MRZ.V · 2022-11-09 12:00:00

Mirasol Reports on Encouraging Gold and Base Metal Mineralization from Maiden Drill Program at the Libanesa Project in Argentina

Exploration Programs

NEWS RELEASE

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

mirasolresources.com

November 9, 2022

Shares Issued and Outstanding: 54,030,043

TSX-V: MRZ

OTCPK: MRZLF

Mirasol Reports on Encouraging Gold and Base Metal Mineralization from

Maiden Drill Program at the Libanesa Project in Argentina

• 26m at 0.98 g/t AuEq, including 10m at 1.43 g/t AuEq with 2.16% Pb and 1.35% Zn

• New drill targets identified

• Partnership opportunity

VANCOUVER, BC, November 9, 2022 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company”

or “Mirasol”) is pleased to report on encouraging drill results from the maiden drill program at the 100% owned

Libanesa Gold and Base Metals Project (“ Libanesa”) in the province of Santa Cruz, Argentina. Based on an

evaluation of the Libanesa data it is evident that several prospective targets require follow-up drilling.

“Results from the maiden 1,780 -meter drill program confirm that we have only scratched the surface of an

exciting exploration program at the Libanesa Project. The very broad intersections of high -grade base metals

suggest we are on the periphery of a stronger gold-silver zone at the Cerro Plomo target and the zinc and lead

values reported could signific antly contribute to the future economics of the project, ” Mirasol’s President Tim

Heenan stated. “The drill program was cut short due to weather conditions and there are clearly more quality

targets left to drill test.”

Libanesa is a 14,500-ha gold-silver (lead-zinc) project discovered by Mirasol. It is located at the north -eastern

margin of the Deseado Massif gold-silver metallogenic province, approximately 70 km west of the port of Puerto

Deseado, 40 km northwest of the Cerro Moro Gold-Silver Mine operated by Yamana Gold and 100 km northeast

of the Don Nicolas Gold-Silver mine operated by Cerrado Gold.

Figure 1: Libanesa, Santa Cruz, Argentina Regional Map

The project hosts two main prospective areas, Libanesa Main and the Lagunita Vein Field. Libanesa Main hosts

the Cerro Plomo, Oculto, Trav es del Sur, Bajo Áspero, Playa Vetas, Brecha Plata and the NE Zone prospects.

Libanesa Main, and in particular Cerro Plomo, are more intermediate sulphidation in character while Lagunita is

a classic gold-rich, low sulphidation epithermal vein prospect.

Figure 2: Libanesa Project Overview Highlighting Results from Libanesa Main and the Lagunita Vein Field

Libanesa Main - Cerro Plomo Prospect

Cerro Plomo has been the main focus of exploration to date . Results from recent drilling are considered

encouraging with highly anomalous gold-silver and multi-percent lead-zinc values reporting from what appears

to be the mineralized halo of a large vertical conductive zone mapped in 3D by MT geophysical methods (see

figure 3). The hydrothermal eruption breccia exposed at surface at Cerro Plomo represents a position close to

the paleophreatic surface level.

Figure 3: Cerro Plomo Prospect 3D Section of Conductive Zone Highlighting Mineralized Halo

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Cerro Plomo - Drill intersections of merit: (Pb/Zn not included in the AuEq(75) calculation)

• DDH-LGA-003: Hydrothermal Breccia Zone 26m at 0.98 g/t AuEq75 (0.38 g/t Au & 44.7 g/t Ag), including

10m at 1.43 g/t AuEq75 (0.64 g/t Au & 59.3 g/t Ag) with 2.16 % Pb and 1.35 % Zn

• DDH-LGA-001: Hydrothermal Breccia Zone 19m at 0.45 g/t AuEq75 (0.1 g/t Au & 26.8 g/t Ag) with 1.3 %

Pb and 0.35 % Zn, including 5m at 0.88 g/t AuEq (0.10 g/t Au & 58.2 g/t Ag) with 2.95 % Pb and 0.2 % Zn

• DDH-LGA-003: Quartz - sulphide veinlet zone/halo. 14m at 0.49 g/t AuEq75 (0.14 g/t Au & 26.4 g/t Ag)

with 0.6 % Pb and 0.57 % Zn

• DDH-LGA-002: Quartz - sulphide veinlet zone/halo 23m at 0.23 g/t AuEq75 with 0.3 % Pb and 0.5 % Zn,

including 6m at 0.39 g/t AuEq (0.10 g/t Au & 22.0 g/t Ag) with 0.4 % Pb and 0.75 % Zn.

Follow-up drilling required to test the conductive zone beyond the resistive halo:

Hole DDH-LGA-003 drilled through the resistive halo of the conductive zone and returned strong mineralization

with gold-silver and lead -zinc. The hole only just started to penetrate the conductive anomaly before ending.

Hole DDH-LGA-004 was drilled at a steep angle under DDH-LGA-003 and appears not to have reached the target,

neither intersecting the resistive halo nor the conductive zone. A follow up step-back hole is highly recommended

to test these zones and also to pass completely through the entire conductive anomaly to test for higher grade

gold-silver mineralization, which no hole to date has accomplished.

Untested drill targets to the south of Cerro Plomo:

The covered MT Oculto and Traves del Sur targets to the south of Cerro P lomo, concealed be neath the dry

lakebed, may represent a series of prospective northwest trending breccia pipe centers (as seen at Cerro Plomo)

or possibly higher-grade vein-type targets that could host precious metal mineralization, bo th of which remain

to be drill tested.

Figure 4: Untested Conductive Zones Traves del Sur and Oculto Targets 3D Section

Lagunita Vein Fields Prospect

At Lagunita, only two short holes totaling 292 m were completed in two (Abril IV & Abril V) of the five main

outcropping vein trends (see Figure 2 ). Multi-gram gold values have previously been recovered from rock chip

and trench sampling from these prospec ts. Notable results from the maiden drill campaign include hole DDH-

LGA-11 which returned 3m at 1.79 g/t AuEq75 (1.71 g/t Au & 5.4 g/t Ag) and 1m at 4.30 g/t AuEq75 (4.20 g/t Au

& 7.4 g/t Ag). Follow-up drilling is warranted. The Abril II vein trend, where the highest trench gold result was

sourced, remains to be drill tested.

Lagunita - Drill intersections of merit:

• DDH-LGA-011: 7m at 0.84 g/t AuEq75 (0.78 g/t Au & 4.4 g/t Ag), including 3m at 1.79 g/t AuEq75 (1.71

g/t Au & 5.4 g/t Ag) and 1m at 4.30 g/t AuEq75 (4.20 g/t Au & 7.4 g/t Ag) (no base metal content)

• DDH-LGA-010: 1m at 0 .45 g/t AuEq75 (0 .15 g/t Au & 22.9 g/t Ag) with other secondary quartz vein

structures.

Libanesa Drill Summary:

• Eleven diamond drill holes for a total of 1,716 m

• At the Libanesa Main Prospect, 9 drillholes totalling 1,425 m testing 4 targets:

 Cerro Plomo: 5 drillholes with 1,029.5 m, testing the outcropping hydrothermal breccia pipe.

 Brecha Plata: 2 drillholes totaling 154 m testing the NE silver rich breccia structure.

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 Bajo Aspero: 1 drillhole for 119 m testing the Au and Ag rich vein structure

 Playa Vetas: 1 drillhole for 122 m testing the Ag rich sub cropping veins.

• Lagunita Prospect with 292 m in two drill holes testing just two of the main targets developed at Lagunita

prospect (Abril IV & Abril V tested).

Table 1: Libanesa Reported Drill Intercepts (Pb/Zn values not considered in AuEq calculations)

Hole ID From To Interval (m)1 Au/t Ag g/t AuEq752 Cut-off3 Pb % Zn %

DDH-LGA-03 49.00 142.00 93.00 0.16 25.7 0.51 0.1

including 78.00 104.00 26.00 0.38 44.7 0.98 0.3

including 81.00 94.00 13.00 0.35 54.8 1.08 0.5

including 91.00 101.00 10.00 0.64 59.3 1.43 1.0 2.16 1.35

DDH-LGA-01 49.00 68.00 19.00 0.10 26.8 0.45 0.1 1.30 0.35

including 63.00 68.00 5.00 0.10 58.2 0.88 0.3 2.95 0.20

including 63.00 64.00 1.00 0.16 202.0 2.85 0.5

DDH-LGA-11 133.00 140.00 7.00 0.78 4.4 0.84 0.1

including 134.00 137.00 3.00 1.71 5.4 1.79 0.3

including 136.00 137.00 1.00 4.20 7.4 4.30 1.0

DDH-LGA-02 158.00 181.00 23.00 0.07 11.7 0.23 0.1 0.30 0.50

including 168.00 174.00 6.00 0.10 22.0 0.39 0.3 0.40 0.75

including 168.00 169.00 1.00 0.22 70.5 1.16 0.5

DDH-LGA-04 142.00 145.00 3.00 0.02 42.3 0.58 0.3

including 144.00 145.00 1.00 0.02 80.5 1.09 0.5

DDH-LGA-05 35.00 39.00 4.00 0.11 44.0 0.70 0.5

DDH-LGA-09 138.00 139.00 1.00 0.14 33.7 0.59 0.3

DDH-LGA-06 57.00 58.00 1.00 0.03 37.5 0.53 0.3

DDH-LGA-10 121.00 122.00 1.00 0.15 22.9 0.45 0.1

DDH-LGA-07 No interval above cut-off

DDH-LGA-08 No interval above cut-off

Notes:

1 Reported interval length are down hole widths and not true widths.

2 Gold equivalent (“AuEq”) is calculated using a ratio of 1.0 g/t Au is equivalent to 75g/t Ag. The cut-off ranges are 0.1, 0.3,

0.5 and 1.0 g/t AuEq, and do not consider the Pb/Zn values. Recoveries are assumed to be 100% as no metallurgical test

data is available.

3 Reported intervals are calculated at the stated AuEq75 (g/t) cut-off.

Table 2: Libanesa Reported Holes Collar Location

Hole Id Easting Northing Elevation (m) Azimuth Dip Depth (m) Target

DDH-LGA-01 2665908 4702543 96.09 95 -50 139.5 Cerro Plomo

DDH-LGA-02 2665908 4702543 96.09 135 -60 200.0 Cerro Plomo

DDH-LGA-03 2665953 4702614 99.78 185 -50 195.0 Cerro Plomo

DDH-LGA-04 2665953 4702614 99.78 185 -70 250.0 Cerro Plomo

DDH-LGA-05 2666656 4702301 98.00 160 -50 80.0 Brecha Plata

DDH-LGA-06 2666656 4702301 98.00 115 -60 74.0 Brecha Plata

DDH-LGA-07 2665716 4702438 103.44 340 -50 122.0 Playa Vetas

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Hole Id Easting Northing Elevation (m) Azimuth Dip Depth (m) Target

DDH-LGA-08 2665618 4702684 107.00 190 -50 119.0 Bajo Aspero

DDH-LGA-09 2666026 4702590 97.00 245 -70 245.0 Cerro Plomo

DDH-LGA-10 2667927 4707702 117.40 40 -55 122.0 Lagunita

DDH-LGA-11 2667057 4707712 124.60 40 -55 170.0 Lagunita

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 four partner-funded projects, with First

Quantum Minerals and Mine Discovery Fund in Chile, Silver Sands Resources and Patagonia Gold in Argentina.

Mirasol continues to advance a strong pipeline of highly prospective early and mid-stage projects.

For further information, contact:

Tim Heenan, President

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: Golden Arrow served as the operator for the Libanesa project, and Mirasol relies on their internal quality control and

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

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 anticipa ted 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 aff ecting 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, mine ral 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. Mi rasol 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: Libanesa Project: Santa Cruz, Argentina Regional Map

50 km

Las Heras

Puerto

Desperado

Fitz Roy

San Julian

Cerro Vanguardia Mine

AngloGold/Formicruz

Santa Cruz

Province

Argentina

Chile

Don Nicolas

Mine

Cerro Moro Mine

Yamana Gold

Libanesa

Road

TownAu-Ag

Mine/Resource

MRZ Properties Processing Plant

Jurassic

Volcanics

Tres Cerros o

Resistivity Depth Slice 500 m

546 / 220

Labelled Rock Chip

Best Results

Silver (g/t)Gold (g/t)

Quickbird Satellite Imagery

Oculto Target

NE Zone

Anibal

Bajo Aspero

Playa

Vetas

Cerro

Plomo

Brecha Plata

Traves del Sur

Abril I

Abril II

Abril

Abril V

Abril III

Libanesa Main Prospect

Lagunita

Vein Field

Libanesa Main Prospect

Lagunita

Vein Field

546/220

1.01/0.8

0.73/21.8

7.19/6.1

4.34/20.3

2.56/1.80

2.22/2.70

0.66/4.30

5.58/1.50

1.11/1.00

2.55/2802

2.23/2802

1.91/2050

3.6/3910

2.62/1845

0.61/47.2

0.38/65

0.3/199

0.15/211

0.13/118

0.07/1150

0.06/262

Libanesa Project

5,000m

Libanesa Main

Lagunita

Figure 2: Libanesa Project Overview Highlighting Results from

Libanesa Main and the Lagunita Vein Field

DDH-LGA-004 did not reach target

Figure 3: Cerro Plomo Prospect 3D Section of Conductive Zone

Highlighting Mineralized Halo

Figure 4: Untested Conductive Zones Traves del Sur and Oculto

Targets 3D Section

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