Mr. Tim Heenan reports

MIRASOL ANNOUNCES VANIA DRILL CAMPAIGN AT INCA COPPER-GOLD PROJECT IN CHILE

Mirasol Resources Ltd.'s 2022/2023 exploration program continues to advance toward drilling at the Vania North and Vania South prospects on the Inca copper-gold project in Chile. Pursuant to the exploration agreement with venture option between Mirasol and affiliates of Newmont Corp., Mirasol has the option to earn in 100 per cent of Inca gold, subject to a 1.5-per-cent net smelter return royalty (news release Jan. 13, 2020).

"Vania South and North are compelling undercover geophysical targets hosted along a major structural corridor within this well-endowed world-class copper district. Supported by geochemical soil survey results and select high-grade rock chip samples, the Vania South and North targets are scheduled for drilling in late July," Mirasol's president, Tim Heenan, commented. "In addition, exciting new targets have been discovered with a strong magnetic signature at Vania East, and a compelling soil survey multielemental geochemical anomaly at Vania SW. A property-wide airborne mobile MT survey is currently in progress to validate and refine the existing Vania targets for drilling and potentially identify new prospects."

An Inca Gold and Sobek project update webinar

A webinar with Mr. Heenan, the company's president, and Patrick Evans, the executive chair, will be held on July 6, 2023, at 10 a.m. PT/1 p.m. ET. A brief presentation will be followed by a question-and-answer session.

Inca Gold is a large 16,300-hectare property package located at a relatively low altitude of 2,300 metres (above sea level (ASL)) in the Paleocene belt of Chile with year-round access and nearby infrastructure. The Vania North and 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 located 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 centre of the magnetic anomaly. The Vania North magnetic depletion response is cradled within two intersecting north-northeast and south-southwest lineaments and hosts a strong coincident gold soil survey geochemical anomaly.

Airborne mobile MT geophysical survey initiated at Inca

Mirasol has contracted an airborne mobile MT survey projected to cover the entire Vania prospect at the Inca project, including the Vania South and North prospects as well as the recently defined Vania East and SW prospects, with tightly spaced (100 m) helicopter flight lines. Mirasol will also be flying an MT survey at 200 m spaced lines over the 100-per-cent-controlled Rubi project, which is located just 20 kilometres north of Vania. The targets at Vania and Rubi are similar as they are both totally concealed by alluvial/colluvial transported gravel material.

Airborne mobile MT has high-definition depth penetration to greater than 800 m below the surface and has been proven effective in defining targets in high-sulphidation epithermal (HSE) and porphyry systems elsewhere in Chile. This MT survey will aid in refining high-priority targets for the coming maiden drill campaign focused on Vania North and South.

Vania South and Vania North targets

As previously reported, the reprocessing and reinterpretation of the original Newmont ground magnetic (mag) data resulted in the identification of the Vania South anomaly located three km south of Vania North (news release Sept. 7, 2022). At the Vania South target a concealed and very strong, discrete magnetic response exists within the southeast corner of the mag grid, showing smooth magnetic textures surrounding the main anomaly (news release Dec. 8, 2022). Interpretation of the mag data suggests that this very strong magnetic anomaly may represent a concealed copper 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. Coincident with the magnetic responses, strong electrical pole-dipole induced polarization geophysical anomalies are seen in the sections at both Vania North and South resulting in high-quality geophysical drill targets.

New emerging Vania East and Vania SW targets

The reprocessing and reinterpretation of the original mag data resulted in the definition of a new previously unknown prospective target at Vania East. In addition, reinterpretation of geochemical survey data outlined a multielement geochemical soil anomaly at Vania SW. Mirasol has recently completed a detailed pole-dipole IP geophysical survey at Vania East, and a detailed ground magnetic survey at Vania SW. Both Vania SW and East are localized along a strong north-northeast structural trend.

About Mirasol Resources Ltd.

Mirasol is a well-financed exploration company with 19 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, both located in Chile. Mirasol also continues to advance a strong pipeline of highly prospective early- and mid-stage projects.

Qualified person statement: Mirasol's disclosure of technical and scientific information in this press release has been reviewed and approved by Mr. Heenan (MAIG), the president for the company, who serves as a qualified person under the definition of National Instrument 43-101.

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