the Ely North vein (Figure 1).
Highlights of drill intercepts include 15.6 metres grading 155
grams per tonne (g/t) silver including 3.38 metres of 486 g/t
silver in hole VG-143A, drilled at depth in Julia North zone. At
the Ely North vein, a newly defined mineralized shoot returned
multiple long mineralized intersections including high-grade
intervals, such as 96.14 metres at 55 g/t silver including 2.75
metres of 419 g/t silver in hole VG-184. Ely North remains open at
depth and along strike and now has sufficient drill hole density to
consider it a drill discovery. Mirasol is confident that the
Virginia Silver Project now comprises six discrete mineralized
deposits containing sufficient grade, size and drill hole density
to support a resource estimate. Typically, high grade silver
vein mineralization is enclosed by a broad envelope of silver
mineralized wall rock, which yields deposits which may be amenable
to bulk tonnage surface development. The most significant
exploration advances in Phase 4 came at Ely North where 20 holes
have been completed (Table 1, Figure 1). This zone has been
traced for 440 metres in strike length and is open along strike and
to depth. The Ely North deposit strikes north-south, dips at
approximately 70 degrees to the east, and has been defined by true
widths which range from 10 to 30 metres wide to a maximum of 79
metres wide, at a cut-off grade of 30 g/t silver. Within the lower
grade envelope, local higher grade intercepts such as in VG-184
with 2.75m of 419 g/t silver, VG-161 with 7.67m of 129 g/t silver,
and VG-181 with 1.7m of 311 g/t silver exist. All of the Ely North
mineralization is oxidized and within 150 metres of surface. The
Phase 4 drilling program conducted in the first two quarters of
2012 totaled 8,004 metres of drilling in 55 holes. Drilling
productivity and core recoveries were excellent; no holes were
re-drilled due to core recovery difficulties and only one hole was
re-drilled because tools were lost before the target zone was
crossed. In general, drilling was undertaken at an
approximate spacing of 40 metres along strike by 40 metres to depth
on the Julia North, Julia South, Naty, Ely North and Ely South
deposits. Complete results of Phase 4 drilling, together with
all drilling results to date for the Virginia Silver Project, with
all drill hole locations, will be posted at
www.mirasolreosurces.com. Highlights of Phase 4 drilling are
tabulated in Table 1 with corresponding hole locations (Appendix
1). New drilling at Naty, Ely South, Ely North, Julia North and
Julia South has added depth and strike length to these silver
deposits. In addition to drilling, an extensive surface exploration
program was undertaken during the field season which included
geological exploration, rock sampling, IP (induced polarization)
geophysics and mechanical trenching. This program successfully
expanded the "footprint" of the Virginia vein system (Figure 2) and
has clearly identified several new targets for exploration next
season. Geochemical results for many of the trenches and surface
samples shown are pending, and will be communicated when they
become available. Mirasol will present details of the six
deposits in graphical format (long section and plan view) in the
very near future to assist shareholders in visualizing the
potential value in these near-surface silver deposits that may be
accessible by low cost, open-cut mining techniques. Table 1.
Virginia Silver Project Phase 4 Final Results - Highlights
___________________________________________________________________
| | | | | | | Silver | | | | From | To | Core | True | Silver |
grade | Core | | Hole | (m) | (m) |Length| Width |(g/t)2,3| x true
|Recovery| | | | | (m) | (m)1| | width | (%)4 | | | | | | | |(g/t *
m)| |
|_________|______|______|______|________|________|_________|________|
| Julia North Vein |
|___________________________________________________________________|
|VG-143A |138.85|154.40| 15.55| 15.6| 155| 1,971| 91|
|_________|______|______|______|________|________|_________|________|
|Including|149.90|153.28| 3.38| 2.8| 486| 1,344| 87|
|_________|______|______|______|________|________|_________|________|
|VG-146 | 76.40| 88.00| 11.60| 11.2| 76| 848| 97|
|_________|______|______|______|________|________|_________|________|
|Including| 81.25| 83.10| 1.85| 1.8| 220| 394| 95|
|_________|______|______|______|________|________|_________|________|
|VG-157 | 34.00| 40.00| 6.00| 5.1| 53| 273| 99|
|_________|______|______|______|________|________|_________|________|
|And |118.30|122.70| 4.40| 3.8| 240| 904| 81|
|_________|______|______|______|________|________|_________|________|
| Naty Vein |
|___________________________________________________________________|
|VG-142 | 1.57| 16.00| 14.43| 11.2| 68| 765| 86|
|_________|______|______|______|________|________|_________|________|
|VG-153 | 84.00| 88.49| 4.49| 4.4| 70| 298| 95|
|_________|______|______|______|________|________|_________|________|
| Ely North Vein |
|___________________________________________________________________|
|VG-161 | 92.00|164.70| 72.70| 60.3| 47| 2,860| 99|
|_________|______|______|______|________|________|_________|________|
|Including|155.80|163.47| 7.67| 6.8| 129| 881| 100|
|_________|______|______|______|________|________|_________|________|
|VG-164 | 60.00|111.46| 51.46| 48.9| 42| 2,037| 97|
|_________|______|______|______|________|________|_________|________|
|Including|108.20|111.46| 3.26| 3.1| 199| 616| 100|
|_________|______|______|______|________|________|_________|________|
|VG-166 | 29.70| 47.00| 17.30| 17.2| 94| 1,616| 98|
|_________|______|______|______|________|________|_________|________|
|Including| 33.93| 41.00| 7.07| 7.0| 150| 1,059| 97|
|_________|______|______|______|________|________|_________|________|
|VG-181 | 61.00| 90.00| 29.00| 28.9| 62| 1,777| 96|
|_________|______|______|______|________|________|_________|________|
|Including| 78.60| 80.30| 1.70| 1.7| 311| 527| 95|
|_________|______|______|______|________|________|_________|________|
|VG-184 | 75.94|172.08| 96.14| 79.7| 55| 4,380| 96|
|_________|______|______|______|________|________|_________|________|
|Including|160.65|163.40| 2.75| 2.3| 419| 956| 99|
|_________|______|______|______|________|________|_________|________|
| Ely South Vein |
|___________________________________________________________________|
|VG-169 |128.55|137.00| 8.45| 5.3| 90| 478| 97|
|_________|______|______|______|________|________|_________|________|
|Including|134.08|135.90| 1.82| 1.1| 217| 249| 92|
|_________|______|______|______|________|________|_________|________|
|VG-173 | 72.00| 80.00| 8.00| 6.6| 116| 772| 100|
|_________|______|______|______|________|________|_________|________|
|Including| 74.00| 78.15| 4.15| 3.4| 172| 591| 100|
|_________|______|______|______|________|________|_________|________|
| Julia South Vein |
|___________________________________________________________________|
|VG-174 | 72.00| 82.00| 10.00| 8.2| 209| 1,714| 99|
|_________|______|______|______|________|________|_________|________|
|Including| 76.75| 78.00| 1.25| 1.0| 1,126| 1,153| 99|
|_________|______|______|______|________|________|_________|________|
|VG-177 | 72.60| 81.70| 9.10| 6.4| 90| 579| 97|
|_________|______|______|______|________|________|_________|________|
|VG-192 | 64.60| 73.10| 8.50| 7.7| 159| 1,224| 99|
|_________|______|______|______|________|________|_________|________|
|Including| 71.13| 72.10| 0.97| 0.9| 1,045| 919| 99|
|_________|______|______|______|________|________|_________|________|
|VG-195 | 37.44| 40.45| 3.01| 2.4| 182| 439| 100|
|_________|______|______|______|________|________|_________|________|
|Including| 38.95| 39.42| 0.47| 0.4| 824| 309| 100|
|_________|______|______|______|________|________|_________|________|
|And | 73.89| 75.12| 1.23| 0.9| 134| 132| 95|
|_________|______|______|______|________|________|_________|________|
Notes: All analyses done by Alex Stewart Argentina S.
A. laboratory. 1. True widths have been estimated using cross
sections of the mineralized intercepts with the geology of the
drill hole and surface information and adjacent holes and cross
sections. 2. Silver grades have not been capped and are thus
"uncut". 3. Intercepts are calculated at a 30 g/t silver cutoff
with no value given to gold or lead. "Included" intercepts are
selected so as to show higher grade intervals. 4. Core recovery is
the length weighted average ("LWA") of the intercept quoted. 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
Project Drill Hole Collar Locations from Table 1.
____________________________________________________________ | Hole
| Easting |Northing |Elevation|Azimuth| Dip | Length | | | GKCI* |
GKCI* |(metres) | | |(metres)|
|_______|_________|_________|_________|_______|_____|________|
|VG-142 |2,427,706|4,739,815| 1,048| 78.0|-45.0| 212.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-143A|2,427,836|4,739,446| 1,041| 78.0|-45.0| 224.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-146 |2,427,899|4,739,378| 1,042| 78.0|-45.0| 110.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-153 |2,427,457|4,740,054| 1,059| 68.0|-45.0| 119.90|
|_______|_________|_________|_________|_______|_____|________|
|VG-157 |2,427,838|4,739,596| 1,038| 78.0|-45.0| 159.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-161 |2,429,026|4,740,223| 1,016| 264.0|-45.0| 182.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-164 |2,428,975|4,740,137| 1,005| 264.0|-45.0| 152.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-166 |2,428,905|4,740,453| 1,034| 264.0|-45.0| 80.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-169 |2,428,591|4,739,021| 987| 101.0|-45.0| 164.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-173 |2,428,652|4,739,095| 998| 101.0|-45.0| 121.20|
|_______|_________|_________|_________|_______|_____|________|
|VG-174 |2,428,521|4,738,362| 973| 278.0|-45.0| 108.50|
|_______|_________|_________|_________|_______|_____|________|
|VG-177 |2,428,534|4,738,401| 973| 278.0|-45.0| 117.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-181 |2,428,959|4,740,458| 1,029| 264.0|-45.0| 118.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-184 |2,429,028|4,740,183| 1,011| 264.0|-45.0| 190.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-192 |2,428,510|4,738,283| 970| 278.0|-45.0| 110.00|
|_______|_________|_________|_________|_______|_____|________|
|VG-195 |2,428,560|4,738,630| 982| 278.0|-45.0| 110.00|
|_______|_________|_________|_________|_______|_____|________| *
Gauss Kruger Campo Inchauspe coordinate system.
Mirasol Resources Ltd. CONTACT: Mary L. Little President and CEO
Tel: (604) 602-9989; Fax: (604) 609-9946 Email:
contact@mirasolresources.com Website: www.mirasolresources.com
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