Mirasol Signs Definitive Option Agreement for its Virginia Silver Project in Argentina
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 Definitive Option Agreement for its Virginia Silver Project in
Argentina
VANCOUVER, BC, May 21, 2020 — Mirasol Resources Ltd. (TSX -V: MRZ) (OTCPK: MRZLF ) (the “ Company” or
“Mirasol”) is pleased to announce the signing of a definitive agreement with Golden Opportunity Resources
Corp. (“Golden Opportunity”) (CSE:GOOP) for its Virginia Silver project (the “Project”) in the Santa Cruz Province
of Argentina. Golden Opportunity has completed a n oversubscribed C$2.2 million financing providing it with
ample capital to move the project forward. The response to the exploration strategy and silver exposure of
Golden Opportunity has been very positive and Mirasol is pleased to become one of its significant shareholders.
Norm Pitcher, President and CEO of Mirasol stated: “We are pleased to close this transaction and to start working
with the team at Golden Opportunity. There are a variety of targets at Virginia, including the down dip and along
strike extensions of veins already in the resource, mapped but undrilled veins, and geochemical anomalies which
may indicate the presence of new vein structures. All of these provide the potential to significantly increase the
resource.”
Mirasol and Golden Opportunity are setting up an exploration committee to finalize the exploration and drilling
programs at Virginia over the upcoming season. It is expected that drilling will start in late Q3 or early Q4 2020.
Terms of the Transaction
Mirasol granted Golden Opportunity the option to acquire 100% of the Project over 3 years by:
- Making share issuances totalling 19.9% of the share s outstanding (the “S/O”) of Golden Opportunity at
the time of vesting:
o On signing of the definitive agreement: 9.9% of the S/O (completed – 3,745,269 shares issued)
o On first anniversary: 5% of the S/O
o On Second anniversary: 5% of the S/O
o On third anniversary: top up to 19.9% of the S/O (inclusive of the previous issuances)
- Completing US$6M in exploration expenditures
o Year 1: US$1M (firm commitment)
o Year 2: US$2M
o Year 3: US$3M
- Mirasol will be the operator of the project during the option period and receive a management fee.
Upon completion of the option, Golden Opportunity will have earned a 100% interest in the Project and Mirasol
will retain a 3% NSR royalty, of which 1% can be bought back by Golden Opportunity for US$2M.
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.
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
or
Jonathan Rosset, VP Corporate Development
Tel: +1 (604) 602-9989
Email: [email protected]
Website: www.mirasolresources.com
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 fa ctors 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, minera l 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.