Mr. Tim Heenan reports

MIRASOL ADVANCES EXPLORATION AT INCA COPPER-GOLD PROJECT IN CHILE AND REPORTS DRILL RESULTS FROM VANIA PROSPECT

Mirasol Resources Ltd. has provided an update on progress of the exploration program and drill results from the maiden drill program launched at the Vania prospects on the Inca copper-gold project in Chile (see news release dated Sept. 11, 2023). The Vania North and Vania South zones are 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.

The maiden drill program at Vania was designed to test for potential concealed porphyry intrusive bodies under transported alluvial/colluvial gravel cover. The drill targets were supported by the recently completed airborne mobile MT (magnetotelluric) survey, IP (indiced polarization) ground geophysics, geochemical soil survey and select outcropping high-grade rock-chip samples peripheral to the concealed targets. Two drill holes were completed, with the first drill hole at Vania South (VANS-DDH-001) reaching a depth of 580 metres and a second drill hole at Vania North (VANN-DDH-001) reaching a maximum depth of 346 metres.

"Intersecting anomalous copper and peripheral green rock distal alteration from an initial test hole for a concealed porphyry intrusive body is encouraging and indicates a possible nearby source at Vania North," commented Tim Heenan, Mirasol's president. "The Inca project is located in a very well-known and productive copper and gold mining district. Several additional high-quality concealed targets warrant follow-up, and we are currently evaluating our next steps at this prospective copper property."

Inca, which hosts the Vania prospect, is a large 16,300-hectare property package located at a relatively low altitude of 2,300 metres (above sea level) 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 Gold, subject to a 1.5-per-cent NSR (net smelter return) royalty (see news release dated Jan. 13, 2020).

Vania North prospect drill result highlights

The drill hole targeting the Vania North prospect (VAN-DDH-001) penetrated 180 vertical metres through Atacama formation, with gravels and intercalations of ignimbrites, appearing as a conductive layer in IP-PDP resistivity sections. The mineralized section with elevated copper values is coincident with a high chargeability zone, albeit low values (three millivolts per volt). The extensive Atacama gravel cover may be acting as a buffer, affecting the response.

Starting at a depth of 265 metres, the drill hole intercepted a dioritic intrusive with silica-magnetite alteration, accompanied by the presence of pyrite, and lesser chalcopyrite. The drilling intercepted 34 metres with 0.0205 per cent copper (205 parts per million) and a deeper interval showed another zone of interest, giving 34 metres, including 0.0205 per cent copper (205 parts per million).

The predominant green rock alteration in the drill hole corresponds to chlorite, epidote and calcite, indicating propylitic alteration, typical of distal or peripheral zones of the porphyry alteration model.

The alteration identified in these copper-anomalous intervals corresponds to chlorite-sericite and is characterized by spectroscopy data showing chlorite and phlogopite, potassium-rich and magnesium-rich micas, as well as the presence of quartz/pyrite/magnetite, possibly related to a potassic alteration zone at depth.

The mineralized sections with elevated copper values, are coincident with a chargeability zone, although the chargeability values are not very high (three milliseconds). This anomaly is located 180 metres beneath the Atacama gravel cover, which may be acting as a buffer to the chargeable response.

Vania South drilling highlights

The drilling at Vania South provided valuable information about the lithologies and associated alteration at this target. The intersection of hypabyssal porphyritic bodies as well as the presence of propylitic and possible indications of potassic alteration suggest the presence of a hydrothermal system active in this area.

The geology intersected by the Vania South drill hole included an upper volcano-sedimentary sequence, passing into a microdiorite from 155 metres to 210 metres, transitioning into a diorite with propylitic alteration, exhibiting chlorite-, epidote- and calcite-filled fractures. The diorite is moderately to strongly magnetic and this magnetic response was one of the principal justifications for this drill hole, targeting a possible highly magnetic potassic core of a mineralized porphyry. The diorite hosts zones of magnetite/pyrite veinlets and disseminated sulphides.

The dioritic lithologies continue to 470 metres, and, toward the end of this section, there is an increase in magnetite and pyrite veinlets as well as disseminated sulphides. At a depth of 471 metres, a felsic monzonitic intrusive was intersected, which continued to the end of the hole. This monzonite possibly represents a late intrusive event within the system.

Petrology is currently being done on the felsic monzonite to determine if the potassium feldspars may be a result of potassium alteration. Quartz, magnetite and pyrite veinlets were recognized, possibly transitioning into a more phyllic alteration displaying patchy sericite/chlorite toward the end of the hole. No significant copper values were encountered in the Vania South drill hole, apart from a narrow section (274.5 metres to 276.4 metres) with copper from a narrow veinlet hosting chalcopyrite.

Untested targets at the prospect include Vania East and Vania Southwest and also a porphyritic quartz diorite outcrop coinciding with a significant chargeability anomaly (up to 14 millivolts) located to the southeast of Vania South, with surface rock-chip anomalies up to 3,440 parts per million copper and one gram per tonne gold. Mirasol is currently evaluating options to test these additional targets at the Vania prospect.

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-stage 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 Tim Heenan, MAIG, president of the company, who serves as a qualified person under the definition of National Instrument 43-101.

Quality assurance/quality control

Mirasol applies industry-standard exploration sampling methodologies and techniques. All geochemical 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 with insertions of controls (standards, blanks and duplicates, representing 5 per cent, 4 per cent and 5 per cent of the samples, respectively). Standards and blanks are inserted randomly in all drill core batches that are submitted to the laboratory while duplicates are done on both the coarse reject (2.5 per cent) and pulps (2.5 per cent). Drill core samples have a minimum of 0.50 metre and a maximum of 2.00 metre in length. Samples are dispatched for analysis to ALS Laboratories in Chile, an ISO/IEC 17025:2017 accredited laboratory, which is independent from the company. The samples are delivered to the laboratory by Mirasol personnel, a dedicated private courier or a dedicated laboratory pickup service. Core diameter is generally HQ/HQ3 and samples are analyzed by fire assay for both gold and silver and also by ICP-MS, including a package of 48 elements.

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