Mr. Tim Heenan reports

MIRASOL INCREASES VIRGINIA SILVER RESOURCE IN ARGENTINA

Mirasol Resources Ltd. has increased the independent mineral resource estimate for its 100-per-cent-owned Virginia silver deposit located in the Santa Cruz province, Argentina. Discovered by Mirasol in 2009, Virginia hosts a high-grade, intermediate-sulphidation epithermal-style mineralization in a series of prominent outcropping vein-breccias. The updated resource builds on the previous amended resource estimate released on March 29, 2016.

The resource contained within nine outcropping veins of high-grade silver mineralization consists of:

• An indicated resource totalling 11.7 million ounces silver, average grade of 357 grams per tonne;
• An inferred resource totalling 7.9 million ounces silver, average grade of 184 g/t;
• Based on a silver price of $25 (U.S.) per ounce and a 65 g/t silver cut-off grade. The resource is reported using a new constraining resource pit focused on the vein/breccia high-grade component of the mineralization.

"The Virginia silver project is a cornerstone asset within Mirasol's large portfolio of advanced-stage exploration projects in Chile and Argentina. The overall 30-per-cent increase in silver ounces in the updated resource estimate from limited new drilling underscores the project's potential," Mirasol's president, Tim Heenan, commented. "High-grade silver grab samples collected along strike and also from prospecting multiple nearby parallel exposed veins highlight the significant upside potential outside the current resource."

The nine silver deposits considered in this mineral resource estimate are mineralized from surface and are highly oxidized to the lower limit of drilling, at 150 metres vertical depth. The primary silver mineral in the vein/breccia is acanthite, a silver sulphide favourable to conventional metallurgical processes.

The database for the estimation of mineral resources consists of the initial 223 drill holes for 23,116.55 m, drilled from 2010 to 2012, and 191 channel samples with 95.67 m reported on SEDAR+. The current resource estimate incorporates 70 new drill holes from 2020 to 2022, totalling an additional 10,247 m. This update was based on a geological model delivered by Mirasol Resources.

In the halo/undefined zone with a recovery of 22 per cent, the resource pit declared in this report uses the conceptual pit parameters, assuming that the Halo/Undefined silver mineralization can be recovered with a cut-off grade greater than or equal to 250 g/t silver, increasing the inferred resource by 500,000 ounces to 8.4 million ounces.

These halo/undefined inferred resources primarily exist adjacent to the vein/breccia bodies in form of a halo, supporting the importance to continue metallurgical testing to increase the confidence of the Virgina resource and to evaluate the metallurgical behaviour in the recovery of silver across the deposit.

The company has filed an independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, "NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Virginia Silver Project in Santa Cruz Province, Argentina," with the effective date of Oct. 30, 2023, supporting an increase to the resource on SEDAR+ and the report can be found on the company's website.

The updated mineral resource estimate was completed by Dr. Julio B. Novillo, PhD, PGeo, principal geologist, and Jose A. Bassan, MSc, PGeo, principal geologist, located in Rio Negro and Cordoba, Argentina, respectively, and both are directors of Patagonia Geosciences. They are both independent qualified persons as defined by National Instrument 43-101 who reviewed and validated the resource model previously prepared (original Virginia mineral resource report dated Jan. 23, 2015, and the amended resource report dated Feb. 29, 2016). The resource estimates were prepared following with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) estimation of mineral resources and mineral reserves best practice guidelines and reported in accordance with the CIM definition standards for mineral resources and mineral reserves.

Exploration potential beyond the defined resource to expand mineralized footprint

Future drilling at Virginia will focus on increasing the inferred silver resources. The potential exists to increase the overall deposit by continuing to drill along strike and at depth of the silver veins included in the current resource.

In addition, Mirasol's plans to advance exploration of new and proximal vein prospects, which are already known to host high-grade silver from previously collected surface samples (news release dated May 10, 2018). These new vein occurrences located within close proximity to the east, south and north with limited or no drilling are considered to have the highest potential to add significantly to the inferred resource. Focused geological mapping, detailed geochemical sampling and geophysics will guide future drilling for the potential discovery of new mineralized zones.

Metallurgical testing to integrate significant surrounding halo mineralization

Halo/undefined mineralization adjacent to Virginia's vein-breccias, which host the current resource, represent a significant volume of material with an average grade of 55 g/t silver. This halo/undefined silver mineralization with low recoveries from the initial metallurgical test work completed to date (less than or equal to 22 per cent). However, because of the significant volume of this halo/undefined material, metallurgical testing looking to improve and increase the silver recoveries is currently continuing with the goal of developing a suitable processing method for this material.

Technical reports notes

The original mineral resources referenced in this press release regarding the Virginia project refer to the technical report, "Virginia Project, Santa Cruz Province, Argentina -- Initial Silver Mineral Resource Estimate," with an effective date of Jan. 23, 2015, and authored by Donald F. Earnest, PGeo (independent qualified person), and Michael J. Lechner, PGeo (independent qualified person).

The amended mineral resources referenced in this press release regarding the Virginia project refer to the technical report, "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina -- Initial Silver Mineral Resource Estimate," with an effective date of Feb. 29, 2016, and authored by Mr. Earnest, PGeo (independent qualified person), and Mr. Lechner, PGeo (independent qualified person).

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.

We seek Safe Harbor.