MRZ.V · 2019-05-08 12:00:00

Mirasol Announces the Start of Drilling at Gorbea Project and Provides an Exploration Update

Exploration Programs

NEWS RELEASE

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Mirasol Announces the Start of Drilling at Gorbea Project

and Provides an Exploration Update

VANCOUVER, BC, May 8, 2019 — Mirasol Resources Ltd. (TSX -V: MRZ) (OTCPK: MRZLF) (the “ Company” or

“Mirasol”) is pleased to announce the start of drilling at the Gorbea project and also to provide an update on

exploration activities at its projects located in Chile and Argentina (figure 1).

Mirasol’s President and CEO, Norm Pitcher, stated: “We are pleased to provide this update on both our partnered

projects with Newcrest and Hochschild, as well as Mirasol controlled properties. Newcrest recently commenced

drilling at Gorbea, and although the drill program at Altazor has been delayed , we look forward to results from

that program later in the year. Hochschild’s surface exploration at Indra returned encouraging results and drilling

is planned to commence in early June. Mirasol is well positioned this year to advance its key projects and expects

a steady news flow with three active agreements in place, together with our own year-round exploration work”.

Short updates are provided below.

Projects currently under option to joint venture agreements:

- Gorbea Project – Atacama Puna Region, Chile: Funded and operated by Newcrest

The Gorbea package is a high sulfidation epithermal (HSE) gold project that covers nine claim blocks totalling

approximately 28,600 ha, which includes the Atlas and Titan projects, located in the prolifically mineralized Mio-

Pliocene age mineral belt of Northern Chile. On January 28, 2019, the Company announced that it had signed an

agreement with Newcrest Mining Limited (“Newcrest”) under which Newcrest is committed to spend ing a

minimum of US$4 million , US$3.5 million of which is allocated to the end of June 2019 , and to completing a

minimum of 3,000 m of drilling over an initial 18-month period. Subsequently Newcrest has worked diligently on

upgrading and expanding the exploration camp and supplied all the required documentation to complete the

initial drill program . Additional sur face exploration work including CSMAT resistivity geophysics , geological

mapping and geochemical sampling have been completed in order to define drill targets for this season ’s

program and Newcrest is relogging the Atlas diamond drill core and reverse circulation chips previously drilled

at the project. A 2,000m program in 4 drill holes has commenced on the Atlas project aimed at identifying

controls on and continuity of the Au mineralization. In 2017, a best intersect of 114.1 m at 1.07 g/t Au and 1.78

g/t Ag, including 36 m at 2.49 g/t Au and 3.08 g/t Ag (hole 15) was drilled at Atlas . Mirasol will update its

shareholders once results for this season’s activities have been received and analysed.

- Indra Project – Atacama Puna Region, Chile : Work funded by Hochschild and project operated by

Mirasol

The 20,378 ha Indra project is an in termediate sulfidation epithermal precious metal project located in the

Paleocene Age Mineral Belt of Northern Chile. The project is undergoing its first detailed exploration field

program under a partnership with Hochschild Mining plc (“Hochschild”). On the successful completion of a

US$300,000 surface program on the project that included ground magnetic, geological mapping and rock chip

geochemical sampling and also alteration vectoring, Hochschild has agreed to fund up to US$625,000 for a

maiden drill program. Six reverse circulation drill holes are planned, and the program is expected to start early

June 2019 running for approximately three weeks. Drilling is targeting the depth extension of the carbonate veins

mapped and sampled at surface, with the objective of determining if the carbonate composition of the veins

grades into silica at depth along with an associated increase in the Au and Ag values. Mirasol will update its

shareholders once results have been received and analysed.

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- Altazor Project – Atacama Puna Region, Chile: Funded and operated by Newcrest

Altazor is a HSE gold project also located in the Mio-Pliocene age mineral belt of Chile , covering approximately

33,230 ha of contiguous exploration claims . O n November 12, 2018, Mirasol announced th at Newcrest had

exercised its option to enter the Farm -in stage of the Altazor Agreement, making a US$500, 000 payment to

Mirasol and presenting a US$3.3 million budget for this season’s exploration program. As Newcrest is continuing

to build its social licence in the area and technical knowledge of the district , it has informed Mirasol that it will

defer drilling at Altazor to the next field season. Newcrest has completed additional surface exploration to refine

drill targets and anticipates further exploring and drill testing this project at the earliest opportunity.

Projects controlled by Mirasol:

- Sascha Marcelina Project – Santa Cruz, Argentina:

Following the consolidation of the Sascha Marcelina project (announced January 25, 2018), Mirasol initiated a

US$150,000 surface exploration program on the property , that included drone acquisition of high-resolution

base images, surface rock chip and soil geochemical sampling and detailed geological mapping of the Marcelina

claims. Assay results have been received for an initial 82 rock chip samples including a maximum result of 3.15

g/t Au and 28 g/t Ag, with several other +1 g/t Au results along the length of the structural trend (figure 2).

Additional follow -up detail ed sampling along the length of the Estancia Trend (+2 km) has recently been

completed and more than 400 samples from the project are currently being assayed. In parallel with its

exploration program, Mirasol has initiated a search for a partner to drill test the project.

- Zeus Project – Atacama Puna Region, Chile:

The 18,600 sq km Zeus project lies within the Mio -Pliocene porphyry and high sul fidation epithermal belt of

Northern Chile, located approximately 75 km southeast of Mirasol’s Gorbea project and was under an option to

joint venture agreement until early this year. The Zeus project consists of two primary prospects, Apollo and

Artemisa that were the focus of a partner-funded exploration program during the 2017-2018 summer campaign.

Exploration included a 36.3 km2 soil survey, prospect scale geological mapping, rock chip geochemical sampling

(that notably returned up to 2.01 g/t Au and 17.45 g/t Ag in separate samples at Apollo), Corescan alteration

analysis of soils and CSAMT resistivity geophysics. Mirasol's comprehensive analysis of results indicates that the

geophysical anomalies, as outlined, are coincident with the alteration on surface and that they define attractive

drill targets that remain to be tested (figure 3). Mirasol is actively seeking an exploration partnership to move

forward exploration activities at the Zeus project. Additional technical information and results are available on

our website (link).

- Claudia Project – Santa Cruz, Argentina:

The extensive Claudia property is located adjacent to the south of the Cerro Vanguardia Mine and was under an

exploration agreement until earlier this year. During the 2018-2019 field program, Mirasol completed additional

partner-funded surface exploration work on the property developing new drill targets that remain to be tested.

A total of 249 rock chip samples were submitted for assays with results up to 7.99 g/t Au and 69 g/t Ag returned

from the Curahue trend. In addition, two new IP geophysical surveys focused on the Curahue and Themisto

prospects were completed extending existing survey coverage of the Claud ia project to a total of 42.8 km2 of

Gradient Array survey and 96.32 line km of PDP survey (figure 4). Mirasol believes targets remain to be drill

tested on the Curahue, Thermisto and Rio Seco prospects and has initiated a search for a new partner for the

Claudia project.

- Nico Project – Santa Cruz, Argentina:

As announced on March 4, 2019, the drilling program at Nico was terminated early following the receipt of results

from 22 holes. Full results have now been received for the 27 -hole program and can be viewed on the website

(link). Two factors have contributed to disappointing results: i) the majority of vein or vein breccia structure s

were found to maintain the same width , or pinch out rapidly at depth instead of dilating; and ii) the surface

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samples are strongly oxidised and there seems to have been significant supergene enrichment episode of Ag and

Au very near surface that does not continue to depth. At this time, Mirasol does not intend to do any further

exploration on the Nico project.

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 Au and Ag 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.

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 factors 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

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

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

mineral recovery processes. Although we be lieve 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 Provider (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 – Mirasol Resources Project Portfolio. May 2019

Figure 2: Sascha Marcelina Project. May 2019

Santa

Cruz

Province

Argentina

Chile

50km

Sascha

Marcelina

claims

Cerro Negro

Cerro

orro

Mina Martha

Manatial

Espejo

Jurassic

volcanics

Cerro

Vanguardia

Inset 1

Marcelina

Claims

Sascha claims

Sascha

claims

5,000m

Inset 2

Pellegrini Trend /

Marcelina Silica Cap

Estancia Trend

Igloo Trend

Kilometres

0 1

Pellegrini and Estancia Trend only

82 Samples Au g/t Ag g/t

Max value 3.15 28.2

Min value -0.001 -0.01

Average value 0.31 1.55

Au Assays % of samples Au g/t

32 samples 39 > 0.1

15 samples 18 > 0.5

7 samples 9 > 1.0

Au/Ag Assays Label (g/t)

Assays pending

3.55

Figure 3 – Zeus Project. May 2019

Apollo Prospect Alteration

Basalt/Andesite

Capping Flows

Basalt/Andesite Capping Flows

250m

Basalt/Andesite

Capping Flows Intense illite-smectite and

overprinting jarosite-

gypsum alteration

Alunite-

kaolinite cap

Alunite-kaolinite cap

Smectite

zone

Illite

Core

Smectite

zone

Rock chip assays from hydrothermal breccia

Artemisa Prospect

Phreatomagmatic

Breccia

Apollo Prospect

Phreatomagmatic

Breccia

5 km

Zeus Project

18,480 ha

Covered Alteration?

Apollo CSAMT Resistivity Section 55,600E

Covered Alteration?

Moderately

resistive anomaly

Breccia Target?

4800m ASL

4600m ASL

7,113,000mN

4400m ASL

Outcrop hydrothermal breccia

Rock chip anomalies

(Au-Ag-Sb-Mo-As-Hg)

7,115,900mN

Strong resistive anomaly

(1,500 to +10,000 ohm-m),

covered qtz-alunite alt?

+10,0002.5 Resistivity (ohm-m)

2.01g/t Au

5.65g/t Ag

1.42g/t Au

1.93g/t Ag1.02g/t Au

0.74g/t Ag

Possible Feeder?

Strongly

conductive

pipe feature

500m N

126 Samples Au g/t Ag g/t

Max value 2.01 17.45

Average value 0.22 0.75

Au Assays % of samples Au g/t

71 samples 56.3 % > 0.1

12 samples 9.5 % > 0.5

4 samples 3.2 % > 1.0

SAMT Resistivity

Section 55,600E

B.D.L

Rio Seco

Prospect

Laguna Blanca

Prospect

Ailen

Prospect

Themisto

Prospect

Pits

Cerro Vanguardia

Gold

Silver Mine

Mill

Au g/t Ag g/t

7.99 69.3

2.17 3.5

2.05 1.4

Au g/t Ag g/t

2.15 51.1

0.16 228

3.16 1.3

Au g/t Ag g/t

0.27 31.2

0.66 2.0

0.29 18.6

Figure 4: Claudia Project. May 2019

Completed drill holes with OCG

Previous completed drill holes

2 to 9.15

0.5 to 2

0.3 to 0.5

0.1 to 0.3

Rock chip geochemistry

Gold Equivalent g/t (AuEq1)

0.01 to 0.1

0.0 to 0.05

1 AuEq = Au g/t + Ag g/t / 60

Curahue

West

Prospect

Curahue

Trend

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