MRZ.V · 2022-02-28 12:00:00

Mirasol Advances Sobek Copper Project and Provides General Exploration Update

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

February 28, 2022

Shares Issued and Outstanding: 54,015,043

TSX-V: MRZ

OTCPK: MRZLF

Mirasol Advances Sobek Copper Project and

Provides General Exploration Update

VANCOUVER, BC, February 28, 202 1 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the

“Company” or “Mirasol”) is pleased to provide an update on progress at the Sobek Project (“Sobek”)

and general exploration activities completed in the last quarter of 2021 on its projects in Northern Chile

and Argentina.

Mirasol’s President Tim Heenan commented: “Our maiden field program at Sobek has confirmed the

presence of porphyry-type geology and alteration assemblages, which are supported by the anomalies

recorded in the high-resolution aeromagnetic survey completed last year. W e are fast -tracking

exploration at Sobek and our exploration teams are in the field for an extended and detailed review of

priority targets. In parallel, follow-up geophysics programs are being planned at the Rubi and Inca Gold

projects and maiden reconnaissance programs have been completed on a number of early-stage

porphyry prospects in the Argentinian Cordillera to continue advancing our project portfolio”.

Mr. Heenan added: “D rilling results from the programs completed last year at Gorbea and Sascha

Marcelina fell short of our expectations. Further exploration and drilling will be needed on both of those

projects. Looking forward, a 2,000m maiden drill program at Libanesa is planned to start shortly”.

A webinar with Tim Heenan, the Company’s President and Patrick Evans, the Executive Chair will be

held on March 3rd, 2022 at 10:00 am PT / 1:00 pm ET. A brief presentation will be followed by a Q&A

session. Registration can be completed using this link.

Figure 1: Mirasol’s Project Portfolio

Chile Update:

• Sobek Copper Project – Self-funded

Mirasol is pleased to report that agreements have been secured with local communit ies and

landowners to access 100% of Sobek , which is divided into North, Central and South Blocks . A field

campaign is now underway evaluating prospects across the entire property package. This extensive

field campaign will assess the potential for porphyry copper-gold and epithermal gold-silver

mineralization with further geochemical sampling, detailed geological mapping and additional ground

based geophysical surveys (Induced Polarization (“IP”) and magnetics) over priority targets.

This program is following up on the helicopter supported high-resolution aeromagnetic (“Mag”) survey

completed in mid-2021. The Mag survey detected multiple highly prospective geophysical magnetic

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targets across the entire Sobek property package. This has improved understanding of the structural

architecture of the property and formed an important base for the ongoing field exploration at Sobek.

The maiden field campaign in the Sobek Central Block confirmed the presence of a volcanic complex

hosting rhyodacitic and andesite volcanics flanked to the west by igneous intrusive rocks of dioritic

composition. These intrusive rocks locally host disseminated magnetite and tourmaline and also

localized zones of strong “crackle brecciation” with gypsum matrix infill and siderite veinlets . Within

the high topographic elevation levels, significant and widespread areas of strong argillic alteration have

been identified and are being further evaluated during th e current campaign. All of these geologic

features are considered promising and support the exploration model for Sobek.

At the Sobek South Block, a scouting campaign identified a large hypabyssal dacitic dome complex

emplaced within the older Paleocene-aged granitic to granodioritic host rocks. The margins of this

dome commonly display autobrecciation textures and host low temperature silicification and argillized

alteration halos. Initial observations suggest these domes occupy a large part of the South Block. The

eastern part of this block also hosts a very attractive magnetic low (magnetite destruction) anomaly

which sits between the eastern dome edge and the Argentine border. Th ese peripheral areas of the

dome are considered highly prospective and are being reviewed in the field.

The Sobek North Block , which was recently expanded and now encompasses 6,961 hectares, is also

being evaluated during the current campaign. Several compelling Mag anomalies exist within this block,

including both magnetic highs and lows, which will be the focus of the current field campaign.

Figure 2: Sobek project - Aeromagnetic targets and structural setting

• Gorbea Gold/Silver Project – Under Option to Newcrest Mining Limited (“Newcrest”)

Newcrest completed five reverse circulation drill holes for 2,072m, with two holes at the Atlas prospect

and three holes at the El Dorado prospect. No meaningful mineralization was encountered in these

holes.

At Atlas, hole ATLT0011A targeted the extension to the southeast of a silicified polymictic breccia body

outcropping on surface (Apollo Breccia) coinciding with a high-resistivity feature. Although vuggy silica

texture, quartz alunite alteration and pathfinder elements were intersected, the lack of gold values

indicates a peripheral position to the mineralized centre. Hole ATLT0012 was drilled to test for potential

continuation to the north in the Atlas Central zone. The results limit the potential of the mineraliz ed

body in a northerly direction, but some potential remains to both the east and west to extend the

mineralization and explore for higher-grade mineralization. One potential target lies to east-southeast

where pathfinder elements, alunite composition and gold values combine with a high -resistivity

anomaly.

At El Dorado, the drill holes targeted a combination of positive features , including a high-resistive

feature, a polymictic breccia body with vuggy silica fragment and a steam-heat zone, all associated with

elevated pathfinder elements. No further work is planned at El Dorado.

Newcrest has informed the Company that it is now focusing on reviewing the untested prospects at

Gorbea (Ventura, Orion , Danay and Aldebaran) with further surface mapping, geochemistry and

possible geophysical surveys to identify potential drill targets.

Figure 3: Gorbea project - Completed drilling at Atlas and El Dorado prospects

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• Nord Polymetallic Project – Under Option with Encantada SpA (“Encantada”)

At the Nord project, Encantada completed a field program in the second half of 2021 focused on two

priority targets within the central and southern sectors of the project.

Five scout drill holes totaling 1,192m were completed on the Target 3 in the center of the project, which

is characterized by skarn mineralization hosted by a Jurassic carbonate sequence intruded by

monzodiorite and diorite intrusive bodies. The northeast mineralized trend extends for 1.3 km marked

by copper and zinc mineralization and other geochemical anomalies. Narrow zones of zinc

mineralization (sphalerite - pyrrhotite) were encountered in the northern holes while higher

temperature (garnet-pyroxene-magnetite) skarn carried narrow zones of copper -gold mineralization

were intercepted in the s outh. The higher temperature skarn and increasing copper -gold along with

molybdenite may indicate a vector towards a porphyry target to the southeast.

At Target 2, geological mapping at 1:2 ,000 and 1:5 ,000 scale was completed on a porphyry prospect

interpreted to be of similar Mid Eocene-Oligocene (33-36 Ma) age to the Exploradora complex located

4 km to the northeast. Three porphyry intrusives associated with potassic (biotite) alteration are

overprinted by strong sericite -clay alteration with local alunit e, limonite and copper oxides in two

elongated 200 x 500m and 150 x 300m zones. Porphyry -type veining includes early biotite -magnetite

(EB) veins and scarce A veins along a north-northwest trend near the contacts of the porphyry with the

monzodiorite intrusive host rock. The IP survey completed in this zone revealed a chargeability anomaly

from 100-500m depth that is associated with the altered porphyry intrusions. Encantada is evaluating

further geochemical and geophysical surveys to develop and refine potential new drill targets.

Figure 4: Nord project - Completed drilling and geophysics

• Altazor Gold/Silver Project – Self-funded

Altazor hosts two attractive Maricunga-style gold-copper porphyry targets and a HSE gold-silver target

under post-alteration young capping volcanic flows. Mirasol is actively engaging with the community in

the vicinity of Altazor to secure an exploration agreement for a drilling program. The concerns of the

community are being addressed to achieve a mutually beneficial agreement.

• Coronación Copper Project – Under Option to First Quantum Minerals Ltd. (“First Quantum”)

Coronación hosts a compelling porphyry target that displays characteristics similar to other Miocene-

age porphyry gold-copper systems in the highly productive Maricunga belt. To allow further

opportunity for engagement with a local community, First Quantum and Mirasol are discussing

adjustments to the option agreement to extend by one year the timeline for the completion of the

drilling commitment.

Argentina Update:

• Sascha Marcelina Gold/Silver Project

At the Pellegrini prospect, Mirasol drilled hole PEL-DDH-007 behind and under PEL-DDH-005 to test the

depth and lateral extention of the breccia body previously intercepted. No significant gold and silver

mineralization was encountered apart from isolated values of 0.4 g/t Au and 140 g/t Ag from narrow

veinlet zones . These veinlets are generally sub -parallel to the core axis and potentially have a n

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

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antithetic structural configuration. However, b road lead and zinc mineralization was intercepted

returning:

• 33.9m at 1.3% Pb and 0.5% Zn from 298.6m (250 ppm Pb cut-off)

• including 15.85m at 2.1% Pb and 0.8% Zn from 285.15m (1,000 ppm Pb cut-off)

• Including a higher-grade section of 7.2m at 4.1% Pb and 1.4% Zn from 289m (1% Pb cut-off)

Evaluation of the three holes drilled at Pellegrini in the breccia zone (PEL -DDH-002, 005 and 007)

suggests that the mineralized zone may have a west-dipping orientation. A scissor drill hole oriented

from west to east will be required to confirm if the drilling to date has been parallel to the dip direction.

Furthermore, it appears that the three holes have not adequately tested the coincident

chargeability/resistivity anomaly defined from the recent deep penetrating IP geophysics located to the

west of holes PEL-DDH-005 and 007 and directly at depth below PEL-DDH-002. The mineralization also

appears to decrease in intensity, most notably in gold/silver, further to the east outboard and distal to

this remaining untested central target. In addition to th e Pellegrini target, the Igloo and Estancia

prospects host untested targets at depth beneath the drill holes completed in the maiden campaign at

Marcelina (news release August 9, 2021).

The option period for the Marcelina property has been extended by two years with no payment due

this year. Future payments of US$50,000, US$100,000 and US$3.45M will be due in January 2023, 2024

and 2025, respectively, if the project is advanced.

Figure 5: Cross section highlighting geophysical target at Pellegrini’s breccia target

About Mirasol Resources Ltd.

Mirasol is a well-funded exploration company focused in Chile and Argentina. Mirasol has seven

partner-funded projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals (Chile), Mine

Discovery Fund (Chile), Mineria Activa (Chile), Silver Sands Resources (Argent ina), Patagonia Gold

(Argentina) and Golden Arrow (Argentina). Mirasol is currently self-funding exploration at Sobek (Chile),

Inca Gold (Chile) and at a number of early-stage prospects.

For further information, contact:

Tim Heenan, President

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 and scientific information in this press release has been

reviewed and approved by Tim Heenan (MAIG), the President for the Company, who serves as a Qualified Person under the

definition of National Instrument 43-101.

QAQC: Newcrest is the operator for the Gorbea project, and Mirasol relies on their internal quality control and quality

assurance protocols, which have been reviewed and considered adequate by the Qualified Person.

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

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At Sascha Marcelina, Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical

rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice.

Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program with

insertions of controls (standards, blanks and duplicates, representing 5%, 4% and 5% of the samples respectively). Standards

and blanks are inserted randomly in all drill core batches that are submitted to the laboratory, while duplicates are done on

both the coarse reject (2.5%) and pulps (2.5%). Drill core samples have a minimum of 0.30m and a maximum of 2.00m in

length. Samples are dispatched for analys is to Alex Stewart International Labs in Argentina, an ISO 9001:2015 accredited

laboratory, which is independent from the Company. The samples are delivered to the laboratory by Mirasol personnel, a

dedicated private courier, or by the dedicated laboratory pick-up service. Core diameter is generally HQ/HQ3 and samples

are analysed by Fire Assay for both Au and Ag and also by ICP MS including a package of 48 elements. Base metals (Pb/Zn)

with results of >10,000 ppm are re-submitted to the laboratory for ICP-Ore analysis (19 elements), to obtain accurate results.

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 c ause 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 i ndustry, 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 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.

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

www.mirasolresources.com

Table 1: Gorbea Reported Holes Collar Location

Hole ID Easting Northing Elevation (m) Azimuth Dip Depth (m)

ATL0011* 502,644.78 7,191,945.79 4211 159.56 -65.00 48.00

ATL0011A 502,644.25 7,191,947.47 4211 159.60 -64.70 432.00

ATL0012 503,116.51 7,192,800.00 4340 89.69 -74.80 500.00

DOR0001 511,303.27 7,184,505.11 4135 269.98 -74.88 450.00

DOR0002 510,474.27 7,184,041.17 4121 35.07 -59.50 242.00

DOR0003 508,999.91 7,186,050.69 4238 89.79 -70.00 400.00

Coordinate system: UTM WGS-84, zone 19 South

*ALT001 was lost and twinned by ALT0011A

Table 2: Nord Reported Holes Collar Location

Hole ID Easting Northing Elevation (m) Azimuth Dip Depth (m)

TF-DDH-01 471,323.00 7,143,427.00 3476 258.25 -55.03 218.50

TF-DDH-02 471,271.08 7,143,162.94 3551 255.09 -45.55 218.00

TF-DDH-03 471,260.00 7,143,005.00 3587 265.96 -70.12 348.30

TF-DDH-04 471,318.50 7,143,201.00 3517 272.00 -64.84 260.50

TF-DDH-05 471,330.00 7,143,022.00 3558 284.04 -54.76 146.50

Coordinate system: UTM WGS-84, zone 19 South

Table 3: Sascha Marcelina Reported Hole Collar Location

Hole ID Easting Northing Elevation (m) Azimuth Dip Depth (m)

PEL-DDH-007 2,410,645.75 4,705,622.67 719 245 -55 452.00

Coordinate system: Gauss Kruger, Campo Inchuaspe, Zone 69

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

www.mirasolresources.com

Figure 1

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

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

www.mirasolresources.com

Figure 2

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