Mr. Tim Heenan reports

MIRASOL TERMINATES AGREEMENT TO OPTION CORONACION COPPER-GOLD PROJECT, CHILE

Mirasol Resources Ltd. has regained 100-per-cent control of the Coronacion high-sulphidation epithermal (HSE) copper-gold project in Chile following termination of the option and farm-in agreement with First Quantum Minerals announced on Oct. 7, 2019.

"First Quantum's inability to meet the minimum drilling requirement under the agreement provided the opportunity for us to regain 100-per-cent unencumbered control over the highly prospective Coronacion project. Evidence of extensive, closely spaced definition drilling over a 2.25-square-kilometre area at First Quantum's Vendaval project directly across the Argentine border greatly increases the significance of the drill-ready targets at Coronacion," Tim Heenan, Mirasol's president, commented. "Apart from Coronacion, there are other exceptional prospects in the immediate vicinity, including our Altazor HSE/porphyry gold/copper project, adding to the district potential of this region in northern Chile."

Since the start of the partnership, First Quantum has invested approximately $1-million (U.S.) in exploration on the Coronacion project, including cash payments of $175,000 (U.S.) to Mirasol.

The Coronacion project is located on a major northwest structural trend that is associated with several Andean porphyry copper deposits. Exploration completed by Mirasol indicates the potential presence of a porphyry/breccia system intruding a layered Miocene-aged volcanic sequence of pyroclastic units, that was subsequently intruded by domes of dacitic composition.

Two distinct areas of alteration have been interpreted with the assistance of analytical spectral device (ASD) analysis. The eastern alteration area displays affinities to a HSE system, with the western area displaying a more typical porphyry deposit style of alteration. Geochemical rock and soil sampling has also defined a large 600-metre by 800 m copper-molybdenum geochemical anomaly in the western area, within the overall three km by 2.5 km ASTER image hydrothermal alteration response halo (see news release Oct. 7, 2019).

The initial exploration program in 2019, financed by First Quantum, included surface mapping, geochemical soil and rock chip sampling, induced polarization (IP) and ground based magnetic geophysical surveys, and the collection of rock samples for age-dating. This work outlined an attractive porphyry copper target that displays characteristics similar to other Miocene-age porphyry gold-copper systems in the highly productive Maricunga belt.

In order to facilitate access to Coronacion, Mirasol will be resuming engagement with the local community. Subject to progress with the community engagement, plans will be developed for a drill program.

About Mirasol Resources Ltd.

Mirasol is a well-financed exploration company with 18 years of operating, permitting and community relations experience in the mineral-rich regions of Chile and Argentina. Mirasol controls 100 per cent of the high-grade Virginia silver deposit in Argentina and is currently self-financing 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.

We seek Safe Harbor.