Mirasol Continues to Report Encouraging Results from Phase IV Drill
NEWS RELEASE
E-mail: [email protected] | Tel: +1 604 602 9989
mirasolresources.com
July 21, 2022
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Mirasol Continues to Report Encouraging Results from Phase IV Drill
Program at the Virginia Project, Argentina -
High-grade Intercepts Extend Mineralization Beyond the Existing
Silver Resource
VANCOUVER, BC, July 21, 2022 — Mirasol Resources Ltd. (TSX -V: MRZ) (OTCPK: MRZLF) (the “ Company” or
“Mirasol”) is pleased to report results from the 12 -hole, 1,362-meter Phase IV diamond drill campaign at the
Virginia Silver Project (“Virginia”), located in Santa Cruz province, Argentina. The Virginia program is being funded
by Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) (“Silver Sands”) under an option to purchase
agreement in terms of which Mirasol will retain a 19.9% ownership in Silver San ds and a 3% NSR royalty, if the
option is exercised (see News Release May 21, 2020).
“Virginia is one of Mirasol’s key projects located in a prolific silver mining district”, Mirasol’s President, Tim
Heenan, commented. “The latest drill results continue to confirm the strong potential to build on Virginia’s
current resource base within this very prospective silver- rich epithermal vein field. The new very high -grade
Margarita discovery will play an important role in potential future additions to the existing silver resources. The
entire Ely Vein trend is coming together to potentially form one continuous 870 -meter-long mineralized zone.
We are also pleased to see some of the outlying ‘blue sky’ targets, such as the Patricia Trend located
approximately 1.5 kilometers to the north of the Ely North Resource conceptual pit, delivering indications of
stronger silver mineralization.”
Figure 1: Phase IV Drill Campaign Overview
The previously untested Patricia and Daniela targets were also drilled during this campaign. The encouraging
intercepts at the Patricia target represent the first significant silver mineralization from these outlying vein trends
to the north and east of the principal resource conceptual pits.
Encouraging intercepts at Ely North, located both to the south and north of the current resource, have the
potential to add new tonnage to the current Ely North resource.
At the Martina trend, the focus was to test the potential for new mineralization. The encouraging results
obtained from MNW-DDH-006 and MC-DDH-002 combined extend the mineralization along the Martina trend
by almost 100 meters to the North and South.
Significant results from the Phase IV drill campaign:
Margarita Vein Drill Results:
At the Margarita high -grade silver trend, three drill holes for a total of 333 meters successfully extended the
mineralized vein by more than 150 meters to the north-west. The system remains open in both directions. The
Margarita Vein has similar mineralization to the Julia Vein which hosts most of the current silver resources at
Virginia.
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Margarita hole MR-DDH-004 returned 4.85 meters at 720 g/t silver, including a discreet intercept of 0.30 meters
at 1,775 g/t silver, exhibiting a strongly banded epithermal vein with fine-grained sulphides and copper oxides.
Figure 2: Margarita Vein Trend Long Section with Interpreted Grade Shells
Hole MR-DDH-005, the northern most hole to date along Margarita, returned values of 2.00 meters at 322 g/t
silver and 0.6 meters at 673 g/t silver.
Hole MR-DDH-006, drilled to a vertical depth of 100 meters below surface, returned 3.6 meters at 185 g/t silver,
including 0.5 meters at 588 g/t silver, showing that high -grade silver mineralization extends to depth and
remains open.
Ely Central Vein Drill Results:
At Ely Central three holes were drilled for a total of 261 meters testing the gaps within the 500-meter-long trend.
This newly identified silver-rich vein trend hosts previously reported high-grade drill intercept of 1,110 g/t silver
over 5.70 meters (drill hole EC -DDH-005, see news release dated May 17, 2021), outcrops on surface and has
been drilled to 100 meters vertically below surface, and remains open to depth.
Figure 3: Ely North and Ely Central Vein Trends Long Section with Interpreted Grade Shells
Notable intersections from the Ely Central drill holes:
• EC-DDH-011: 11.95m at 124 g/t silver, including 1.8m at 192 g/t silver
• EC-DDH-010: 1.95m at 190 g/t silver, including 0.3m at 553 g/t silver
• EC-DDH-012: 2m at 87 g/t silver, including 0.3m at 182 g/t silver
Figure 4: Ely North and Ely Central Vein Trends Drill Results Over Gradient IP Survey
Further infill drilling is required to test the remaining gaps along the Ely Trend. This could potentially connect
the Ely Central and Ely South conceptual resource pits. Existing gaps are between drill holes EC-DDH-012 and EC-
DDH-002 and also in the northern end. The higher -grade intersections of the adjacent southern zone to the Ely
North conceptual resource pit may connect to expand the Ely North resource between drill holes VG -183 and
EC-DDH-008 and in the southmost part of Ely Central.
Ely North Vein Drill Results:
One drill hole, EN -DDH-006, tested the northern extension of the 200- meter-long anomalous southern end of
Ely North vein, which is not currently part of the Ely North conceptual resource pit. The hole intercepted the vein
100 meters vertically below surface returning 5.65 meters at 144.5 g/t silver, including 0.6 meters at 418 g/ t
silver.
This result is very significant as it extends the trend 50 meters to the north and also reduces the gap with the
conceptual resource pit at Ely North (gap between EN-DDH-006 and previous drilling VG-186.
A priority geophysical chargeable anomaly located to the north of hole EN-DDH-006 remains untested and may
close the gap with another hole located 50 meters north of EN-DDH-006. The northern-most end of the Ely North
conceptual resource pit was also extended by EN-DDH-001 and remains open to north.
Martina Vein Drill Results: (Martina NW and Martina Central)
Two new holes were drilled at the Martina vein trend.
• MNW-DDH-006: 4.8m at 91 g/t silver
• MC-DDH-002: 2.9m at 127 g/t silver, including 1.45m at 179.5 g/t silver
Figure 5: Martina Vein Trend Long Section with Interpreted Grade Shells
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Martina Central drill hole MC -DDH-002 returned silver intersections and was designed to start testing the gap
between the Martina Central and northwest trends. Gaps still remain along the Martina structure with the
potential for silver grades to be associa ted with the notable high chargeability responses. Hole MNW -DDH-006
filled the gap in the Martina NW and extended the mineralization along this 200-meter-long trend.
Patricia and Daniela Vein Drill Results:
One drill hole tested each of these veins which were untested targets hosting the highest- grade surface rock-
chip silver samples. The objective of these holes was to test for downdip extensions of the surface expressions.
The Patricia drill hole PA-DDH-001 intersected 1.45 meters at 120 g/t silver, including 0.5 meters at 198.5 g/t
Silver, and another parallel structure with 2.95 meters at 95.7 g/t silver, including 0.35 meters at 163 g/t silver.
These modest drill results did not replicate the extremely high -grade rock chips from near source float blocks
samples (over 29,000 g/t silver and 18,800 g/t silver) from surface at Daniela and Patricia (see news release dated
October 29, 2020). Follow up drilling along strike will be re quired to understand the significance of these
intersections.
Santa Rita East Vein/Breccia Drill Results:
Hole SRE-DDH-005 was drilled at the Santa Rita East breccia structure to test the potential depth continuity of
the epithermal quartz -adularia vein intercepted in hole SRE -DDH-003 (5.20 meters at 0.63 g/t gold and 7 g/t
silver from 35.30 meters, see news release dated February 10, 2022). Hole SRE-DDH-005 intersected 1.3 meters
at 0.23 g/t gold and 0.45m at 0.18 g/t gold. While below expectations, the structure is gold-rich and hosts a large
IP high chargeability anomaly with a footprint over 200 meters long. This warrants more drilling to fully evaluate
the breccia structure and other Santa Rita East and Central epithermal vein structures.
Libanesa Silver-Gold Project in Argentina:
Mirasol has received notification that the option agreement on the Libanesa Sliver- Gold project in Argentina
(“Libanesa”) with our partner, Golden Arrow Resources Corporation (TSX -V:GRG) (“Golden Arrow”) has been
terminated. Golden Arrow has exceeded its contractual minimum commitment by spending over US$500,000 on
exploration since the option agreement was announced (see news release dated October 12, 2021). The
exploration program included field mapping, surface sampling, trenching and 1,716 meters of drilling at the Cerro
Plomo/Cerro Rodonda and the Lagunita prospects. Mirasol firmly believes that quality drill targets remain at
Libanesa (Cerro Plomo) and once the data has been officially received Mirasol will review and evaluate how to
test these remaining targets.
Table 1: Virginia Phase IV Reported Drill Intercepts
Hole ID From To Interval (m)1 Silver g/t2 Gold g/t Cut-off3
EC-DDH-010 53.35 55.30 1.95 190 63
including 53.35 53.65 0.30 553 300
EC-DDH-011 57.05 69.00 11.95 124 63
including 66.20 68.00 1.80 192 150
EC-DDH-012 66.85 68.90 2.00 87 63
including 68.00 68.30 0.30 182 150
EN-DDH-006 114.35 120.00 5.65 144 63
Including 116.10 116.70 0.60 418 300
MC-DDH-002 79.30 82.20 2.90 127 63
Including 80.05 81.5 1.45 179 150
MNW-DDH-006 63.20 68.00 4.80 91 63
MR-DDH-004 57.70 62.55 4.85 720 63
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Hole ID From To Interval (m)1 Silver g/t2 Gold g/t Cut-off3
Including 60.70 61.00 0.30 1,775 300
MR-DDH-005 55.60 57.65 2.00 322 150
Including 56.30 56.90 0.60 673 300
MR-DDH-006 96.85 100.45 3.60 185 63
Including 98.75 99.25 0.50 588 300
PA-DDH-001 33.45 34.90 1.45 120 63
Including 33.95 34.45 0.5 198 150
10.20 13.15 2.95 96 63
Including 11.90 12.25 0.35 163 150
SRE-DDH-005 81.05 82.35 1.30 0.23 0.20
85.6 86.05 0.45 0.18 0.10
DA-DDH-001 No interval above cut-off
Notes:
1 Reported interval length are down hole widths and not true widths.
2 Reported intervals are at the stated a cut-off grade of 63 g/t Ag, 150 g/t Ag, 300 g/t Ag, 0.20 g/t Au and 0.10 g/t Au.
_Reported intervals may include up to a maximum of 2m individual section below cut -off grade and Ag grades are
uncapped.
3 The intervals were selected using the 63 g/t Ag cut-off grade used in the NI 43-101 resource estimate.
Table 2: Virginia Phase IV Reported Holes Collar Location
Hole Id Easting Northing Elevation (m) Azimuth Dip Depth (m)
DA-DDH-001 2,428,498 4,742,039 1,055 70 -45 113
EC-DDH-010 2,428,905 4,739,935 994 280 -45 80
EC-DDH-011 2,428,878 4,739,737 996 280 -45 92
EC-DDH-012 2,428,852 4,739,625 992 280 -45 89
EN-DDH-006 2,428,995 4,740,302 1,027 264 -45 168
MC-DDH-002 2,429,677 4,739,971 978 65 -45 137
MNW-DDH-006 2,429,611 4,740,124 1,006 65 -45 131
MR-DDH-004 2,428,750 4,738,689 968 50 -45 101
MR-DDH-005 2,428,717 4,738,735 968 45 -45 101
MR-DDH-006 2,428,716 4,738,659 964 50 -45 131
PA-DDH-001 2,428,419 4,742,002 1,056 250 -45 92
SRE-DDH-005 2,423,590 4,752,135 844 280 -50 127
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company with 18 years of operating, permitting and community relations
experience in the mineral rich regions of Chile and Argentina. Currently Mirasol is self-funding exploration at two
flagship projects, Sobek and Inca Gold, both located in Chile. Mirasol has six partner-funded projects, with
Newcrest Mining Ltd, First Quantum Minerals, Mine Discovery Fund and Mineria Activa in Chile, Silver Sands
Resources and Patagonia Gold in Argentina. New projects continue to emerge as Mirasol advances a strong
pipeline of highly prospective early and mid-stage projects.
E-mail: [email protected] | Tel: +1 604 602 9989
mirasolresources.com
For further information, contact:
Tim Heenan, President
or
Troy Shultz, Vice President Investor Relations
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: 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 analysis 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.
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 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 statemen ts 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.
Virginia Project
Figure 1: Phase IV Drill Campaign Overview
Julia
North
Julia
Central
Julia
South
Ely
Central
Margarita
Magi
Naty
Central
Ely South
Martina Central
Martina SW
Martina NW
Florencia
Maos
Julia South
Extension
Jazmin East
Johanna
Patricia
Daniela
Previous Mirasol Drill Holes (2010-2012)
Phase I to III Drill Holes
Phase IV Drill Holes
EC-DDH-011:
11.95m @ 124 g/t Ag incl 1.8m @ 192 g/t Ag
EC-DDH-010:
1.95m @ 190 g/t Ag incl 0.3m @ 553 g/t Ag
EN-DDH-006:
5.65m @ 144 g/t Ag incl 0.6m @ 418 g/t Ag
Ely North
MC-DDH-002:
2.9m @ 127 g/t Ag incl 1.45m @ 179 g/t Ag
Martina SE
MNW-DDH-006:
4.8m @ 91,20 g/t Ag
MR-DDH-004:
4.85m @ 720 g/t Ag incl 0.3m @ 1,775 g/t Ag
MR-DDH-005:
2.0m @ 322 g/t Ag, incl 0.6m @ 673 g/t Ag
PA-DDH-001:
2.95m @ 96 g/t Ag incl 0.35m @ 163 g/t Ag, &
1.45m @ 120 g/t Ag incl 0.5m @ 198 g/t Ag
Figure 2: Margarita Vein Trend Long Section
with Interpreted Composite Grade Shells (Ag cut-off grade 63 g/t)
Long Section - Looking East
Blocks : 10 x 10 x 10m
Northwest
Open
Target
Southeast
Open
Target
Slice Width : 10m
Dip: 90
Dip Az: 51,5
Blocks : 10 x 10 x 10m
Interpolation
Global Trend: Isotropic
100m
Mapped VeinN Margarita Vein
MR-DDH-005
MR-DDH-001
MR-DDH-004
MR-DDH-006
MR-DDH-002
Mapped Vein
SouthEast
Open
Target
MR-DDH-005
Planview
Margarita Vein
MR-DDH-003
MR-DDH-002
MR-DDH-004
MR-DDH-006
MR-DDH-001MR-DDH-003
Northwest
Open
Target
Rock Chip Sample
Ag ppm
100
63
30
Ag ppm
100
63
30
EC-DDH-012EC-DDH-011EC-DDH-010
EC-DDH-001
Ely Central VeinEly North Vein Ely South Vein
Ely North Resource Pit
Ely
South
Resource Pit
Slice Width : 10m
Dip: 90
Dip Az: 101,55
Long Section - Looking East
EN-DDH-001 EN-DDH-005
EC-DDH-008
Blocks : 10 x 10 x 10m
Interpolation
Global Trend: Isotropic
VG-114VG-126VG-113
VG-108 VG-138EC-DDH-006
EC-DDH-009
EC-DDH-003
EC-DDH-007 EC-DDH-004
EC-DDH-005
VG-181 VG-186
EC-DDH-002
VG-088
VG-107
EN-DDH-006
120m
Untested
250m
Mapped Vein
VG-087
EN-DDH-006 EC-DDH-010 EC-DDH-011 EC-DDH-012
VG-184 VG-183
VG-163
Planview
Ely North Resourc
e
Pit
Ely
South
Resource Pit
Ely North Vein Ely Central Vein Ely South VeinN
EC-DDH-008
VG-183 EC-DDH-002
60m
Untested
105ms
Untested
VG-173 VG-169
Mapped Vein
Rock Chip Sample
Ely South
remains
open
Ely North
remains
open
Ely North
“South Body”
Ag ppm
100
63
30
Ag ppm
100
63
30
Figure 3: Ely North and Ely Central Vein Trends Long Section
with Interpreted Composite Grade Shells (Ag cut-off grade 63 g/t)