Mr. Tim Heenan reports

MIRASOL SIGNS AGREEMENT FOR THE SALE OF THE SASCHA-MARCELINA PROJECTS IN ARGENTINA FOR US$1.5 MILLION PLUS ROYALTY

Mirasol Resources Ltd. has signed binding heads of agreement under which Mirasol grants Andara Mining Pty. Ltd. an exclusive right to acquire the mineral rights within Mirasol's 100-per-cent-owned Sascha project located in Santa Cruz province, Argentina. Mirasol has also agreed to assign to Andara Mining its option to purchase agreement on the Marcelina project. Sascha and Marcelina are together referred to as the Sascha-Marcelina projects. Under the option to purchase agreement, Mirasol has the right to acquire an undivided 100-per-cent interest in three mineral concessions comprising the Marcelina project.

Pursuit Minerals Ltd. has announced that it has entered into a binding agreement to acquire 100 per cent of the issued share capital of Andara Mining.

"The sale of our Sascha-Marcelina projects demonstrates our continued focus to unlock value from our underappreciated non-core assets in our portfolio of projects in Argentina and Chile," Mirasol's president Tim Heenan stated. "The payment of $1.5-million (U.S.) will strengthen our balance sheet and contribute to our exploration plans while the remaining royalty will ensure we participate in future success at Sascha-Marcelina."

Terms of the Sascha-Marcelina project agreement

Under the terms of the agreement, Mirasol shall grant Andara Mining the rights to acquire Sascha and assign the option to purchase Marcelina for total consideration of $1.5-million (U.S.) subject to conditions on or before Nov. 30, 2025.

Upon completion of payments, Andara Mining will have earned a 100-per-cent interest in the Sascha project and will assume all the rights and obligations related to the option to purchase agreement for Marcelina with Minera Piuquenes SA (news release dated Jan. 25, 2019). Mirasol will retain a 1.5-per-cent net smelter return royalty, and Andara Mining will have a right of first refusal in relation to any potential sale and a right to buy back the first 0.75 per cent of the 1.5-per-cent NSR royalty for two years following the commencement of commercial production for $1.5-million (U.S.) and the right to buy back the remaining 0.75-per-cent NSR royalty for a further $4-million (U.S.) for three years following commencement of commercial production.

Completion of the transaction is subject to completion or waiver of a number of conditions precedent on or before Nov. 30, 2025.

Sascha-Marcelina project overview

Mirasol staked the Sascha project in 2003 to secure the five-kilometre-long Sascha vein zone, which was partially drill tested from 2006 to 2009.

On Jan. 23, 2019, Mirasol signed an option-to-purchase agreement with Minera Piuquenes for the 5,700-hectare Marcelina exploration claims adjacent to Sascha, consolidating the two properties. The agreement was later amended to extend the option period.

Under the amended agreement, Mirasol can acquire 100 per cent of the Marcelina claims by making staged option payments totalling $3.75-million (U.S.) (of which $250,000 has been paid) over six years and granting a 1.5-per-cent NSR royalty. Cash payments for $106,250 (U.S.), $156,250 (U.S.) and $3.45-million (U.S.) are due Dec. 1, 2025, 2026 and 2027, respectively.

Following the consolidation of Sascha-Marcelina, Mirasol completed an integrated interpretation of Mirasol's district-scale exploration data sets collected prior to 2009. Anomalous rock chip gold-silver assays and Aster satellite alteration anomalies define a 16.5-by-4.0-kilometre (65 square kilometres) hydrothermal footprint to the district, showing a large-scale, zoned alteration system characteristic of a sizable gold-silver LSE system (news release dated Jan. 25, 2019). The geologic and geomorphic setting of the Pellegrini silica cap at Marcelina and the related silica structures and veins are analogous to the setting of the Cerro Negro mine operated by Newmont, which is a high-grade, low-cost, gold-silver underground mine located approximately 100 kilometres to the north of Sascha-Marcelina.

Mirasol completed additional surface exploration activities on the Sascha-Marcelina project, which included geological mapping and detailed rock chip and geochemical sampling. This work has defined a large alteration footprint located in the immediate vicinity of the Marcelina claims, hosting an epithermal silica cap and a associated vein system with multiple mineralized trends.

Mirasol followed up with a total of 40 line kilometres of induced polarization geophysics surveys completed over the three principal areas. Significant chargeability and resistivity anomalies were defined, indicating the possible presence of sulphides and silica bodies, which could represent zones of hydrothermal alteration and mineralization at shallow depths (news release dated April 15, 2021).

A 2,814-metre drilling program, completed in 2021 and focused on three prioritized target areas, returned encouraging results. The Pellegrini trend drilling defined a broad zone of gold and silver mineralization overprinting a younger lead- and zinc-rich base metal pulse that is interpreted to represent the high-level expression in this large and well-developed epithermal system. Drilling on the Igloo and Estancia trends also returned a number of anomalous gold and silver intercepts, and improved the understanding of the local geological settings, so assisting in vectoring toward higher-grade zones at depth and within a more permissive stratigraphic horizon in potential follow-up drill programs (news release dated Aug. 9, 2021).

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-financing exploration at the flagship Sobek copper-gold project located in the Vicuna copper-gold-silver district of northeastern Chile while continuing to advance a strong pipeline of highly prospective early and mid-stage projects.

We seek Safe Harbor.