Mirasol Signs MOU to Option its Nord Project and Reports on the Indra Drilling 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 MOU to Option its Nord Project and Reports on the Indra
Drilling in Chile
VANCOUVER, BC, October 31, 2019 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company” or
“Mirasol”) announces the signing of a Memorandum of Understanding (“MOU”) for its Nord Project, and reports
on the drilling results at its Indra project.
Nord MOU Execution
Mirasol is pleased to announce the signing of a MOU with Mineria Activa (“Mineria”) for its Nord Project (the
“Project”) in northern Chile. Mineria is a Chilean, mining focused, private equity fund with over US$150 million
in assets under management. The Project was staked by Mirasol as part of its ongoing Atacama-Puna generative
program and lies adjacent to the Ciclon-Exploradora polymetallic-epithermal project which is currently being
advanced toward production by Mineria. By completing this transaction, Mirasol continues rationaliz ing its
exploration portfolio and monetizes its interest in the N ord Project while retaining a 2% N et Smelter Return
(“NSR”) royalty on exploration claims located near a development project.
Mirasol’s President and CEO, Norm Pitcher, stated: “We are pleased to sign this MOU with Mineria Activa. Given
their close proximity to our Nord project, Minera is a logical buyer and we look forward to them exploring on the
Nord project for potential extension or parallel structures to the known mineralization as well as other
mineralization styles in this prospective land package.”
Terms of the Transaction
Mirasol shall grant to Mineria the option to earn 100% of the Project over 4 years by:
o Making annual cash payments totaling US$ 3,000,000:
On signing of definitive agreement: US$ 50,000
1st anniversary: US$ 200,000
2nd anniversary: US$ 400,000
3rd anniversary: US$ 600,000
4th anniversary: US$ 1,750,000
o Committing to complete at least US$500,000 of exploration expenditures over the first 2 years of
the option period.
Upon completion of the option, Mineria will earn a 100% interest in the Project and Mirasol will retain a 2% NSR
royalty, of which 0.5% can be bought back by Mineria within 8 years of signing of the definitive agreement, for a
US$3 million payment.
The MOU is subject to legal due diligence and execution of a definitive agreement. Mirasol has granted Mineria
an exclusivity period to allow for these processes to be completed.
Nord Project Overview
The 1,967 ha Nord Project is located in Region III of Chile within the Exploradora District (Figure 1), which lies on
the western side of the N -S trending, regional scale Domeyko fault zone, and within the world class Eocene -
Oligocene Copper Porphyry belt. Based on Mirasol’s initial surface exploration, the Project has the potential to
host two main styles of mineralization.
The first type is characterized by large vein type mineralization injected into fault structures as seen in the active
small-scale mi nes located near the NE corner of the claim boundary and at Mineria’s Ciclon-Exploradora
development project, which is located adjacent to the eastern blocks of the Project (Figure 2). These veins and
breccias occupy NNW, ENE & WNW trending faults hosting polymetallic (Cu, Zn, Pb, Ag, Au) mineralization. While
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
surface geochemistry has returned only low to anomalous results, Mineria’s understanding will be valuable to
define drill targets for potential extensions or parallel structures to the known mineralization.
The potential for Cu-Au porphyry style mineralization is also present on the Project. In the central part of the
property package, a large alteration zone exists displaying patt erns of quartz-sericite and advance argillic
alteration with thin tourmaline(?) veinlets, which are characteristic of porphyry style alteration assemblages.
This style of mineralization is present on CODELCO’s Exploradora project, located just 2.5 km directly east of the
Project.
Mirasol looks forward to executing the definitive agreement and will provide updates on material developments
from Mineria’s exploration activities at Nord.
Indra Drilling Results
Mirasol also reports that it has completed a 6 hole, 1,685m reverse circulation drill program on its Indra property
in Chile, under the option to joint venture agreement with Hochschild Mining. The program was targeting the
depth extension of the carbonate veins mapped and sampled at surface. The assay results have been received
and no mineralization was encountered in the drilling.
The results have been provided to Hochschild Mining and the companies are discussing the next step for this
project.
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 wit hin 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, 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
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
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.
Figure 1: Nord Project Location. 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-Newcrest
Altazor Project
Nord
MRZ-FQM
Coronacion Project
MRZ-HOC
Indra Project
Figure 2: Nord Project – Claim Outlines. October 2019
Exploradora
-
CODELCO
Porphyry
Deposit
Nord Project
1,967 ha
Ciclon
-
Exploradora
Polymetallic
Epithermal
Deposit
MINERIA ACTIVA