MRZ.V · 2019-11-06 12:00:00

Mirasol Provides an Exploration Update and Announces Trenching Program at Los Amarillos Project in Chile

Exploration Programs

NEWS RELEASE

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

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

www.mirasolresources.com

Mirasol Provides an Exploration Update and

Announces Trenching Program at Los Amarillos Project in Chile

VANCOUVER, BC, November 06, 2019 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company”

or “ Mirasol”) is pleased to provide an update on exploration activities on 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 the exploration

activities occurring on our projects now that the field season has begun . Our p artner Newcrest recently

commenced drilling at Gorbea and we look forward to results from that program later in the year. With a full

field season ahead, we expect that this year will be pivotal for this project. We should also see the maiden drill

program at Altazor, which has been long awaited.”

Mr. Pitcher added: “ Mirasol has also been actively working on its Los Amarillos and Sascha Marcelina projects

and we are very pleased with the results to date. Both projects represent compelling undrilled prospects and we

have made the decision to further advance Los Amarillos with a self-funded trenching program aimed at better

understanding the continuity of the high-grade samples received to date. If the results of this work are positive,

Mirasol plans to initiate a drilling program at the project next year. Between the exploration funded by our

partners and our own self-funded exploration activities, Mirasol is well positioned to see significant

developments at its key projects this year, and we look forward to providing further updates as results become

available”.

Short updates are provided below.

Projects currently under option to joint venture agreements:

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

Newcrest Mining Limited (“Newcrest”) has informed the Company that they recommenced drilling at the Gorbea

project last month with 3,000m of diamond drilling planned. The drilling is initially focused on completing the 4-

hole program, aimed at better understanding the controls and continuity of the Au mineralization at the project,

which was terminated late last field season after the completion of just 2 holes. The first hole drilled this year

will twin hole ATL -DDH-001 which was lost 20m into the mineralized zone, and wh ich returned 19.3 m at 0.89

g/t Au from 372m, including 13m at 1.1 g/t Au from 372m to 385m. In 2017, Mirasol’s previous partner drilled 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 (historical

hole 15) to the northeast of ATL-DDH-001 (Figure 2).

Mirasol will provide updates as results for this season’s activities are received and analysed.

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

Newcrest has submitted and received approval for its drilling program and is pla nning to start drilling this year,

subject to further discussions and agreements with the local community. Newcrest is anticipating that it is will

complete a 2,225m diamond drilling program and infill CSAMT geophysics during this field season.

Projects controlled by Mirasol:

- Los Amarillos – Atacama Puna Region, Chile:

Following the land consolidation announcement (news release June 26, 2019), Mirasol has completed additional

reconnaissance geological mapping and prospecting work, which outlined several new vein occurrences within

the property. An additional 357 rock chip samples were assayed, averaging 2.28 g/t Au and 19 g/t Ag, with a new

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

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

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highest-grade sample returning 330 g/t Au and 100 g/t Ag. This prospecting work was focused on the new claims

that were not previously sampled and it has extended the areas of high -grade mineralized epithermal vein on

the project onto the newly consolidated ground (Figure 3).

In addition, Mirasol has also completed a property wide ground magnetics survey at 50m line spacing which

provided high-density magnetic informa tion that has allowed Mirasol to further understand the structural

regime and allowed the definition of distinct geological domains and areas of alteration as outlined by magnetic

depletion zones. The structural interpretation of the magnetic data shows a strong correlation between

anomalous Au/Ag rock chip assays and N-S structural trends (Figure 4).

A Mirasol funded trenching program is being permitted and is expected to commence before the end of the year

or early in 2020 . The program is designed to provide better exposure for geological mapping and sampling of

both the vein and stockwork zones , and will also allow sampling of the wall rock between the high -grade vein

structures. Based on the results from the trenching and channel sampling program, a follow-up Mirasol funded

drill program will be considered. The results to date at Los Amarillos, combined with the low elevation, excellent

infrastructure, and year-round access, have highlighted a unique opportunity for Mirasol to move forward with

its “hybrid” exploration strategy.

- Sascha Marcelina Project – Santa Cruz, Argentina:

Mirasol recently completed further surface exploration including a geophysics program at Sascha Marcelina. A

total of 40 line-km of pole-dipole IP geophysics was completed over the three principle areas - the Estancia Trend

(20.5 line-km), the Pellegrini silica cap (14.2 line-km) and the Igloo trend (5.35 line-km). Final processing and

interpretations are pending. Mirasol will integrate these results, along with those from the recent mapping and

sampling campaigns, to define drill targets all three prospects. In parallel, Mirasol is making good progress in its

search for a partner to drill test the project.

- Generative Program – Atacama Puna Region, Chile:

The Company has also re-initiated its field evaluation program on Mirasol owned properties in the Mio Pliocene

belt of Chile. First pass field evaluations are planned on four properties (two high sulfidation epithermal and two

porphyry targets) as well as a second pass review on a fifth porphyry project. These generative programs have

to date delivered multiple quality targets as illustrated by our multiple partnership agreements in this belt.

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 inte grated 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.

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

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

www.mirasolresources.com

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 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 Provider (as that term is defined in the policies of the TSX

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

ATACAMA-PUNA

GENERATIVE

SANTA CRUZ

GENERATIVE

MIRASOL CHILE PROJECTS

MIRASOL SANTA CRUZ PROJECTS

Odin

Zeus

Rubi

Libanesa

La Cuva

Claudia

Virginia

Homenaje

Sascha

Marcelina

El Penon

Escondida

El Guanaco

El Salvador

Salares Norte

Potrerillos

Nueve Esperanza

La Coipa

CHILE

ARGENTINA

Antofagasta

Santiago Mendoza

San Jose

Cerro Negro

Cap Oeste

Cose Joaquin

Martha

Manantial Espejo

Cerro Vanguardia

Don Nicolas

Cerro Moro

Deposits

Lithology

Projects Project Labels

Project Name

Partner

Gold/Silver (Au-Ag)

Copper (Cu)

Tertiary Igneous Rocks

Jurassic Igneous Rocks

Pipeline Project

Business Development Focus

Mirasol Funded Exploration

Partner Funded Exploration

50 km

250 km

Legend

Altazor

Newcrest

Coronacion JV

First Quantum

Gorbea

Newcrest

Indra JV

Hochschild

Nord Option

Mineria Activa

Figure 1 – Mirasol Resources Project Portfolio. November 2019

Amarillos

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

ALT-DH-01/03/04 to

be completed

1,000 m

ATL

To be redrilled

59m @ 0.39 g/t Au

Inc. 13m at 1.1 g/t Au

19.3m at 0.89 g/t Au

Inc. 10m at 1 g/t Au

114.1m at 1.07 g/t Au

Inc. 36m at 2.49 g/t Au

Figure 3: Los Amarillos Project – Geochemistry Results to Date. November 2019

Rock Chip Gold g/t

Rock Chip Silver g/t

1,000m

40.5

38.3

39.3

39.2

18.3

29.6

16.2

50.7

330

255

198

366

161

199

543

572

367

159

167

773

219

1,000m

22.5

Mapped Vein Breccia

Paleocene Dykes/Intrusives

Mapping

Vein

10 to 330

5 to 10

1 to 5

0.5 to 1

<0.5

900 x 140m outcropping

vein breccia - Bulk target

Zone of high-grade

Au/Ag epithermal

veins and veinlets

24.2

Figure 4: Los Amarillos Project – Mag Survey Interpretation and Rock Chip Assays Statistics. November 2019

Total samples from outcrop / subcrop / float = 357

Gold Assays

All Samples Au Ag

Max Value 330 g/t 773 g/t

Average value 2.6 g/t 19.2 g/t

Top Au Assays % of samples Au g/t

153 Samples 42.9 % > 0.25 g/t

111 Samples 31.1 % > 0.5 g/t

77 Samples 21.6 % > 1.0 g/t

44 Samples 12.3 % > 2.5 g/t

22 Samples 6.2 % > 5.0 g/t

New Rock Chip Assays

Total samples from outcrop / subcrop / float = 929

Gold Assays

All Samples Au Ag

Max Value 330 g/t 773 g/t

Average value 1.58 g/t 11.5 g/t

Top Au Assays % of samples Au g/t

373 Samples 40.2 % > 0.25 g/t

276 Samples 29.7 % > 0.5 g/t

184 Samples 19.8 % > 1.0 g/t

105 Samples 11.3 % > 2.5 g/t

52 Samples 5.6 % > 5.0 g/t

All Rock Chip Assays to date

Outcropping vein/breccia

stockwork zone

Rock Chip Assays

Gold Equivalent g/tMagnetic Domain Interpretation

Gold Equivalent = Gold + (Silver/60)

Spotty Mag Domain (Depletion zone)

Low-Medium Uniform Mag Domain

Medium Irregular Mag Domain

High Mag Domain

Structural Traces

Strong association between

mineralization and N-S through

going structures.

Mineralized structures transect

magnetic domains.

25 to 332

5 to 25

2.5 to 5

1 to 2.5

0.1 to 1

1,000 m

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