Mirasol Signs Option Agreement with AngloGold Ashanti’s
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
May 23, 2023
Shares Issued and Outstanding: 59,706,710
TSX-V: MRZ
OTC: MRZLF
Mirasol Signs Option Agreement with AngloGold Ashanti’s
Cerro Vanguardia SA Mine to Advance the Claudia Gold-
Silver Project in Argentina
• Claudia Project directly south of Cerro Vanguardia Mine: 15 kilometers from the mill
• Minimum of 2 ,500 meters of drilling within the first 24 months and the option to
complete 12,500 meters of drilling within 4 years
• Mirasol retains 2% NSR Royalty upon the exercise of the Option
• Southern most veins on the Cerro Vanguardia property trend onto Claudia Property
• Five distinct, highly prospective vein trends within the very large Claudia Property
• Drill ready targets with water permits and access agreements in place
VANCOUVER, BC, May 23 , 20 23 — Mirasol Resources Ltd. (TSX -V: MRZ) (OTC: MRZLF) (the “ Company” or
“Mirasol”) is pleased to report the signing of a n Option Agreement (“Agreement”) with Cerro Vanguardia SA
Gold-Silver Mine (“CVSA”) owned by AngloGold Ashanti (92.5%) and FOMICRUZ S.E. (7.5%) for the exploration
of Mirasol`s Claudia Gold-Silver Project (“Claudia”), located directly south of the CVSA Gold-Silver Mine in the
province of Santa Cruz, Argentina.
“The Agreement with CVSA demonstrates the potential for continued discovery and resource development at
Claudia”, Mirasol’s President Tim Heenan stated. “The 2% royalty has the potential to offer significant near-term
value to Mirasol shareholders as resources defined at Claudia c ould be processed quickly and efficiently at the
nearby Cerro Vanguardia mill.”
Figure 1: District Regional Map
The extensive 65,192-hectare Claudia Gold-Silver Project is a highly prospective , low sulphidation epithermal
(LSE) gold/silver project, located in the Deseado Massif of Argentina’s Santa Cruz province, directly adjacent to
the southern border of the producing CVSA Mine. Five distinct prospective vein trends have been identified at
Claudia including the Cura hue Vein Field and the Rio Seco Prospect. In 2012, Mirasol discovered the large
northwest trending 15-kilometer long Curahue vein field, which may be considered a southern parallel structure,
similar to the controlling structures further north at the Cerro Vanguardia vein field. Curahue hosts six isolated
vein segments. Claudia also hosts two shallow paleo-surface expressions of “sinter fields” at both Calandria and
Rio Seco. These sinters are considered attractive targets as any mineralized structure found beneath would be
completely preserved and not reduced by erosion. Neither of these sinter occurrences have been drilled to date.
The exploration potential of the Claudia Project , particularly along the largely untested Curahue and Rio Seco
trends, show clear potential for Vanguardia-style vein-hosted epithermal gold-silver mineralization.
Figure 2: Principal Prospects and Mineralized Trends
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Tel: +1 604 602 9989 E-mail: [email protected]
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Terms of the Claudia Option Agreement
a) Within the first two years of the Agreement CVSA may complete such mapping and sampling, trenching and
geophysics as required in its absolute discretion to develop drill targets , and fulfill a m inimum d rilling
commitment of 2,500 meters diamond drilling; and then CVSA will have the option, subject to the term of
the agreement, to:
1) Complete within three years, not less than an aggregate of 6,000 meters of diamond drilling;
2) Complete within four years, not less than an aggregate of 12,500 meters of diamond drilling;
b) Upon completion of the above commitments, CVSA shall have the right to exercise the Option under the
Agreement and subject to the terms of the Royalty Agreement, CVSA shall grant Mirasol a 2% Net Smelter
Royalty on future production from the Claudia Project.
History at Mirasol`s Claudia Property
The Claudia Project was originally staked in 2004 as part of Mirasol’s Santa Cruz exploration program. Mirasol, in
conjunction with various j oint venture (JV) partners, has completed over 19,000 meters of combined reverse
circulation (RC) and diamond core (DDH) drilling, more than 4,000- line kilometeres of ground magnetometry,
249-line kilometers (43 km2) of gradient array IP geophysics covering six separate blocks, almost 100-line km`s
electrical IP- Pole-di-Pole geophysical lines, collected over 3,500 rock chip samples, 4 ,500 rock trench channel
samples from 200 trenches, close to 1000 MMI geochemi cal soil samples and 1,500km2 in detailed geological
mapping.
Between 2006 and 2010 two phases of drilling w e re completed with a JV partner, including 3,794 meters of
drilling in 26 holes and 3,168 meters of RC drilling in 25 holes . Drilling results from these campaigns included
multiple intercepts with greater than 100 g/t silver, including five intercepts from 118 g/t silver to 217 g/t silver
and up to 1.3 g/t gold.
During 2012, Mirasol`s inhouse exploration team expanded and defined the impressive 15 km long Curahue vein
trend, which is largely concealed by shallow gravel cover (<5m) and is seen to host six large individual vein trends,
namely the Europa, IO, Ganymede, Callisto, T hemisto and Sinope segments. Large extensions of these trend s
have been traced under cover by electrical IP (Gradient Array) geophysical campaigns.
Figure 3: Curahue Trend – Principal Mineralized Vein Segments and Themisto Chargeability Target
At the Rio Seco prospect, located on the easternmost part of Claudia, Mirasol’s early prospecting discovered the
first outcropping veins at Claudia where select surface samples returned up to 20.1 g/t gold and 1,175 g/t silver
from the “J Vein” . Saw-cut channel and trench intersections returned 0.7 met ers at 13.9 g/t gold and 229 g/t
silver and 10.5 meters of 1.9 g/t gold and 22 g/t silver from mineralized zones along the expansive Rio Seco vein
field (see news release June 14, 2012).
During Q2 2012, Mirasol drilled a total of 2,599 meters in 25-holes. The best results included individual assays of
up to 0.83 met ers at 6.59 g/t gold and 139.3 g/t silver (9.12 g/t gold equivalent) and broad intersections of
anomalous gold and silver up to 15.3 met ers of 0.29 g/t gold and 50.9 g/t silver (1.22 g/t gold equivalent) (see
news release March 4, 2013).
During 2016/17, under a previous JV with CVSA, a combined 7,525 meters of RC and DDH drilling was completed
at Claudia. The majority of the drilling was focused along a 2.2-kilometer section of the “IO vein”, one of the six
prospects identified to-date along the 15 km long Curahue trend (see news release December 16, 2016 and
February 17, 2017).
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A major “milestone” of the CVSA drilling at the “IO” vein was the discovery of a 600 meter long, open-ended
mineralized body hosting silver/gold mineralization which starts a few meters below surface and has been drill
tested to a vertical depth of 135 meters. This strongly mineralized trend requires follow-up work both downdip
and along the strike of the structure. Highlight results included:
High-grade vein: 0.6 m at 11.72 g/t gold and 1,224 g/t silver.
Vein and veinlet composite: 9.3 m at 1.40 g/t gold and 134.6 g/t silver.
From October 2017 through March 2019, Mirasol with a JV partner drilled 2,529 meters in 12 holes at Claudia.
Drilling completed to July 2018 focused mostly at the Curahue prospect, with 10 DDH holes totaling 2,270 m
completed, to test targets on the Europa, IO, Themisto and Callisto segments, along the extension of the
Curahue trend.
Drill results from the Curahue prospect, Europa and I O vein trends include 0.6 m at 0.08 g/t gold and 610.0 g/t
silver, 0.55 m at 1.15 g/t gold and 22.9 g/t silver; and 0.9 m at 1.95 g/t gold and 5.7 g/t silver from
the Cilene prospect (see news release September 17, 2018).
Following termination of that JV, Mirasol completed additional surface exploration work resulting in the
definition of new drill targets that remain to be tested. A total of 249 new rock chip samples were collected from
the Curahue trend, with results up to 7.99 g/t gold and 69 g/t silver. In addition, two new IP geophysical surveys,
focused on the Curahue and Themisto prospects, were completed extending existing survey coverage at Claudia
(see news release May 8, 2019).
Rubi Copper Project in Chile
Mirasol today also announces that the option agreement on the Rubi Copper Porphyry Project in Chile (“Rubi”)
with Mine Discovery Fund Pty Ltd. (“MDF”), a private Australian company, has been terminated. MDF exceeded
its contractual minimum commitment by spending US$890, 000 on exploration during the term of the option
agreement (see news release dated October 15, 2020). The exploration program included field mapping, surface
sampling, geophysics and 1,887 meters of drilling at the Lithocap and Zafiro targets. Having recov ered an
undivided 100% interest in Rubi, Mirasol is evaluating options to refine remaining drill targets at Rubi and is
currently in discussions with potential alternative partners to drill test these targets.
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. Mirasol controls 100% of the high -grade Virginia
Silver Deposit in Argentina and is currently self- funding exploration at two flagship projects, Sobek and Inca
Gold, both located in Chile. Mirasol also 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
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.
Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8
Tel: +1 604 602 9989 E-mail: [email protected]
www.mirasolresources.com
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 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: Claudia Gold-Silver Project District Regional Map
Figure 2: Claudia Project, Principal Prospects and Mineralized Trends
Mirasol Claudia Project
Laguna Blanca
Claudia
Sinter Field
Ailén
Cerro Vanguardia
9.5 Moz Au and
150 Moz Ag Mine
(approx.)
Cerro
Vanguardia
Mill and Plant
Mine Ore
Pits
Base Imagery: Landsat TM 7
Rio Seco
Cilene
Figure 3: Claudia Project, Curahue Trend - Principal Mineralized Vein Segments
and Themisto Chargeability Target