Mirasol Signs Definitive Agreement to Option its Nord Project in Chile
NEWS RELEASE
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Mirasol Signs Definitive Agreement to Option its Nord Project in Chile
VANCOUVER, BC, September 8, 2020 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company”
or “Mirasol”) announces the signing of the definitive option agreement for its Nord Project (the “Project”) in
northern Chile with Encantada SpA (“Encantada”), an affiliate of Mineria Activa SpA. Mineria Activa is a Chilean,
mining-focused, private equity group with over US$150 million in assets under management.
Mirasol’s President and CEO, Norm Pitcher, stated: “We are pleased to close this transaction after the successful
completion of the technical and legal due diligence. Mirasol has monetized its interest in a non-core project for
up to US$ 3 million cash payments and the creation of a new 2% NSR royalty on prospective exploration claims
located near a development project.”
Figure 1 – Project Location
Terms of the Nord Agreement
Encantada has the option to earn 100% of the Project over 4 years by:
• Making cash payments totaling US$ 3,000,000 according to the following schedule:
o On signing of definitive agreement: US$ 50,000
o 14th month anniversary: US$ 200,000
o 24th month anniversary: US$ 400,000
o 36th month anniversary: US$ 600,000
o 48th month anniversary: US$ 1,750,000
• Incurring at least US$500,000 in exploration expenditures over the first 2 years of the option period.
Upon completion of the option obligations, Encantada will have earned a 100% interest in the Project and Mirasol
will retain a 2% Net Smelter Return (“NSR”) royalty. Encantada has the right to buy back 0.5% of the royalty for
US$3 million, exercisable within 8 years.
Nord Project Overview
The 1,967 ha Nord Project is located in Region III of Chile within the Exploradora District , which lies on the
western side of the N -S trending, regional scale Domeyko fault zone, and within the Eocene -Oligocene Copper
Porphyry belt. The Project lies adjac ent to the Exploradora porphyry project held by Codelco and the Ciclon-
Exploradora polymetallic-epithermal project operated by Mineria Activa. Based on the initial work completed by
Mirasol, the Nord Project has the potential to host both polymetallic intermediate epithermal vein and porphyry
styles of mineralization (See October 31, 2019 News Release).
Figure 2 – Claim outline
At Ciclon-Exploradora, Mineria Activa is advancing toward production after successfully completed a conceptual
engineering study and resource estimate in 2019, and is now working on a definitive feasibility study.
At the Nord Project, Encantada intends to complete an initial 6 -month fieldwork program, which will include
geology and alteration mapping as well as geophysical surveys and trenching. The program is aimed at defining
the structural corridors and intersections that may host epithermal deposits and potentially related porphyry
style targets. If results are positive, a n initial scout drill program will be completed to test the best targets ,
expected to occur in the second quarter of 2021.
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
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
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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 app roach, 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 unk nown 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 and to policies linked to pandemics, social and
environmental related matters. 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 o f 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.