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Mirasol Announces Remaining 21 Holes from Virginia Project Phase 1 Drilling- Confirm a Significant High-Grade Silver Discovery
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VANCOUVER, BC, January 13, 2011. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce results for the remaining 21 holes of the Phase 1 diamond drilling program of the Julia Vein at its 100% owned, Virginia Project in Santa Cruz province, Argentina. These results confirm a significant high-grade silver discovery at the project with multiple new drill holes returning intersections between 9 and 26.6 metres with grades between 250 and 1,000 grams per tonne (g/t) silver, which include higher grade internal intervals grading between 1,000 g/t and 6,298 g/t silver.
The 2,200 metre long Julia Vein has now been tested by 28 diamond HQ diameter drill holes (Figure 1) which targeted the structure at 25 and 50 metres below surface. As with the seven previously reported holes, all mineralized material is strongly oxidized with abundant iron oxides. The only sulphide observed is galena in minor amounts.
The Julia North segment of the structure has now been tested by 14 holes and dips at 50 to 80 degrees to the west. Better intersections from this round of holes (Table 1) include VG-014 which returned a true width of 26.59 metres of 348 g/t silver including a higher grade interval of 5.91 metres with 1,208 g/t silver, and VG-028, located 498 metres south of hole VG-014, with a true width of 9.33 metres at 654 g/t silver, including a higher grade interval of 5.05 metres of 1,152 g/t silver.
These, with previously announced results from Julia North, demonstrate the continuity of mineralization over a 500 metre strike length and as much as 60 metres down dip. The majority of holes have returning impressive widths and silver grades, in most cases exceeding widths and grades anticipated from surface channel sampling. The mineralization is clearly open to the north and down dip.
New holes on Julia Central and Julia South also contained significant intercepts. The widest of these was at Julia South where VG-023 intersected a true width of 7.57 metres containing 245 g/t silver including a higher grade interval of 2.62 metres of 560 g/t silver (Figure 1).
Julia South mineralization continues to be hosted by competent rock with good core recoveries. At Julia Central and Julia North, faulting in and around the mineralized zone continues to produce variable core recoveries. Methods used in logging and quality control are consistent with industry best practice as described in the previous news release. (December 16, 2010).
New holes have confirmed the trends indicated by the initial seven holes of Phase 1. As a group, the 28 holes have provided consistent intercepts of economic interest. Mirasol has resumed surface work on Virginia with a program of mechanical trenching commencing on other veins and targets surrounding the Julia Vein. It is Mirasols intention to recommence drilling at the Virginia project during the first quarter of 2011.
Table 1. Julia Vein Drill Hole Results
Hole
From (m)
To (m)
Core Length (m)
True Width (m)1
Silver (g/t) 2,3
Silver grade x true width
(g/t * m)
Core Recovery (%)4
Julia North
VG-008
18.90
21.00
2.10
1.82
107
195
85
VG-008
30.00
36.00
6.00
5.20
106
548
40
VG-014
5.00
32.00
27.00
26.59
348
9,242
67
including
18.00
24.00
6.00
5.91
1,208
7,138
17
VG-015
16.00
24.00
8.00
7.52
108
815
72
and
30.00
46.00
16.00
15.04
456
6,854
46
including
31.00
36.00
5.00
4.70
1,215
5,708
41
or combined
16.00
46.00
30.00
28.19
279
7,875
54
VG-016
20.45
43.00
22.55
19.91
368
7,319
66
including
32.00
36.00
4.00
3.53
1,627
5,745
66
VG-017
30.00
43.00
13.00
10.38
892*
9,260
60
including
35.90
37.00
1.10
0.88
6,298*
5,533
75
VG-018
34.80
35.90
1.10
0.78
304
236
82
VG-019
no significant assays
VG-025
55.25
78.00
22.75
18.86
249
4,689
65
including
62.00
66.70
4.70
3.90
872
3,399
56
VG-026
62.45
76.57
14.12
11.71
91
1,070
64
including
66.70
69.00
2.30
1.91
187
357
63
VG-027
70.00
81.90
11.90
9.12
716
6,531
75
including
75.00
78.00
3.00
2.30
1,761
4,046
90
VG-028
60.00
72.00
12.00
9.33
654
6,097
72
including
63.10
69.60
6.50
5.05
1,152
5,821
64
Julia Central
VG-009
39.40
41.80
2.40
1.70
85
144
53
VG-013
33.00
36.80
3.80
2.73
462