VANCOUVER, Sept. 21, 2012 /CNW/ - Mirasol Resources Ltd. ,
"Mirasol", is pleased to announce the second National Instrument
43-101 Technical Report resource estimate has been filed on Sedar
(www.sedar.com) for the Joaquin Silver-Gold Project, Santa Cruz
Province, Argentina, as prepared by an independent consultant for
Mirasol's joint venture partner, Coeur d'Alene Mines ("Coeur"), and
published on August 7, 2012. The resource estimate is an
in-pit Whittle® Pit resource for the La Negra and La Morocha
deposits, and includes 38.4 million ounces of silver in the
Measured and Indicated categories, and 31.3 million ounces of
silver in the Inferred category, when both oxide and sulphide
mineralization is combined for the two adjacent deposits (Table 1,
Figure 1, Figures 2 and 3). The Joaquin Project is a joint
venture between Mirasol and Coeur, the project operator, who has
vested at a 51% interest level in the project. Table 1. Resources
Joaquin Project Totals
___________________________________________________ | Mineral Type
|Tonnes|Silver|Silver oz.|Gold| Gold | | and Category |(000) | g/t
| (000) |g/t | oz. |
|______________|______|______|__________|____|______| |Total of
Oxides & Sulphides |
|___________________________________________________| |Measured |
1,700| 103.1| 5,500|0.11| 5,700|
|______________|______|______|__________|____|______| |Indicated
|10,600| 96.8| 33,000|0.10|34,000|
|______________|______|______|__________|____|______| |Meas. +
Indic.|12,200| 97.6| 38,400|0.10|39,600|
|______________|______|______|__________|____|______| |Inferred |
7,900| 123.7| 31,300|0.07|19,400|
|______________|______|______|__________|____|______| Mineral
resources that are not mineral reserves have not demonstrated
economic viability. Due to rounding of insignificant figures as
required by best practices, sums of tonnes and ounces may not
appear to total correctly. As a complement to the Technical Report,
a series of 3D views, plans and sections were created by Mirasol
from the new resource Block Models for La Morocha and La Negra
deposits and will be posted on Mirasol's web site,
www.mirasolresources.com. These figures are in addition to
those that appear in the Technical Report. The estimate was
prepared following NI 43-101 guidelines and in accordance with CIM
Standards on Mineral Resources and Reserves: Definitions and
Guidelines (CIM 2010) by independent consulting firm NCL Ingenieria
y Construcción Ltda. ("NCL") of Chile, who was selected and
contracted by Coeur, and who also performed the first NI 43-101
resource estimate (press release May 9, 2011). The
information contained in this news release has been obtained from a
technical report prepared by NCL on September 21, 2012, which has
been filed on SEDAR as an "amended and restated technical report".
Disregard the information contained in the report by the same
author and date that was filed on SEDAR earlier the same date.
Assays received subsequently for an additional 29 infill holes and
2 metallurgical holes at the Morocha deposit, and 13 infill and
expansion holes at the La Negra deposit, were not included in the
resource calculation. Mirasol expects that incorporation of
these unused holes at La Morocha will significantly increase the
percentage of tonnes in the Measured and Indicated categories when
they are incorporated. Minor changes have been made to the resource
published on August 7, 2012, due to an adjustment in the
calculation of the internal cut-off grade. The revised values
are shown in Table 2 where the cut-off grade for oxides rises
slightly, and the cut-off grade for sulphides drops slightly.
The block model of grades and Whittle® Pits were unaffected.
Therefore, only the reporting of blocks above the corrected cut-off
grade is affected and is reported herein and in the Technical
Report. The effect of the change from the previously reported
values is a -3.2% change in the project's Measured and Indicated
silver ounces and a -1.3% change in the project Inferred silver
ounces, due to slight decreases in tonnage, but with slight
increases in silver grades. The in-pit resources have been
computer-modeled by Whittle® Pit mine shells designed using the
technical parameters determined by Coeur's Technical Services Group
and accepted by NCL (Table 2). They include Coeur's current
estimates of the operating costs and parameters. Sufficient
work has not yet been done to classify the resources as reserves
and the parameters used in Table 2 are considered to be preliminary
in nature. The resources are not demonstrated to have
economic viability at this stage, but are believed to have a
reasonable probability of doing so, when required additional
engineering studies are completed. Table 2. Parameters used for
Whittle® Pits
_________________________________________________________________ |
| | | August 2012 | | Parameter | Units | May 2011
|_____________________| | | | |La Morocha| La Negra |
|___________________|___________|___________|__________|__________|
|Open Pit Mining | | $2.00| $2.79| $2.82| |___________________|
|___________|__________|__________| |Oxide Leaching | | $14.50|
$13.93| $13.93| |___________________|
|___________|__________|__________| |Sulphide Processing| US$/tonne
| $28.00| $20.75| $20.75| |___________________|
|___________|__________|__________| |Reclamation | | - | $0.04|
$0.04| |___________________| |___________|__________|__________|
|Incremental | | - | $0.75| $0.75| |Tailings | | | | |
|___________________|___________|___________|__________|__________|
|Silver - smelting | | $0.50| $0.15| $0.15| |___________________|
|___________|__________|__________| |Gold - smelting | $US/ounce |
$10.00| $7.50| $7.50| |___________________|
|___________|__________|__________| |Transport & | | - | $2.50|
$2.50| |Refining | | | | |
|___________________|___________|___________|__________|__________|
|Royalty (Argentina)| % | - | 3| 3|
|___________________|___________|___________|__________|__________|
|Silver - price | | $20| $30| $30| |___________________| $US/ounce
|___________|__________|__________| |Gold - price | | $1,300|
$1,500| $1,500|
|___________________|___________|___________|__________|__________|
|Pit Slope Angle | degrees | 50| 50| 50|
|___________________|___________|___________|__________|__________|
|Oxide Silver | | 70| 70| 70| |Recovery | | | | |
|___________________| |___________|__________|__________| |Oxide
Gold Recovery| | 85| 85| 85| |___________________| %
|___________|__________|__________| |Sulphide Silver | | 86| 86|
86| |Recovery | | | | | |___________________|
|___________|__________|__________| |Sulphide Gold | | 92| 92| 92|
|Recovery | | | | |
|___________________|___________|___________|__________|__________|
|Cut-off Oxide |grams/tonne| 33 Silver|30 Silver*|30 Silver*|
|(resource | | equivalent| | | |reporting) | | | | |
|___________________|___________|___________|__________|__________|
|Cut-off Sulphide |grams/tonne|51.9 Silver|34 Silver*|34 Silver*|
|(resource | | equivalent| | | |reporting) | | | | |
|___________________|___________|___________|__________|__________|
* Cut off grades for resource reporting have been corrected from
the values reported on Aug. 7, 2012 The current resources are
tabulated on a project-wide basis (Table 1), as well as separately
for the La Morocha (Table 3A and Figure 4) and La Negra (Table 3B
and Figure 5) deposits, and are differentiated by category into
Measured and Indicated resources (with greater confidence levels)
and Inferred resources (lesser confidence level), and by
mineralization type into oxide and sulphide types.
Individually, on a tonnage basis, the La Negra resource has
progressed from 53% Indicated with none in the Measured category in
May 2011, to a current combined 89% Measured and Indicated
classification (Figures 2 and 3). These percentages are
unchanged from the August 7, 2012 resource disclosure.
The May 2011 resource for La Morocha contained no Measured and just
4% in the Indicated category, which has now progressed to Measured
and Indicated category comprising 27%. On a project-wide
basis, 61% of the resource tonnes have now been classified as
Measured and Indicated while the remaining 39% are classified as
Inferred. This is a large increase over the initial resource
estimate (May 2011) in which 34% of the total tonnes were
classified as Indicated and the remainder as Inferred. As
previously reported on August 7, 2012, the updated resource does
not include 29 infill holes and 2 metallurgical holes at the
Morocha deposit and 13 infill and expansion holes at the La Negra
deposit. However, results of infill drilling at La Morocha
have been very successful in confirming the current resource, and
infill drilling cut some of the longest intercepts and highest
silver grades to date. Mirasol expects that incorporation of
these unused holes at La Morocha will significantly increase the
percentage of tonnes in the Measured and Indicated categories,
which currently represent 27% of the total tonnes, to a much higher
percentage, as occurred at La Negra where the percentage increased
from 53% as Indicated to 89% as Measured and Indicated, once infill
holes were included (Figure 3). Table 3A. Resources La
Morocha Deposit
______________________________________________________ | Mineral
Type |Tonnes|Silver| Silver oz. |Gold| Gold | | and Category |(000)
| g/t | (000) |g/t | oz. |
|______________|______|______|_____________|____|______| |Oxides |
|______________________________________________________| |Measured
| 500| 86.7| 1,300|0.05| 800|
|______________|______|______|_____________|____|______| |Indicated
| 1,500| 86.1| 4,200|0.05| 2,500|
|______________|______|______|_____________|____|______| |Meas. +
Indic.| 2,000| 86.2| 5,500|0.05| 3,300|
|______________|______|______|_____________|____|______| |Inferred
| 5,100| 102.5| 16,700|0.06| 9,300|
|______________|______|______|_____________|____|______| | |
|______________________________________________________| |Sulphides
| |______________________________________________________|
|Measured | 100| 269.9| 900|0.14| 500|
|______________|______|______|_____________|____|______| |Indicated
| 400| 249.5| 3,000|0.14| 1,700|
|______________|______|______|_____________|____|______| |Meas. +
Indic.| 500| 254.0| 3,900|0.14| 2,200|
|______________|______|______|_____________|____|______| |Inferred
| 1,500| 219.5| 10,900|0.13| 6,500|
|______________|______|______|_____________|____|______| | |
|______________________________________________________| |Total of
Oxides & Sulphides |
|______________________________________________________| |Measured
| 600| 120.1| 2,300|0.07| 1,300|
|______________|______|______|_____________|____|______| |Indicated
| 1,900| 118.5| 7,200|0.07| 4,300|
|______________|______|______|_____________|____|______| |Meas. +
Indic.| 2,500| 118.9| 9,500|0.07| 5,600|
|______________|______|______|_____________|____|______| |Inferred
| 6,600| 129.1| 27,600|0.07|15,700|
|______________|______|______|_____________|____|______| Mineral
resources that are not mineral reserves have not demonstrated
economic viability. Due to rounding of insignificant figures as
required by best practices, sums of tonnes and ounces may not
appear to total correctly. Table 3B. Resources La Negra Deposit
___________________________________________________ | Mineral Type
|Tonnes|Silver|Silver oz.|Gold| Gold | | and Category |(000) | g/t
| (000) |g/t | oz. |
|______________|______|______|__________|____|______| |Oxides |
|___________________________________________________| |Measured |
1,000| 92.4| 2,800|0.13| 4,000|
|______________|______|______|__________|____|______| |Indicated |
8,000| 90.5| 23,500|0.11|27,700|
|______________|______|______|__________|____|______| |Meas. +
Indic.| 9,000| 90.7| 26,300|0.11|31,700|
|______________|______|______|__________|____|______| |Inferred |
900| 87.4| 2,600|0.09| 2,700|
|______________|______|______|__________|____|______| | |
|___________________________________________________| |Sulphides |
|___________________________________________________| |Measured |
100| 104.8| 400|0.09| 300|
|______________|______|______|__________|____|______| |Indicated |
600| 112.1| 2,300|0.09| 2,000|
|______________|______|______|__________|____|______| |Meas. +
Indic.| 800| 111.0| 2,700|0.09| 2,300|
|______________|______|______|__________|____|______| |Inferred |
300| 102.8| 1,100|0.09| 1,000|
|______________|______|______|__________|____|______| | |
|___________________________________________________| |Total of
Oxides & Sulphides |
|___________________________________________________| |Measured |
1,100| 93.7| 3,200|0.13| 4,300|
|______________|______|______|__________|____|______| |Indicated |
8,700| 92.1| 25,800|0.10|29,700|
|______________|______|______|__________|____|______| |Meas. +
Indic.| 9,800| 92.3| 29,000|0.11|34,000|
|______________|______|______|__________|____|______| |Inferred |
1,300| 91.5| 3,700|0.09| 3,600|
|______________|______|______|__________|____|______| Mineral
resources that are not mineral reserves have not demonstrated
economic viability. Due to rounding of insignificant figures as
required by best practices, sums of tonnes and ounces may not
appear to total correctly. Currently Mirasol holds a 49% interest
in the Joaquin Joint Venture and Coeur holds a 51% interest.
Coeur may earn a 61% interest by completing a full
feasibility study that meets criteria for bank financing, which is
currently underway. On delivery of the feasibility study,
Mirasol may retain a 39% participating interest or, at its
election, request that Coeur provide mine financing, and in return
Coeur may increase its participation to 71% in the project if it
elects to proceed to the next stage. Mirasol looks forward to
future upgrades in the confidence classification of the Joaquin
Project resources through incorporation of additional drill data,
as well as expansion through exploration for new deposits on this
highly prospective property. At the present time, results are
pending on 34 drill holes (DDJ-284 to 315), most of which were
drilled on new exploration targets. The new resource estimate
presented here represents a significant increase in confidence in
the geometry, nature and grade of the La Negra and La Morocha
silver-gold deposits and thus reduces uncertainty and shareholder
risk associated with the resources. It also represents a
significant step towards Coeur's goal of completing a feasibility
study which meets bank finance criteria. NCL and Coeur have
provided technical information to Mirasol upon which Mirasol is
relying. Luis Oviedo of NCL, the Independent Qualified Person
who supervised the resource estimate, has reviewed and approved the
contents of this release related to the resource estimate. Paul G.
Lhotka, Principal Geologist for Mirasol, and the Qualified Person
for Mirasol under NI 43-101, has summarized and approved the
technical content of this news release. Quality Assurance/Quality
Control: Coeur d'Alene operates the Joaquin Joint Venture and
generated the drilling data used in this news release and reported
it to Mirasol. Drill core samples were submitted to Alex
Stewart (Assayers), Argentina S.A. and ALS Laboratories, both ISO
9000-2000 accredited laboratories located in Mendoza, Argentina.
Gold and silver results were determined using standard fire assay
techniques on a 30 gram sample with a gravimetric finish for gold
and silver. Coeur's QAQC program includes the insertion of blanks,
standards and duplicates into the sample stream for Joaquin drill
holes. Mirasol has performed an independent analysis of the QAQC
data generated by Coeur. Dr. Paul Lhotka has reviewed the Coeur
data in this news release, and is a qualified person as defined by
National Instrument 43-101. Assay results from subsurface 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. Mirasol
Resources Ltd. CONTACT: Mary L. Little President and CEO Tel:(604)
602-9989; Fax:(604) 609-9946Email:
contact@mirasolresources.comWebsite: www.mirasolresources.com
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