Mirasol Signs Agreement to Option its Newly Generated Coronación Copper/Gold Project in Chile
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 Signs Agreement to Option its Newly Generated Coronación
Copper/Gold Project in Chile
VANCOUVER, BC, October 7, 2019 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company” or
“Mirasol”) is pleased to announce the signing of a definitive agreement (the “Agreement”) with First Quantum
Minerals (TSX:FQM)(“FQM”) for its Coronación Copper/Gold Project (the “Project”) in Northern Chile. The Project
was generated by Mirasol as part of its ongoing Atacama- Puna generative p rogram, further confirmation of
Mirasol’s ability to attract quality partners on prospective exploration projects. With four partnership
agreements now active, Mirasol continues to build a unique portfolio of exploration assets in Chile.
Mirasol’s President and CEO, Norm Pitcher, stated: “We are pleased to partner with FQM to advance the
Coronación project, and look forward to results from the coming field season. With this agreement, Mira sol
further expands its portfolio of quality exploration targets being tested by majors in the prolific Mio Pliocene belt
of Chile.”
Terms of the Agreement
Mirasol granted to FQM the option to earn-in 80% of the Project over 6 years by:
o Making annual cash payments totaling US$ 875,000;
o Completing at least 10,000m of drilling; and
o Delivering a NI 43-101 compliant Prefeasibility Study Report
FQM is committed to completing 3,000 m of drilling and a systematic geophysical program on the Project over
the first 24 months of the Agreement. Following this period, FQM is required to spend a minimum of US$500,000
per year over the term of the Agreement. FQM will be the operator during the option period.
Following the completion of the 80% earn-in, FQM will have a one-time option to acquire the remaining 20% on
terms to be negotiated between the parties. If this option is not exercised, the parties will form a participating
joint venture to further fund the development of the Project.
Coronación Project Overview
The 1,200 ha Coronación project is in Region II of Chile near the border with Argentina at an altitude of 4,000 to
4,600 m ASL. The project is located on a major NW structural trend associated with several Andean porphyry
deposits (Figure 1).
Work completed by Mirasol indicates the potential presence of a porphyry /breccia system intruding a layered
Miocene aged volcanic sequence of dacitic domes and pyroclastic units. Alteration consists of an advanced argillic
lithocap (alunite/jarosite) developed in the central -eastern side of the property and intermediate argillic
alteration (white micas) in the western portion of the property, along with pervasive , and locally vuggy silica
alteration (Figure 2).
These two distinct and coincident areas display affinities to a high sulfidation epithermal system to the east, with
the western side displaying a more typical porphyry deposit related style of alteration. Alteration signatures have
been interpreted using ASD spectral analysis and the geochemistry is supportive of these interpretations .
Geochemical sampling has defined a large 600 by 800 m Cu-Mo geochemical anomaly on the western side within
the overall 3 by 2.5 km alteration halo (Figure 3).
Mineralization occurs as sheets and stockworks of banded quartz veins with up t o three phases of silica
emplacement recognized. Relic sulfide boxworks within the veins and wall rocks contain iron oxides (hematite -
goethite and jarosite), with secondary copper and manganese oxides occurring along (or lining) fractures.
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
Mirasol looks forward to a successful season of exploration work at Coronación and will update its shareholders
on material developments at the Project.
Engagement of Proactive Investors
Mirasol is also pleased to announce it has retained Proactive Investo rs (“Proactive”) to provide the Company
with ongoing editorial coverage and to complete recorded video interviews with Mirasol’s management team.
These videos will be available on Proactive’s platform as well as the Company’s website, LinkedIn and Twitter
accounts.
Under the terms of an investor relations agreement between Mirasol and Proactive effective immediately and
for a term of twelve months renewable annually, Mirasol will pay an annual fee of C$20,000.
Proactive is a leading multimedia news organization, investor portal and events management company with
offices in Vancouver, Toronto, London, New York, Sydney and Perth. Proactive operates financial news websites
providing news and commentary on hundreds of listed companies.
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
or
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, eq uity 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 reflected in our forward -looking statements are
reasonable, results may vary, and we cannot guarantee future results, l evels 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.
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
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: Coronación Project Location and Overview. October 2019
%
Argentina
Chile
Bolivia
Cerro
Colorado
Collahuasi
Chuquicamata
Spence
Taca
Taca
Alumbrera
Agua Rica
Escondida
El Guanaco
La
Coipa
El Indio
Salares
Norte
Los
Helados
Maricunga
Pirquitas
Legend
Major Deposit (Au)
Major Deposit (Cu)
Major Deposit (Ag)
MRZ Mio-Pliocene
Projects
Mio-Pliocene
Igneous Belt
El
Penon
Inca de Oro
Filo del Sol
Pascua
Northern
Mio-Pliocene
Generative
Region
MRZ-Newcrest
Gorbea Project
MRZ
Zeus Project
MRZ-FQM
Coronacion
Project
MRZ-Newcrest
Altazor Project
Coronacion
Project
1,200 ha
Cu / Mo
Porphyry
Target
Au / Ag
High Sulfidation
Epithermal
Target
1,000 m
Socompa
Figure 2: Coronación Project – ASD Alteration. October 2019
White Micas
Acid Sulfate / Sulfates
Primary Alteration Mineral
Secondary Alteration Mineral
Primary Alteration Mineral
Secondary Alteration Mineral
Roughly circular strong white mica
zone with a peripheral zone of
lower abundance
(Porphyry type spectral response)
Coincident Alunite and Jarosite
+/- Gypsum zone
(HSE type spectral response)
ASD DATA
ASD DATA
Figure 3: Coronación Project – Rock Chip Geochemistry. October 2019
Copper
Molybdenum
Grey silica stockwork veins
(B type) cutting Miocene?
dacite dome, possibly
cross-cutting wormy veins
(A type)
Incipient vuggy silica in a
fracture with advanced
argillic alteration outside
the fracture
Coronacion Vein Zone:
Interpreted as higher
level component of
porphyry system, high
sulfidation epithermal
Coronacion Stockwork
Zone:
Interpreted as higher level
stockwork veins (B type)
above or adjacent to a
porphyry
Antimony
Mercury
Grey Quartz Stockwork Veining
Incipient Vuggy Silica
Rock Chip Assays
by Cu - ppm
Rock Chip Assays
by Hg - ppm
Rock Chip Assays
by Sb - ppm
Rock Chip Assays
by Mo - ppm
Vein
zone
Stockwork
zone