Mirasol advances the Rubi copper-molybdenum-gold project in Chile

Tuesday, Nov 27, 2012

VANCOUVER, Nov. 26, 2012 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R). Mirasol Resources ("the Company") is pleased to provide an exploration update on the 100%-owned Rubi copper-molybdenum-gold (Cu-Mo-Au) porphyry project, located adjacent to the world class El Salvador mining district in Region III of northern Chile.

The 13,350 hectare Rubi property is prospective for copper mineralization, where Mirasol has identified multiple stand alone porphyry Cu targets. Recent geological evaluation identified additional conceptual Cu-Au targets and a new outcropping precious metal target which returned rock chip assays of up to 6.9 grams per tonne ("g/t") gold.  Recently, Mirasol staked additional claims to secure extensions of exploration targets at Rubi.   The Company   is actively seeking a joint venture partner to advance this project and is conducting field reviews with a select group of mid- to first tier copper producers as the initial step in the joint venture process.

At the district scale, the Rubi project (Figure 1) is centered within a cluster of world class porphyry Cu-Mo-Au deposits that in some instances include associated epithermal gold deposits. These include the historic El Salvador (3.8 billion tonnes at 0.44% Cu and 0.1 g/t Au1) and the Potrerillos mines (1.0 billion tonnes at 0.98% Cu and 0.77 g/t Au1) as well as the Inca del Oro porphyry development project (770 million tonnes at 0.36% Cu and 0.1 g/t Au2). Published geology suggests the intrusive and mineralized system at Rubi maybe part of the Paleocene to  early Eocene age mineral belt that has produced a series of world class porphyry Cu and epithermal Au deposits in Northern Chile.

The Rubi project (Figure 2) encompasses a 10 kilometre diameter, gravel covered "pampa" surrounded by altered volcanic and intrusive rocks, and hosts several outcropping zones of Cu-Mo-Au and base metal mineralization. The eastern margin of the project is marked by a large arcuate fault zone thought to represent the ring fracture faults of a mineralizing caldera system.  The alteration and geochemical patterns at Rubi are suggestive of a large zoned porphyry-epithermal mineral district, with a number of possible mineralized centers indicated.

Previous drilling was undertaken over parts of the Rubi project during the
1990's but did not test the principle targets identified by Mirasol. Many of the historic holes drilled into the gravel cover to test for covered porphyry mineralization, apparently were stopped in gravel short of reaching basement.Over 50% the claims area shows no evidence of historic exploration,  including some of the outcropping mineralized targets identified by Mirasol. There is no evidence of systematic ground electrical geophysical surveys over the Rubi project and the project is not covered by any publicly available modern aeromagnetics surveys.

Mirasol has identified a series of outcropping and covered conceptual targets at Rubi.  The Lithocap target (Figure 3) is an area of intense advanced argillic alteration and silicification that may cover in excess of 9 square kilometres. Rock chip sampling by Mirasol geologists identified a central zone with wide spread anomalous Mo (peak assay of 250 parts per million "ppm" Mo), low grade Cu and localized higher grade secondary Cu (peak of assay 399 ppm Cu) in narrow veins and breccias.

The alteration and geochemical signature of this target is characteristic of the "barren" alteration lithocap (Figure 4) that can form over, or lateral to, a high sulphidation and/ or porphyry Cu-Mo-Au system.
Localized historic drilling on the southern edge of the Lithocap zone has not tested Mirasol's target.

SOURCE Mirasol Resources Ltd.