Mr. Tim Heenan reports

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

Mirasol Resources Ltd. has launched the maiden drill program at the Vania South prospect on the Inca copper-gold project in Chile. The Vania South zone is controlled along a major north-northeast regional 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 important faults which appear to control the emplacement of this magnetic anomaly.

"Vania South is a compelling drill target that has the characteristics of a concealed porphyry intrusive body hosted along a major structural corridor within a well-endowed world-class copper district. Supported by the recently completed airborne mobile MT survey, IP ground geophysics, geochemical soil survey and select high-grade rock chip samples, the Vania South prospect was elevated as the top-priority target for drilling," Mirasol's president, Tim Heenan, commented. "In addition, exciting new targets have been defined, specifically Vania East with a strong magnetic signature that is a mirror image of Vania South and is located along the same structural trend."

Inca 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. Pursuant to an agreement between Mirasol and affiliates of Newmont Corp., Mirasol has the option to earn in 100 per cent of Inca, subject to a 1.5-per-cent net smelter return royalty (news release Jan. 13, 2020).

Airborne mobile MT geophysical survey outlines high-priority targets

Mirasol completed a 378-line-kilometre Airborne mobile MT (magnetotelluric) survey (53 square km) covering the entire Vania prospect at Inca, 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 over the principal targets.

The airborne mobile MT has high-definition depth penetration to greater than 800 m depth below surface and has been proven effective in defining targets in high-sulphidation epithermal (HSE) and porphyry systems elsewhere in Chile. The survey has outlined several MT anomalies and the interpretation suggests they may represent hydrothermal alteration overlying and surrounding concealed intrusive centres.

Vania South prospect prioritized for drilling

Vania South was selected as the priority target because of the coincident geophysical survey and geochemical surface results along with its location at the intersection of two prominent structural trends. 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 southeastern corner of the mag grid, showing smooth magnetic textures surrounding the main anomaly (news release Dec. 8, 2022). Vania South displays a very interesting and strong magnetic high response in the analytical signal, and a very compelling target in the magnetic susceptibility processing. 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 northern part of this set of mag anomalies is a strong conductivity anomaly which was outlined by the airborne mobile MT geophysical survey. Vania South is located along the intersection of two very prominent structural trends, the north-south-trending Quebrada Vasquez fault and the east-northeast-trending Pique Seco fault. A large copper soil anomaly, identified from the deep-sensing geochemistry (DSG) survey results, resides above the geophysical anomalies in the alluvial/colluvial transported cover.

The first hole at Vania South is designed to pass through the horizontal resistive layer, which may represent a lithocap, and continue to penetrate the large magnetic anomaly, the MT conductivity anomaly, both of the above-mentioned controlling fault structures and the surface geochemical anomaly. The magnetic anomalies appear to reside in the downthrown block (hangingwall) of a large north-northeast structural trend which may separate the basement block on the west side, and the downthrown block on the east side, in a typical horst-/graben-type structural environment. The Vania South target appears to host characteristics similar to concealed porphyry intrusive bodies, in a very attractive structural setting.

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 induced polarization 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. It is important to note that the Vania East target is a mirror image of Vania South and is located along the same structural trend.

Presenting at Beaver Creek Precious Metals Summit -- webinar

Mirasol is participating at the 2023 Precious Metals Summit in Beaver Creek, Colo., from Sept. 12 to 15, 2023. The webinar presentation with Mr. Heenan, the company's president, will be available on the Mirasol website following the conference on Sept. 15, 2023.

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 is currently self-financing exploration at two flagship projects, Sobek and Inca, both located in Chile, and controls 100 per cent of the high-grade Virginia silver deposit in Argentina. Mirasol also continues to advance a strong pipeline of highly prospective early- and mid-stage projects.

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