Mirasol builds on the back of the drill

Mirasol Resources (MRZ-V) has built a healthy market run of late and it has done so the good old-fashion way: via the drill.

The company announced strong results from a property it is joint ventured with Coeur d’Alene Mines (CDM-T, CDE-N) just a week after announcing it had hit upon a new high-grade silver vein at one of its wholly owned projects.

The Vancouver-based company calls the new vein the Julia vein and says it is part of the Virginia vein zone in its “Area of Special Interest” in Argentina’s Santa Cruz province.

Word of the discovery shot the company’s shares up over 30% or 53¢ to $2.25 on 515,000 shares traded on the day of the announcement.

It says the vein was discovered after following up alteration and structural targets late last year.

In all, thirty rock chip samples from outcrop, subcrop and float of the vein were collected and returned silver values of between 21.9 and 2,660 grams per tonne silver. Gold values range from 0.01 grams to 0.14 grams gold per tonne.

The average silver grade of the initial 30 samples is 645 grams silver per tonne, but, Mirasol says, sampling indicates that segments of the vein may contain higher silver grades.

Now Mirasol will need to do more exploration work to determine what the average grade of the vein is and if there are higher grade shoots within it.

So far, the vein is traceable over 2,000 metres – which covers outcrop, subcrop and as large float blocks. Mirasol says the width of the vein appears to range from under one metre to at least 5 metres but, it says, it doesn’t yet know what the average width is.

A recently completed a private placement will, no doubt, help fund further work on the property. The company raised $3.5 million in late December by issuing 2.8 million units made up of one common share and one warrant with a two year expiration date. The warrants have a strike price of $1.50 in the first year and $1.75 in the second year.

Mirasol holds 100% ownership in twenty epithermal gold-silver projects in the mining friendly Santa Cruz province.

As for results from its partnered property, the company announced results from the third phase of drilling at the La Negra and La Morocha prospects on its Joaquin Project.

Highlights from La Negra include an intercept of 17.3 metres grading 1,979 grams per tonne silver and 0.29 grams gold, including 4.2 metres grading 7,584 g/t silver and 0.96 grams gold.

The hole was drilled as a 36 metre step out hole from hole DDJ-43 – a hole which the company released assays of 25.4 metres of 1,164 grams silver and 0.21 grams gold back in November of last year.

Another hole from the latest round of assays returned an intercept of 61.1 metres grading 83 grams silver and 0.18 grams gold. Mirasol says this hole indicates that the mineralized corridor at the property is wider than originally believed.

Coeur d’Alene has an option acquire a 61% interest in Joaquin by meeting certain exploration expenditure targets and by completing a bankable feasibility study.

In this its third phase of drilling, Coeur d’Alene has drilled 4,338.5 metres in 25 core holes.