Mr. Tim Heenan reports

MIRASOL SIGNS AGREEMENT FOR THE SALE OF THE NORD PROJECTS IN CHILE FOR $2.5 MILLION PLUS ROYALTY

Mirasol Resources Ltd. has signed an option to purchase agreements under which Mirasol grants Pampa Camarones SpA, through its affiliate Eco Earth Elements SpA, an exclusive right to acquire the mineral rights within Mirasol's 100-per-cent-owned Nord East and Nord West projects located in Region II of Chile. The Nord East and West projects are directly adjacent to Pampa Camarones Ciclon-Exploradora development project, which is advancing to production and will serve as key properties for the development of essential infrastructure, while also increasing potential resources and adding exploration upside.

"The sale of our Nord projects is another step in our ongoing business development initiatives to unlock value from our non-core assets in our portfolio of projects in Argentina and Chile," Mirasol's president, Tim Heenan, stated. "The payments of $2.5-million (U.S.) over the next four years will contribute to our ongoing exploration and the remaining royalty will ensure we participate in any success at Nord."

Terms of the Nord projects agreement

Under the terms of the agreement, Mirasol shall grant Eco Earth the rights to acquire the Nord East and Nord West for total consideration of $2,556,536 (U.S.), comprising: $2,044,986 (U.S.) for the sale of Nord East and $511,550 (U.S.) for the sale of Nord West by making scheduled payments over four years.

Making cash payments totally $2,556,536 (U.S.) on the following four-year schedule:

• $59,043 (U.S.) on signing agreement;
• $22,493 (U.S.) six months after signing agreement;
• $175,000 (U.S.) one year after signing agreement;
• $150,000 (U.S.) one and a half years after signing agreement;
• $450,000 (U.S.) two years after signing agreement;
• $400,000 (U.S.) three years after signing agreement;
• $1.3-million (U.S.) four years after signing agreement.

Upon completion of payments, Eco Earth will have earned 100-per-cent interest in the Nord projects and Mirasol will retain a 2-per-cent NSR (net smelter return) royalty on Nord East and a 1-per-cent NSR royalty on Nord West. Eco Earth will have the right to purchase the first 1 per cent of the 2-per-cent NSR royalty on Nord East for $3-million (U.S.) and the remaining 1 per cent for an additional $6.0-million (U.S.).

Nord projects overview

The Nord projects were originally staked by Mirasol as part of its generative program and are located directly to the east and to the west of the Ciclon-Exploradora polymetallic-epithermal project, which is currently being advanced to production. The 1,900-hectare projects are located in Region II of Chile within the Exploradora district, which lies on the western side of the north-south-trending regional-scale Domeyko fault zone and within the world class Eocene-Oligocene porphyry Copper belt.

Based on Mirasol's initial surface exploration, the Nord East project has the potential to host two main styles of mineralization. The first style is characterized by large vein-type mineralization injected into fault structures hosting polymetallic (copper, zinc, lead, silver, gold) mineralization, as seen in the active small-scale mines located near the northeast corner of the claim boundary and at the Ciclon-Exploradora polymetallic development project, which is located adjacent to the eastern blocks of the project (news release Oct. 31, 2019).

At the Nord East project, a previous partner completed a field program in the second half of 2021 focused on two priority targets within the central and southern sectors of the project (news release Feb. 28, 2022). Five scout drill holes totalling 1,192 metres were completed in the centre of the project, which is characterized by skarn mineralization hosted by a Jurassic carbonate sequence intruded by monzodiorite and diorite intrusive bodies. The northeast mineralized trend extends for 1.3 km marked by copper and zinc mineralization and other geochemical anomalies. Narrow zones of zinc mineralization (sphalerite-pyrrhotite) were encountered in the northern holes while higher temperature (garnet-pyroxene-magnetite) skarn carried narrow zones of copper-gold mineralization were intercepted in the south. The higher temperature skarn and increasing copper-gold along with molybdenite may indicate a vector toward a porphyry target to the southeast. At the second target, geological mapping was completed on a porphyry prospect interpreted to be of similar Mid Eocene-Oligocene (33 to 36 Ma (million years ago)) age to the Exploradora complex located four km to the northeast. Three porphyry intrusives associated with potassic (biotite) alteration are overprinted by strong sericite-clay alteration with local alunite, limonite and copper oxides in two elongated 200 by 500 m and 150 by 300 m zones. Porphyry-type veining includes early biotite-magnetite (EB) veins and scarce A veins along a north-northwest trend near the contacts of the porphyry with the monzodiorite intrusive host rock. The previous IP survey completed in this zone revealed a strong chargeability anomaly from 100 to 500 m depth that is associated with the altered porphyry intrusions. This high-quality target could quickly move to drill stage with the application of some additional geochemistry and electrical IP geophysics.

About Mirasol Resources Ltd

Mirasol is a well-financed exploration company with over 20 years of operating, permitting and community relations experience in the mineral rich regions of Chile and Argentina. Mirasol is currently self-funding exploration at the flagship Sobek copper-gold project located in the Vicuna copper-gold-silver district of northeast Chile while continuing to advance a strong pipeline of highly prospective early and mid-stage projects.

We seek Safe Harbor.