MRZ.V · 2018-08-30 12:00:00

Mirasol Progresses Indra Epithermal Precious Metal Project in Northern Chile

Corporate Updates

NEWS RELEASE

Suite 910 - 850 West Hastings Street, Vancouver, B.C. Canada, V6C 1E1

Tel: +1 604 602 9989 Fax: +1 604 609 9946 E-mail: [email protected]

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Mirasol Progresses Indra Epithermal Precious Metal Project in Northern Chile

VANCOUVER, BC – August 30, 2018 — Mirasol Resources Ltd (TSX-V: MRZ), (OTCPK: MRZLF), (the “Company”

or “Mirasol”) is pleased to report on progress at the Company’s 100% owned 21,000 ha Indra epithermal

precious metal project, located 5 km south of the 1.37 Moz1 El Guanaco gold mine in northern Chile.

Indra highlights:

• Indra is s ubject to recently announced Letter of Intent for a n option to j oint venture with Hochschild

Mining

• Mirasol’s interpretation suggests the project encompasses the upper levels of a large epithermal

precious system

• The outcropping rocks are of a p rospective geological age, and lie within a favorable structural setting

on the Paleocene Age Mineral Belt

• The project is located at relatively low elevation with year -round access , and is adjacent to mine

infrastructure

• Mirasol and Hochschild are planning a geological mapping, geochemical sampling, alteration vectoring

and ground magnetics program for the southern hemisphere spring and summer (Q4 2018), that will

contribute towards the US$800,000 minimum commitment for the first 18-month exploration program

Letter of Intent

The Indra project is subject to a recently announced Letter of Intent for an option to joint venture with Hochschild

Mining plc (LON: HOC) which, contingent on completion of a successful due diligence by HOC, will grant HOC the

option to earn up to 75% of the project. HOC can elect to make a series of exploration and development

investments at the project, make staged cash payments to Mirasol of US$7 25,000, and at Mirasol’s request

provide production financing for the Company’s retained 2 5% project interest (see news release August 29,

2018). Mirasol will be the operator for the first 18 months, (extendable, at the request of HOC, for a further 12

months), earning a scaled management fee of up to 10% of exploration expenditures.

Indra Project

The Project was staked by Mirasol as an outcome of the Company’s Atacama – Puna Generative exploration

program and encompasses what Mirasol interprets may be the upper levels of a large epithermal Au-Ag system.

Mirasol has identified a limited number of prospect pits at Indra estimated to be from the 1900’s; however, there

is no evidence of modern exploration at the project despite year -round access and location adjacent to an

operating mine.

The Indra project is located in Paleocene Age Mineral Belt of northern Chile. The Belt hosts a number of world

class mines, including Yamana Gold’s El Penon Low Sulfidation Epithermal (LSE) Au–Ag mine (6.95 Moz Au and

188.1 Moz Ag2) and BHP Billiton’s Spence porphyry-copper mine (14 Mt of Cu3).

Indra is localized at the intersection of the Paleocene age volcanic arc with the NW -SE oriented Cul ampaja

structural corridor ( Figure 1). The Culampaja is considered an important crustal -scale, trans-orogen structure

1 S&P Global Market Intelligence

2 S&P Global Market Intelligence

3 S&P Global Market Intelligence

Suite 910 - 850 West Hastings Street, Vancouver, B.C. Canada, V6C 1E1

Tel: +1 604 602 9989 Fax: +1 604 609 9946 E-mail: [email protected]

www.mirasolresources.com

that has influenced the emplacement of many large-scale precious metal and copper deposits in northern Chile

and Argentina, including Gold Field’s recently discovered Salares Norte gold deposit (3.7 Moz Au4), located where

the structure traverses the Mio–Pliocene age mineral belt5, 82 km to the SE of Indra.

The Chilean Government published a regional geological map of the area , including Indra, which confirms the

presence of a prospective Paleocene age rhyolitic flow dome and volcanic complex. The flow domes have been

radiometrically dated at 56.2 M a6. Rhyolite flow domes of a similar age are also known to be associated with

Yamana’s El Penon Au-Ag mine7 located 84 km to the north of Indra. This association suggests a prospective age

for the flow domes and associated alteration system at the Indra project.

The Project hosts the following encouraging prospects (Figure 2):

1) Agni, with a large chalcedony and opal silica alteration system and associated silica - barite structures;

and

2) Indra, with a large carbonate-silica vein and vein-breccia zone.

The Indra vein-breccia outcrops intermittently through thin unconsolidated post-mineral gravels, and has been

mapped for a strike length of more than 7 km before it trends under thicker cover. The vein -breccias widths

range from a few cm up to more than 10 m and are characterized by well-developed colloform and crustiform

textures and brecciation (Figure 3), which are indicative of a high-energy multi-pulse hydrothermal system.

Rock chip sampling of the Indra vein -breccia and the alteration and veining at Agni has retuned low -level

anomalous Au and Ag (max 140 Au ppb and 1,690 Ag ppb) combined with very high levels of As , Sb, Hg, and Ba

epithermal pathfinder elements, as well as strongly anomalous Cu , Pb and Zn (Figure 1). Alteration mineralogy

analysis of the wall rocks hosting the vein-breccias at Indra show an interlayered illite and smectite mineral

assemblage. The ratio of these minerals in the alteration can be used to estimate the approximate depth to the

potentially underlying precious metal interval (Figure 4).

Based on Mirasol’s knowledge of this deposit class and ore deposit models developed from studies of epithermal

deposits in Chile and other parts of the world, Indra is interpreted as representing the upper levels of a large

epithermal system, where high-grade Au-Ag mineralization may be preserved at depth beneath the outcropping

Indra and Agni alteration and vein zones. This interpretation is supported by the presence of “Indra” like

carbonate – silica veining, peripheral to and overlying gold - silver mineralization in the El Penon district 8, and

overlying the ore zone in the multi-million ounce HOC Arcata gold-silver mine in Peru that has produced in-excess

of 390,000 oz Au and 200 Moz Ag9.

4 Gold Fields. (2017). The Gold Fields Mineral Resource and Mineral Reserves Supplement to the Integrated Annual Report

2017.

5 Azevedo, F. et. al. (2015). The Discovery and Geology of the Salares Norte Epithermal Gold-Silver Deposit, Northern Chile,

New Gen Gold 2015

6 Espinoza, F. et. al. (2011). Carta Catalina, Region de Antofagasta, 1:100,000. Carta Geologica de Chile, Serie Geologia

Basica

7 Warren, I. et. al. (2008). Geochronology of epithermal Au-Ag mineralization, magmatic-hydrothermal alteration, and

supergene weathering in the El Penon district, northern Chile. Economic Geology, 103(4), 851-864.

8 Bissig, T. et. al. (2007). Vein carbonates in the low sulfidation epithermal Au -Ag District of El Penon, II Region, Chile:

environment of formation and exploration implications. Revista geológica de Chile, 34(2), 291-303.

9 Candiotti de los Rios, H. et. al. (1990). Geologic setting and epithermal silver veins of the Arcata district, southe rn Peru.

Economic Geology, 85(7), 1473-1490. and Hochschild Mining public prospectus and production reports .

Suite 910 - 850 West Hastings Street, Vancouver, B.C. Canada, V6C 1E1

Tel: +1 604 602 9989 Fax: +1 604 609 9946 E-mail: [email protected]

www.mirasolresources.com

Mirasol and HOC are currently designing the first phase Indra exploration program that will include detailed

geological mapping, rock chip sampling, alteration vectoring studies and ground magnetics. It is anticipated that

exploration will commence at the project in the 4th quarter of 2018.

Stephen Nano, President and CEO of Mirasol, has approved the technical content of this news release. Mr Nano

is a Charter Professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (CP and

FAusIMM) and is a Qualified Person under NI 43 -101.

For further information, please contact

Stephen Nano

CEO and President

Jonathan Rosset

VP Corporate Development

Tel: +1 (604) 602-9989

Email: [email protected]

Website: www.mirasolresources.com

Quality Assurance/Quality Control of the Indra exploration program:

All exploration on the project was supervised by Mirasol CEO Stephen C. Nano, who is the Qualified Person under NI 43-101.

Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical soil, stream, rock and drill samples

are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained

and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited

laboratory in Chile for analysis. Assay results from surface rock, channel, trench, and drill core samples may be higher, lower or similar to

results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations

in the primary mineralization.

Forward Looking Statements: The information in this news release contains forward looking statements that are s ubject 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 regulations 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 believe the expectations reflec ted in our

forward-looking statements are reasonable, results may vary, and we cannot guaran tee 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.

Argentina

Chile Bolivia

Chile

Salares

Norte

Coipa

Marte

Lobo

Inca de Oro

Spence

Sierra

Gorda

El Guanaco

1.37

Moz

5.75

Moz

Penon

6.95 Moz Au

188.1 Moz Ag

San Cristobal

0.99

Moz

5.4

Moz

Chuquicamata

Esperanza

Gaby

Escondida

Taca

El Salvador

Potrerillos

Abra

Toki

Indra

Project

Antofagasta

Tocopilla

Taltal

100 km

El Guanaco

1.37

Moz

5.75

Moz

56.2

56.8

55.1

56.9

54.8

5,000 m

Figure 1: Indra Project – Location. August 2018

INDRA

AGNI

Paleocene

Mio-Pliocene

Igneous Belts

Significant Deposits

Commodity

Gold

Gold-Silver

Copper

Copper-Gold

Age

Mio-Pliocene

Oligocene

Paleocene

Overview Legend

Structure

Trans orogen structure

Regional scale structure

Project Legend

Mineral Occurrence

Geochron Age Data

(labelled by age, Ma)

Mapped Veins

Alunite

High Clay/Illite/Muscovite

Low Clay/Illite/Muscovite

Kaolinite

Smectite

Landsat-8 Satellite

Alteration Maps

Silicified Floats Zone

Vein Floats Zone

Figure 2: Indra Project – Geology and Geochemistry. August 2018

Gravel cover

5,000 m

Gravel cover

INDRA

AGNI

INDRA

ppm

Mn Mo Cu Pb Zn

Max (n=583) 50000 21.7 5180 161.5 432

Mean (n=583) 1767 0.91 83.78 5.68 28.75

INDRA

ppm

Au Ag As Ba Hg Te Tl

Max (n=583) 0.14 1.0 12000 10000 9.57 3.81 16.9

Mean (n=583) 0.002 0.15 1457 293 0.10 0.023 2.92

AGNI

ppm

Au Ag As Ba Hg Te Tl

Max (n=272) 0.013 1.69 10000 6850 14.8 26 20

Mean (n=272) 0.001 0.16 696 299 0.80 0.23 2.73

AGNI

ppm

Mn Mo Cu Pb Zn

Max (n=272) 8040 139.5 763 1660 3780

Mean (n=272) 586 10.78 62.31 43.28 102.70

0.05 to 0.14

0.03 to 0.05

0.015 to 0.03

0.01 to 0.015

0.075 to 0.01

Rock Chip Assays

Gold Equivalent

Au+(Ag/60)

Below Detection

Figure 3: Indra Project – Indra and Agni prospect Vein Breccia Photos. August 2018

Altered Rhyolite

flow dome

Indra Prospect: 10m wide, multistage

carbonate

quartz vein

breccia

Indra Prospect: colloform banded

carbonate silica vein / breccia

Indra Prospect: hydrothermal breccia

colloform banded clast with carbonate

silica matrix

Agni Prospect: 2m wide vein breccia zone

barite

goethite

limonite silica matrix

Agni Prospect: barite

goethite fill to breccia

*Adapted after Buchanan, 1981.

Indra Project: Current land

surface / depth of erosion

Gold - Silver

deposition interval

Figure 4: Indra Project – General Epithermal Model. August 2018

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