Mirasol Defines Additional Drill Targets on the Inca Copper-Gold Project 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
December 8, 2022
Shares Issued and Outstanding: 54,030,043
TSX-V: MRZ
OTCPK: MRZLF
Mirasol Defines Additional Drill Targets on the
Inca Copper-Gold Project in Chile
• Drilling planned for Q1 2023
• Compelling Geophysical Targets
• Located within a “World Class” mining district
• Inca Gold & Sobek Projects Update Webinar December 13th 10 am PT / 1 pm ET
VANCOUVER, BC, December 8, 2022 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company”
or “Mirasol”) is pleased to report the identification of additional compelling drill targets at the Vania South
prospect on the Inca Copper-Gold Project (“Inca Gold”) in Chile from the re cently completed Induced Polarity
(IP) Electrical Geophysical survey. Geochemical results are pending from soil and select rock chip sampling, which
will be integrated with the recently completed geophysical survey to finalize drill plans . Pursuant to the
Exploration Agreement with Option affiliates of Newmont Corporation (“Newmont”), Mirasol has the option to
earn-in 100% of Inca Gold, subject to a 1.5% NSR royalty (news release January 13, 2020).
“The Vania prospects at our Inca Gold project are advancing as quality drill targets,” Mirasol’s President, Tim
Heenan, commented. “ In addition to the previously reported coincident soil geochemical and Mag/IP
geophysical anomalies at Vania North, we have now also defined a strong magnetic high coincident with IP
anomalies and significant rock sample geochemistry results at Vania South. W e are eager to drill these
compelling targets, which are hosted along a major structural corridor within this well-endowed world-class
copper district, early in Q1 2023.”
An Inca Gold and Sobek Projects Update Webinar with Tim Heenan, the Company’s President and Patrick Evans,
the Executive Chair will be held on December 13 th, 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.
Inca Gold is a large 16,300 -hectare property package located on the Paleocene belt of Chile. The Vania North
and Vania South zones are both controlled along a major north-northeast structural corridor which hosts the
Inca del Oro porphyry to the south and the expansive El Salvador mining district to the north. Vania South is
localized at an important intersection of two faults, the north-south trending regional Quebrada Vasquez fault,
intersecting an east-west trending undercover interpreted fault passing through the center of the magnetic
anomaly.
Figure 1: Location of Inca Gold Project and the Vania Prospects
Vania South Targets
As previously reported, the reprocessing and re -interpretation of the original Newmont ground magnetic
(“Mag”) data resulted in the identification of the Vania South anomaly located three kilometers south of Vania
North ( news release September 7, 2022 ). At the Vania South target a concealed and very discret e, strong
magnetic source exists within the southeast corner of the Mag grid, showing smooth magnetic textures
surrounding the main anomaly. Interpretation of the Mag data suggests that this very strong magnetic anomaly
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
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may represent a concealed porphyry target, with the magnetic source potentially characterizing the potassic -
altered core of an intrusive body and the smooth magnetic border representing the envelope of hydrothermal
alteration.
Figure 2: Vania South Exploration Overview - Reprocessed Mag Data Coincident with IP Defined Targets and
Significant Rock Sample Results
Quantec Geoscience Chile Ltda , on behalf of Mirasol, has completed a n electrical IP Pole -Dipole survey with
200m Dipole spacings centered over the Vania South magnetic anomaly . The survey extended out to edge of
cover to the west and continued past the edge of cover to the east into the higher elevation mountainous area
of exposed geology . Compelling new geophysical features were identified, which clearly represent additional
quality drill targets at the Vania South prospect.
The IP geophysical survey results from these three parallel IP-PDP lines at the Vania South target have delineated
a pattern of resistivities and low -to-moderately elevated chargeability anomalies that are consistent with a
buried porphyry model. The interpretation of zoning within the system, and the distribution of chargeability and
resistivity signatures, fits very well with the original interpretation of zoning from the reprocessed Newmont
Mag data. The potential mineralized target highlighted by the zone of magnetite depletion, and also potentially
the magnetic core, correlate well with a zone of little or no chargeability. It is noteworthy that some mineralized
porphyries exhibit little or no chargeability associated with the mineralized zone.
Three principal geophysical targets have been generated from the recent survey, including:
1) Target Zone A – Leached porphyry target
Line 1100N displays a chargeability distribution suggestive of a leached zone to 100m depth, with a weakly
chargeable zone detected below. This type of response is indicative of leaching and supergene enrichment at
the target. Over the western portion of the line, there is also a shallow and highly resistive unit, apparently
crossed by multiple structures. This feature resembles a resistive leached cap. The features described strongly
resemble observations made at other porphyry deposits.
2) Target Zone B – Leached cap zone
The eastern side of the interpreted porphyry exhibits a shallow resistive zone suggestive of a leached cap. A
similar feature was described as part of Target Zone A. These zones are located above and to the east of the
magnetic target interpreted as potential potassic-altered core. As observed at Target Zone A, a prominent, highly
resistive lower unit is detected beneath Target Zone B, which appears to be more resistive than typically
observed for porphyry intrusives.
3) Target Zone C – Faulted/veined/dyke zone
To the west of the magnetic feature interpreted as potential potassic core, the three parallel survey lines
detected an area of striking structural complexity. Prominent narrow resistors are interpreted in close proximity
to relatively conductive, possibly clay-altered, units. This appearance may suggest prominent faulting, likely
associated with veins or dykes, and potentially associated with silicification in close proximity to conductive
hydrothermal alteration. The west side of the system may be faulted downwards , thereby preserving upper
portions of the mineral system.
Figure 3: Geophysical profiles from Vania South lines 500n, 800n and 1100 N
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Prospecting Grab Sample Results Confirm Mineralization
Strong alteration exists in the form of local silicification and pervasive clay alteration , in both the northern and
southern areas of the Vania South concealed magnetic anomaly and in outcrops within the exposed rocks at the
edge of cover. Such alteration might be expected at the upper levels above and flanking a porphyry copper
system. In addition, st rong mineralization exists is observed n the surrounding rocks at Vania South ,
characterized by quartz-tourmaline veinlets with specular hematite and local copper oxides.
Geochemical results from the previous prospecting campaign show both copper and gold anomalies associated
with rhyolitic volcanic rocks, with specular hematite and tourmaline veinlets and also a sedimentary volcanic
breccia sequence exposed further to the east. This area also hosts specular hematite, tourmaline in quartz veins
and commonly shows copper-oxide mineralization. These samples were collected from locally sourced float
blocks and also sub-cropping exposures. This alteration and mineralization could be peripheral and distal to the
concealed magnetic anomaly, which may indicate the potential for a concealed porphyry/iron oxide copper gold
(IOCG) target.
Table 1: Vania South – Recent Select Float and Sub-crop Rock Sample Results
Geochemical DSG Survey Completed to Finalize Drill Planning
As at Vania North , a Deep Sensing Geochemistry (DSG) survey was completed at Vania South to test for
geochemical anomalies within the surface regolith cover. The DSG sampling procedure is a proprietary system
of Newmont and has been proven effective detecting geochemical anomalies under transported cover.
During November 2022, Mirasol exploration crews collected a total of 426 DSG samples from the Vania
prospects. In total, 286 samples collected across 26kms of control lines, at 100m spac ed sample sites, were
retrieved from Vania South, and another 140 infill line samples at Vania North along 13 km of control lines. These
samples will be passed through Newmont’s in-house metallurgical laboratory in Denver and then forwarded to
ALS Vancouver for final geochemical analysis.
Recent prospecting at Vania South further to the east, along the new DSG soil lines, at the areas of elevated
topography, encountered areas of exposed outcropping copper mineralization hosted primarily within the
sedimentary breccias. High-density (25-50m separation) copper-oxide, hematite rich fracture fillings are locally
visible within exposed windows of 10x10m through the scree cover. These mineralized outcroppings on surface
are coincident with the elevated chargeable responses from the recent IP geophysical campaign , which is
considered highly encouraging. Selective rock ship samples from this area have been submitted for assaying and
the results will be reported once received and interpreted in conjunction with the recent IP geophysical
anomalies and geochemical results. The widespread and strongly mineralized exposures in this area will require
diamond saw “channel sampling” to collect more representative results.
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
or
Troy Shultz, Vice President Investor Relations
Tel: +1 (604) 602-9989
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
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 chip,
soil, and stream sediment 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) submitted to the laboratory. Samples were
dispatched to ALS Global - Geochemistry Analytical Lab, in Santiago, Chile, an ISO 9001:2015 accredited laboratory, which
is independent from the Company. Rock chip samples (1 -3kg) were prepared with PREP31 and analysed by Au_ICP21 and
ME-MS61. The DSG soil samples will be passed through Newmont’s in-house metallurgical laboratory in Denver and then
forwarded on to ALS Vancouver for final geochemical analysis . Assay results from channel, trench, and drill core samples
may be higher, lower or similar to results obtained from surface samples due to surficial o xidation and enrichment
processes or due to natural geological grade variations in the primary mineralization.
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 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 reason able, 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 o therwise, 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 r elease.
Figure 1: Regional Location of Inca Gold Project and Vania Prospects
Vania
The 16,300 ha Inca Gold project is located in Region III of Chile, approximately 100 km north of Copiapo, and within the Inca Del Oro mining district
that hosts Codelco’s Inca de Oro Cu/Au porphyry deposit & El Salvador, Potrerillos District. The project has year-round road access and near
infrastructure for exploration activities.
Inca Gold -
Vania
Santo Domingo
Figure 2: Vania South Exploration Overview - Reprocessed Mag Data
Coincident with IP Defined Targets and Significant Rock Sample Results
Figure 3: Vania South - Geophysical Profiles from Lines 1100n,
800n and 500n
PDP Line 1100
PDP Line 1100 Resistivity
Chargeability
Target Zone “A”
Target Zone “A”
Target Zone “C”
Appearance of structural
complexity (west) and
perhaps resistive leached cap
(east), is evident at shallower
levels in the RES data.
Note: Interpretation of composite of PDP Line 1100N with topography and magnetic
interpretation.
Figure 3: Vania South - Geophysical Profiles from Lines 1100n,
800n and 500n
Resistivity
Resistivity
Chargeability
A sedimentary breccia
was mapped between
1300E and 1500E, a short
distance south of this
line, coinciding closely
with this CHG response.
Target Zone “B”
Target Zone “B”
Target Zone “C”
Target Zone “C”
PDP Line 800
PDP Line 800
Note: Interpretation of composite of PDP Line 800N with topography and magnetic
interpretation.