Joaquin Resources 43-101 Technical Report, Sept, 2012
Joaquin Supplementary Figures to TR, Sept, 2012

Joaquin Project- Sold to partner Coeur on December 21, 2012

Introduction

Mirasol's Joaquin silver-gold property is located ( Figure 1 ) in central Santa Cruz Province, Argentina, 80 kilometres north of the Martha silver mine operated by Coeur d’Alene Mines Corporation and the Manantial Espejo silver-gold mine by Pan American Silver Corporation. Joaquin is adjacent to a provincial highway and 120 kilometres north of the town of Gobernador Gregores. Exploration at Joaquin is currently focused on the La Morocha and La Negra prospects where three rounds of drilling (November 2007- November 2009) have returned significant combinations of silver grades and intercept widths. A fourth round of drilling commenced at La Morocha and La Negra in February 2010.

The Joaquin property is a grass roots exploration discovery staked by Mirasol geologists in May 2004. Reconnaissance exploration though to January 2006 resulted in the discovery of four discrete zones of epithermal high-grade silver and/or gold mineralization, at Joaquin Main and La Morena; and the silver-rich La Morocha and La Negra zones (see June 10, 2005 and January 20, 2006 news releases).
Ongoing exploration at the Joaquin project is operated and 100% funded by Mirasol's joint venture partner, Coeur d'Alene Mines Corporation (Coeur has recently added a description of Joaquin to its web site link here ), who signed an option agreement for the Joaquin Project with Mirasol in September 2006 (see September 14, and November 20, 2006 news releases for terms). At present, Coeur is presently in the initial earn-in stage to vest at 51% interest.
Diamond drilling has provided a preliminary test of all four prospects (Table 1).

Table 1 Joaquin Drill Campaigns Summary (click here)

The La Morocha and La Negra prospects form two sub parallel zones ( Figure 2 ) of epithermal mineralization (significant widths and grades of silver mineralization with gold credits) that lie approximately 1.5 kilometres apart.

La Morocha Mineralized Zone – Geology and Results
To date the La Morocha zone has been tested along a strike length of 1,100 metres and down to a maximum depth of 155 metres below surface (220 metres measured down the dip of the structure) with 23 diamond drill holes ( Figure 3 ). Silver mineralization is predominantly hosted in a silica-poor, clay-altered zone containing iron and manganese oxides as disseminations, fracture veinlets and breccias. Silica veinlets, siliceous breccias and pervasive silicification also host significant mineralization.

The mineralization at Morocha is generally silver dominant with multiple individual assays in the range 500 g/t to 2,573 g/t silver and a peak gold assay of 3.11 g/t gold. (Table 2).

Table 2 Morocha Drill Results (click Here)

Of the five holes collared at the southeast part of the zone, one hole (DDJ-29) encountered 6.9 metres true thickness grading 98 g/t silver. However, the other four holes (DDJ-27, 28, 30 and 56) which were drilled in an area where the mineralized zone does not crop out, did not encounter silver grading greater than 30 g/t Ag. This is possibly due to local structural displacement of the mineralized zone. The remaining 18 holes have intersected silver defining an approximately 730 metre long section of apparently continuously mineralized structure that dips at between 30 and 60 degrees to the northeast. This zone of mineralization remains open to the northwest and at depth. Drilling to date also suggests a strong vectoring for increasing silver grade at depth.

La Morocha Longitudinal Section

A longitudinal section, portraying a vertical slice along strike, was produced with primary intercepts (ie. not using the “included” ones) from Table 2.
The gridded and contoured data are presented in three separate long sections ( Figure 4 ) showing;

1. silver grades
2. silver gram metre (grade thickness) product
3. estimated true thickness (width) of the mineralized zone

The long sections depict how the zone is very wide near surface, with moderate grades, and decreases in true width at greater depths while the silver grade is increasing with depth. The increasing gram metre product in the second long section shows clearly that the strong increase in grade at depth is more than compensating for the relative decrease in width of the zone, therefore showing a strong increase in contained ounces of silver with increasing depth in the structure.

Figure 4 Morocha Prospect - Long Section

La Negra

To date, the La Negra zone has now been tested by 25 drill holes over a strike length of approximately 735 metres and up to 190 metres below surface ( Figure 5 ). All holes have intersected potentially significant zones of silver and gold mineralization that remain open at depth and along strike ( Table 3 ).

At La Negra, silver and gold mineralization values correspond to metre-scale, banded grey silica veins, that typically contain the higher gold (>=1 g/t) (for example hole DDJ-22). Broad zones of clay+/-barite+/-silica alteration can occur surrounding the grey silica veins (for example hole DDJ-21), or alone with no veins (for example hole DDJ-38). These broad zones may be brecciated and contain iron and manganese oxides, and host low to high grade, silver dominant mineralization and can be tens of metres in width. As well, a sulphide-rich style of mineralization associated with a clay-rich fault which is silica-poor has been found at the north end of La Negra in a completely soil-covered area. Hole DDJ-43 discovered this very high grade silver zone and hole DDJ-58 extended it 37 metres towards the north.

Figure 5 La Negra Prospect

Table 3 La Negra Drill Results (click here)

Preliminary interpretations suggest up to three parallel zones of mineralization have been intersected to date at La Negra in the original mineralized corridor. These appear to be sub-vertical or dip at up to 70 degrees to the northeast. New surface rock chip sampling (see January 11, 2010 news  release and Table 4) and reconnaissance drilling have identified new mineralized zones sub-parallel to, and adjoining, the La Negra mineralized corridor.
East of La Negra and centered 300 metres east of the nearest drill hole, a cluster of five samples of sub-crop and float returned silver equivalent values ranging from 112 to 865 g/t. 200 metres west-northwest of holes DDJ-43 and 58, two surface rock samples have returned silver equivalent values of 30 and 200 g/t in an area with no previous exploration.

Two fences of holes were drilled to the west of the La Negra mineralized corridor to test for parallel structures where rock sampling of sparse sub-crop with fracturing, alteration and brecciation has returned assays of 28 to 3,101 g/t silver equivalent ( Table 4) . All of the drill holes from these fences have produced significant intercepts at a 20 g/t silver equivalent cutoff with the best hole being DDJ-44 on the southern fence and DDJ-60 on the northern fence ( Table 3 ). These fences indicate that silver mineralization is present well to the west of the original mineralized corridor and that silver, in some cases with gold, is now known to exist within multiple corridors over a total width of at least 470m perpendicular to the general trend of the northwest striking mineralization at La Negra which has been shown to extend for at least 750m.

Table 3a La Negra infill drilling (click here)

 

Table 4 La Negra New Rock chips (click here)

Eight holes were drilled at Joaquin Main. Four of the holes intersected a veined structure between 25 and 44 metres down hole, with a peak assay of 1.2 metres at 1.1 g/t gold and 5.0 g/t silver. While these holes did not intersect the high grade material seen at surface, the drilling was shallow and tested a limited part of the larger geophysical anomaly outlined by a gradient array IP / Resistivity survey. Further exploration is warranted at La Morena and Joaquin Main; however, exploration has been largely directed at the La Morocha and La Negra zones.

At La Morena drilling of six holes encountered near vertical zones of silicified breccias and veins ( Table 5 ). This includes a best result of 1.3 metres at 7.67 g/t gold in a higher-grade portion of the breccias. To date, drilling has tested just 200 metres of strike length of the La Morena breccia system which extends intermittently on trend for 2.5 kilometres on surface. In the third phase of drilling a single deep hole (DDJ-63), intersected zones of silicified breccias containing anomalous values in gold and silver.

Table 5 La Morena Drill Results (click Here)

Quality Assurance/Quality Control/QP: Coeur d'Alene operates the Joaquin Project and generated the drilling data and QAQC used in this news release and reported it to Mirasol. Drill core samples were submitted to Alex Stewart (Assayers), Argentina S.A. in Mendoza, Argentina. Gold and silver results were determined using standard fire assay techniques on a 50 gram sample with an atomic absorption finish for gold and a gravimetric finish for silver. Coeur's QAQC included insertion of blanks and standards into the sample stream. Mirasol has performed an independent analysis of the QAQC data generated by Coeur. Stephen Nano, Mirasol Vice President of Exploration and/or Paul Lhotka, Mirasol Principal Geologist have reviewed the Coeur data, calculated the intercepts and prepared the contents of this page, and the news releases regarding Joaquin Project and are qualified persons as defined by National Instrument 43-101.

Links to All Joaquin Press Releases (from newest to oldest)