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Mirasol Resources Ltd
Symbol MRZ
Shares Issued 49,161,078
Close 2018-04-23 C$ 2.02
Market Cap C$ 99,305,378
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Mirasol, Newcrest start exploration program at Zeus

2018-04-24 10:37 ET - News Release

Mr. Stephen Nano reports

MIRASOL REPORTS START OF US$ 750,000 EXPLORATION PROGRAM AT THE ZEUS GOLD PROJECT WITH NEWCREST MINING

Mirasol Resources Ltd. and Newcrest Mining have initiated a $750,000 (U.S.) surface exploration program at the Zeus project to explore for a large high-sulphidation epithermal (HSE) gold deposit within the prospective Mio-Pliocene age belt of Northern Chile.

Zeus comprises an 18,480-hectare property package located in an accessible area of the high Andes of Chile, approximately 40 kilometres east-southeast of Gold Fields' recent discovery at its Salares Norte deposit (total indicated resource of 3.49 million ounces gold grading 5.2 grams per tonne gold and 48.57 million ounces of silver grading 72.1 grams per tonne silver). The Mio-Pliocene belt of Chile hosts many world-class copper, and gold-silver gold mines and prospects, including Salares Norte and Barrick's multimillion-ounce HSE gold discovery at Alturas (6.8 million oz inferred resource grading one g/t gold). Gold Fields has recently presented interim results from the feasibility study for the Salaries Norte deposit, suggesting the deposit can be developed into a low-cost, profitable, open-pit mine.

The current phase of the Zeus exploration program is designed to be completed by the end of May, 2018, before the onset of the southern hemisphere winter. The program focuses on the known breccia bodies of the Apollo and Artemisa prospects, and includes detailed mapping, gridded systematic soil and rock chip sampling geochemistry, CoreScan alteration mapping and 32 line km of controlled source audio-magnetotellurics (CSAMT) geophysics. All these technologies have been successfully applied in the exploration for, and assisted in discovery of, recent multimillion-ounce HSE deposits elsewhere in Chile.

Results from the current Zeus exploration program are due to be received in stages over the May, 2018, to June, 2018, period and will form the basis for subsequent exploration including a drilling campaign anticipated to commence in the fourth quarter of 2018. Mirasol will report on the results from current surface program as they become available.

The Zeus option and farm-in agreement requires NCM to spend $1.5-million (U.S.) on exploration over the first 18 months and then gives NCM the right to earn 51 per cent of the project by spending $8-million (U.S.) over an additional four years, for a total spend of $9.5-million (U.S.). NCM has the right to earn up to 80 per cent of the Zeus project by completing a series of exploration and development milestones, that include funding to commercial production of Mirasol's 20 per cent of the project and by making staged option payments to Mirasol of $1-million (U.S.) (see news release Feb. 26, 2018).

Mirasol invites investors to follow the Zeus-Newcrest Mining story by visiting the Mirasol website and signing up to receive the company's new releases.

Stephen Nano, president and chief executive officer of Mirasol, has approved the technical content of this news release and is a qualified person under National Instrument 43-101.

Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical soil, stream, 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. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Chile 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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