MRZ.V · 2019-07-24 12:00:00

Mirasol Announces Initial Drilling Results for Gorbea High Sulfidation Epithermal Gold Project and Provides Update for its Altazor Project in Northern Chile

Drill Results

NEWS RELEASE

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Mirasol Announces Initial Drilling Results for Gorbea High Sulfidation

Epithermal Gold Project and Provides Update for its Altazor Project in

Northern Chile

VANCOUVER, BC, July 24, 2019 — Mirasol Resources Ltd. (TSX -V: MRZ) (OTCPK: MRZLF) (the “ Company” or

“Mirasol”) is pleased to provide an update on the exploration activities completed at its Gorbea Gold project in

Northern Chile (Figure 1), by Newcrest Mining Limited (ASX:NCM) (“Newcrest”) under the option and farm -in

agreement announced earlier this year. The program was terminated early due to the onset of winter, with two

diamond drill holes drilled for a total of 903m at the Atlas target. Drilling was targeting a coincident geophysical,

geochemical and alteration anomaly at depth below a barren steam-heated leach cap as well as following up on

the results from Mirasol’s previous partner. Initial results have been received with best assay intervals including:

• ATL-DDH-001*: 19.3 m @ 0.89g/t Au from 372m, including 13m @ 1.1g/t Au from 372m

*Note: ATL-DDH-001 was lost 20m into the mineralized zone at 391m

• ATL-DDH-002: 59 m @ 0.39g/t Au from 274m, including 10m @ 1.0g/t Au from 289m

Norm Pitcher, President and CEO of Mirasol stated: “ We are pleased to provide an update on the exploration

work completed by Newcrest over this field season. The initial partial results received are encouraging and they

continue to demonstrate potential f or the Gorbea project to host a large -scale oxidized gold deposit . We

acknowledge the hard work of the Newcrest exploration team that was actively drilling at Gorbea four months

after the execution of our exploration agreement. We look forward to Newcrest continuing to move this project

forward and expect very active programs in Chile next field season.”

Gorbea Exploration Summary

From the planned 2,000m program, t wo diamond drill holes were drilled for 3 91m and 512m respectively

(Figure 2), with the first hole being terminated in mineralization and abandoned early due to ground conditions.

The reported assay results pertain only to drill holes completed as part of Newcrest’s drilling program since May

2019, with some further assay results yet to be received for the two completed drill holes (see table 1 for pending

assay intervals).

The drilling completed by Newcrest intersected dacite-andesite composition volcanic rocks with advanced argillic

alteration and silicification coincident with subvertical breccia bodies. The s ignificant assay intercepts remain

open in all directions and further drilling is required to determine the extent of currently defined mineralization.

Newcrest also completed 50km of CSAMT geophysics over the Atlas target as well as reconnaissance mapping

and sampling over several other target areas in the Gorbea property package. Newcrest is now in the process of

relogging the previous diamond and reverse-circulation drill holes to further refine their understand ing of the

target. Follow up drilling is planned to resume in late September 2019.

Altazor Project Update

At the Altazor high-sulfidation epithermal gold project, also in northern Chile, two target areas were defined by

fieldwork completed during the field season . Newcrest is anticipating a 2,000m diamond drilling program and

in-fill CSAMT geophysics during the coming field season.

For additional disclosure, please refer to Newcrest’s June 2019 quarterly report available on:

https://www.newcrest.com.au/investors/reports/quarterly/

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Table 1: Significant Intersections from the 2019 drilling program:

Hole ID Total

Depth (m) From (m) To (m) Interval (m) Au (ppm) Ag (ppm) Cut Off

ATL-DH-01 391.3 372 391.3 19.3 0.89 6.7 0.3g/t Au

incl 372 385 13 1.1 7.6 1 g/t Au

Awaiting assays between 337m-358m

ATL-DH-02 512.3 274 333 59 0.39 6.6 0.3g/t Au

incl 289 299 10 1.0 8.6 1 g/t Au

Awaiting assays between 184 m to 270m, 359.3m to 395 m and 448m to 512.3m.

About Mirasol Resources Ltd

Mirasol is a premier project generation company that is focused on the discovery and development of profitable

precious metal and copper deposits, operating via a hybrid joint venture and self-funded drilling business model.

Strategic joint ventures with precious metal producers have enabled Mirasol to maintain a tight share structure

while advancing its priority projects that are focused in high -potential regions in Chile and Argentina. Mirasol

employs an integrated generative and on -ground exploration approach, combining leading- edge technologies

and experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial

position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of

Chile and the Jurassic age gold and silver district of Santa Cruz Province Argentina.

For further information, contact:

Norm Pitcher, President and CEO

Jonathan Rosset, VP Corporate Development

Tel: +1 (604) 602-9989

Email: [email protected]

Website: www.mirasolresources.com

Qualified Person Statement : Mirasol’s disclosure of technical or scientific information in this press release has been

reviewed and approved by Norm Pitcher , P.Geo. President and CEO for the Company. Mr. Pitcher serves as a Qualified

Person under the definition of National Instrument 43 -101. Newcrest is the operator for the Gorbea project, and Mirasol

relied on their internal quality control and quality assurance protocols as described in detail in their quarterly report dated

July 25, 2019.

Forward Looking Statements: The information in this news release contains forward looking statements that are subject to

a number of known and unknown risks, uncertainties and other facto rs that may cause actual results to differ materially

from those anticipated in our forward -looking statements. Factors that could cause such differences include: changes in

world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in

Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8

Tel: +1 604 602 9989 E-mail: [email protected]

www.mirasolresources.com

government and changes to regulations affecting the mining industry. Forward- looking statements in this release include

statements regarding future exploration programs, operation plans, geological interpretations, mineral t enure issues and

mineral recovery processes. Although we believe the expectations reflected in our forward -looking statements are

reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

Mirasol disclaims any obligations to update or revise any forward -looking statements whether as a result of new

information, future events or otherwise, except as may be required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Pro vider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Location of Mirasol – Newcrest Gorbea Project. July 2019

a)Gold Fields Mineral Resource and Mineral Reserve Supplement to the Integrated Annual Report, 2018.

b)Barrick Annual Report 2018.

Significant Mio-Pliocene

Cu-Au Deposit

Significant Mio-Pliocene

Au-Ag Deposit

MRZ Au-Ag JV Project

Mio-Pliocene Age

Volcanics

MRZ JV Ready Project

Santiago

Alumbrera

Pascua

El Teniente

Pelambres

La Coipa

Mirasol

–

Newcrest

Gorbea

Agreement

Alturas

(b)

8.9

Moz

Mirasol

–

Newcrest

Altazor AgreementAntofagasta

El Pachon

Los Azules

El Indio

Veladero

Caspiche

Maricunga

Salares Norte

(a)

3.9 Moz Au

43.7 Moz Ag

Mirasol

Zeus Project

C H I L E

Las Helados

Filo Del Sol

Josemaria

Los Bronces

A R G E N T I N A

Caserones

Agua Rica

200 km

MRZ- Newcrest

Gorbea Project

ASTER Alteration Mapping

ATLAS

TITAN

ALDEBARAN

SIRIO

EL DORADO

VENTURA

ORION

ALTAMIRA

DANAY

10 km

Window Figure 2

Figure 2: Atlas Project – Historical and 2019 Program Drill Hole Locations. July 2019

DH08

DH07

DH04

DH03

DH05

DH09

DH01

DH02

DH10

DH06B

DH06

DH22

DH26

DH29

DH28

DH23

DH20

DH18

DH19

DH24

DH16

DH17

DH21

DH25

DH15

DH14

Pampa

Zone

Atlas

Silver

Zone

Atlas

Gold

Zone

Falda

Zone

Dacitic Domes and

Flows

1,000 m

Fox

Breccia

Steam Heated

Zone Breccia

ATL

Dacitic Domes and

Flows

Phreatomagmatic

and Hydrothermal Bx

Previous Partner

Drill Holes

Newcrest 2019

program Drill Holes

1,000 m

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