Mr. Stephen Nano reports

MIRASOL REPORTS EXPLORATION RESULTS FROM THE CLAUDIA PROJECT, OCEANAGOLD JOINT VENTURE, SANTA CRUZ, ARGENTINA

Mirasol Resources Ltd. has released first season exploration results for its Claudia joint venture project with OceanaGold Corp. in Santa Cruz province, Argentina.

Highlights from the Claudia OceanaGold joint venture exploration:

• Drilling results -- since inception of the OceanaGold joint venture, 12 diamond core holes totalling 2,529 metres have been drilled, testing targets at the Curahue and Cilene prospects. Assays from the Curahue prospect as well as Europa and Io trends include 0.6 metre of 0.08 gram per tonne gold and 610 grams per tonne silver, and 0.55 metre of 1.15 grams per tonne gold and 22.9 grams per tonne silver; and 0.9 metre of 1.95 grams per tonne gold and 5.7 grams per tonne silver from the Cilene prospect.
• Geophysical surveys -- a combined 114.5 line kilometres of gradient array and induced polarization electrical geophysics surveys have been completed at the Rio Seco, Curahue and Cilene prospects.
• Geophysical models -- 3-D models have been generated from existing ground magnetics as well as from combined new and existing electrical geophysical datasets for the northwest end of Curahue and for Rio Seco.
• Reconnaissance -- prospecting of the large property package has progressed, with rock chip sampling returning gold assays of up to 7.26 g/t Au and 124 g/t Ag from extensions or new vein and veinlet zones at the Europa and Themisto trends at Curahue, as well as the new Volcan prospect located seven kilometres to the east of the Cerro Vanguardia mine.
• Project database -- integrated analysis of this season's data with existing data is providing new geological insight into the controls on mineralization at the Curahue and Rio Seco prospects, guiding exploration program design for the coming southern hemisphere spring and summer exploration season.

Curahue and Cilene prospects drill results

Drilling from last season's exploration, completed to July, 2018, was focused at the Curahue prospect, with 10 diamond drill holes drilled totalling 2,270 metres to test targets on the Europa, Io, Themisto and Callisto trends.

Last season's OceanaGold joint venture drilling at Europa intersected zones of epithermal veins, veinlets and silica-sulphide structures up to 13.7 metres wide (downhole with veining of 10 per cent to 90 per cent) in three of the holes drilled. The veins and silica-sulphide structures are hosted in what is interpreted to be the upper part of the Jurassic-age Chon Aike volcanic sequence. At the nearby multimillion-ounce Cerro Vanguardia gold-silver mine, the distinctive Granosa Ignimbrite unit of the Chon Aike volcanics is the primary host to the majority of ore-grade veining. The Granosa Ignimbrite is a brittle, densely welded volcanic that is an optimal host rock for vein formation. Vein widths and grade typically and significantly improve where veins are hosted by the Granosa when compared with the same vein hosted by overlying and less-competent volcanic units. The Granosa unit is interpreted by Mirasol geologists to occur stratigraphically below the current depth of drilling at Europa, Io and Themisto. The intersection of these vein zones with the Granosa unit may represent a target for further drilling in the Curahue prospect.

Five diamond drill holes were drilled into the 2.9-kilometre-long Europa trend to test covered geophysical targets beneath postmineral unconsolidated gravel and a large alluvial terrace composed of cobble-to-boulder-sized clasts of epithermal vein material. Previous rock chip sampling of the epithermal clasts in the alluvial terrace returned assays of up to 1.66 g/t Au and 2,130 g/t Ag. Reinterpretation of drilling at Europa by a previous joint venture partner suggests these holes were predominantly drilled into the hangingwall of the target structure or intersected mineralized vein boulders in the alluvial terrace overlying the volcanic host rock and so that were not testing outcropping veins.

Assay results from the OceanaGold joint venture Europa drilling returned anomalous gold-silver, with strong epithermal pathfinder elements (arsenic and antimony). Assays include a best downhole intersection of 0.6 metre of 0.08 g/t Au and 610 g/t Ag from a silica-sulphide structure. These exploration results have advanced the geological understanding of this trend, with gold-silver-bearing veins and mineralized structures in the host volcanics now confirmed at Europa.

One OceanaGold joint venture diamond drill hole of 360 metres in length was drilled at the Io trend to test at depth beneath the previously reported gold-silver drill intersections (please see news release dated Dec. 16, 2016; holes IODDH-1, 19 and IORC-26). At 254 metres (approximately 220 metres below surface), drilling intersected a 40-metre-wide (downhole) zone of veining and veinlets (with logged sample intervals between 3 per cent to 95 per cent veining). This veining is interpreted to be the downdip extension of the Io vein zone. This zone assayed weakly anomalous gold-silver mineralization, with a best intersection of 0.55 metre of 1.15 g/t Au and 22.9 g/t Ag.

Two OceanaGold joint venture diamond drill holes totalling 415 metres were drilled at the 3.8-kilometre-long Themisto trend as an initial shallow test of multikilometre-long induced polarization and gradient array resistivity anomalies that are locally associated with subcropping chalcedonic veinlets that assayed up to 0.49 g/t Au and 3.6 g/t Ag. A number of low-temperature epithermal veinlet zones 6.9 to 32.7 metres wide (downhole), with 5 per cent to 10 per cent veining, assayed weakly anomalous gold-silver and strong epithermal pathfinder elements (arsenic and antimony). The drill intersections of veining confirm the electrical geophysics anomalies at Themisto are mapping the presence of a strike extensive veinlet zone that may warrant deeper drill testing for improved vein development and higher gold-silver mineralization.

Two holes totalling 595 metres were drilled at the Callisto trend to test coincident low-level gold-silver and epithermal pathfinder anomalies in trench channel sample assays. Zones of low-intensity silica veining, with weak gold-silver as well as elevated antimony and arsenic, were intersected. No further work is planned at this prospect for the coming field season.

Two OceanaGold joint venture diamond drill holes totalling 259 metres were drilled on one section at the Cilene prospect, testing outcropping veins 10 centimetres to 20 centimetres wide, with select rock chip assays ranging up to 10.17 g/t Au and 49 g/t Ag, to a maximum depth of 75 metres below surface. The best drill intersection in the deepest hole (CIL-DDH-002) was 0.9 metre of 1.95 g/t Au and 5.7 g/t Ag.

Geological mapping and sampling plus 3-D geophysical models

In conjunction with the drill program, geological mapping, prospecting, and a total of 114.5 line kilometres of new and infill induced polarization and gradient array electrical geophysics surveying was completed at the Curahue, Cilene and Rio Seco prospects. Three-D geophysical block models were prepared from Mirasol's existing detailed ground magnetics surveys, and from the combined new OceanaGold and previous Mirasol induced polarization surveys for the Io-Europa section of the Curahue prospect and the Rio Seco prospect. The geophysical models, when analyzed in conjunction with the accumulated geological, geochemical and drill hole database, have provided an improved understanding of the geological setting and large-scale structural controls on mineralization at these prospects. Analysis has outlined a district-scale horst and graben structural setting, identifying large northwest-oriented normal faults that appear to have acted as hydrothermal fluid conduits and may potentially also influence mineralized vein development. At the Rio Seco prospect, the magnetic and induced polarization models, when combined with geology and previous drill results, outline a series of priority targets where the prospective Granosa host rock is known to be present; coincident with evidence of undrilled epithermal veining and/or geophysical anomalies and large-scale faults.

At the Io and Europa trends, integrated analysis of the magnetic model and existing geological and geochemical datasets has identified a large graben-bounding normal fault to the north of the Europa trend. There has been no previous drill testing of this fault zone. However, existing drill and rock chip geochemistry suggests mineralization vectors toward the fault trace. A gradient array geophysical survey covering part of the fault zone has outlined a series of resistivity and chargeability anomalies within the fault trace, which may represent potential drill targets.

Surface prospecting of the Europa trend has returned gold-silver anomalous rock chip assays, including a peak assay of 7.26 g/t Au and 124 g/t Ag (with a previous best rock assay from the Europa trend of 4.09 g/t Au and 127 g/t Ag) from epithermal vein blocks up to 0.6 metre in size, suggesting the blocks are sourced from a larger covered vein. These results indicate a potential extension of the Europa trend to the southeast into an area that has not been previously mapped nor drill tested.

Prospecting to the north of the Themisto trend has identified narrow (centimetres wide) epithermal veinlet trends in outcrop that, to date, have been traced intermittently for a 250-metre strike length. Select rock chip sampling of the veinlets has returned assays of up to 2.49 g/t Au and 8.3 g/t Ag (with a previous best rock chip assay at Themisto of 0.49 g/t Au and 3.6 g/t Ag). Outcrop is sparse and existing electrical geophysics surveys do not extend into this area to guide exploration. However, the Mirasol ground magnetics show a large-scale northwest-southeast-oriented fault hosting the veining, suggesting the potential for larger-scale vein development within the fault in this new portion of the Themisto trend.

Reconnaissance of the Claudia claims seven kilometres to the east of the Cerro Vanguardia mine leases, the Volcan prospect, has identified an area of subcropping epithermal vein trends that have, to date, been traced for 100 metres before trending under gravel cover to the southeast. Rock chip assay results at Volcan have returned multiple gold-silver anomalous samples, with the best assay to date of 1.35 g/t Au and 14.3 g/t Ag for veins up to 0.5 metre wide.

Mirasol and OceanaGold are analyzing these results to set exploration priorities for the coming southern hemisphere spring and summer field season that is estimated to start in mid-to-late September, 2018, weather permitting. Further updates will be provided as exploration priorities and budgets are confirmed, and field programs advance.

Stephen Nano, president and chief executive officer of Mirasol, has approved the technical content of this news release. Mr. Nano is a chartered professional geologist and fellow of the Australasian Institute of Mining and Metallurgy (CP and FAusIMM). He is a qualified person under National Instrument 43-101.

Quality assurance/quality control of the Nico exploration program

All exploration on the project was supervised by Mr. Nano.

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 practices. Geochemical assays are obtained and reported under a quality assurance and quality control program. Samples are dispatched to an ISO 9001:2008-accredited laboratory in Argentina for analysis. Assay results from surface rock, channel, trench and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

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